First National Q2 net income $3.8M ($0.61 EPS); loans up 20% annualized

FIRST NATIONAL CORP /VA/

2022-Q2 EPS reported $1.21 revenue$4,990,000

Net income $3.8M ($0.61/sh) vs $3.3M ($0.69/sh) a year ago; provision for loan losses $400K vs $1.0M recovery.
Net interest income $11.3M, +7% linked quarter; net interest margin 3.42% vs 3.19%.
Loans +$43.7M (20% annualized); noninterest-bearing deposits +$13.5M linked quarter.
Efficiency ratio improved to 62.69% from 64.36%; ROAA 1.08%, ROAE 15.04%.
Total assets $1.4B, +38% YoY; acquired Bank of Fincastle in Q3 2021.

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