earnings
confidence high
sentiment positive
materiality 0.75
First National Q3 net income $4.5M ($0.71 EPS), up 16% from Q2; announces $5M buyback
FIRST NATIONAL CORP /VA/
2022-Q3 EPS reported
$1.92
revenue$7,604,000
- Net income $4.5M ($0.71 EPS) vs Q2 $3.8M ($0.61 EPS); net interest margin improved to 3.58%.
- Loans grew 12% annualized to $906.5M; NPAs remained low at 0.15% of assets.
- Board authorized up to $5M stock repurchase through Dec 31, 2023.
- Transferred $82.2M in securities from AFS to HTM to mitigate rate impact.
- Subsequent event: Bank subsidiary sold broker-dealer interest for $3.0M, gain of $2.9M in Q4.