First National Q1 net income $3.8M ($0.61 EPS); NIM 3.60%, dividend raised to $0.15

FIRST NATIONAL CORP /VA/

2023-Q1 EPS reported $0.61 revenue$2,418,000

Net income of $3.8M ($0.61 diluted EPS) vs $4.8M ($0.76) in Q4 2022 and $3.7M ($0.60) in Q1 2022.
Net interest margin 3.60%, down 10 bps linked quarter; cost of funds rose 23 bps to 0.77%.
Deposits stable at $1.2B; uninsured deposits estimated at $212.3M; liquidity $562.4M.
Tangible book value $17.30; quarterly dividend increased 7% to $0.15 per share.
Adopted CECL on Jan 1, adding $2.2M to loan loss allowance; NPAs improved to 0.13% of assets.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

FIRST NATIONAL CORP /VA/ reported first quarter 2023 results: net income $3.8 million, EPS $0.61.

Period: first quarter 2023
Net income: $3.8 million
EPS: $0.61
Result: reported results

Exact text from the filing

First National Corporation (the “Company” or “First National”) (NASDAQ: FXNC), the bank holding company of First Bank (the “Bank”), reported unaudited consolidated net income of $3.8 million and diluted earnings per common share of $0.61 for the three months ended March 31, 2023.

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FIRST NATIONAL CORP /VA/ filing history →

Source: SEC EDGAR

accession 0001437749-23-012015

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