First National Q2 net income $3.5M ($0.56 EPS), down from $3.8M in Q1 and year ago

FIRST NATIONAL CORP /VA/

2023-Q2 EPS reported $1.17 revenue$4,953,000

Net income $3.5M, diluted EPS $0.56; prior Q1 $3.8M ($0.61) and Q2 2022 $3.8M ($0.61).
Net interest margin fell 24 bps to 3.36%; cost of funds rose to 1.13% from 0.77% linked quarter.
Nonperforming assets improved to 0.05% of total assets from 0.13% in prior quarter.
Loans grew $12.2M (5% annualized); deposits flat at $1.2B; noninterest-bearing deposits 32%.
Dividend maintained at $0.15/share; repurchased 32,301 shares for $481k in Q2.

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 0.9

FIRST NATIONAL CORP /VA/ reported the three months ended June 30, 2023 results: net income $3.5 million, EPS $0.56.

Period: the three months ended June 30, 2023
Net income: $3.5 million
EPS: $0.56
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 $3.5 million and diluted earnings per common share of $0.56 for the three months ended June 30, 2023.

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Source: SEC EDGAR

accession 0001437749-23-020828

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