First National Q1 net income $3.2M ($0.51 EPS); deposits up 8% annualized; announces Touchstone acquisition

FIRST NATIONAL CORP /VA/

2024-Q1 EPS reported $0.51 revenue$2,540,000

Net income $3.2M, diluted EPS $0.51; ROAA 0.90%, ROAE 11.07%.
Deposits increased $25.4M (8% annualized); noninterest-bearing deposits stable at 31%.
Tangible book value per share rose to $18.27 from $17.30 a year ago.
Agreement to acquire Touchstone Bankshares announced in the quarter.
NPAs rose to 0.55% of assets from 0.48%; net charge-offs $362k vs $2.7M prior quarter.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FIRST NATIONAL CORP /VA/ reported the three months ended March 31, 2024 results: net income $3.2 million, EPS $0.51.

Period: the three months ended March 31, 2024
Net income: $3.2 million
EPS: $0.51
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 $3.2 million and diluted earnings per common share of $0.51 for the three months ended March 31, 2024.

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Source: SEC EDGAR

accession 0001437749-24-013888

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