First National Q2 net income $2.4M, EPS $0.39; adjusted EPS $0.48; Touchstone merger on track

FIRST NATIONAL CORP /VA/

2024-Q2 EPS reported $0.90 revenue$5,050,000

Net income $2.4M ($0.39 diluted EPS) vs $3.5M ($0.56) in Q2 2023; adjusted net income $3.0M ($0.48).
Touchstone merger: Fed approval received; shareholder meetings Aug 29; expected Q4 2024 close.
Net interest margin up 16bps to 3.40%; loans +$17M (7% annualized), deposits +$6.7M (2% annualized).
Tangible book value $18.59; merger-related expenses $571k in Q2 2024.
NPAs 0.59% of assets; net charge-offs $482k for Q2 2024.

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