0001437749-24-013888.txt : 20240430 0001437749-24-013888.hdr.sgml : 20240430 20240430110759 ACCESSION NUMBER: 0001437749-24-013888 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20240430 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240430 DATE AS OF CHANGE: 20240430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST NATIONAL CORP /VA/ CENTRAL INDEX KEY: 0000719402 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] ORGANIZATION NAME: 02 Finance IRS NUMBER: 541232965 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38874 FILM NUMBER: 24894847 BUSINESS ADDRESS: STREET 1: 112 WEST KING STREET CITY: STRASBURG STATE: VA ZIP: 22657 BUSINESS PHONE: 5404659121 MAIL ADDRESS: STREET 1: 112 WEST KING STREET CITY: STRASBURG STATE: VA ZIP: 22657 8-K 1 fxnc20240419_8k.htm FORM 8-K fxnc20240419_8k.htm
false 0000719402 0000719402 2024-04-30 2024-04-30
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
___________
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): April 30, 2024
___________
 
FIRST NATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
 
Virginia
(State or other jurisdiction of incorporation)
1-38874
(Commission File Number)
54-1232965
(IRS Employer Identification No.)
 
112 West King Street
Strasburg, Virginia
(Address of principal executive offices)
 
22657
(Zip Code)
 
Registrant’s telephone number, including area code: (540) 465-9121
 
Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $1.25 per share
FXNC
The Nasdaq Stock Market LLC
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
 
      Emerging growth company  ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
 
 
 
 
Item 2.02
Results of Operations and Financial Condition.
 
On April 30, 2024 First National Corporation issued a press release reporting its financial results for the period ended March 31, 2024.  A copy of the press release is being furnished as an exhibit to this report and is incorporated by reference into this Item 2.02.
 
Item 9.01
Financial Statements and Exhibits.
 
(d)
Exhibits. The following exhibit is being furnished pursuant to Item 2.02 above.
 
Exhibit No.
Description
 
 
Press Release dated April 30, 2024
   
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
2
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
FIRST NATIONAL CORPORATION
 
(Registrant)
 
 
 
 
 
 
 
 
 
Date:  April 30, 2024
By:
/s/ M. Shane Bell
 
 
 
M. Shane Bell
 
 
 
Executive Vice President and Chief Financial Officer
 
 
3
 EX-99.1 2 ex_657032.htm EXHIBIT 99.1 ex_657032.htm

Exhibit 99.1

logo.jpg

 

 

First National Corporation Reports First Quarter Financial Results

 

 

STRASBURG, Va., April 30, 2024 --- 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.

 

FIRST QUARTER HIGHLIGHTS

 

Key highlights of the three months ended March 31, 2024 are as follows. Comparisons are to the three-month period ended December 31, 2023, unless otherwise stated:

 

 

 

●

Return on average assets of 0.90%
 

●

Return on average equity of 11.07%
 

●

Deposits increased $25.4 million, or 8% annualized
 

●

Noninterest-bearing deposits stable at 31% of total deposits
 

●

Tangible book value per share increased to $18.27
 

●

Announced agreement to acquire Touchstone Bankshares, Inc.

 

“We are pleased with the Company’s performance in the first quarter with return on average assets of 0.90%, return on average equity of 11.07%, and tangible book value per share increasing to $18.27 per share from $17.30 from one year ago,” said Scott Harvard, president and chief executive officer of First National. Harvard continued, “Following a disappointing fourth quarter, our team moved the bank forward reestablishing solid financial performance while undertaking a significant expansion opportunity in our recently announced agreement to acquire Touchstone Bankshares. We continue to remain optimistic about the ability of our team to drive value for our customers, our communities, and our shareholders.”

 

NET INTEREST INCOME

 

Net interest income increased $41 thousand to $10.9 million for the first quarter of 2024 compared to the fourth quarter of 2023. Total interest income increased by $1.1 million and was partially offset by an increase in total interest expense of $1.0 million.

 

The $1.1 million increase in total interest income was primarily attributable to a $920 thousand increase in interest income on deposits in other banks and a $229 thousand increase in interest and fees on loans. The increase in interest income on deposits in other banks was attributable to a $73.7 million increase in average balances. The increase in interest and fees on loans was primarily attributable to a 14-basis point increase in the yield on the loan portfolio.

 

The $1.0 million increase in total interest expense was attributable to a $539 thousand increase in interest expense on deposits and a $482 thousand increase in interest expense on other borrowings. The higher interest expense on deposits was primarily attributable to a 17-basis point increase in the cost of deposits. Interest expense on other borrowings resulted from a $50.0 million borrowing from the Federal Reserve Bank through its Bank Term Funding Program in December 2023. The bank invested the proceeds of the borrowing in interest-bearing deposits in banks, which resulted in an increase in net interest income and a decrease in net interest margin to 3.23% for the first quarter.

 

NONINTEREST INCOME

 

Noninterest income totaled $4.0 million for the first quarter of 2024, which was a $978 thousand increase over the prior quarter. Other operating income increased $1.2 million from a recovery on a charged-off loan that was acquired through a business combination in 2021. Service charges on deposits and ATM and check card income decreased, while wealth management income increased during the first quarter.

 

During the fourth quarter of 2023, the Company recorded a gain on sale of other investment totaling $186 thousand, which was the result of a contingency payment associated with a sale from a prior year.

 

 
 

 

NONINTEREST EXPENSE

 

Noninterest expense totaled $9.9 million for the first quarter of 2024, which was an increase of $787 thousand or 9% over the fourth quarter of 2023. The increase was primarily attributable to an $872 thousand or 17% increase in salaries and employee benefits expense, which resulted from lower expense in the prior quarter. There was an adjustment that decreased salaries and employee benefits expense in the fourth quarter as performance-based compensation was reduced to align with Company’s 2023 financial results.

 

ASSET QUALITY

 

Overview

 

Loans that were past due greater than 30 days and still accruing interest as a percentage of total loans decreased to 0.25% on March 31, 2024, compared to 0.31% on December 31, 2023, and 0.20% on March 31, 2023. Nonperforming assets (“NPAs”) as a percentage of total assets increased to 0.55% on March 31, 2024, compared to 0.48% on December 31, 2023, and 0.13% on March 31, 2023. Net charge-offs totaled $362 thousand in the first quarter of 2024, compared to $2.7 million in the fourth quarter of 2023, and $915 thousand in the first quarter of 2023. The allowance for credit losses on loans totaled $12.6 million, or 1.30% of total loans on March 31, 2024, compared to $12.0 million, or 1.24% of total loans on December 31, 2023, and $8.7 million, or 0.95% of total loans on March 31, 2023.

 

Past Due Loans

 

Loans past due greater than 30 days and still accruing interest decreased to $2.5 million, or 0.25% of total loans on March 31, 2024, compared to $3.0 million, or 0.31% of total loans on December 31, 2023, and $1.9 million, or 0.20%, of total loans on March 31, 2023. Of the past due loans still accruing interest, $175 thousand was past due 90 days or more on March 31, 2024, compared to $524 thousand on December 31, 2023, and $47 thousand on March 31, 2023. Loans that were past due 90 days or more and still accruing interest were in the renewal process.

 

Nonperforming Assets

 

NPAs increased by $1.2 million to $8.0 million on March 31, 2024, compared to $6.8 million on December 31, 2023, and $1.6 million on March 31, 2023, which represented 0.55%, 0.48%, and 0.13% of total assets, respectively. The increase was primarily attributable to an increase in nonaccrual commercial and industrial loans.

 

Net Charge-offs

 

Net charge-offs totaled $362 thousand for the first quarter of 2024 compared to $2.7 million for the prior quarter, and $916 thousand for the first quarter of 2023. Net charge-offs included $315 thousand of commercial and industrial loans.

 

Provision for Credit Losses

 

The Bank recorded a $1.0 million provision for credit losses in the first quarter of 2024, compared to a $6.0 million provision for credit losses for the fourth quarter of 2023. The first quarter provision was comprised of a $991 thousand provision for credit losses on loans and a $9 thousand provision for credit losses on held-to-maturity securities. There was no provision for credit losses on unfunded commitments. The provision for credit losses for the fourth quarter of 2023 was comprised of a $5.8 million provision for credit loss on loans, a $224 thousand provision for credit losses on unfunded commitments, and a $25 thousand recovery of credit losses on held-to-maturity securities.

 

Allowance for Credit Losses on Loans

 

On March 31, 2024, the allowance for credit losses on loans totaled $12.6 million, compared to $12.0 million on December 31, 2023, and $8.7 million on March 31, 2023. The allowance increased in the first quarter of 2024 from a $859 thousand increase in specific reserves on individually evaluated loans, which was partially offset by a $230 thousand decrease in the collectively evaluated component of the allowance.

 

The following table provides the changes in the allowance for credit losses on loans for the three-month periods ended (dollars in thousands):

 

   

March 31, 2024

    

December 31, 2023

    

March 31, 2023

  

Allowance for credit losses on loans, beginning of period

   $ 11,974     $ 8,896     $ 7,446  

Adoption of CECL on January 1, 2023

     -       -       2,187  
    $ 11,974     $ 8,896     $ 9,633  

Net (charge-offs) recoveries

     (362 )     (2,673 )     (916 )

Provision for credit losses on loans

     991       5,751       -  

Allowance for credit losses on loans, end of period

   $ 12,603     $ 11,974     $ 8,717  

 

The allowance for credit losses on loans as a percentage of total loans totaled 1.30% on March 31, 2024, 1.24% on December 31, 2023, and 0.95% on March 31, 2023.

 

 Allowance for Credit Losses on Unfunded Commitments

 

The allowance for credit losses on unfunded commitments totaled $413 thousand on March 31, 2024 and December 31, 2023. There was no provision for credit losses on unfunded commitments for the first quarter of 2024. Provision for credit losses on unfunded commitments totaled $224 thousand for the fourth quarter of 2023. There was no provision for credit losses on unfunded commitments for the first quarter of 2023.

 

 
 

 

Allowance for Credit Losses on Securities HTM

 

The allowance for credit losses on securities totaled $116 thousand on March 31, 2024, compared to $107 thousand on December 31, 2023, and $133 thousand on March 31, 2023. The provision for credit losses on securities totaled $9 thousand for the first quarter of 2024, compared to a recovery of credit losses on securities of $24 thousand in the fourth quarter of 2023. There was no provision for credit losses on securities for the first quarter of 2023.

 

LIQUIDITY

 

Liquidity sources available to the Bank, including interest-bearing deposits in banks, unpledged securities available for sale, at fair value, unpledged securities held-to-maturity, at par, eligible to be pledged to the Federal Reserve Bank through its Bank Term Funding Program, and available lines of credit totaled $554.8 million on March 31, 2024, $512.7 million on December 31, 2023, and $562.3 million on March 31, 2023.

 

The Bank maintains liquidity to fund loan growth and to meet potential demand from deposit customers, including potential volatile deposits. The estimated amount of uninsured customer deposits totaled $391.9 million on March 31, 2024, $368.2 million on December 31, 2023, and $407.5 million on March 31, 2023. Excluding municipal deposits, the estimated amount of uninsured customer deposits totaled $308.6 million on March 31, 2024, $293.7 million on December 31, 2023, and $330.4 million on March 31, 2023.

 

 

BALANCE SHEET

 

Assets totaled $1.4 billion on March 31, 2024, which was a $27.9 million, or 8% (annualized), increase from December 31, 2023, and a $74.9 million, or 5%, increase from March 31, 2023. The increase in total assets from the prior quarter was primarily due to a $54.3 million increase in interest-bearing deposits in banks, which was partially offset by a $22.4 million decrease in securities, held to maturity (“HTM”). Total assets increased from March 31, 2023 primarily due to a $64.4 million increase in interest-bearing deposits in banks and a $55.0 million increase in loans, which were partially offset by a $14.7 million decrease in securities, available for sale (“AFS”), and a $25.5 million decrease in HTM securities.

 

At March 31, 2024, loans totaled $973.0 million, an increase of $3.5 million or 2% (annualized) from $969.4 million, at December 31, 2023. Quarterly average loans totaled $970.6 million, an increase of $5.4 million or 2% (annualized) from the prior quarter. At March 31, 2024, loans increased $55.0 million or 6% from March 31, 2023, and quarterly average loans increased $54.8 million or 6%.

 

At March 31, 2024, total investments were $273.5 million, a decrease of $27.6 million from December 31, 2023, and a decrease of $40.2 million from March 31, 2023. AFS securities totaled $147.7 million at March 31, 2024, $152.9 million at December 31, 2023, and $162.4 million at March 31, 2023. At March 31, 2024, total net unrealized losses on the AFS securities portfolio were $22.2 million, an increase of $1.6 million from total net unrealized losses on AFS securities of $20.6 at December 31, 2023. HTM securities are carried at cost and totaled $125.8 million at March 31, 2024, $148.2 million at December 31, 2023, and $151.3 million at March 31, 2023 and had net unrealized losses of $11.9 million at March 31, 2024, an increase of $1.2 million from net unrealized losses on HTM securities of $10.7 at December 31, 2023.

 

At March 31, 2024, total deposits were $1.3 billion, an increase of $25.4 million or approximately 8% (annualized) from December 31, 2023. Quarterly average deposits at March 31, 2024 increased from the prior quarter by $13.6 million or 4% (annualized). Total deposits at March 31, 2024 increased $17.6 million or 1% from March 31, 2023, and quarterly average deposits at March 31, 2024 increased $23.0 million or 8% from the same period in the prior year. Total deposits increased from the prior quarter due to a $20.5 million increase in interest-bearing deposits and a $4.9 million increase in noninterest-bearing demand deposits.

 

Other borrowings totaled $50.0 million on March 31, 2024 and December 31, 2023, and were comprised of funds borrowed from the Federal Reserve Bank through their Bank Term Funding Program. There were no other borrowings on March 31, 2023. On March 31, 2024, other borrowings had a fixed interest rate of 4.76% and a maturity date of January 15, 2025. The Bank benefited from the borrowing from a reduction in interest rate risk and an increase in net interest income.

 

The following table provides capital ratios at the periods ended:

 

   

March 31, 2024

    

December 31, 2023

    

March 31, 2023

  

Total capital ratio (2)

     14.45 %     14.05 %     14.88 %

Tier 1 capital ratio (2)

     13.20 %     12.82 %     13.94 %

Common equity Tier 1 capital ratio (2)

     13.20 %     12.82 %     13.94 %

Leverage ratio (2)

     9.19 %     9.31 %     9.70 %

Common equity to total assets (5)

     8.14 %     8.19 %     8.15 %

Tangible common equity to tangible assets (5) (6)

     7.94 %     7.99 %     7.94 %

 

At March 31, 2024, the Company’s common equity to total assets ratio and tangible common equity to tangible assets ratio decreased compared to the prior quarter primarily due to the increase in total assets. These ratios were stable compared to the prior year.

 

During the first quarter of 2024, the Company declared and paid cash dividends of $0.15 per common share, which was consistent with the fourth quarter of 2023 and the first quarter of 2023.

 

 
 

 

NON-GAAP FINANCIAL MEASURES

 

In addition to financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures that provide useful information for financial and operational decision making, evaluating trends, and comparing financial results to other financial institutions. The non-GAAP financial measures presented in this document include fully taxable equivalent interest income, the net interest margin, the efficiency ratio, and tangible common equity to tangible assets.
 
The Company believes certain non-GAAP financial measures enhance the understanding of its business and performance. Non-GAAP financial measures are supplemental and not a substitute for, or more important than, financial measures prepared in accordance with GAAP and may not be comparable to those reported by other financial institutions. A reconciliation of tax-exempt net interest income is included at the end of this release.

 

ABOUT FIRST NATIONAL CORPORATION

 

First National Corporation (NASDAQ: FXNC) is the parent company and bank holding company of First Bank, a community bank that first opened for business in 1907 in Strasburg, Virginia. The Bank offers loan and deposit products and services through its website, www.fbvirginia.com, its mobile banking platform, a network of ATMs located throughout its market area, a loan production office, a customer service center in a retirement community, and 20 bank branch office locations located throughout the Shenandoah Valley, the central regions of Virginia, the Roanoke Valley, and in the city of Richmond. In addition to providing traditional banking services, the Bank operates a wealth management division under the name First Bank Wealth Management. First Bank also owns First Bank Financial Services, Inc., which owns an interest in an entity that provides title insurance services. 

 

FORWARD-LOOKING STATEMENTS

 

Certain information contained in this discussion may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to the Company’s future operations and are generally identified by phrases such as “the Company expects,” “the Company believes” or words of similar import. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance, or achievements of the Company will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties. For details on factors that could affect expectations, future events, or results, see the risk factors and other cautionary language included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and other filings with the Securities and Exchange Commission.

 

CONTACTS

 

Scott C. Harvard

 

M. Shane Bell

President and CEO

 

Executive Vice President and CFO

(540) 465-9121

 

(540) 465-9121

sharvard@fbvirginia.com

 

sbell@fbvirginia.com

 

 
 

 

FIRST NATIONAL CORPORATION

Quarterly Performance Summary

(in thousands, except share and per share data)

 

   

(unaudited)

  
   

For the Quarter Ended

  
   

March 31,

    

December 31,

    

September 30,

    

June 30,

    

March 31,

  
   

2024

    

2023

    

2023

    

2023

    

2023

  

Income Statement

                                        

Interest income

                                        

Interest and fees on loans

   $ 13,484     $ 13,255     $ 12,640     $ 11,886     $ 11,512  

Interest on deposits in banks

     1,288       368       338       759       344  

Interest on securities

                                        

Taxable interest

     1,224       1,318       1,323       1,306       1339  

Tax-exempt interest

     305       303       304       307       306  

Dividends

     33       30       26       28       27  

Total interest income

   $ 16,334     $ 15,274     $ 14,631     $ 14,286     $ 13,528  

Interest expense

                                        

Interest on deposits

   $ 4,771     $ 4,232     $ 3,810     $ 3,402     $ 2,216  

Interest on subordinated debt

     69       70       69       69       69  

Interest on junior subordinated debt

     68       68       69       67       67  

Interest on other borrowings

     576       94       —       3       —  

Total interest expense

   $ 5,484     $ 4,465     $ 3,948     $ 3,541     $ 2,352  

Net interest income

   $ 10,850     $ 10,809     $ 10,683     $ 10,745     $ 11,176  

Provision for credit losses

     1,000       5,950       100       100       —  

Net interest income after provision for credit losses

   $ 9,850     $ 4,859     $ 10,583     $ 10,645     $ 11,176  

Noninterest income

                                        

Service charges on deposit accounts

   $ 654     $ 718     $ 733     $ 683     $ 646  

ATM and check card fees

     770       825       976       848       800  

Wealth management fees

     883       784       811       749       776  

Fees for other customer services

     195       232       122       220       196  

Brokered mortgage fees

     38       46       38       35       —  

Income from bank owned life insurance

     151       168       175       135       149  

Gain on sale of other investment

     —       186       —       —       —  

Other operating income

     1,356       110       198       214       211  

Total noninterest income

   $ 4,047     $ 3,069     $ 3,053     $ 2,884     $ 2,778  

Noninterest expense

                                        

Salaries and employee benefits

   $ 5,871     $ 4,999     $ 5,505     $ 5,189     $ 5,346  

Occupancy

     535       568       534       524       528  

Equipment

     591       621       598       571       587  

Marketing

     195       190       204       248       268  

Supplies

     116       153       128       147       148  

Legal and professional fees

     452       443       439       422       343  

ATM and check card expense

     361       313       440       425       400  

FDIC assessment

     177       154       161       212       106  

Bank franchise tax

     262       262       262       262       254  

Data processing expense

     246       327       266       252       202  

Amortization expense

     4       4       5       4       5  

Other real estate owned (income) expense, net

     —       2       15       (219 )     3  

Net losses on disposal of premises and equipment

     49       —       —       —       —  

Other operating expense

     1,028       1,064       1,227       1,121       1,010  

Total noninterest expense

   $ 9,887     $ 9,100     $ 9,784     $ 9,158     $ 9,200  

Income (loss) before income taxes

   $ 4,010     $ (1,172 )   $ 3,852     $ 4,371     $ 4,754  

Income tax expense (benefit)

     801       (321 )     731       866       905  

Net income (loss)

   $ 3,209     $ (851 )   $ 3,121     $ 3,505     $ 3,849  

 

 
 

 

FIRST NATIONAL CORPORATION

Quarterly Performance Summary

(in thousands, except share and per share data)

 

   

(unaudited)

  
   

For the Quarter Ended

  
   

March 31,

    

December 31,

    

September 30,

    

June 30,

    

March 31,

  
   

2024

    

2023

    

2023

    

2023

    

2023

  

Common Share and Per Common Share Data

                                        

Earnings (loss) per common share, basic

   $ 0.51     $ (0.14 )   $ 0.50     $ 0.56     $ 0.61  

Weighted average shares, basic

     6,269,790       6,261,500       6,256,663       6,269,668       6,273,913  

Earnings (loss) per common share, diluted

   $ 0.51     $ (0.14 )   $ 0.50     $ 0.56     $ 0.61  

Weighted average shares, diluted

     6,282,534       6,282,815       6,271,351       6,277,161       6,281,116  

Shares outstanding at period end

     6,277,373       6,263,102       6,260,934       6,250,613       6,280,378  

Tangible book value at period end (4)

   $ 18.27     $ 18.06     $ 17.38     $ 17.55     $ 17.30  

Cash dividends

   $ 0.15     $ 0.15     $ 0.15     $ 0.15     $ 0.15  
                                         

Key Performance Ratios

                                        

Return on average assets

     0.90 %     (0.25 %)     0.91 %     1.02 %     1.15 %

Return on average equity

     11.07 %     (2.97 %)     10.96 %     12.56 %     14.20 %

Net interest margin

     3.24 %     3.35 %     3.35 %     3.36 %     3.60 %

Efficiency ratio (1)

     65.65 %     66.23 %     70.67 %     68.37 %     65.49 %
                                         

Average Balances

                                        

Average assets

   $ 1,431,612     $ 1,372,365     $ 1,355,113     $ 1,372,781     $ 1,351,630  

Average earning assets

     1,361,172       1,290,231       1,275,112       1,290,828       1,267,829  

Average shareholders’ equity

     116,628       113,614       112,987       111,917       109,924  
                                         

Asset Quality

                                        

Loan charge-offs

   $ 413     $ 2,765     $ 143     $ 110     $ 976  

Loan recoveries

     51       92       60       206       60  

Net charge-offs (recoveries)

     362       2,673       83       (96 )     916  

Non-accrual loans

     8,015       6,763       3,116       677       1,591  

Other real estate owned, net

     —       —       —       45       184  

Nonperforming assets (3)

     8,015       6,763       3,116       722       1,775  

Loans 30 to 89 days past due, accruing

     2,279       2,484       1,395       970       1,816  

Loans over 90 days past due, accruing

     175       524       370       226       47  

Special mention loans

     —       —       —       2,754       —  

Substandard loans, accruing

     485       287       1,683       418       296  
                                         

Capital Ratios (2)

                                        

Total capital

   $ 145,977     $ 142,333     $ 146,163     $ 144,278     $ 141,501  

Tier 1 capital

     133,341       129,840       136,947       135,079       132,784  

Common equity tier 1 capital

     133,341       129,840       136,947       135,079       132,784  

Total capital to risk-weighted assets

     14.45 %     14.05 %     14.80 %     14.88 %     14.88 %

Tier 1 capital to risk-weighted assets

     13.20 %     12.82 %     13.86 %     13.93 %     13.94 %

Common equity tier 1 capital to risk-weighted assets

     13.20 %     12.82 %     13.86 %     13.93 %     13.94 %

Leverage ratio

     9.19 %     9.31 %     9.97 %     9.72 %     9.70 %

 

 
 

 

FIRST NATIONAL CORPORATION

Quarterly Performance Summary

(in thousands, except share and per share data)

 

   

(unaudited)

  
   

For the Quarter Ended

  
   

March 31,

    

December 31,

    

September 30,

    

June 30,

    

March 31,

  
   

2024

    

2023

    

2023

    

2023

    

2023

  

Balance Sheet

                                        

Cash and due from banks

   $ 14,476     $ 17,194     $ 17,168     $ 17,697     $ 17,950  

Interest-bearing deposits in banks

     124,232       69,967       32,931       54,379       59,851  

Securities available for sale, at fair value

     147,675       152,857       148,175       156,745       162,355  

Securities held to maturity, at amortized cost (net of allowance for credit losses)

     125,825       148,244       149,948       151,677       151,301  

Restricted securities, at cost

     2,112       2,078       2,077       1,803       1,803  

Loans, net of allowance for credit losses

     960,371       957,456       943,603       921,336       909,250  

Other real estate owned, net

     —       —       —       45       185  

Premises and equipment, net

     21,993       22,142       21,363       21,556       21,637  

Accrued interest receivable

     4,978       4,655       4,502       4,248       4,389  

Bank owned life insurance

     24,652       24,902       24,734       24,559       24,424  

Goodwill

     3,030       3,030       3,030       3,030       3,030  

Core deposit intangibles, net

     113       117       122       127       131  

Other assets

     17,738       16,653       18,567       17,022       16,026  

Total assets

   $ 1,447,195     $ 1,419,295     $ 1,366,220     $ 1,374,224     $ 1,372,332  
                                         

Noninterest-bearing demand deposits

   $ 384,092     $ 379,208     $ 403,774     $ 396,137     $ 410,019  

Savings and interest-bearing demand deposits

     677,458       662,169       646,980       670,005       676,875  

Time deposits

     197,587       192,349       184,419       176,226       154,631  

Total deposits

   $ 1,259,137     $ 1,233,726     $ 1,235,173     $ 1,242,368     $ 1,241,525  

Other borrowings

     50,000       50,000       —       —       —  

Subordinated debt, net

     4,998       4,997       4,997       4,996       4,996  

Junior subordinated debt

     9,279       9,279       9,279       9,279       9,279  

Accrued interest payable and other liabilities

     5,965       5,022       4,792       4,721       4,721  

Total liabilities

   $ 1,329,379     $ 1,303,024     $ 1,254,241     $ 1,261,364     $ 1,260,521  
                                         

Preferred stock

   $ —     $ —     $ —     $ —     $ —  

Common stock

     7,847       7,829       7,826       7,813       7,851  

Surplus

     33,021       32,950       32,840       32,601       32,937  

Retained earnings

     96,465       94,198       95,988       93,805       91,239  

Accumulated other comprehensive (loss), net

     (19,517 )     (18,706 )     (24,675 )     (21,359 )     (20,216 )

Total shareholders’ equity

   $ 117,816     $ 116,271     $ 111,979     $ 112,860     $ 111,811  

Total liabilities and shareholders’ equity

   $ 1,447,195     $ 1,419,295     $ 1,366,220     $ 1,374,224     $ 1,372,332  
                                         

Loan Data

                                        

Mortgage real estate loans:

                                        

Construction and land development

   $ 53,364     $ 52,680     $ 50,405     $ 49,282     $ 48,610  

Secured by farmland

     9,079       9,154       7,113       3,563       3,150  

Secured by 1-4 family residential

     347,014       344,369       340,773       337,601       334,302  

Other real estate loans

     436,006       438,118       426,065       418,409       412,851  

Loans to farmers (except those secured by real estate)

     332       455       667       714       739  

Commercial and industrial loans (except those secured by real estate)

     113,230       112,619       116,463       112,088       110,198  

Consumer installment loans

     4,808       4,753       4,596       4,505       4,206  

Deposit overdrafts

     251       222       368       251       179  

All other loans

     8,890       7,060       6,049       3,781       3,732  

Total loans

   $ 972,974     $ 969,430     $ 952,499     $ 930,194     $ 917,967  

Allowance for credit losses

     (12,603 )     (11,974 )     (8,896 )     (8,858 )     (8,717 )

Loans, net

   $ 960,371     $ 957,456     $ 943,603     $ 921,336     $ 909,250  

 

 
 

 

FIRST NATIONAL CORPORATION

Quarterly Performance Summary

(in thousands, except share and per share data)

 

   

(unaudited)

  
   

For the Quarter Ended

  
   

March 31,

    

December 31,

    

September 30,

    

June 30,

    

March 31,

  
   

2024

    

2023

    

2023

    

2023

    

2023

  

Reconciliation of Tax-Equivalent Net Interest Income (7)

                                        

GAAP measures:

                                        

Interest income – loans

   $ 13,484     $ 13,255     $ 12,640     $ 11,886     $ 11,512  

Interest income – investments and other

     2,850       2,019       1,991       2,400       2,016  

Interest expense – deposits

     (4,771 )     (4,232 )     (3,810 )     (3,402 )     (2,216 )

Interest expense – subordinated debt

     (69 )     (70 )     (69 )     (69 )     (69 )

Interest expense – junior subordinated debt

     (68 )     (68 )     (69 )     (67 )     (67 )

Interest expense – other borrowings

     (576 )     (94 )     —       (3 )     —  

Total net interest income

   $ 10,850     $ 10,809     $ 10,683     $ 10,745     $ 11,176  

Non-GAAP measures:

                                        

Tax benefit realized on non-taxable interest income – municipal securities

   $ 81     $ 80     $ 81     $ 81     $ 82  

Total tax benefit realized on non-taxable interest income

     81       80       81       81       82  

Total tax-equivalent net interest income

   $ 10,931     $ 10,889     $ 10,764     $ 10,826     $ 11,258  

 

(1) The efficiency ratio is computed by dividing noninterest expense excluding other real estate owned income/expense, amortization of intangibles, gains and losses on disposal of premises and equipment by the sum of net interest income on a tax-equivalent basis and noninterest income, excluding gains on sales of securities and gains on other investments.  The efficiency ratio is a non-GAAP financial measure that management believes provides investors with important information regarding operational efficiency.  Such information is not prepared in accordance with U.S. generally accepted accounting principles (GAAP) and should not be construed as such.  Management believes; however, such financial information is meaningful to the reader in understanding operational performance but cautions that such information not be viewed as a substitute for GAAP.

 

(2) Capital ratios are for First Bank.

 

(3) Nonperforming assets are comprised of nonaccrual loans and other real estate owned.

 

(4) Tangible book value is calculated by subtracting goodwill and other intangibles from total shareholders' equity. Tangible book value is a non-GAAP financial measure that management believes provides investors with important information that may be related to the valuation of common stock.

 

(5) Capital ratios presented are for First National Corporation.

 

(6)  The ratio of tangible common equity to tangible assets, or TCE ratio, is calculated by dividing consolidated total common shareholders’ equity by consolidated total assets, after reducing both amounts by goodwill and other intangible assets. The TCE ratio is not required by GAAP or by bank regulations, but is a metric used by management to evaluate the adequacy of the Company’s capital levels. Since there is no authoritative requirement to calculate the TCE ratio, our TCE ratio is not necessarily comparable to similar capital measures disclosed or used by other companies in the financial services industry. Tangible common equity and tangible assets are non-GAAP financial measures and should be considered in addition to, not as a substitute for or superior to, financial measures determined in accordance with GAAP.

 

(7) Tax-equivalent net interest income is calculated by adding the tax benefit realized from interest income that is nontaxable to total interest income then subtracting total interest expense. The tax rate utilized in calculating the tax benefit is 21%. See the tables above for tax-equivalent net interest income and reconciliations of net interest income to tax-equivalent net interest income. 

 

 
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Document And Entity Information
Apr. 30, 2024
Document Information [Line Items]  
Entity, Registrant Name FIRST NATIONAL CORPORATION
Document, Type 8-K
Document, Period End Date Apr. 30, 2024
Entity, Incorporation, State or Country Code VA
Entity, File Number 1-38874
Entity, Tax Identification Number 54-1232965
Entity, Address, Address Line One 112 West King Street
Entity, Address, City or Town Strasburg
Entity, Address, State or Province VA
Entity, Address, Postal Zip Code 22657
City Area Code 540
Local Phone Number 465-9121
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol FXNC
Security Exchange Name NASDAQ
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0000719402

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