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First National Corp (FXNC) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

SEC Filings

First National Corp

CIK: 719402 Ticker: FXNC


Exhibit 99.1
fxnclogoa13.jpg

First National Corporation Announces First Quarter Earnings

STRASBURG, Va., April 23, 2019 --- First National Corporation (the “Company” or “First National”) (NASDAQ:FXNC) reported net income of $2.3 million, or $0.46 per diluted share, for the first quarter of 2019, compared to $2.7 million or $0.54 per diluted share for the first quarter of 2018. The decrease in net income resulted primarily from a $648 thousand decrease in noninterest income, which included a $456 thousand decrease in income from bank-owned life insurance. Net interest income increased by $352 thousand, or 5%, compared to the first quarter of 2018. On April 18, 2019, the Company began trading on the Nasdaq Capital Market stock exchange under the symbol FXNC.

Key accomplishments in the first quarter of 2019:

Total assets reached $775 million
Return on average equity of 13.47%
Return on average assets of 1.21%
Net interest margin of 3.97%
Loan growth of $7.6 million for the quarter
Deposit growth of $13.7 million for the quarter

“The Company continued to deliver superior financial performance in the first quarter,” said Scott Harvard, president and chief executive officer of First National. Harvard added, “We are pleased to report an increase in net interest income over the same quarter one year ago, which was driven by high quality loan growth and an improved net interest margin. While asset quality continues to be excellent, we are mindful of how late we may be in the current economic cycle and remain committed to adhering to consistent underwriting of today’s credits.”

BALANCE SHEET

Total assets of First National increased $7.2 million to $775.1 million, compared to $767.9 million at March 31, 2018. The earning asset composition changed favorably as loans, net of the allowance for loan losses, increased $29.9 million, or 6%, while securities and interest-bearing deposits in banks decreased $25.9 million, or 13%, when comparing the periods.

Total deposits decreased $8.6 million to $684.2 million, compared to $692.8 million at March 31, 2018. The deposit portfolio composition remained stable as noninterest-bearing deposits were 28% and 27% of total deposits at March 31, 2019 and 2018, respectively.

Shareholders’ equity increased $10.0 million to $69.7 million at March 31, 2019, compared to $59.7 million one year ago, primarily from an increase in retained earnings. Tangible common equity totaled $69.3 million at the end of the first quarter, an increase of 18% compared to $58.9 million at March 31, 2018. The Company’s wholly-owned banking subsidiary, First Bank, was considered well-capitalized based on regulatory requirements at the end of the year.

ANALYSIS OF THE THREE-MONTH PERIOD

Net interest income increased $352 thousand, or 5%, to $6.9 million for the quarter ended March 31, 2019, compared to $6.5 million for the first quarter of 2018. The increase resulted from a higher net interest margin and higher average earning asset balances. Average earning asset balances increased 1%, and the net interest margin increased 18 basis points to 3.97% for the quarter ended March 31, 2019, compared to 3.79% for the same period in 2018. The increase in the net interest margin resulted from a 38 basis point increase in the yield on average earning assets, which was partially offset by an 20 basis point increase in interest expense as a percent of average earning assets.

The higher yield on average earning assets was primarily attributable to an increase in yields on loans, securities and interest-bearing deposits in banks. The increase in interest expense was primarily attributable to higher interest rates paid on deposits, as the cost of total interest-bearing deposits increased by 28 basis points, which compared favorably to increases of 100 basis points in the target federal funds rate during 2018.




The following information was filed by First National Corp (FXNC) on Monday, April 29, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Changes In Shareholders' Equity (Unaudited)
Consolidated Statements Of Changes In Shareholders' Equity (Unaudited) (Parenthetical)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited) (Parenthetical)
Consolidated Statements Of Income (Unaudited)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Tables)
Accumulated Other Comprehensive Loss - Schedule Of Changes In Component Of Accumulated Other Comprehensive Loss (Detail)
Allowance For Loan Losses
Allowance For Loan Losses (Tables)
Allowance For Loan Losses - Allowance By Impairment Methodology And Loans By Impairment Methodology (Detail)
Allowance For Loan Losses - Impaired Loans And Related Allowance (Detail)
Allowance For Loan Losses - Narrative (Detail)
Benefit Plans
Benefit Plans (Detail)
Capital Requirements
Capital Requirements (Tables)
Capital Requirements - Comparison Of Capital Of Company And Bank With Minimum Regulatory Guidelines (Detail)
Capital Requirements - Narrative (Detail)
Earnings Per Common Share
Earnings Per Common Share (Tables)
Earnings Per Common Share - Computation Of Basic And Diluted Earnings Per Share (Detail)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Balances Of Assets Measured At Fair Value On A Recurring Basis (Detail)
Fair Value Measurements - Carrying Values And Estimated Fair Values Of Company's Financial Instruments (Detail)
Fair Value Measurements - Narrative (Detail)
Fair Value Measurements - Quantitative Information About Level 3 Fair Value Measurements (Detail)
Fair Value Measurements - Summary Of Assets Measured At Fair Value On A Nonrecurring Basis (Detail)
General
General (Details)
General (Policies)
Junior Subordinated Debt
Junior Subordinated Debt - Narrative (Detail)
Leases
Leases (Tables)
Leases - Narrative (Details)
Leases - Schedule Of Lease Cost And Additional Information Related To Operating Leases (Details)
Leases - Schedule Of Maturity Of Undiscounted Cash Flows (Details)
Leases - Schedule Of Operating Lease Right-Of-Use Asset And Operating Liability (Details)
Loans
Loans (Tables)
Loans - Analysis Of The Credit Risk Profile Of Each Loan Class (Detail)
Loans - Narrative (Detail)
Loans - Summary Of Loan Classes And An Aging Of Past Due Loans (Detail)
Loans - Summary Of Loans (Detail)
Other Borrowings
Other Borrowings (Detail)
Other Real Estate Owned (Oreo)
Other Real Estate Owned (Oreo) (Tables)
Other Real Estate Owned (Oreo) - Narrative (Detail)
Other Real Estate Owned (Oreo) - Summary Of Changes In The Balance For Oreo (Detail)
Revenue Recognition
Revenue Recognition (Details)
Revenue Recognition (Tables)
Securities
Securities (Tables)
Securities - Amortized Cost And Fair Value Of Securities (Detail)
Securities - Composition Of Restricted Securities (Detail)
Securities - Narrative (Detail)
Securities - Summary Of Amortized Costs And Fair Values Of Securities (Detail)
Securities - Summary Of Investments In An Unrealized Loss Position That Were Temporarily Impaired (Detail)
Stock Compensation Plans
Stock Compensation Plans (Tables)
Stock Compensation Plans - Narrative (Detail)
Stock Compensation Plans - Summary Of Restricted Stock Units (Detail)
Subordinated Debt
Subordinated Debt - Narrative (Detail)

Material Contracts, Statements, Certifications & more

First National Corp provided additional information to their SEC Filing as exhibits

Ticker: FXNC
CIK: 719402
Form Type: 10-Q Quarterly Report
Accession Number: 0000719402-19-000019
Submitted to the SEC: Thu May 09 2019 4:35:57 PM EST
Accepted by the SEC: Thu May 09 2019
Period: Sunday, March 31, 2019
Industry: State Commercial Banks

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