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First National Corporation (FXNC-1.10%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net income decrease to $2.2 million, or $0.36 per diluted share, for the three months ended September 30, 2024, compared to $3.1 million, or $0.50 per diluted share, for the same period in 2023.
Net interest income increased by $1.1 million, driven by a $2.8 million rise in total interest income, partially offset by a $1.7 million increase in total interest expense. The net interest margin rose to 3.43%.
The provision for credit losses rose to $1.7 million, up from $100 thousand in the same period the previous year, primarily due to increases in specific reserves and projected unemployment rates.
Noninterest income increased by $150 thousand, primarily due to higher wealth management fees and fees for other customer services.
Noninterest expense rose by $675 thousand, mainly due to increases in salaries and employee benefits, legal and professional fees, and equipment expenses. Merger-related costs totaled $219 thousand.
Total assets increased by $31.4 million to $1.5 billion as of September 30, 2024, with loan growth of $25.3 million offsetting a decrease in securities.
Total deposits increased by $19.5 million, with noninterest-bearing deposits, savings and interest-bearing deposits, and time deposits showing slight increases.
The Bank's capital ratios continued to exceed minimum regulatory requirements, with a Tier 1 capital ratio of 13.01% and a total capital ratio of 14.26%.
The acquisition of Touchstone Bankshares, Inc. was completed on October 1, 2024, with pre-tax merger costs totaling $219 thousand for the quarter and $790 thousand for the nine months ended September 30, 2024.
The filing also details the Bank's liquidity sources, which totaled $499.1 million as of September 30, 2024, and outlines the capital resources and regulatory capital ratios of the Bank.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the First National Corporation quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.