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First National Corporation (FXNC-6.42%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net income of $6.966 million for the year, down from $9.624 million in 2023. The decrease is attributed to increased merger expenses and a higher provision for credit losses.
Net interest income rose by $9 million to $52.452 million, driven by a 29% increase in interest income from loans. The net interest margin increased to 3.51% from 3.41% in 2023.
Noninterest income increased by 39% to $16.380 million, largely due to a $2.9 million bargain purchase gain from the acquisition of Touchstone Bankshares, Inc.
Noninterest expense increased by 42% to $52.934 million, with merger expenses accounting for a significant portion of the increase.
Provision for credit losses totaled $7.9 million, compared to $6.2 million in 2023, reflecting increased loan balances and adjustments related to the acquisition.
Total assets increased by $591 million to $2.010 billion, primarily due to the acquisition of Touchstone Bankshares, Inc., which added $479.7 million in loans.
Total deposits rose by $570.1 million to $1.803 billion, with significant increases in both noninterest-bearing and interest-bearing deposits.
The allowance for credit losses on loans increased to $16.4 million, representing 1.12% of total loans, down from 1.24% in 2023 due to loan growth.
First National Corporation completed the acquisition of Touchstone Bankshares, Inc. on October 1, 2024, which significantly increased the company's asset base and market presence.
The company issued additional shares of common stock as part of the acquisition, increasing shareholders' equity to $166.531 million from $116.271 million in 2023.
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 annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.