Quarterly ResultApr 30, 2026, 01:09 PM
FXNC Q1 Net Income $4.9M; EPS $0.54; Loan Growth 4.0% Annualized
AI Summary
First National Corporation reported consolidated net income of $4.9 million and diluted earnings per common share of $0.54 for the first quarter ended March 31, 2026. The company saw strong deposit growth of $37.7 million (8.4% annualized) and net loan growth of $14.7 million (4.0% annualized), with asset quality improving as non-performing assets declined to 0.21% of total assets. Management expressed satisfaction with exceeding budgeted metrics and building good momentum for the year, despite some quarter-over-quarter declines in net income and noninterest income.
Key Highlights
- Net income was $4.9 million for Q1 2026.
- Diluted EPS was $0.54, up from $0.18 in Q1 2025.
- Net interest margin (FTE) increased to 3.99% from 3.77% in Q1 2025.
- Net loan growth was $14.7 million, a 4.0% annualized rate.
- Deposit growth was $37.7 million, an 8.4% annualized rate.
- Non-performing assets declined to 0.21% of total assets.
- Tangible book value per share grew to $19.11.
- Declared cash dividend of $0.17 per common share.