Nov. 3 at 12:57 PM
$FXNC
From Friday AH:
First National Corp. reports Q3 adjusted EPS 39c, two estimates 36c
Reports Q3 revenue
$14.95M vs
$14.18M last year. "During the third quarter the company saw continued improvement in net interest margin thanks to proactive deposit pricing boosted by sticky noninterest-bearing deposits continuing to represent 31% of total deposits," said Scott C. Harvard, President and CEO. "We also benefited from a 16% increase in ATM and check card fees and an 8% increase in wealth management fees in the quarter.
During the quarter loans acquired from third party lenders continued to be a drag on what otherwise was excellent financial performance, with an adjusted pre-provision, pre-tax return on average assets of 1.29% for the period. We continue to be excited about the recent acquisition of Touchstone Bankshares, Inc., which closed on October 1, and look forward to integrating our two companies and building value for our shareholders."
