First National Q2 EPS Hits $0.64, NIM Expands to 4.15%, Branch Sale Approved
FXNC sits 48% above its 52-week low of $20.78 on light trading volume (0.3× avg).
Summary
First National reported Q2 EPS of $0.64, up from $0.54 in Q1 and $0.56 a year ago, driven by a 16bp sequential NIM expansion to 4.15% and $22.7M in net loan growth. Asset quality remains pristine with NPAs at just 0.23% of assets. The company also received all regulatory approvals for the North Carolina branch divestiture, with closing expected early Q4, advancing the branch optimization plan announced in May. This follows a strong Q1 where net income more than doubled; the Q2 results show sustained momentum with improving profitability metrics. The stock is trading near its 52-week high, reflecting the market's positive reception to the turnaround story.
At the time of this announcement, FXNC was trading at $30.78 on NASDAQ in the Finance sector, with a market capitalization of approximately $273.8M. The 52-week trading range was $20.78 to $31.21. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.