First National Corporation reports Q2 EPS 56c vs. 61c last year

Tangible book value per common share totaled $17.55, up $2.01 from one year ago. At June 30, 2023, assets totaled $1.4 billion and were unchanged from the prior quarter ended March 31, 2023. Reports CET1 ratio 13.93%. “We are pleased with the Company’s performance during the second quarter and for the first half of the year. Our team continued to deliver strong ROA and ROE in spite of rising costs of deposits resulting from the Federal Reserve actions of the last twelve months, while continuing to invest for the future,” said Scott C. Harvard, president, and chief executive officer of First National. During the quarter, we announced the addition of Todd Ross to lead our Roanoke Valley team, began negotiations for a downtown Roanoke location, and negotiated enhancements to our technology delivery systems. First Bank is fortunate that over 30% of deposits reside in noninterest-bearing accounts that we believe are core customer relationships and help to mitigate the pressure on deposit costs. Asset quality remains excellent, with nonperforming assets at historically low levels and little evidence of credit deterioration. Loan growth picked up in the quarter resulting in net loan growth of $12.2 million. We will continue to remain vigilant around credit quality, as well as loan and deposit pricing, as we navigate the impact of Federal Reserve actions on the economy.