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Stock impact report

First National Corp. Rewards Shareholders With a 3.3% Dividend Hike [Yahoo! Finance]

First National Corporation (FXNC) 
NASDAQ:AMEX Investor Relations: ir.fbvirginia.com
Company Research Source: Yahoo! Finance
FXNC has raised its dividend consecutively in the last 10 years. Before the recent hike, the bank increased its dividend by 7.1% to 15 cents per share in February 2023. The bank has a dividend payout ratio of 48%. Based on its closing price of $23.80 as of Nov. 15, FXNC's current dividend yield is 2.6%. At present, FXNC does not have a repurchase program. The previous plan, announced in October 2022, authorized the buyback of up to $5 million worth of shares and expired on Dec. 31, 2023. Before that, the company had announced a $5 million repurchase plan in December 2019, which expired in December 2020. FXNC enjoys a decent balance sheet position. As of Sept. 30, 2024, cash and cash equivalents were $126.5 million and other borrowings were $50 million. Further, net loans were $982 million and total deposits were $1.3 billion. Further, at the end of the third quarter of 2024, its common equity Tier-1 capital ratio of 13% and the total capital ratio of 14.3% were well above r Show less Read more
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