Overview

• First National Q3 EPS rises 72% yr/yr, driven by improved asset quality

• Company reports net loans held for investment up 44.5% yr/yr

• Total deposits increase 44.4% yr/yr, reflecting Touchstone acquisition impact

Outlook

• Company did not provide specific future guidance

Result Drivers

• LOAN PAYOFFS - Loan growth was muted due to higher-than-expected loan payoff volumes

• TOUCHSTONE ACQUISITION - Touchstone acquisition helped expand into new markets, boosting deposits and loans

• ASSET QUALITY - Improved asset quality with non-performing assets declining to 0.28% of total assets

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy."

• Wall Street's median 12-month price target for First National Corp is $23.00, about 3.1% above its October 29 closing price of $22.29

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago

Press Release: ID:nGNXbJRSTD

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)