First National Corp announces shareholder meeting outcomes

First National Corporation (NASDAQ:FXNC), a Virginia-based commercial bank with a market capitalization of $188 million, reported on Thursday the results of its Annual Meeting of Shareholders held on May 14, 2025. Despite a recent 11% decline over the past six months, the company’s stock has delivered a robust 40% return over the past year. The company disclosed the outcomes of the meeting and other corporate events in its latest 8-K filing with the Securities and Exchange Commission.InvestingPro analysis reveals several key strengths for FXNC, including consistent dividend growth and strong profitability metrics. Subscribers can access 10 additional exclusive ProTips and comprehensive financial analysis.

During the meeting, shareholders voted on several key proposals. The election of thirteen directors to serve a one-year term was approved, with all ten nominees receiving a majority of votes for their election. Detailed voting results, including the number of votes for, withheld, and broker non-votes for each director, were provided in the filing.

Shareholders ratified the appointment of Yount, Hyde & Barbour, P.C. as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025. The proposal received overwhelming support, with 6,366,264 votes for and 22,432 against, and 4,964 abstentions.

An advisory vote on executive compensation for named executive officers was also approved. The compensation package received 4,820,738 votes for, 183,279 against, and 33,300 abstentions, along with 1,356,343 broker non-votes.

Additionally, shareholders supported the recommendation for a three-year frequency for future advisory votes on executive compensation. This proposal saw 3,153,386 votes for a three-year interval, 1,801,645 for one year, 58,673 for two years, and 23,613 abstentions.

In other events, First National Corp announced a quarterly cash dividend of $0.155 per common share, payable on June 13, 2025, to shareholders of record as of May 30, 2025. The company has maintained dividend payments for 12 consecutive years, with an impressive track record of raising dividends for 11 straight years. The current dividend yield stands at 3%.

The 8-K filing also included a cover page interactive data file as an exhibit, which is embedded within the Inline XBRL document.

This summary is based on information contained in the SEC filing and does not include any speculative statements or forward-looking information. According to InvestingPro data, analysts expect the company to remain profitable this year, with net income growth projected. Currently trading at a P/E ratio of 30x, FXNC appears to be trading above its Fair Value based on comprehensive analysis. The purpose of this report is to provide a factual account of the company’s shareholder meeting results and other relevant corporate announcements.

In other recent news, First National Corporation has appointed Brad E. Schwartz as Executive Vice President and Chief Financial Officer, effective March 31, 2025. Schwartz brings over four decades of experience in Virginia banking, having held leadership roles at TowneBank (NASDAQ:TOWN) and Monarch Bank. His extensive background in financial planning, strategy, budgeting, and regulatory filings is expected to enhance First National’s strategic leadership. CEO Scott C. Harvard noted Schwartz’s leadership and merger experience as invaluable assets to the company. Schwartz expressed enthusiasm about joining First National, attributing his decision to the company’s strong culture of customer and community service. This appointment comes at a crucial time for First National, following three acquisitions over the past decade. Schwartz’s qualifications include a B.S. in Business Administration and Accounting from Longwood University and an MBA from the University of Richmond. He is also a Stonier Graduate School of Banking alumnus and serves on the board of the Community Bankers (NASDAQ:ESXB) Bank.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.