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First National Corp (NASDAQ: FXNC) |
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Description of First National's Business Segments
First National Corp, as a financial services institution, offers a diverse range of segments, products, and services designed to cater to both individual and business clients. Below is an extensive overview of the key segments and offerings of First National Corp:
Segments
1. Retail Banking:
This segment focuses on individual consumers, providing everyday banking services. It includes products designed to meet the financial needs of individuals and families.
2. Commercial Banking:
Aimed at businesses of varying sizes, this segment encompasses services tailored to the financial requirements of corporations, small and medium-sized enterprises (SMEs), and commercial real estate investors.
3. Wealth Management:
This segment provides investment advisory and portfolio management services, estate planning, and financial planning to high-net-worth individuals and families.
4. Mortgage Banking:
This encompasses the origination, servicing, and financing of residential mortgage loans. It serves consumers looking to purchase homes or refinance existing loans, as well as organizations involved in real estate.
5. Insurance Services:
This includes products that provide protection and risk management, catering to both personal and commercial insurance needs.
Products and Services
Retail Banking Products
- Checking and Savings Accounts:
A variety of accounts offering features like online banking, debit cards, and competitive interest rates.
- Certificates of Deposit (CDs):
Offering fixed interest rates over specified terms, providing a secure investment option.
- Personal Loans and Lines of Credit:
Unsecured loans for a variety of personal purposes, as well as revolving lines of credit that offer flexibility to borrow as needed.
- Credit Cards:
A range of credit card products with various rewards and benefits appealing to different consumer needs.
Commercial Banking Products
- Business Checking Accounts:
Tailored banking solutions for small and medium-sized businesses, including features for easy management of cash flow.
- Commercial Loans:
Financing options for businesses to support acquisitions, expansion, or operational costs.
- Lines of Credit for Businesses:
Flexible credit solutions designed to meet the ebb and flow of business operations.
- Treasury Management Services:
An array of services to help businesses optimize their cash flow, manage payments, and improve financial efficiency.
Wealth Management Services
- Investment Advisory Services:
Personalized investment strategies designed to meet individual client objectives and risk tolerances.
- Retirement Planning:
Comprehensive planning resources to help clients prepare for a secure retirement.
- Estate Planning:
Services focused on managing and planning for the transfer of assets according to the client's wishes.
- Trust Services:
Offering fiduciary services for trust administration and management.
Mortgage Banking Services
- Home Purchase and Refinance Loans:
Various mortgage options including conventional, FHA, and VA loans to meet the diverse needs of homebuyers.
- Home Equity Lines of Credit (HELOC):
Providing homeowners the flexibility to borrow against the equity in their homes.
- Mortgage Pre-Approval:
Facilitating the homebuying process through pre-qualification and approval services.
Insurance Services
- Personal Insurance:
Coverage options including homeowners, auto, life, and health insurance to protect individuals and families.
- Commercial Insurance:
Tailored insurance solutions for businesses, including liability, property, and worker's compensation coverage.
Summary
First National Corp operates through several well-defined segments aimed at providing a comprehensive suite of financial products and services. From retail banking and commercial banking to wealth management, mortgage banking, and insurance services, the company endeavors to meet the diverse financial needs of its clients, whether individuals, businesses, or institutions. Each segment is supported by a range of tailored products designed to provide convenience, security, and value to their customers.
Composition of First National Corp Revenues by
Segments |
| |
| Service Charges on Deposit Accounts |
|
 5.09 % |
of total Revenue |
| ATM and Check Card Fees |
|
7.05 % |
of total Revenue |
| Wealth Management Fees |
|
7.18 % |
of total Revenue |
| Mortgage Banking |
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0.69 % |
of total Revenue |
| Participating Life Insurance Contract |
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2.08 % |
of total Revenue |
Q3 three months ended (Sep 30 2024)
|
| Revenues by Business Segments |
Revenues
(in millions $) |
%
(of total Revenues) |
| Service Charges on Deposit Accounts |
0.68 |
5.09 % |
| ATM and Check Card Fees |
0.93 |
7.05 % |
| Wealth Management Fees |
0.95 |
7.18 % |
| Mortgage Banking |
0.09 |
0.69 % |
| Participating Life Insurance Contract |
0.28 |
2.08 % |
| Total |
13.25 |
100 % |
Q3 three months ended (Sep 30 2024)
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| Revenue Growth rates by Segment |
Y/Y Revenue
% |
Q/Q Revenue
% |
| Service Charges on Deposit Accounts |
-7.91 % |
10.29 % |
| ATM and Check Card Fees |
-4.3 % |
15.45 % |
| Wealth Management Fees |
17.39 % |
8.3 % |
| Mortgage Banking |
142.11 % |
187.5 % |
| Participating Life Insurance Contract |
57.71 % |
- |
| Total |
-2.82 % |
7429.55 % |
Q3 three months ended (Sep 30 2024)
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| Income by Business Segments |
Income
(in millions $) |
%
(Profit Margin) |
| Total |
2.25 |
16.96 % |
Q3 three months ended (Sep 30 2024)
|
| Income Growth rates by Segment |
Y/Y Income
% |
Q/Q Income
% |
| Total |
-27.97 % |
-7.94 % |
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