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First National Corporation operates as the bank holding company for First Bank that provides various commercial banking services to small and medium-sized businesses, individuals, estates, local governmental entities, and non-profit organizations in Virginia. The company's deposit products include checking, savings, money market, and individual retirement accounts, as well as certificates of deposit and treasury management solutions. Its loan products also comprise construction loans, including residential and land development loans; 1-4 family residential real estate loans; and commercial real estate loans that are secured by commercial real estate, such as multi-family residential buildings, industrial and warehouse buildings, hotels, and religious facilities. In addition, the company's loan products include commercial and industrial loans; home equity loans; consumer loans, such as lines of credit, automobile loans, and unsecured loans. Further, it provides wealth management services comprising estate planning, investment management of assets, trustee under an agreement, trustee under a will, and estate settlement. Additionally, the company offers title insurance and investment services; and holds other real estate owned and office sites, as well as provides internet and mobile banking, remote deposit capture, and other traditional banking services. First National Corporation was founded in 1907 and is headquartered in Strasburg, Virginia.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $88M | - | $18M | $21M | 9.5% | 36.3% | 154.1% |
| 2024 | $64M | - | $7M | $-26M | 4.2% | 20.2% | -27.6% |
| 2023 | $54M | - | $10M | $15M | 8.3% | -5.8% | -42.7% |
| 2022 | $57M | - | $17M | $26M | 15.5% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 56.86 | 53.57 | 64.40 | 87.76 |
| Operating Revenue | - | 56.86 | 53.57 | 64.40 | 87.76 |
| Selling General And Administration | - | 21.98 | 22.58 | 27.03 | 36.14 |
| Interest Income | - | 49.30 | 57.61 | 76.12 | 99.24 |
| Interest Expense | - | 3.82 | 14.31 | 23.87 | 26.25 |
| Net Interest Income | - | 45.48 | 43.30 | 52.25 | 72.99 |
| Pretax Income | - | 20.75 | 11.80 | 8.05 | 21.94 |
| Tax Provision | - | 3.95 | 2.18 | 1.08 | 4.24 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.01 | 0.01 | -0.70 | -0.34 |
| Net Income Continuous Operations | - | 16.80 | 9.62 | 6.97 | 17.70 |
| Net Income From Continuing And Discontinued Operation | - | 16.80 | 9.62 | 6.97 | 17.70 |
| Net Income From Continuing Operation Net Minority Interest | - | 16.80 | 9.62 | 6.97 | 17.70 |
| Net Income | - | 16.80 | 9.62 | 6.97 | 17.70 |
| Net Income Common Stockholders | - | 16.80 | 9.62 | 6.97 | 17.70 |
| Net Income Including Noncontrolling Interests | - | 16.80 | 9.62 | 6.97 | 17.70 |
| Normalized Income | - | 16.82 | 9.59 | 11.50 | 19.14 |
| Diluted NI Availto Com Stockholders | - | 16.80 | 9.62 | 6.97 | 17.70 |
| Basic Average Shares | - | 6.25 | 6.27 | 6.96 | 8.99 |
| Diluted Average Shares | - | 6.26 | 6.28 | 6.97 | 9.02 |
| Reconciled Depreciation | - | 1.51 | 1.62 | 2.40 | 4.52 |
| Total Unusual Items | - | -0.03 | 0.05 | -5.24 | -1.78 |
| Total Unusual Items Excluding Goodwill | - | -0.03 | 0.05 | -5.24 | -1.78 |
| Special Income Charges | - | -0.03 | 0.05 | -5.24 | -1.78 |
| Other Special Charges | -0.02 | 0.03 | -0.05 | 0.05 | - |
| Restructuring And Mergern Acquisition | - | - | 0 | 5.19 | 1.86 |
| Gain On Sale Of Security | - | 0.88 | 0.19 | -0.12 | 0 |
| Depreciation Amortization Depletion Income Statement | - | 0.02 | 0.02 | 0.46 | 1.77 |
| Depreciation And Amortization In Income Statement | - | 0.02 | 0.02 | 0.46 | 1.77 |
| General And Administrative Expense | - | 21.17 | 21.67 | 25.99 | 34.96 |
| Other Gand A | 2.66 | - | - | - | - |
| Salaries And Wages | - | 20.71 | 21.04 | 25.13 | 33.66 |
| Insurance And Claims | - | 0.46 | 0.63 | 0.86 | 1.29 |
| Selling And Marketing Expense | - | 0.81 | 0.91 | 1.04 | 1.18 |
| Amortization | - | 0.02 | 0.02 | 0.46 | 1.77 |
| Amortization Of Intangibles Income Statement | - | 0.02 | 0.02 | 0.46 | 1.77 |
| Occupancy And Equipment | - | 4.52 | 4.53 | 5.70 | 8.34 |
| Professional Expense And Contract Services Expense | - | 1.41 | 1.65 | 1.99 | 2.44 |
| Other Non Interest Expense | - | 6.29 | 6.89 | 8.08 | 12.48 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| First National Corporationthis co. | FXNC | $256M | 14.47↑ premium | 1.38 | 9.5% | - |
| Western New England Bancorp, Inc. | WNEB | $266M | 17.40 | 1.07 | 6.2% | - |
| Open Lending Corporation | LPRO | $265M | -62.51 | 3.53 | -5.7% | 33.19 |
| Franklin Financial Services Corporation | FRAF | $261M | 12.28 | 1.49 | 12.1% | - |
| Citizens, Inc. | CIA |
| - |
| - |
| - |
| - |
| - |
| - |
| $259M |
| 17.74 |
| 1.10 |
| 6.2% |
| - |
| Ames National Corporation | ATLO | $258M | 13.58 | 1.24 | 9.2% | - |
| First United Corporation | FUNC | $256M | 10.45 | 1.26 | 12.0% | - |
| Security National Financial Corporation | SNFCA | $245M | 7.62 | 0.60 | 7.8% | - |
| Hawthorn Bancshares, Inc. | HWBK | $244M | 10.26 | 1.40 | 13.7% | - |
| Peer Median | - | 11.36 | 1.25 | 8.5% | 33.19 | |