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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% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 56.85 | 53.57 | 64.40 | 87.77 |
| Pretax Income | 20.75 | 11.80 | 8.05 | 21.94 |
| Tax Provision | 3.95 | 2.18 | 1.08 | 4.24 |
| Net Income | 16.80 | 9.62 | 6.97 | 17.70 |
| Net Income Common Stockholders | 16.80 | 9.62 | 6.97 | 17.70 |
| Interest Expense | 3.82 | 14.31 | 23.87 | 26.25 |
| Interest Income | 49.30 | 57.61 | 76.12 | 99.24 |
| Selling General And Administration | 21.98 | 22.58 | 27.03 | 36.13 |
| Normalized Income | 16.82 | 9.59 | 11.50 | 19.14 |
| Basic EPS | 2.69 | 1.54 | 1 | 0 |
| Diluted EPS | 2.68 | 1.53 | 1 | 0 |
| Tax Effect Of Unusual Items | -0.01 | 0.01 | -0.70 | -0.34 |
| Tax Rate For Calcs | 0.19 | 0.18 | 0.13 | 0.19 |
| Total Unusual Items | -0.03 | 0.05 | -5.24 | -1.77 |
| Total Unusual Items Excluding Goodwill | -0.03 | 0.05 | -5.24 | -1.77 |
| Net Income From Continuing Operation Net Minority Interest | 16.80 | 9.62 | 6.97 | 17.70 |
| Reconciled Depreciation | 1.51 | 1.62 | 2.40 | 4.52 |
| Net Interest Income | 45.48 | 43.30 | 52.25 | 72.99 |
| Net Income From Continuing And Discontinued Operation | 16.80 | 9.62 | 6.97 | 17.70 |
| Diluted Average Shares | 6.26 | 6.28 | 6.97 | 0 |
| Basic Average Shares | 6.25 | 6.27 | 6.96 | 0 |
| Diluted NI Availto Com Stockholders | 16.80 | 9.62 | 6.97 | 17.70 |
| Net Income Including Noncontrolling Interests | 16.80 | 9.62 | 6.97 | 17.70 |
| Net Income Continuous Operations | 16.80 | 9.62 | 6.97 | 17.70 |
| Special Income Charges | -0.03 | 0.05 | -5.24 | -1.77 |
| Other Special Charges | 0.03 | -0.05 | 0.05 | 0 |
| Restructuring And Mergern Acquisition | 0 | 0 | 5.19 | 1.85 |
| 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 |
| Amortization | 0.02 | 0.02 | 0.46 | 1.77 |
| Amortization Of Intangibles Income Statement | 0.02 | 0.02 | 0.46 | 1.77 |
| Selling And Marketing Expense | 0.81 | 0.91 | 1.04 | 1.18 |
| General And Administrative Expense | 21.17 | 21.67 | 25.99 | 34.95 |
| Other Gand A | 0 | 0 | 0 | 0 |
| Insurance And Claims | 0.46 | 0.63 | 0.86 | 1.29 |
| Salaries And Wages | 20.71 | 21.04 | 25.13 | 33.66 |
| Operating Revenue | 56.85 | 53.57 | 64.40 | 87.77 |
| 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 | $253M | 14.26↑ premium | 1.35 | 9.5% | - |
| Fidelity D & D Bancorp, Inc. | FDBC | $258M | 8.70 | 1.05 | 11.8% | - |
| Oportun Financial Corporation | OPRT | $258M | 10.92 | 0.66 | 6.5% | - |
| C&F Financial Corporation | CFFI | $249M | 8.81 | 0.94 | 10.2% | - |
| Ames National Corporation | ATLO |
| $248M |
| 11.57 |
| 1.19 |
| 9.2% |
| - |
| Kingstone Companies, Inc. | KINS | $245M | 5.89 | 1.99 | 33.2% | 4.55 |
| Chain Bridge Bancorp, Inc. | CBNA | $243M | 11.18 | 1.43 | 12.0% | - |
| Princeton Bancorp, Inc. | BPRN | $242M | 12.49 | 0.88 | 6.9% | - |
| First United Corporation | FUNC | $239M | 9.50 | 1.17 | 12.0% | - |
| Peer Median | - | 10.21 | 1.11 | 11.0% | 4.55 | |