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FXNC

First National Corporation

FXNC

First National Corporation • NASDAQ
$24.50 ▲ 0.66% (+0.16)
Market Cap $220.20 M
52w High $26.97
52w Low $18.26
Dividend Yield 0.64%
P/E 22.48
Volume 6.05K
Outstanding Shares 8.99M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 ▼ $0 ▼ $0 ▼ 0% ▼ $0.62 ▲ $0 ▼
Q2-2025 $28.517M ▲ $14.654M ▼ $5.051M ▲ 17.712% ▲ $0.56 ▲ $7.451M ▲
Q1-2025 $27.195M ▼ $17.897M ▼ $1.598M ▲ 5.876% ▲ $0.18 ▲ $3.002M ▲
Q4-2024 $28.625M ▲ $18.624M ▲ $-933K ▼ -3.259% ▼ $-0.1 ▼ $-783K ▼
Q3-2024 $20.253M $10.065M $2.248M 11.1% $0.36 $3.245M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $0 ▼ $2.031B ▼ $1.85B ▼ $181.209M ▲
Q2-2025 $222.014M ▲ $2.041B ▲ $1.868B ▲ $173.532M ▲
Q1-2025 $207.363M ▲ $2.033B ▲ $1.865B ▲ $168.675M ▲
Q4-2024 $164.495M ▼ $2.01B ▲ $1.844B ▲ $166.531M ▲
Q3-2024 $272.529M $1.451B $1.326B $125.115M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $5.051M ▲ $4.701M ▲ $-18.005M ▼ $1.587M ▼ $-11.717M ▼ $4.113M ▲
Q1-2025 $1.598M ▲ $3.527M ▲ $19.337M ▼ $20.294M ▲ $43.158M ▲ $3.044M ▲
Q4-2024 $-933K ▼ $-36.682M ▼ $128.732M ▲ $-55.692M ▼ $36.358M ▲ $-37.819M ▼
Q3-2024 $2.248M ▼ $6.142M ▲ $-1.838M ▲ $-13.422M ▼ $-9.118M ▼ $4.937M ▲
Q2-2024 $2.442M $3.633M $-12.48M $5.772M $-3.075M $2.98M

Revenue by Products

Product Q1-2019
Bank Servicing And Deposit Account
Bank Servicing And Deposit Account
 $0 ▲
Credit And Debit Card
Credit And Debit Card
 $0 ▲
Financial Service Other
Financial Service Other
 $0 ▲
Financial Service Wealth Management
Financial Service Wealth Management
 $0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been on a clear upward path over the past five years, rising steadily as the bank has grown its footprint and loan book. However, profits have not kept pace with that growth. Earnings peaked a couple of years ago and have since pulled back, with per‑share profit dropping meaningfully in the most recent year. This pattern suggests that while the bank is successfully adding business, it is facing pressure on margins and costs—likely from higher funding costs, integration expenses from acquisitions, and a more challenging interest‑rate environment. Profitability is still positive, but the recent trend is one of slower earnings and thinner spreads compared with its best year in the period.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly, with total assets growing strongly over the five‑year window, and especially in the latest year—consistent with a bank that is both lending more and absorbing acquisitions. Equity has also risen steadily, which is a healthy sign of retained earnings and capital building. Debt levels appear modest relative to the size of the balance sheet, which fits a traditional community bank model that relies more on deposits than wholesale borrowing. Cash and liquid holdings have moved around year to year but sit at a relatively comfortable level most recently, providing a cushion for funding needs. Overall, the bank looks reasonably well capitalized, but fast balance sheet growth always brings added risk management and credit quality considerations.

Cash Flow

Cash Flow Historically, operating cash flow has been positive, but the most recent year shows a swing into negative territory, with free cash flow also turning negative. For a growing bank, this can reflect strong loan growth or shifts in deposits rather than operational weakness, but it does signal that more cash is being tied up in the business. With almost no traditional capital spending, the key moving parts are lending, deposit flows, and securities activity. The recent cash outflows suggest an aggressive growth or repositioning phase. That can be positive if credit quality holds up, but it raises the importance of monitoring asset quality, funding costs, and liquidity over the next couple of years.

Competitive Edge

Competitive Edge FXNC operates as a classic community bank with deep roots in specific regions of Virginia. Its main competitive strengths are local knowledge, long‑standing relationships, and a reputation built over many decades. This allows it to win and retain small businesses, families, and local organizations that value personal service and local decision‑making. The bank has been using acquisitions, like its merger with Touchstone Bankshares, to expand its territory and consolidate market share among community banks. Against national and super‑regional banks, FXNC competes on service and relationships rather than scale or technology. The main competitive risks are its smaller size, higher relative cost base, and the need to keep up with larger banks’ digital capabilities, all while integrating acquisitions smoothly and managing credit risk in its local economies.

Innovation and R&D

Innovation and R&D FXNC is not a technology pioneer, but it has put in place the core digital tools customers now expect: online and mobile banking, mobile check deposit, and integration with major digital wallets. Its focus is on making these tools easy to use rather than building unique, proprietary technology. Innovation here is more about steady upgrades than big leaps—refining the mobile app, improving online account opening, and slowly adding more digital lending and treasury capabilities. This approach fits a community bank that competes on service, but it carries the risk of falling behind if customer expectations jump sharply. Continued, visible investment in digital convenience and back‑office efficiency will be a key factor in how well FXNC can defend its community moat over time.

Summary

FXNC shows a profile of a growing community bank: revenue and assets have risen meaningfully, supported by both organic expansion and acquisitions. Profitability, however, has become more strained, with earnings per share declining from earlier highs as margins and costs come under pressure. The balance sheet appears generally sound, with rising equity and modest debt, but rapid growth and a recent shift to negative cash flow highlight the importance of careful risk, liquidity, and integration management. Competitively, FXNC’s strength lies in its deep local relationships and community presence, supported by adequate but not leading‑edge digital tools. Going forward, the key storylines are: stabilizing and rebuilding earnings after the recent compression, successfully integrating acquired banks, maintaining credit quality in its local markets, and continuing to enhance digital services enough to meet customer expectations without losing the high‑touch feel that underpins its brand.

NEWS

November 13, 2025 · 10:00 AM UTC

First National Corporation Announces 9.7% Increase in Quarterly Cash Dividends

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October 30, 2025 · 7:30 AM UTC

First National Corporation Reports Record Third Quarter 2025 Earnings

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