First National Corporation (FXNC) 10-Year Financial Performance & Capital Metrics

FXNC • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingNortheast Community Banks

AboutFirst 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 comprise construction loans, including residential, land acquisition, and development loans; 1-4 family residential real estate loans; and commercial real estate loans that are secured by commercial real estate, including multi-family residential buildings, office and retail buildings, hotels, industrial buildings, and religious facilities. The company's loan products also include commercial and industrial loans that are secured by business assets, such as accounts receivable, equipment, and inventory; home equity loans; and secured and unsecured consumer loans, such as lines of credit, automobile loans, deposit account loans, and installment and demand loans. In addition, it provides wealth management services, including estate planning, investment management of assets, trustee under an agreement, trustee under a will, and estate settlement. Further, 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. It serves customers through 20 bank branch offices, a loan production office, and a customer service center, as well as through a network of ATMs. The company was founded in 1907 and is headquartered in Strasburg, Virginia.Show more

Net Interest Income $52M +20.7%
Total Revenue $88M +30.0%
Net Income $7M -27.6%
Return on Equity 4.93% -42.5%
Net Interest Margin 2.6% -14.8%
Efficiency Ratio 54.95% +4.7%
ROA 0.41% -41.1%
Equity / Assets 8.28% +1.1%
Book Value per Share 23.89 +29.0%
Tangible BV/Share 21.30 +18.3%
Debt/Equity 0.18 -66.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient operations: 55.0% efficiency ratio
✓10 consecutive years of dividend growth
✓Healthy dividend yield of 2.3%
✓Trading near 52-week high
✓Trading at only 1.1x book value

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Shares diluted 11.0% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.5%

5Y16.83%

3Y24.11%

TTM-

Profit (Net Income) CAGR

10Y-0.91%

5Y-6.13%

3Y-12.39%

TTM0.54%

EPS CAGR

10Y-2.74%

5Y-12.23%

3Y-18.69%

TTM-20.63%

ROCE

10Y Avg11.49%

5Y Avg10.36%

3Y Avg9.96%

Latest4.71%

Peer Comparison

Northeast Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DCOMDime Community Bancshares, Inc.	1.37B	31.13	56.60	0.1%	4.5%	4.02%	6.79%	0.70
EBCEastern Bankshares, Inc.	4.4B	19.56	29.64	91.64%	11.17%	1.3%	6.14%	0.01
LYGLloyds Banking Group plc	80.5B	5.48	21.92	10.79%	11.75%	9.93%		1.76
CFGCitizens Financial Group, Inc.	26.03B	60.61	20.00	1.31%	12.22%	6.6%	7.22%	0.51
PFSProvident Financial Services, Inc.	2.65B	20.29	19.32	63.91%	10.13%	7.51%	16.04%	0.93
CBUCommunity Bank System, Inc.	3.3B	62.73	18.24	24.44%	19.4%	10.34%	6.71%	0.57
VLYValley National Bancorp	6.7B	12.02	17.42	6.51%	10.65%	6.53%	8.18%	0.50
INDBIndependent Bank Corp.	3.8B	76.62	16.95	6.89%	19.72%	7.76%	5.51%	0.23

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	20.65M	23.17M	25.18M	27.54M	27.91M	29.37M	34.75M	45.48M	43.3M	52.25M
NII Growth %	0.11%	0.12%	0.09%	0.09%	0.01%	0.05%	0.18%	0.31%	-0.05%	0.21%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	22.09M	25.16M	27.57M	31.05M	32.79M	32.75M	37.06M	49.3M	57.61M	76.12M
Interest Expense	1.44M	1.98M	2.39M	3.51M	4.89M	3.38M	2.3M	3.82M	14.31M	23.87M
Loan Loss Provision	-100K	0	100K	600K	450K	3M	-650K	1.85M	6.15M	7.85M
Non-Interest Income+	7.44M	7.71M	7.57M	8.44M	7.76M	7.34M	9.12M	11.37M	10.27M	12.15M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	29.52M	32.86M	35.14M	39.49M	40.55M	40.1M	46.17M	60.67M	67.88M	88.27M
Revenue Growth %	0.09%	0.11%	0.07%	0.12%	0.03%	-0.01%	0.15%	0.31%	0.12%	0.3%
Non-Interest Expense	24.57M	22.62M	22.48M	22.95M	23.42M	22.81M	31.57M	34.26M	35.62M	48.51M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	3.61M	8.26M	10.17M	12.42M	11.79M	10.91M	12.95M	20.75M	11.8M	8.05M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.68%	1.29%	0.23%	0.22%	-0.05%	-0.08%	0.19%	0.6%	-0.43%	-0.32%
Pretax Income+	3.61M	8.26M	10.17M	12.42M	11.79M	10.91M	12.95M	20.75M	11.8M	8.05M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	956K	2.35M	3.73M	2.29M	2.24M	2.05M	2.59M	3.95M	2.18M	1.08M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	2.65M	5.91M	6.45M	10.13M	9.56M	8.86M	10.36M	16.8M	9.62M	6.97M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.65%	1.22%	0.09%	0.57%	-0.06%	-0.07%	0.17%	0.62%	-0.43%	-0.28%
Net Income (Continuing)	2.65M	5.91M	6.45M	10.13M	9.56M	8.86M	10.36M	16.8M	9.62M	6.97M
EPS (Diluted)+	0.31	1.20	1.30	2.04	1.92	1.82	1.86	2.68	1.53	1.00
EPS Growth %	-0.77%	2.87%	0.08%	0.57%	-0.06%	-0.05%	0.02%	0.44%	-0.43%	-0.35%
EPS (Basic)	0.31	1.20	1.30	2.05	1.92	1.82	1.87	2.69	1.54	1.00
Diluted Shares Outstanding	4.92M	4.93M	4.95M	4.96M	4.97M	4.88M	5.56M	6.26M	6.28M	6.97M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	39.33M	41.09M	39.99M	28.62M	45.78M	127.3M	176.01M	66.91M	87.16M	162.87M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	605.88M	629.28M	654.78M	681.53M	708.19M	777.13M	1.14B	1.23B	1.26B	1.72B
Investments Growth %	0.33%	0.04%	0.04%	0.04%	0.04%	0.1%	0.47%	0.08%	0.02%	0.37%
Long-Term Investments	500.32M	534.48M	565.52M	581.67M	587.21M	636.91M	852.85M	1.07B	1.11B	1.72B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	0	0	0	0	0	3.03M	3.03M	3.03M	3.03M
Intangible Assets	2.32M	1.55M	930K	472K	170K	19K	154K	136K	117K	14.99M
PP&E (Net)	21.39M	20.79M	19.89M	20.07M	19.75M	19.32M	22.4M	21.88M	22.14M	34.82M
Other Assets	21.74M	21.54M	21.61M	20.17M	24.09M	24.45M	41.6M	43.74M	43.63M	64.36M
Total Current Assets	146.55M	137.64M	131.16M	130.59M	168.83M	270.24M	469.4M	234.36M	244.67M	170.51M
Total Non-Current Assets	545.77M	578.36M	607.95M	622.38M	631.22M	680.69M	920.03M	1.14B	1.17B	1.84B
Total Assets+	692.32M	716.72M	739.11M	752.97M	800.05M	950.93M	1.39B	1.37B	1.42B	2.01B
Asset Growth %	0.34%	0.04%	0.03%	0.02%	0.06%	0.19%	0.46%	-0.01%	0.04%	0.42%
Return on Assets (ROA)	0%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0%
Accounts Payable	5.06M	4.07M	1.75M	1.49M	2.13M	4.29M	4.37M	5.42M	0	0
Total Debt+	14.19M	14.21M	14.23M	14.24M	14.26M	19.27M	19.27M	14.27M	64.28M	30.45M
Net Debt	-25.14M	-26.88M	-25.76M	-14.37M	-31.52M	-108.03M	-156.73M	-52.64M	-22.89M	-132.42M
Long-Term Debt	14.19M	14.21M	14.23M	14.24M	14.26M	19.27M	19.27M	14.27M	14.28M	30.45M
Short-Term Debt	0	0	0	0	0	0	0	0	50M	0
Other Liabilities	0	0	0	0	0	0	0	0	5.02M	9.52M
Total Current Liabilities	632.18M	649.64M	666.73M	672.05M	708.57M	846.75M	1.25B	1.25B	1.28B	1.8B
Total Non-Current Liabilities	14.19M	14.21M	14.23M	14.24M	14.26M	19.27M	19.27M	14.27M	19.3M	39.97M
Total Liabilities	646.37M	665.97M	680.96M	686.29M	722.83M	866.02M	1.27B	1.26B	1.3B	1.84B
Total Equity+	45.95M	52.15M	58.15M	66.67M	77.22M	84.92M	117.04M	108.36M	116.27M	166.53M
Equity Growth %	-0.23%	0.13%	0.12%	0.15%	0.16%	0.1%	0.38%	-0.07%	0.07%	0.43%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.05%	0.12%	0.12%	0.16%	0.13%	0.11%	0.1%	0.15%	0.09%	0.05%
Book Value per Share	9.35	10.58	11.76	13.45	15.54	17.40	21.05	17.31	18.52	23.89
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	6.14M	6.16M	6.18M	6.2M	6.21M	6.08M	7.79M	7.83M	7.83M	11.22M
Additional Paid-in Capital	6.96M	7.09M	7.26M	7.47M	7.7M	6.15M	31.97M	32.72M	32.95M	77.06M
Retained Earnings	34.44M	39.75M	45.67M	54.81M	62.58M	69.29M	76.99M	90.28M	94.2M	96.95M
Accumulated OCI	-1.59M	-860K	-958K	-1.81M	724K	3.4M	298K	-22.47M	-18.71M	-18.69M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	4.6M	9.01M	6.57M	13.76M	11.85M	15.09M	7.87M	26.77M	16.39M	-22.2M
Operating CF Growth %	-0.34%	0.96%	-0.27%	1.09%	-0.14%	0.27%	-0.48%	2.4%	-0.39%	-2.35%
Net Income	2.65M	5.91M	6.45M	10.13M	9.56M	8.86M	10.36M	16.8M	9.62M	6.97M
Depreciation & Amortization	1.87M	2.13M	2.01M	1.8M	1.64M	1.47M	1.41M	1.51M	1.62M	2.4M
Deferred Taxes	134K	428K	1.28M	135K	-8K	-923K	-1.68M	-241K	-399K	-437K
Other Non-Cash Items	39K	87K	286K	724K	807K	3.06M	-356K	2.96M	5.53M	3.82M
Working Capital Changes	-199K	347K	-3.6M	770K	-324K	2.33M	-2.21M	4.96M	-732K	-35.59M
Cash from Investing+	25.18M	-25.32M	-26.54M	-29.84M	-28.89M	-70.49M	-126.3M	-120.14M	-34.34M	136.83M
Purchase of Investments	-109.72M	-13.62M	-23.17M	-27.63M	-17M	-50.88M	-221.12M	-75.19M	-2.09M	-25.98M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	179.5M	0	0	0	0	0	-44.34M	0	0	70.24M
Other Investing	-62.67M	-46.32M	-35.44M	-20.98M	-35.13M	-56.04M	80.42M	-92.11M	-51.34M	-18.63M
Cash from Financing+	-15.3M	18.07M	18.87M	4.71M	34.21M	136.91M	167.15M	-15.72M	38.2M	-38.91M
Dividends Paid	-1.74M	-550K	-646K	-929K	-1.67M	-2.01M	-2.5M	-3.31M	-3.6M	-4.04M
Share Repurchases	-1K	0	0	-24K	-20K	-2.12M	-39K	-183K	-682K	-106K
Stock Issued	0	0	0	0	0	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	0	0	0	0	1000K	0	-1000K	1000K	-1000K
Other Financing	-3.85M	18.62M	19.51M	5.67M	35.9M	136.04M	169.69M	-7.23M	-7.52M	15.23M
Net Change in Cash+	14.49M	1.76M	-1.11M	-11.37M	17.17M	81.51M	48.71M	-109.09M	20.25M	75.71M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	24.84M	39.33M	41.09M	39.99M	28.62M	45.78M	127.3M	176.01M	66.91M	87.16M
Cash at End	39.33M	41.09M	39.99M	28.62M	45.78M	127.3M	176.01M	66.91M	87.16M	162.87M
Interest Paid	1.69M	2.17M	2.49M	3.55M	4.9M	3.46M	2.46M	4M	9.36M	23.2M
Income Taxes Paid	929K	1.97M	3.38M	1.34M	2.18M	3.09M	2.02M	3.37M	3.43M	2.08M
Free Cash Flow+	2.6M	7.98M	5.5M	12.22M	10.82M	14.18M	7.03M	25.59M	14.52M	-25.5M
FCF Growth %	-0.6%	2.07%	-0.31%	1.22%	-0.11%	0.31%	-0.5%	2.64%	-0.43%	-2.76%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	5.03%	12.04%	11.69%	16.24%	13.28%	10.93%	10.26%	14.9%	8.57%	4.93%
Return on Assets (ROA)	0.44%	0.84%	0.89%	1.36%	1.23%	1.01%	0.89%	1.22%	0.69%	0.41%
Net Interest Margin	2.98%	3.23%	3.41%	3.66%	3.49%	3.09%	2.5%	3.32%	3.05%	2.6%
Efficiency Ratio	83.23%	68.84%	63.97%	58.13%	57.76%	56.88%	68.38%	56.46%	52.47%	54.95%
Equity / Assets	6.64%	7.28%	7.87%	8.85%	9.65%	8.93%	8.42%	7.91%	8.19%	8.28%
Book Value / Share	9.35	10.58	11.76	13.45	15.54	17.4	21.05	17.31	18.52	23.89
NII Growth	11.37%	12.24%	8.67%	9.34%	1.35%	5.24%	18.33%	30.88%	-4.8%	20.66%
Dividend Payout	17.1%	9.31%	10.02%	9.17%	17.52%	22.66%	24.18%	19.69%	37.36%	57.97%

Revenue by Segment

	2018
Bank Servicing And Deposit Account	3.18M
Bank Servicing And Deposit Account Growth	-
Credit And Debit Card	2.26M
Credit And Debit Card Growth	-
Financial Service, Wealth Management	1.68M
Financial Service, Wealth Management Growth	-
Financial Service, Other	601K
Financial Service, Other Growth	-

Frequently Asked Questions

Valuation & Price

First National Corporation (FXNC) has a price-to-earnings (P/E) ratio of 25.7x. This suggests investors expect higher future growth.

Growth & Financials

First National Corporation (FXNC) grew revenue by 30.0% over the past year. This is strong growth.

Yes, First National Corporation (FXNC) is profitable, generating $8.0M in net income for fiscal year 2024 (7.9% net margin).

Dividend & Returns

Yes, First National Corporation (FXNC) pays a dividend with a yield of 2.25%. This makes it attractive for income-focused investors.

First National Corporation (FXNC) has a return on equity (ROE) of 4.9%. This is below average, suggesting room for improvement.

Industry Metrics

First National Corporation (FXNC) has a net interest margin (NIM) of 2.6%. NIM has been under pressure due to interest rate environment.

First National Corporation (FXNC) has an efficiency ratio of 55.0%. This is excellent, indicating strong cost control.

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