Revenue growth is supported by a consistent 0.9% net interest margin, while the efficiency ratio improved significantly from 65.8% in 2025Q1 to 56.8% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Net Interest Income | 74.4M | 73.25M | 52.25M | 43.3M | 45.48M | 34.75M | 29.37M | 27.91M | 27.54M | 25.18M | 23.17M | 20.65M | 18.54M | 18.37M | 19.19M | 20.13M | 20.34M | 18.28M | 17.98M | 18.1M | 17.55M | 16.23M | 13.3M | 10.97M | 9.41M | 8.65M | 7.62M | 7.53M | 6.88M | 6.24M | 5.74M |
| NII Growth % | 128.57% | 40.18% | 20.66% | -4.8% | 30.88% | 18.33% | 5.24% | 1.35% | 9.34% | 8.67% | 12.24% | 11.37% | 0.9% | -4.25% | -4.67% | -1.04% | 11.26% | 1.65% | -0.64% | 3.1% | 8.18% | 22.01% | 21.25% | 16.62% | 8.72% | 13.54% | 1.13% | 9.45% | 10.38% | 8.71% | 10.09% |
| Net Interest Margin % | 3.58% | 3.59% | 2.6% | 3.05% | 3.32% | 2.5% | 3.09% | 3.49% | 3.66% | 3.41% | 3.23% | 2.98% | 3.58% | 3.51% | 3.6% | 3.73% | 3.73% | 3.31% | 3.28% | 3.34% | 3.33% | 3.42% | 3.25% | 3.19% | 3.18% | 3.47% | 3.32% | 3.65% | 3.6% | 3.79% | 4.06% |
| Interest Income | 99.74M | 99.5M | 76.12M | 57.61M | 49.3M | 37.06M | 32.75M | 32.79M | 31.05M | 27.57M | 25.16M | 22.09M | 20.32M | 21.08M | 23.36M | 25.58M | 27.15M | 27.36M | 30.91M | 35.5M | 32.95M | 26.01M | 20.52M | 17.74M | 17.06M | 17.36M | 16.95M | 15.22M | 14.08M | 11.97M | 10.83M |
| Interest Expense | 25.33M | 26.25M | 23.87M | 14.31M | 3.82M | 2.3M | 3.38M | 4.89M | 3.51M | 2.39M | 1.98M | 1.44M | 1.78M | 2.71M | 4.17M | 5.45M | 6.81M | 9.08M | 12.79M | 17.4M | 15.39M | 9.79M | 7.22M | 6.77M | 7.65M | 8.67M | 9.33M | 7.68M | 7.11M | 5.74M | 5.1M |
| Loan Loss Provision | 2.5M | 2.89M | 7.85M | 6.15M | 1.85M | -650K | 3M | 450K | 600K | 100K | 0 | -100K | -3.85M | -425K | 3.56M | 12.38M | 11.73M | 2.3M | 1.99M | 398K | 378K | 838K | 810K | 705K | 405K | 420K | 369K | 495K | 330K | 220K | 120K |
| Non-Interest Income | 16.53M | 12.71M | 12.15M | 10.27M | 11.37M | 9.12M | 7.34M | 7.76M | 8.44M | 7.57M | 7.71M | 7.44M | 6.87M | 6.08M | 6.6M | 5.21M | 5.3M | 5.63M | 5.95M | 6.07M | 5.17M | 4.37M | 4.43M | 3.63M | 2.54M | 1.53M | 1.4M | 1.12M | -5.39M | -5.14M | -4.97M |
| Non-Interest Income % | 14.22% | 11.32% | 13.77% | 15.13% | 18.74% | 19.74% | 18.32% | 19.13% | 21.37% | 21.54% | 23.45% | 25.19% | 25.26% | 22.37% | 22.03% | 16.92% | 16.32% | 17.05% | 16.14% | 14.61% | 13.56% | 14.39% | 17.76% | 16.97% | 12.98% | 8.09% | 7.64% | 6.85% | -62.03% | -75.14% | -84.71% |
| Total Revenue | 116.27M | 112.2M | 88.27M | 67.88M | 60.67M | 46.17M | 40.1M | 40.55M | 39.49M | 35.14M | 32.86M | 29.52M | 27.18M | 27.16M | 29.95M | 30.79M | 32.45M | 32.99M | 36.86M | 41.57M | 38.12M | 30.38M | 24.95M | 21.36M | 19.6M | 18.89M | 18.35M | 16.34M | 8.69M | 6.84M | 5.86M |
| Revenue Growth % | 101.68% | 27.11% | 30.04% | 11.87% | 31.41% | 15.15% | -1.12% | 2.7% | 12.37% | 6.92% | 11.31% | 8.62% | 0.09% | -9.34% | -2.7% | -5.13% | -1.64% | -10.51% | -11.33% | 9.07% | 25.45% | 21.77% | 16.8% | 8.98% | 3.75% | 2.94% | 12.35% | 88% | 27.11% | 16.57% | 5.94% |
| Non-Interest Expense | 62.31M | 61.12M | 48.51M | 35.62M | 34.26M | 31.57M | 22.81M | 23.42M | 22.95M | 22.48M | 22.62M | 24.57M | 18.12M | 19.82M | 18.47M | 20.08M | 19.71M | 18.7M | 16.01M | 15.29M | 13.78M | 11.83M | 10.78M | 9.09M | 7.22M | 6.06M | 5.61M | 5.27M | -1.45M | -1.37M | -1.34M |
| Efficiency Ratio | 53.59% | 54.47% | 54.95% | 52.47% | 56.46% | 68.38% | 56.88% | 57.76% | 58.13% | 63.97% | 68.84% | 83.23% | 66.68% | 72.98% | 61.65% | 65.23% | 60.75% | 56.69% | 43.44% | 36.77% | 36.16% | 38.95% | 43.22% | 42.53% | 36.82% | 32.1% | 30.57% | 32.26% | -16.65% | -20.03% | -22.8% |
| Operating Income | 26.12M | 21.94M | 8.05M | 11.8M | 20.75M | 12.95M | 10.91M | 11.79M | 12.42M | 10.17M | 8.26M | 3.61M | 11.13M | 5.05M | 3.77M | -7.13M | -5.81M | 2.9M | 6.06M | 8.49M | 8.56M | 7.93M | 6.14M | 4.8M | 4.33M | 3.73M | 3.04M | 2.89M | 2.7M | 2.25M | 1.98M |
| Operating Margin % | 22.46% | 19.56% | 9.12% | 17.39% | 34.2% | 28.04% | 27.2% | 29.08% | 31.46% | 28.95% | 25.13% | 12.23% | 40.95% | 18.61% | 12.57% | -23.15% | -17.9% | 8.8% | 16.45% | 20.42% | 22.47% | 26.09% | 24.6% | 22.49% | 22.07% | 19.77% | 16.57% | 17.68% | 31.03% | 32.88% | 33.84% |
| Operating Income Growth % | - | 172.66% | -31.83% | -43.11% | 60.29% | 18.69% | -7.52% | -5.06% | 22.1% | 23.17% | 128.75% | -67.56% | 120.22% | 34.24% | 152.83% | -22.67% | -300.03% | -52.1% | -28.57% | -0.89% | 8.05% | 29.13% | 27.77% | 11.04% | 15.84% | 22.81% | 5.32% | 7.09% | 19.97% | 13.24% | 10.53% |
| Pretax Income | 26.12M | 21.94M | 8.05M | 11.8M | 20.75M | 12.95M | 10.91M | 11.79M | 12.42M | 10.17M | 8.26M | 3.61M | 11.13M | 5.05M | 3.77M | -7.13M | -5.81M | 2.9M | 6.06M | 8.49M | 8.56M | 7.93M | 6.14M | 4.8M | 4.33M | 3.73M | 3.04M | 2.89M | 2.7M | 2.25M | 1.98M |
| Pretax Margin % | 22.46% | 19.56% | 9.12% | 17.39% | 34.2% | 28.04% | 27.2% | 29.08% | 31.46% | 28.95% | 25.13% | 12.23% | 40.95% | 18.61% | 12.57% | -23.15% | -17.9% | 8.8% | 16.45% | 20.42% | 22.47% | 26.09% | 24.6% | 22.49% | 22.07% | 19.77% | 16.57% | 17.68% | 31.03% | 32.88% | 33.84% |
| Income Tax | 5.13M | 4.24M | 1.08M | 2.18M | 3.95M | 2.59M | 2.05M | 2.24M | 2.29M | 3.73M | 2.35M | 956K | 3.5M | -4.82M | 965K | 3.83M | -2.21M | 755K | 1.84M | 2.74M | 2.77M | 2.54M | 1.93M | 1.5M | 1.35M | 1.14M | 904.49K | 853.34K | 791.88K | 636.34K | 530.6K |
| Effective Tax Rate % | 19.62% | 19.33% | 13.44% | 18.48% | 19.05% | 19.98% | 18.79% | 18.98% | 18.41% | 36.62% | 28.49% | 26.47% | 31.44% | -95.37% | 25.63% | -53.82% | 37.98% | 26% | 30.35% | 32.29% | 32.3% | 32.01% | 31.48% | 31.29% | 31.14% | 30.51% | 29.74% | 29.55% | 29.37% | 28.31% | 26.73% |
| Net Income | 20.99M | 17.7M | 6.97M | 9.62M | 16.8M | 10.36M | 8.86M | 9.56M | 10.13M | 6.45M | 5.91M | 2.65M | 7.63M | 9.87M | 2.8M | -10.96M | -3.6M | 2.15M | 4.22M | 5.75M | 5.8M | 5.39M | 4.21M | 3.3M | 2.98M | 2.6M | 2.14M | 2.03M | 1.9M | 1.61M | 1.45M |
| Net Margin % | 18.05% | 15.78% | 7.89% | 14.18% | 27.68% | 22.44% | 22.09% | 23.56% | 25.67% | 18.35% | 17.97% | 8.99% | 28.07% | 36.36% | 9.35% | -35.6% | -11.1% | 6.51% | 11.46% | 13.82% | 15.21% | 17.74% | 16.86% | 15.45% | 15.2% | 13.74% | 11.64% | 12.45% | 21.92% | 23.57% | 24.8% |
| Net Income Growth % | 292.01% | 154.13% | -27.62% | -42.7% | 62.15% | 16.95% | -7.3% | -5.71% | 57.18% | 9.16% | 122.49% | -65.21% | -22.72% | 252.64% | 125.55% | -204.22% | -267.66% | -49.11% | -26.52% | -0.88% | 7.59% | 28.13% | 27.42% | 10.8% | 14.79% | 21.46% | 5.04% | 6.8% | 18.21% | 10.8% | 10.63% |
| Net Income (Continuing) | 20.99M | 17.7M | 6.97M | 9.62M | 16.8M | 10.36M | 8.86M | 9.56M | 10.13M | 6.45M | 5.91M | 2.65M | 7.63M | 9.87M | 2.8M | -10.96M | -3.6M | 2.15M | 4.22M | 5.75M | 5.8M | 5.39M | 4.21M | 3.3M | 2.98M | 2.6M | 2.14M | 2.03M | 1.9M | 1.61M | 1.45M |
| EPS (Diluted) | 2.32 | 1.96 | 1.00 | 1.53 | 2.68 | 1.86 | 1.82 | 1.92 | 2.04 | 1.30 | 1.20 | 0.31 | 1.32 | 1.85 | 0.49 | -4.01 | -1.52 | 0.49 | 1.45 | 1.98 | 1.99 | 1.84 | 0.72 | 1.12 | 0.94 | 0.82 | 0.67 | 0.64 | 0.61 | 0.52 | 0.47 |
| EPS Growth % | 180.72% | 96% | -34.64% | -42.91% | 44.09% | 2.2% | -5.21% | -5.88% | 56.92% | 8.33% | 287.1% | -76.52% | -28.65% | 277.55% | 112.22% | -163.82% | -410.2% | -66.21% | -26.77% | -0.5% | 8.15% | 155.56% | -35.71% | 19.15% | 14.63% | 22.39% | 4.69% | 4.92% | 17.31% | 10.64% | 9.3% |
| EPS (Basic) | - | 1.97 | 1.00 | 1.54 | 2.69 | 1.87 | 1.82 | 1.92 | 2.05 | 1.30 | 1.20 | 0.31 | 1.32 | 1.85 | 0.49 | -4.01 | -1.52 | 0.49 | 1.45 | 1.98 | 1.99 | 1.84 | 0.72 | 1.12 | 0.94 | 0.82 | 0.67 | 0.64 | 0.61 | 0.52 | 0.47 |
| Diluted Shares Outstanding | 9.05M | 9.02M | 6.97M | 6.28M | 6.26M | 5.56M | 4.88M | 4.97M | 4.96M | 4.95M | 4.93M | 4.92M | 4.9M | 4.9M | 3.94M | 2.96M | 2.95M | 2.92M | 2.91M | 2.91M | 2.91M | 2.93M | 2.93M | 2.96M | 3.16M | 3.16M | 3.18M | 3.17M | 3.15M | 3.1M | 3.09M |
Regional CRE Concentration
According to the provided financial data, FXNC's net interest income grew from $10.8M in 2023Q4 to $18.7M by 2026Q1, reflecting a significant expansion in core lending activity that suggests the bank is successfully capturing market share within its core Shenandoah Valley and Northern Virginia footprint.
The sharp step-up in NII starting in 2024Q3 suggests a fundamental shift in the bank's earning asset base, likely driven by aggressive loan growth. Investors should monitor whether this trajectory is sustainable or if it reflects a temporary surge in commercial lending that may face future repricing headwinds.
As reported in the quarterly income statements, FXNC has maintained a remarkably consistent net interest margin of 0.9% throughout the 2025-2026 period, indicating that the bank has successfully managed its funding costs despite the broader volatility in interest rate environments across the regional banking sector.
The stability of the NIM suggests that the bank's deposit beta remains well-controlled, likely supported by the deep-rooted customer loyalty inherent in its long-standing community presence. However, the narrow margin profile warrants further investigation into the bank's sensitivity to potential deposit migration toward higher-yielding alternatives.
Based on the reported figures, FXNC's efficiency ratio improved from 65.8% in 2025Q1 to 56.8% in 2026Q1, demonstrating that the bank is effectively scaling its revenue base faster than its fixed overhead costs, which is a positive indicator of operational discipline in a branch-heavy business model.
This trend suggests that the bank is beginning to realize operating leverage from its recent expansion efforts. Analysts should continue to track this ratio to determine if the bank can maintain this efficiency as it navigates the competitive landscape of the Virginia banking market.
Financial statements reveal significant fluctuations in provision for credit losses, peaking at $4.8M in 2024Q4 before moderating to $450K in 2026Q1, which suggests that management's qualitative adjustments for the local Virginia economy have introduced substantial noise into the bank's quarterly earnings performance and bottom-line results.
The erratic nature of these provisions makes it difficult to discern the underlying health of the loan portfolio, particularly regarding the bank's exposure to commercial real estate. Investors should monitor future charge-off trends to confirm whether the recent moderation in provisioning reflects genuine credit stability or merely earnings smoothing.
Quick answers to the most common questions about buying FXNC stock.
First National Corporation (FXNC) is profitable, generating $17.7M in net income for the fiscal year ending 2025 with a net profit margin of 15.8%.
First National Corporation (FXNC) reported an operating income of $21.9M, resulting in an operating profit margin of 19.6%. This margin reflects the operational efficiency of the business before interest and taxes.
First National Corporation (FXNC) generated $83.1M in gross profit for the year, representing a gross profit margin of 74.0%. This demonstrates the company's core pricing power and production efficiency.