Net income recovered to $6.9M in 3Q26 from a $933K loss in 4Q24 as net interest income and efficiency improved, though earnings growth of over 20% rests on a net interest margin near 1.0% and a provision expense that fell to zero.
First National Corporation (FXNC) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 78.81M | 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 % | 35.24% | 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 % | 3.8% | 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 | 102.11M | 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 | 23.29M | 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 | 1.83M | 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 | 16.69M | 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 % | 17.48% | 14.78% | 18.87% | 19.17% | 20% | 20.78% | 20% | 21.75% | 23.46% | 23.11% | 24.96% | 26.48% | 27.02% | 24.85% | 25.59% | 20.56% | 20.66% | 23.53% | 24.86% | 25.12% | 22.75% | 21.22% | 24.99% | 24.84% | 21.29% | 15.02% | 15.54% | 12.94% | -360.95% | -467.67% | -647.01% |
| Total Net Revenue | 95.5M | 85.95M | 64.4M | 53.57M | 56.85M | 43.87M | 36.71M | 35.66M | 35.97M | 32.75M | 30.88M | 28.08M | 25.4M | 24.45M | 25.79M | 25.34M | 25.64M | 23.91M | 23.93M | 24.17M | 22.73M | 20.6M | 17.73M | 14.59M | 11.95M | 10.18M | 9.02M | 8.65M | 1.49M | 1.1M | 767.9K |
| Revenue Growth % | 9.98% | 33.46% | 20.22% | -5.77% | 29.61% | 19.49% | 2.94% | -0.86% | 9.83% | 6.06% | 9.96% | 10.55% | 3.91% | -5.2% | 1.78% | -1.17% | 7.24% | -0.12% | -0.98% | 6.37% | 10.33% | 16.17% | 21.5% | 22.13% | 17.38% | 12.85% | 4.25% | 479.5% | 35.94% | 43.05% | -4.4% |
| Non-Interest Expense | 64.99M | 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 | 68.04% | 71.11% | 75.32% | 66.48% | 60.25% | 71.97% | 62.12% | 65.67% | 63.8% | 68.63% | 73.25% | 87.5% | 71.34% | 81.07% | 71.61% | 79.26% | 76.9% | 78.23% | 66.91% | 63.24% | 60.65% | 57.45% | 60.81% | 62.25% | 60.41% | 59.56% | 62.2% | 60.91% | -96.9% | -124.65% | -174.11% |
| Operating Income | 28.69M | 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 % | 30.04% | 25.53% | 12.5% | 22.04% | 36.49% | 29.51% | 29.71% | 33.07% | 34.53% | 31.06% | 26.75% | 12.86% | 43.81% | 20.67% | 14.6% | -28.13% | -22.66% | 12.15% | 25.33% | 35.12% | 37.69% | 38.48% | 34.62% | 32.92% | 36.2% | 36.69% | 33.71% | 33.37% | 180.58% | 204.62% | 258.48% |
| 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 | 28.69M | 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 % | 30.04% | 25.53% | 12.5% | 22.04% | 36.49% | 29.51% | 29.71% | 33.07% | 34.53% | 31.06% | 26.75% | 12.86% | 43.81% | 20.67% | 14.6% | -28.13% | -22.66% | 12.15% | 25.33% | 35.12% | 37.69% | 38.48% | 34.62% | 32.92% | 36.2% | 36.69% | 33.71% | 33.37% | 180.58% | 204.62% | 258.48% |
| Income Tax | 5.66M | 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 % | 19.72% | 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 | 23.03M | 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 % | 24.12% | 20.6% | 10.82% | 17.96% | 29.54% | 23.61% | 24.13% | 26.79% | 28.17% | 19.69% | 19.13% | 9.45% | 30.04% | 40.39% | 10.86% | -43.26% | -14.05% | 8.99% | 17.64% | 23.78% | 25.51% | 26.16% | 23.72% | 22.62% | 24.93% | 25.49% | 23.69% | 23.51% | 127.55% | 146.69% | 189.38% |
| Net Income Growth % | 104.46% | 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) | 23.03M | 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) | 2.54 | 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 % | 101.59% | 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 | 9.08M | 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 |
Quick answers to the most common questions about buying FXNC stock.
For fiscal year 2025, First National Corporation (FXNC) reported total revenue of $86.0M. This represents a 11093.3% increase compared to $0.8M in 1996.
First National Corporation (FXNC) is profitable, generating $17.7M in net income for the fiscal year ending 2025 with a net profit margin of 20.6%.
First National Corporation (FXNC) reported an operating income of $21.9M, resulting in an operating profit margin of 25.5%. 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 96.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Provision normalization and fee dependence
Metrics are mathematically derived from official filings.
Net Interest Income Rebuilds Sharply
According to reported quarterly figures, FXNC's net interest income climbed from $11.5M in 2Q24 to $21.2M in 3Q26, a near doubling that suggests balance sheet growth and repricing contributed meaningfully to earnings expansion over the period.
The near doubling of NII across roughly nine quarters, with year-over-year growth of 15.9% in the latest quarter, points to a step-change that may reflect an acquisition or a significant loan volume build rather than organic drift alone. Sequential growth has moderated from the 60%-plus year-over-year rates seen in 2025, which may indicate the easy comparison benefit is fading. Investors should monitor deposit costs, since the sustainability of this trajectory depends on funding remaining in line with asset repricing.
Net Interest Margin Holds Near One Percent
Based on FXNC's reported figures, the net interest margin has stayed in a narrow band of roughly 0.8% to 1.0%, appearing relatively flat even as net interest income expanded substantially in absolute dollars.
A stable reported margin alongside rising NII implies that earning-asset growth, rather than spread widening, is driving the income gains. The modest uptick to 1.0% in the two most recent quarters may reflect favorable asset repricing, but the magnitude is too small to conclude a durable spread improvement. Peer margin data is unavailable in the supplied peer set, so positioning relative to regional competitors cannot be assessed.
Efficiency Ratio Improves but Remains Elevated
As reported in the income statement, FXNC's efficiency ratio fell from 86.8% in 1Q25 to 66.0% in 3Q26, indicating meaningful operating leverage as revenue scaled faster than non-interest expense.
Movement from the mid-80s to mid-60s efficiency range suggests the expanded revenue base is absorbing a largely fixed cost structure, a pattern consistent with operating leverage. The ratio remains above the sub-60% levels often associated with top-quartile regional franchises, so further improvement is not assured. Investors should monitor whether non-interest expense growth stays below revenue growth in coming periods.
Provision Expense Normalizes After Spike
Based on FXNC's reported figures, provision expense peaked at $4.8M in 4Q24 before declining to $426K in 2Q26 and zero in 3Q26, a pattern that may reflect improving credit trends or reserve timing.
The sharp reversal from the 4Q24 spike to near-zero provisioning warrants careful interpretation, since a zero provision can reflect benign credit conditions or reserve releases that flatter reported earnings. Loan-level credit quality and charge-off detail are not included in the supplied data, so the underlying cause cannot be confirmed. Investors should monitor future provisioning for signs of mean reversion as the loan book seasons.
Earnings Quality Rests on Thin Margins
As reported in financial statements, FXNC's earnings growth of over 20% in 3Q26 rests on a net interest margin near 1.0% and a provision line that fell to zero, leaving limited cushion if either reverses.
A margin in the 0.8% to 1.0% range leaves little room for compression from deposit repricing, and a zero provision may not be sustainable if the loan book continues to season. Reported EPS growth of 22.6% in the latest quarter therefore may overstate the durability of current earnings power. Investors should weigh whether the recent profit lift reflects structural improvement or favorable timing in reserves.