First National Corp FXNC

FinancialsBanking ServicesUnited States of America

Last close 30.85 USD on Nov 1, 2026, +22.9% year to date

Quant rating

Quant rating C Rank 453 of 799 in Financials

Growth D 578 of 799
Valuation C 462 of 799
Quality C 488 of 799
Revisions C 385 of 799
Momentum B 272 of 799

Wall Street consensus Hold (3.00)Average target 33.00 USD +7.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 276M
Enterprise value: 293M
52-week range: 22.22 – 32.80
3-year range: 14.50 – 32.80
Dividend yield: 2.23%
Beta (5 years): 0.48
Shares outstanding: 9.1M
Next earnings: Feb 2, 2027

About the company

First National Corporation is a bank holding company for First Bank (the Bank), which is a commercial bank. The Bank offers loan, deposit, and wealth management products and services. Its loan products and services include consumer loans, residential mortgages, home equity loans and commercial loans. Deposit products and services include checking accounts, treasury management solutions, savings accounts, money market accounts, certificates of deposit and individual retirement accounts. Wealth management services include estate planning, investment management of assets, trustee under an agreement, trustee under a will, individual retirement accounts and estate settlement. Its customers include small and medium-sized businesses, individuals, estates, local governmental entities, and non-profit organizations. It operates over 33 branches throughout the Shenandoah Valley, central regions of Virginia, and the Richmond and Roanoke market areas.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	99.5	76.3	57.7	49.4	37.1	–
Revenue growth	30.4%	32.2%	16.9%	33.0%	13.1%	24.8%
EPS (basic, normalized)	2.13	1.65	1.53	2.69	1.86	–
EPS growth	28.7%	8.0%	−43.1%	44.3%	2.9%	3.3%
Gross margin	–	–	–	–	–	–
Net margin	17.8%	9.1%	16.7%	34.0%	27.9%	21.1%
ROE	–	5.3%	8.6%	15.9%	–	9.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	12.9%
Long-term debt (mil)	17.8
Net debt (mil)	–
Total equity (mil)	196
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	99.5	+30.4%	2.9x	20.63	+12.0%	1.5x	1.97	+97.0%	15.7x
2026	96.0	−3.6%	3.1x	22.03	+6.8%	1.4x	2.63	+33.5%	11.7x
2027	101	+5.0%	2.9x	24.10	+9.4%	1.3x	2.76	+4.8%	11.2x
2028	108	+7.2%	2.7x	–	–	–	2.98	+8.3%	10.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	96.0	+0.7%	+0.7%	+1.1%	2.63	+9.1%	+9.1%	+11.7%
2027	101	+1.4%	+1.4%	+2.3%	2.76	+9.0%	+9.0%	+9.6%
2028	108	–	–	–	2.98	–	–	–

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	14.9	14.2	15.0	24.8	21.1	22.4	22.8	24.0	22.5	24.0
Sales mean (mil)	–	–	14.8	21.1	22.0	22.3	22.7	22.6	23.3	23.5
Surprise	–	–	+1.0%	+17.5%	−4.3%	+0.6%	+0.4%	+6.1%	−3.4%	+2.3%
EPS reported	0.51	0.39	0.36	−0.10	0.18	0.56	0.62	0.61	0.54	0.64
EPS mean	0.43	0.44	0.36	−0.04	0.54	0.49	0.58	0.60	0.56	0.59
Surprise	+18.6%	−11.4%	0.0%	−122.2%	−66.4%	+13.1%	+6.9%	+0.8%	−2.7%	+8.5%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
FXNC First National Corp	276M	12.9%	17.8%	1.25x	11.7x	11.2x	1.4x	1.3x
UBSI United Bankshares, Inc.	6.5B	13.3%	27.6%	1.11x	13.0x	12.2x	1.2x	1.1x
AUB Atlantic Union Bankshares Corporation	5.5B	10.9%	14.4%	1.11x	10.4x	9.7x	1.1x	1.0x
SFBS ServisFirst Bancshares Inc	4.4B	11.8%	27.9%	1.05x	12.6x	11.5x	1.6x	1.4x
RNST Renasant Corp	3.6B	11.1%	14.4%	1.15x	10.8x	10.2x	0.9x	0.9x
TOWN TowneBank	3.4B	12.2%	20.0%	1.25x	11.5x	10.4x	1.1x	1.0x
Mean		12.0%	20.3%	1.15x	11.7x	10.9x	1.2x	1.1x
Median		12.0%	18.9%	1.13x	11.6x	10.8x	1.1x	1.1x

Technical analysis

1M+1.6%
3M+1.2%
1Y+38.7%
3Y+77.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, First National Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	99.5	76.3	57.7	49.4	37.1	32.9
Total interest expense	26.3	23.9	14.3	3.8	2.3	3.4
Net interest income	73.2	52.5	43.4	45.6	34.8	29.5
Loan loss provision	2.9	7.8	6.2	1.9	−0.7	3.0
Net interest income after loan loss provision	70.4	44.6	37.3	43.7	35.5	26.5
Non-interest income	17.0	16.4	11.8	12.6	10.2	8.3
Non-interest expense	−65.4	−52.9	−37.2	−35.6	−32.7	−23.8
Net income before taxes	21.9	8.0	11.8	20.7	12.9	10.9
Provision for taxes	4.2	1.1	2.2	4.0	2.6	2.0
Minority interest & equity in affiliates	–	–	–	–	–	–
Other	0	0	0	0	0	0
Net income before extraordinary items	17.7	7.0	9.6	16.8	10.4	8.9
Extraordinary items	–	–	–	–	–	–
Net income	17.7	7.0	9.6	16.8	10.4	8.9
Basic weighted average shares (mil)	9.0	7.0	6.3	6.3	5.6	4.9
Diluted weighted average shares (mil)	9.0	7.0	6.3	6.3	5.6	4.9
Basic EPS excluding extraordinary items	1.97	1.00	1.54	2.69	1.87	1.82
Basic EPS, normalized	2.13	1.65	1.53	2.69	1.86	1.81

Balance sheet in millions of USD, fiscal years

Balance sheet, First National Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	20.8	24.9	17.2	20.8	18.7	13.1
Other earning assets	466	416	373	364	482	271
Net loans	1,435	1,450	957	913	819	622
Property, plant & equipment	36.4	36.8	22.5	22.4	22.7	19.7
Goodwill	3.0	3.0	3.0	3.0	3.0	–
Intangibles	13.2	15.0	0.1	0.1	0.2	0
Long-term investments	–	–	–	–	–	–
Other long-term assets	–	–	–	–	–	–
Other assets	63.4	64.6	45.9	45.8	43.4	24.9
Total assets	2,038	2,010	1,419	1,369	1,389	951
Liabilities
Accounts payable	7.8	7.5	4.7	4.9	4.1	3.9
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1.8	2.0	0.3	0.5	0.3	0.3
Total deposits	1,800	1,804	1,234	1,241	1,249	842
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	25.0	0	50.0	–	–	–
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	17.6	30.5	14.3	14.3	19.3	19.3
Minority interest	–	–	–	–	–	–
Other liabilities	0	0	0	0	0	0
Total liabilities	1,852	1,844	1,303	1,261	1,272	866
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	11.3	11.2	7.8	7.8	7.8	6.1
Additional paid-in capital	78.2	77.1	33.0	32.7	32.0	6.2
Retained earnings (accumulated deficit)	109	96.9	94.2	90.3	77.0	69.3
Treasury stock	–	–	–	–	–	–
Other equity	−12.2	−18.7	−18.7	−22.5	0.3	3.4
Total equity	186	167	116	108	117	84.9
Total liabilities & shareholders' equity	2,038	2,010	1,419	1,369	1,389	951

Cash flow statement in millions of USD, fiscal years

Cash flow statement, First National Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	17.7	7.0	9.6	16.8	10.4	8.9
Depreciation, depletion & amortization	4.5	2.4	1.6	1.5	1.4	1.5
Deferred taxes	0.4	−0.4	−0.4	−0.2	−1.7	−0.9
Non-cash items	−0.6	−3.5	0.3	0.1	0.4	0.5
Changes in working capital	3.1	−27.6	5.2	8.6	−2.7	5.2
Cash from operations	25.1	−22.2	16.4	26.8	7.9	15.1
Investing activities
Capital expenditures	−4.2	−3.3	−1.9	−1.2	−0.8	−0.9
Other investing cash flows	−25.2	140	−32.5	−119	−125	−69.6
Cash from investing	−29.4	137	−34.3	−120	−126	−70.5
Financing activities
Financing cash flow items	−3.6	15.2	−7.5	−7.2	170	136
Cash dividends paid	−5.5	−4.0	−3.6	−3.3	−2.5	−2.0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	11.4	−50.1	49.3	−5.2	0	2.9
Cash from financing	2.3	−38.9	38.2	−15.7	167	137
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−2.0	75.7	20.2	−109	48.7	81.5
Free cash flow	20.9	−25.5	14.5	25.6	7.0	14.2

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.