F
FIRST NATIONAL CORP /VA/
FXNCCIK 0000719402NasdaqNon-AcceleratedSmaller ReportingState Commercial BanksVirginiaFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$17.70M
Total Assets
$2.04B
Equity
$186.20M
Shares Out
9.04M
Op. Cash Flow
$25.11M
Business
FIRST NATIONAL CORP /VA/ is a bank holding company that owns First Bank, its primary operating commercial banking subsidiary, and conducts banking and financial services through its subsidiaries. The company offers lending products (consumer, residential mortgage, home equity and commercial loans), deposit products (checking, savings, money market, CDs, treasury management and IRAs) and wealth management, title and insurance-related services. Key operating entities include First Bank, First Bank Financial Services, related real estate and insurance interests, and statutory trusts used to issue trust-preferred securities. Its market area comprises the Shenandoah Valley, Roanoke Valley, south-central Virginia, the Richmond metropolitan area and northern North Carolina, with distribution through branch offices, loan production offices, customer service centers, ATMs, mobile banking and its website.
Summary from filing dated 2025-03-31
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Interest and fees on loans | 85 | 63 | 49 | 42 | 33 | |
| Interest on deposits in banks | 7 | 6 | 2 | 1 | 213,000 | |
| Interest on federal funds sold | 41,000 | 189,000 | 0 | 0 | 10,000 | |
| Taxable interest | 6 | 5 | 5 | 5 | 3 | |
| Tax-exempt interest | 1 | 1 | 1 | 1 | 936,000 | |
| Dividends | 260,000 | 202,000 | 111,000 | 92,000 | 88,000 | |
| Total interest and dividend income | 99 | 76 | 58 | 49 | 37 | |
| Interest on deposits | 24 | 21 | 14 | 3 | 1 | |
| Interest on federal funds purchased | 0 | 1,000 | 1,000 | 0 | — | |
| Interest on subordinated debt | 2 | 603,000 | 277,000 | 277,000 | 619,000 | |
| Interest on junior subordinated debt | 266,000 | 270,000 | 271,000 | 270,000 | 270,000 | |
| Interest on other borrowings | 6,000 | 2 | 97,000 | 0 | — | |
| Total interest expense | 26 | 24 | 14 | — | — | |
| Net interest income | 73 | 52 | 43 | 46 | 35 | |
| Provision for credit losses | 3 | 8 | 6 | 2 | −650,000 | |
| Net interest income after provision for credit losses | 70 | 45 | 37 | 44 | 35 | |
| Noninterest income | 14 | 14 | 10 | 10 | 9 | |
| Income from bank owned life insurance | 1 | 755,000 | 627,000 | 597,000 | 526,000 | |
| Net (losses) on securities available for sale | 0 | −155,000 | 0 | −2 | 37,000 | |
| Net gains on sale of loans held for sale | 8,000 | 0 | — | — | — | |
| Net gain on subordinated debt payoff | 80,000 | 0 | — | — | — | |
| Gain on sale of other investment | 0 | 40,000 | 186,000 | 3 | 0 | |
| Bargain purchase gain | 304,000 | 3 | 0 | — | — | |
| Other operating income | 1 | 2 | 686,000 | 1 | 555,000 | |
| Total noninterest income | 17 | 16 | 12 | 13 | 10 | |
| Salaries and employee benefits | 34 | 25 | 21 | 21 | 18 | |
| Occupancy | 4 | 3 | 2 | 2 | 2 | |
| Equipment | 4 | 3 | 2 | 2 | 2 | |
| Marketing | 1 | 1 | 910,000 | 813,000 | 666,000 | |
| Supplies | 780,000 | 489,000 | 576,000 | 528,000 | 509,000 | |
| Legal and professional fees | 2 | 2 | 2 | 1 | 3 | |
| ATM and check card expenses | 2 | 2 | 2 | 1 | 1 | |
| FDIC assessment | 1 | 860,000 | 633,000 | 463,000 | 346,000 | |
| Bank franchise tax | 1 | 1 | 1 | 930,000 | 665,000 | |
| Data processing expense | 2 | 1 | 1 | 989,000 | 2 | |
| Amortization expense | 2 | 461,000 | 18,000 | 19,000 | 28,000 | |
| Other real estate (gain) loss and expense, net | −7,000 | 15,000 | −199,000 | −106,000 | 26,000 | |
| Net losses on disposal of premises and equipment | 0 | 48,000 | 0 | — | — | |
| Merger expense | 2 | 8 | 0 | — | — | |
| Other operating expense | 8 | 5 | 4 | 4 | — | |
| Total noninterest expense | 65 | 53 | 37 | 36 | 33 | |
| Income before income taxes | 22 | 8 | 12 | 21 | 13 | |
| Income tax expense | 4 | 1 | 2 | 4 | 3 | |
| Net income | 18 | 7 | 10 | 17 | 10 | |
| Basic (in dollars per share) | 1.97 | 1 | 1.54 | 2.69 | 1.87 | |
| Diluted (in dollars per share) | 1.96 | 1 | 1.53 | 2.68 | 1.86 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and due from banks | 21 | 25 | 17 | 21 | 19 | |
| Interest-bearing deposits in banks | 140 | 138 | 70 | 46 | 157 | |
| Cash and cash equivalents | 161 | 163 | 87 | — | — | |
| Securities available for sale, at fair value | 218 | 164 | — | — | — | |
| Securities held to maturity, at amortized cost (net of allowance for credit losses, 2025, $83, 2024, $95) | 103 | 110 | — | — | — | |
| Restricted securities, at cost | 6 | 4 | 2 | 2 | 2 | |
| Loans held for sale | 0 | 409,000 | 0 | — | — | |
| Loans, net of allowance for credit losses, 2025, $14,719, 2024, $16,400 | 1,435 | 1,450 | — | — | — | |
| Other real estate owned, net of valuation allowance, 2025, $0, 2024, $0 | 0 | 53,000 | 0 | 184,000 | 2 | |
| Premises and equipment, net | 35 | 35 | 22 | 22 | 22 | |
| Accrued Investment Income Receivable | 6 | 6 | 5 | 5 | 4 | |
| Bank owned life insurance | 39 | 38 | 25 | 25 | 24 | |
| Core deposit intangibles, net | 13 | 15 | 117,000 | 136,000 | 154,000 | |
| Goodwill | 3 | 3 | 3 | 3 | 3 | |
| Other Assets | 20 | 23 | 17 | 17 | 14 | |
| Total assets | 2,038 | 2,010 | 1,419 | 1,369 | 1,389 | |
| Noninterest-bearing demand deposits | 510 | 520 | 379 | 427 | 413 | |
| Savings and interest-bearing demand deposits | 927 | 924 | 662 | 677 | 690 | |
| Time deposits | 363 | 360 | 192 | 137 | 146 | |
| Total deposits | 1,800 | 1,804 | 1,234 | 1,241 | 1,249 | |
| Other borrowings | 25 | 0 | 50 | 0 | — | |
| Subordinated debt | 8 | 21 | 5 | 5 | 10 | |
| Junior subordinated debt | 9 | 9 | 9 | 9 | 9 | |
| Accrued Interest Payable and Other Liabilities | 10 | 10 | 5 | 5 | 4 | |
| Total liabilities | 1,852 | 1,844 | 1,303 | 1,261 | 1,272 | |
| Commitments and contingencies | — | — | — | — | — | |
| Preferred stock, par value $1.25 per share; authorized 1,000,000 shares; none issued and outstanding | 0 | 0 | 0 | 0 | 0 | |
| Common stock, par value $1.25 per share; authorized 16,000,000 shares; issued and outstanding, 2025, 9,025,395 shares, 2024, 8,974,102 shares | 11 | 11 | 8 | 8 | 8 | |
| Surplus | 78 | 77 | 33 | 33 | 32 | |
| Retained earnings | 109 | 97 | 94 | 90 | 77 | |
| Accumulated other comprehensive (loss), net | −12 | −19 | −19 | −22 | 298,000 | |
| Total shareholders equity | 186 | 167 | 116 | 108 | 117 | |
| Total liabilities and shareholders equity | 2,038 | 2,010 | 1,419 | 1,369 | 1,389 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation and amortization of premises and equipment | 3 | 2 | 2 | 1 | 1 | |
| Amortization of core deposit intangibles | 2 | 460,000 | 19,000 | 18,000 | 28,000 | |
| Amortization of subordinated debt fair value mark | 636,000 | 2,000 | — | — | — | |
| Gain on redemption of subordinated debt | −80,000 | 0 | — | — | — | |
| Origination of mortgage loans held for sale | −7 | 0 | — | 0 | −2 | |
| Proceeds from sale of mortgage loans held for sale | 7 | 0 | — | 0 | 2 | |
| Provision for credit losses on loans | 3 | 8 | 6 | 2 | −650,000 | |
| Provision for credit losses on unfunded commitments | 141,000 | 73,000 | 260,000 | 0 | — | |
| Recovery of credit losses on HTM securities | −12,000 | −12,000 | 0 | — | — | |
| Net gains on sale of other real estate owned | −7,000 | 0 | −233,000 | −176,000 | −8,000 | |
| Increase in cash value of bank owned life insurance | −1 | −755,000 | −627,000 | −597,000 | −526,000 | |
| Accretion of discounts and amortization of premiums on securities, net | 819,000 | 843,000 | 932,000 | 1 | 1 | |
| Accretion of premium on time deposits | −664,000 | −623,000 | −86,000 | −187,000 | −179,000 | |
| Accretion of certain acquisition-related loan (discounts), net | −1 | −780,000 | −594,000 | −1 | −408,000 | |
| Stock-based compensation | 1 | 635,000 | 753,000 | 785,000 | 354,000 | |
| Excess tax benefits on stock-based compensation | 26,000 | 1,000 | 4,000 | 3,000 | 3,000 | |
| (Gains) losses on disposal of premises and equipment | −13,000 | 48,000 | −47,000 | — | — | |
| Deferred income tax expense (benefit) | 386,000 | −437,000 | −399,000 | −241,000 | −2 | |
| (Increase) decrease in interest receivable | −410,000 | 467,000 | −112,000 | −640,000 | 545,000 | |
| (Increase) decrease in other assets | −582,000 | 3 | 188,000 | 5 | −2 | |
| Increase (decrease) in accrued interest payable and other liabilities | 842,000 | −39 | −808,000 | 677,000 | −1 | |
| Net cash provided by (used in) operating activities | 25 | −22 | 16 | 27 | 8 | |
| Proceeds from maturities, calls, principal payments, and sales of securities available for sale | 31 | 75 | 13 | 39 | 55 | |
| Proceeds from maturities, calls, and principal payments of securities held to maturity | 8 | 40 | 8 | 9 | 5 | |
| Purchases of securities available for sale | −77 | −26 | 0 | −21 | −197 | |
| Redemption of subordinated debt | 0 | 0 | — | — | — | |
| Net (purchase) redemption of restricted securities | −2 | 2 | −170,000 | −95,000 | 245,000 | |
| Purchase of premises and equipment, net | −4 | −3 | −2 | −1 | −835,000 | |
| Proceeds from sale of premises and equipment | 2 | 18,000 | 50,000 | 0 | 32,000 | |
| Proceeds from sale of other real estate owned | 60,000 | 0 | 417,000 | 2 | 288,000 | |
| Proceeds from cash value of bank owned life insurance | 440,000 | 401,000 | 256,000 | — | — | |
| Net cash acquired in acquisition of Touchstone Bank | 0 | 70 | — | — | — | |
| Net decrease (increase) in loans | 14 | −21 | −52 | −94 | 80 | |
| Net cash (used in) provided by investing activities | −29 | 137 | −34 | −120 | −126 | |
| (Decrease) in demand deposits and savings accounts | −7 | −8 | −63 | 1 | 176 | |
| Net increase in time deposits | 4 | 23 | 56 | −9 | −7 | |
| Increase (decrease) in other borrowings | 25 | −50 | 50 | 0 | — | |
| Redemption of subordinated debt | −13 | 0 | 0 | −5 | 0 | |
| Cash dividends paid on common stock, net of reinvestment | −6 | −4 | −4 | −3 | −3 | |
| Net cash provided by (used in) financing activities | 2 | −39 | 38 | −16 | 167 | |
| (Decrease) increase in cash and cash equivalents | −2 | 76 | 20 | −109 | 49 | |
| Interest | 27 | 23 | 9 | 4 | 2 | |
| Income taxes | 3 | 2 | 3 | 3 | 2 | |
| Unrealized gain (losses) on securities available for sale | 8 | −1 | 3 | −23 | −4 | |
| Amortization of unrealized losses on securities transferred from available for sale to held to maturity | 957,000 | 1 | 0 | −7 | 0 | |
| Change in fair value of cash flow hedges | −398,000 | 202,000 | −191,000 | 2 | 510,000 | |
| Lease liabilities arising from obtaining right-of-use assets during the period | 0 | 2 | 0 | 491,000 | 0 | |
| Transfer from loans to other real estate owned | 0 | 53,000 | 0 | 0 | 130,000 | |
| Issuance of common stock, dividend reinvestment plan | 193,000 | 179,000 | 161,000 | 194,000 | 156,000 | |
| Assets acquired | 0 | 594 | 0 | 0 | 306 | |
| Liabilities assumed | 0 | 615 | 0 | 0 | 238 |
Filings
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