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 Corporation is a Virginia-incorporated bank holding company that owns First Bank, a Virginia-chartered commercial bank. The Bank offers consumer loans, residential mortgages, home equity loans, commercial loans, deposits, and wealth management services including estate planning and investment management. Operating through 33 branch offices, a loan production office, and digital channels, the Bank serves small and medium-sized businesses, individuals, estates, government entities, and nonprofits across the Shenandoah Valley, Roanoke Valley, south-central Virginia, the Richmond MSA, and northern North Carolina.
Summary from 10-K filed 2026-03-25
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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Frequently asked questions
What is FIRST NATIONAL CORP /VA/'s CIK number?
FIRST NATIONAL CORP /VA/'s SEC CIK number is 0000719402 (719402). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find FIRST NATIONAL CORP /VA/'s SEC filings?
All of FIRST NATIONAL CORP /VA/'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did FIRST NATIONAL CORP /VA/ last report earnings?
FIRST NATIONAL CORP /VA/ (FXNC) most recently filed an earnings 8-K with the SEC on Apr 30, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001437749-26-014094). This is FIRST NATIONAL CORP /VA/'s most recent earnings filing of record — not a forecast of its next earnings date.
What is FIRST NATIONAL CORP /VA/'s most recent earnings 8-K?
FIRST NATIONAL CORP /VA/'s latest earnings 8-K (Item 2.02) was filed Apr 30, 2026 under accession 0001437749-26-014094. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
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