MARKETS / NASDAQ / FXNC

NASDAQ · STATE COMMERCIAL BANKS · SMALL CAP

First National Corp. FXNC

17 fiscal years on record · USD · FY2025 reported · SEC filings only

Revenue

$14.3M

▲ 0.8% YoY

Net income

$17.7M

▲ 154.1% YoY

Free cash flow

$20.9M

In brief

What this company does

The Company owns all of the stock of its primary operating subsidiary, First Bank (the Bank), which is a commercial bank chartered under Virginia law. The Bank offers loan, deposit, and wealth management products and services. The Bank’s products and services are delivered through 33 bank branch offices, one loan production office, and a customer service center in a retirement community. At December 31, 2025, the Bank employed a total of 308 full-time equivalent employees. No material part of the business of the Company is dependent upon a single or a few customers, and the loss of any single customer would not have a materially adverse effect upon the business of the Company. The Company’s subordinated debt is senior in right of payment compared to its common stock and all current and future junior subordinated debt obligations.

Written from the business description in First National Corporation's annual report to the U.S. Securities and Exchange Commission, filed 25 March 2026. Every sentence was checked against that document before publication.

Growth

USD 14.3M

Revenue, FY2025 · full 17-year series below

Revenue $M Net income $M

FY2025 · Revenue 14.3 · Net income 17.7

Compound annual growth

Revenue

+12.4%

+13.8%

Net income

+1.8%

+14.9%

+20.9%

Returned to shareholders

+18.6%

+22.4%

+28.3%

+9.4%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +13.8% a year over five years — but profit grew faster: net income at +14.9%.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

124 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 153.6% · Net 123.9%

ROE

FY2025 · ROE 10.0%

Gross margin—

Operating margin153.6%

Net margin123.9%

Return on assets0.9%

EBITDAUSD 24.7M

Each USD of equity produced 10 cents of profit this year.

Cash & shareholders

USD 5.5M

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2025 · FCF 20.9

Net buybacks $M Dividends $M

FY2025 · Dividends 5.5 · Net buybacks —

Dividends paidUSD 5.5M

Net buybacks—

Share of profit31.2%

Consecutive raises1 years (since the 2024 share-count change)

USD 5.5M in dividends — 31% of the year's profit went back to shareholders.

Total assetsUSD 2.0B

EquityUSD 186.2M

CashUSD 160.9M

DepositsUSD 1.8B

Equity funds 9% of total assets.

The 17-year record

17 fiscal years

Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue $B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	·	·	·	·	·	·	·	·
Operating income $B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	·	·	·
EBITDA $B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	·	·	·
Income tax $B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	−0.0	0.0	0.0	−0.0	0.0
Net income $B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	−0.0	−0.0	0.0
Free cash flow $B	0.0	−0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
EPS, diluted $	1.96	1.00	1.53	2.68	1.86	1.82	1.92	2.04	1.30	1.20	0.31	1.32	1.83	0.48	−4.01	−1.53	0.49
Dividend / sh $	0.64	0.60	0.60	0.56	0.48	0.44	0.36	·	·	0.12	0.10	0.07	·	·	0.20	0.56	0.56
Payout %	31	58	37	20	24	23	18	9	10	9	17	4	·	·	−5	−40	71
ROE %	10.0	4.9	8.6	14.9	10.3	10.9	13.3	16.2	11.7	12.0	5.0	13.5	20.1	6.8	−25.6	−7.0	3.9
Shares out B	0.01	0.01	0.01	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 49 reconciliationsAUDITED

Reconciled in 17 of 19 fiscal years. 8 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityState Commercial Banks

Listed onNASDAQ

Incorporated inVirginia

Fiscal year endsDecember 31

SEC categorysmaller reporting company

Data on record since2009