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what it is
First National is a Virginia bank that takes deposits and makes loans to businesses, families, and local institutions.
how it gets paid
Last year First National made $76M in revenue. Net interest income was the main engine at $62M, or 82% of sales.
what just happened
First National posted $74M of revenue and $1.35 EPS, both sharply above the year-ago quarter.
At a glance
B balance sheet — gets the job done, barely
60/100 earnings predictability — reasonably predictable
20.4x trailing p/e — priced about right
2.6% dividend yield — cash in your pocket every quarter
$1.00 fy2024 eps est
xvary composite: 54/100 — below average
What they do
First National is a Virginia bank that takes deposits and makes loans to businesses, families, and local institutions.
You do not switch banks lightly. First National has 303 employees and serves Virginia customers who want a local face, not a call center. Deposit accounts (where your paycheck lands) and loans (money it lends out) keep your relationship sticky, while $30M of long-term debt is only 11% of capital, so the balance sheet has room when rivals get loud.
How they make money
$76M
annual revenue
Net interest income
$62M
Deposit service charges
$6M
Loan fees
$4M
Other noninterest income
$3M
Securities and misc income
$1M
The products that matter
core banking spread income
Net Interest Income
$38M · about half of revenue
this is the classic bank model — earn more on loans than you pay on deposits. here, it contributes about $38M of the $76M revenue base.
rate-sensitive
lending to local businesses
Commercial Loans
core profit driver
the data here is thin, but this book matters because it feeds the $38M net interest line and carries most of the credit risk you care about.
credit watch
deposit funding base
Retail Banking
funding engine
checking and savings accounts are the raw material for lending. if deposit costs rise too fast, the spread business gets squeezed even if loan demand holds up.
deposit costs
Key numbers
$76M
ttm revenue
That is the whole top line. A $76M bank has no room for sloppy execution.
$1.28
trailing eps
You are paying 20.4x for $1.28 per share. That is not cheap for a 303-employee bank.
20.4x
trailing pe
You are paying 20.4 years of current earnings. The stock needs clean execution to justify that.
2.6%
dividend yield
Your cash payout is 2.6%. That is income, but not enough to hide a rough year.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 75 / 100
- long-term debt $30M (11% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for FXNC right now.
source: institutional data · return history unavailable
What just happened
beat estimates
First National posted $74M of revenue and $1.35 EPS, both sharply above the year-ago quarter.
Revenue was $74M, up 196% vs. prior year. EPS was $1.35, up 118% vs. prior year. For a bank, the ugly truth is that spread income, not headlines, drives the real story.
$74M
revenue
$1.35
eps
n/a
n/a
the number that mattered
Revenue was $74M, up 196% vs. prior year. That is the line that matters because the bank lives on spread income.
source: company earnings report, 2026
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What could go wrong
the top risk here is virginia credit and deposit concentration — this bank does not have the geographic sprawl to hide from local stress.
high
concentrated regional exposure
you are tied to one local economy. with $76M in annual revenue and community-bank scale, a weak Virginia credit cycle would hit loans, deposits, and fee activity at the same time.
there is no second geography to offset a local downturn.
med
net interest margin pressure
about $38M of revenue comes from net interest income. in human-speak, the spread between what the bank earns on loans and pays on deposits still decides a lot of the profit story.
if deposit costs stay high or loan yields soften, roughly half the revenue base feels it.
med
integration and execution risk
management described 2025 as transformational. that's another way of saying the bank changed materially, and changed businesses have more ways to disappoint than stable ones.
the recent $5.5M quarterly net income needs to prove it is repeatable, not a one-quarter high point.
low
valuation leaves less room for error
20.4x earnings is not a distressed-bank multiple. the stock is already asking you to believe the earnings base improves from here.
if earnings stall around the $1.00 baseline, the multiple can do the damage even without a balance-sheet crisis.
the combined risk picture is simple: a $236M bank with $76M in revenue and no moat needs clean credit, stable deposits, and repeatable earnings. miss one of those and the premium multiple looks much less premium.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
next quarter revenue vs. the $23.97M q4 mark
one beat is nice. two or three in a row would tell you the post-transformation earnings base is actually holding.
calendar
q1 2026 earnings report
expected release on april 29, 2026. consensus revenue is $22.60M, so the bar is visible.
trend
branch optimization fallout
cost saves are only useful if deposits stay put. this is where efficiency talk meets real customer behavior.
risk
dividend support from earnings
a 2.6% yield looks fine until earnings wobble. watch whether future quarters keep covering the payout comfortably.
Analyst rankings
earnings predictability
60 / 100
60 / 100 means the numbers are somewhat dependable, but not smooth. in human-speak, analysts think this bank can surprise you in either direction.
source: institutional data
Institutional activity
institutional ownership data for FXNC is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$26
current price
n/a
target midpoint · n/a from current
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