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1. Company Snapshot

1.a. Company Description

First National Corporation operates as the bank holding company for First Bank that provides various commercial banking services to small and medium-sized businesses, individuals, estates, local governmental entities, and non-profit organizations in Virginia.The company's deposit products include checking, savings, money market, and individual retirement accounts, as well as certificates of deposit and treasury management solutions.Its loan products comprise construction loans, including residential, land acquisition, and development loans; 1-4 family residential real estate loans; and commercial real estate loans that are secured by commercial real estate, including multi-family residential buildings, office and retail buildings, hotels, industrial buildings, and religious facilities.


The company's loan products also include commercial and industrial loans that are secured by business assets, such as accounts receivable, equipment, and inventory; home equity loans; and secured and unsecured consumer loans, such as lines of credit, automobile loans, deposit account loans, and installment and demand loans.In addition, it provides wealth management services, including estate planning, investment management of assets, trustee under an agreement, trustee under a will, and estate settlement.Further, the company offers title insurance and investment services; and holds other real estate owned and office sites, as well as provides internet and mobile banking, remote deposit capture, and other traditional banking services.


It serves customers through 20 bank branch offices, a loan production office, and a customer service center, as well as through a network of ATMs. The company was founded in 1907 and is headquartered in Strasburg, Virginia.

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1.b. Last Insights on FXNC

First National Corporation's recent performance was positively driven by its record Q3 2025 earnings of $5.55 million and basic and diluted earnings per common share of $0.62. The company's quarterly earnings of $0.58 per share met estimates, up from $0.39 per share a year ago. Additionally, the Board of Directors declared a 9.7% increase in quarterly cash dividends to $0.17 per share. These results reflect the company's strong financial position and commitment to shareholder returns.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Denison & Ya'thi Néné Lands and Resources Announce Signing of the Nuhenéné Benefit Agreement with Three First Nations and Four Municipalities

Dec -01

Source: prnewswire.com

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First National Corporation Announces 9.7% Increase in Quarterly Cash Dividends

Nov -13

Source: globenewswire.com

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First National Corp. (FXNC) Meets Q3 Earnings Estimates

Oct -30

Source: zacks.com

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First National Corporation Reports Record Third Quarter 2025 Earnings

Oct -30

Source: globenewswire.com

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First National of Nebraska (OTCMKTS:FINN) versus Cathay General Bancorp (NASDAQ:CATY) Financial Analysis

Oct -22

Source: defenseworld.net

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First National (FXNC) Q2 EPS Jumps 19%

Jul -31

Source: fool.com

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First National Corp. (FXNC) Q2 Earnings and Revenues Top Estimates

Jul -30

Source: zacks.com

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First National Corporation Reports Record Second Quarter 2025 Earnings

Jul -30

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.77%)

6. Segments

Banking and Related Activities

Expected Growth: 4.77%

First National Corporation's 4.77% growth in Banking and Related Activities is driven by increasing demand for digital banking services, strategic expansion into new markets, and a strong focus on customer acquisition and retention. Additionally, the corporation's investments in technology and operational efficiency have improved its ability to process transactions and provide personalized services, contributing to its growth.

7. Detailed Products

Mortgage Loans

First National Corporation offers a range of mortgage loan products to help individuals and families achieve their dream of owning a home.

Home Equity Loans

First National Corporation's home equity loans allow homeowners to tap into the equity in their homes to fund home renovations, consolidate debt, or cover unexpected expenses.

Commercial Loans

First National Corporation provides commercial loans to businesses of all sizes, helping them to expand, modernize, or refinance their operations.

Construction Loans

First National Corporation's construction loans provide financing for builders, developers, and individuals looking to build or renovate properties.

Title Insurance and Settlement Services

First National Corporation offers title insurance and settlement services to ensure a smooth and secure transaction process for buyers and sellers.

8. First National Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for First National Corporation is medium due to the presence of alternative financial institutions and digital payment platforms.

Bargaining Power Of Customers

The bargaining power of customers is high due to the availability of multiple financial institutions and the ease of switching between them.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the company's large scale of operations and its ability to negotiate favorable terms with its suppliers.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the financial services industry, including regulatory hurdles and the need for significant capital investment.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of multiple competitors in the financial services industry, leading to a highly competitive market.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 35.68%
Debt Cost 6.58%
Equity Weight 64.32%
Equity Cost 6.58%
WACC 6.58%
Leverage 55.47%

11. Quality Control: First National Corporation passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Enterprise Bancorp

A-Score: 6.5/10

Value: 6.3

Growth: 5.3

Quality: 6.7

Yield: 4.0

Momentum: 8.0

Volatility: 8.3

1-Year Total Return ->

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Stock-Card
Five Star Bank

A-Score: 6.3/10

Value: 5.9

Growth: 5.4

Quality: 7.8

Yield: 5.0

Momentum: 6.5

Volatility: 7.3

1-Year Total Return ->

View Full Report
Stock-Card
First National

A-Score: 6.2/10

Value: 5.3

Growth: 3.1

Quality: 6.4

Yield: 6.0

Momentum: 7.5

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Investar Holding

A-Score: 6.1/10

Value: 6.3

Growth: 6.0

Quality: 5.9

Yield: 4.0

Momentum: 7.5

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
Finward

A-Score: 5.1/10

Value: 5.2

Growth: 3.6

Quality: 3.8

Yield: 4.0

Momentum: 5.5

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Customers Bancorp

A-Score: 5.0/10

Value: 6.5

Growth: 6.8

Quality: 3.8

Yield: 0.0

Momentum: 8.0

Volatility: 4.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

24.77$

Current Price

24.77$

Potential

-0.00%

Expected Cash-Flows