company background image
FXNC

First NationalNasdaqCM:FXNC Stock Report

Market Cap

US$139.0m

7D

-2.3%

1Y

43.5%

Updated

02 Dec, 2021

Data

Company Financials
FXNC fundamental analysis
Snowflake Score
Valuation3/6
Future Growth0/6
Past Performance4/6
Financial Health6/6
Dividends2/6

FXNC Stock Overview

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.

First National Competitors

Blue Ridge Bankshares

NYSEAM:BRBS

US$343.2m

Virginia National Bankshares

NasdaqCM:VABK

US$181.1m

Peoples Bancorp of North Carolina

NasdaqGM:PEBK

US$160.2m

Chesapeake Financial Shares

OTCPK:CPKF

US$138.3m

Price History & Performance

Summary of all time highs, changes and price drops for First National
Historical stock prices
Current Share PriceUS$22.43
52 Week HighUS$23.87
52 Week LowUS$15.26
Beta0.54
1 Month Change-2.35%
3 Month Change6.05%
1 Year Change43.51%
3 Year Change15.92%
5 Year Change70.83%
Change since IPO327.24%

Recent News & Updates

Shareholder Returns

FXNCUS BanksUS Market
7D-2.3%-4.5%-3.5%
1Y43.5%40.8%19.4%

Return vs Industry: FXNC exceeded the US Banks industry which returned 36.7% over the past year.

Return vs Market: FXNC exceeded the US Market which returned 17.8% over the past year.

Price Volatility

Is FXNC's price volatile compared to industry and market?
FXNC volatility
FXNC Average Weekly Movement3.3%
Banks Industry Average Movement3.7%
Market Average Movement6.1%
10% most volatile stocks in US Market14.9%
10% least volatile stocks in US Market2.4%

Stable Share Price: FXNC is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: FXNC's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1907n/aScott Harvardhttps://www.fbvirginia.com

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 various types of commercial real estate, including multi-family residential buildings, office and retail buildings, hotels, industrial buildings, and religious facilities.

First National Fundamentals Summary

How do First National's earnings and revenue compare to its market cap?
FXNC fundamental statistics
Market CapUS$139.04m
Earnings (TTM)US$11.33m
Revenue (TTM)US$42.80m

12.3x

P/E Ratio

1.2x

P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
FXNC income statement (TTM)
RevenueUS$42.80m
Cost of RevenueUS$0
Gross ProfitUS$42.80m
ExpensesUS$31.47m
EarningsUS$11.33m

Last Reported Earnings

Sep 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)1.82
Gross Margin100.00%
Net Profit Margin26.48%
Debt/Equity Ratio16.5%

How did FXNC perform over the long term?

See historical performance and comparison

Dividends

2.1%

Current Dividend Yield

22%

Payout Ratio

Valuation

Is First National undervalued compared to its fair value and its price relative to the market?

47.9%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: FXNC ($22.43) is trading below our estimate of fair value ($43.01)

Significantly Below Fair Value: FXNC is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: FXNC is poor value based on its PE Ratio (12.3x) compared to the US Banks industry average (10.5x).

PE vs Market: FXNC is good value based on its PE Ratio (12.3x) compared to the US market (16.6x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate FXNC's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: FXNC's PB Ratio (1.2x) is in line with the US Banks industry average.


Future Growth

How is First National forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

-0.9%

Forecasted Banks industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as First National has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Past Performance

How has First National performed over the past 5 years?

11.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FXNC has high quality earnings.

Growing Profit Margin: FXNC's current net profit margins (26.5%) are higher than last year (24.7%).


Past Earnings Growth Analysis

Earnings Trend: FXNC's earnings have grown by 11% per year over the past 5 years.

Accelerating Growth: FXNC's earnings growth over the past year (34.6%) exceeds its 5-year average (11% per year).

Earnings vs Industry: FXNC earnings growth over the past year (34.6%) underperformed the Banks industry 43%.


Return on Equity

High ROE: FXNC's Return on Equity (9.7%) is considered low.


Financial Health

How is First National's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: FXNC's Assets to Equity ratio (11.6x) is moderate.

Allowance for Bad Loans: FXNC has a sufficient allowance for bad loans (252%).

Low Risk Liabilities: 98% of FXNC's liabilities are made up of primarily low risk sources of funding.

Loan Level: FXNC has an appropriate level of Loans to Assets ratio (60%).

Low Risk Deposits: FXNC's Loans to Deposits ratio (67%) is appropriate.

Level of Bad Loans: FXNC has an appropriate level of bad loans (0.3%).


Dividend

What is First National current dividend yield, its reliability and sustainability?

2.14%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: FXNC's dividend (2.14%) is higher than the bottom 25% of dividend payers in the US market (1.37%).

High Dividend: FXNC's dividend (2.14%) is low compared to the top 25% of dividend payers in the US market (3.69%).


Stability and Growth of Payments

Stable Dividend: FXNC's dividend payments have been volatile in the past 10 years.

Growing Dividend: FXNC's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (21.6%), FXNC's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

9.0yrs

Average management tenure


CEO

Scott Harvard (66 yo)

10.58yrs

Tenure

US$582,478

Compensation

Mr. Scott C. Harvard has been Chief Executive Officer and President of First National Corporation since May 9, 2011 and has been Chief Executive Officer of First Bank since June 2015. Mr. Harvard previousl...


CEO Compensation Analysis

Compensation vs Market: Scott's total compensation ($USD582.48K) is about average for companies of similar size in the US market ($USD563.50K).

Compensation vs Earnings: Scott's compensation has increased by more than 20% in the past year.


Leadership Team

Experienced Management: FXNC's management team is seasoned and experienced (9 years average tenure).


Board Members

Experienced Board: FXNC's board of directors are considered experienced (5.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 28.2%.


Top Shareholders

Company Information

First National Corporation's employee growth, exchange listings and data sources


Key Information

  • Name: First National Corporation
  • Ticker: FXNC
  • Exchange: NasdaqCM
  • Founded: 1907
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$139.036m
  • Shares outstanding: 6.23m
  • Website: https://www.fbvirginia.com

Number of Employees


Location

  • First National Corporation
  • 112 West King Street
  • Strasburg
  • Virginia
  • 22657
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/12/02 23:38
End of Day Share Price2021/12/02 00:00
Earnings2021/09/30
Annual Earnings2020/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.