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First National

Nasdaq:FXNC
Snowflake Description

Flawless balance sheet with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FXNC
Nasdaq
$94M
Market Cap
  1. Home
  2. US
  3. Banks
Company description

First National Corporation operates as the bank holding company for First Bank that provides a range of commercial banking services to small and medium-sized businesses, individuals, estates, local governmental entities, and non-profit organizations in Virginia. The last earnings update was 25 days ago. More info.


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FXNC Share Price and Events
7 Day Returns
5.2%
NasdaqCM:FXNC
-2.6%
US Banks
-1%
US Market
1 Year Returns
-14%
NasdaqCM:FXNC
-14.2%
US Banks
-0.4%
US Market
FXNC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
First National (FXNC) 5.2% -3.2% -11% -14% 74% 136%
US Banks -2.6% -5.5% -3.5% -14.2% 32.4% 36.7%
US Market -1% -3.3% 0.4% -0.4% 30.4% 37.1%
1 Year Return vs Industry and Market
  • FXNC matched the Banks industry (-14.2%) over the past year.
  • FXNC underperformed the Market in United States of America which returned -0.4% over the past year.
Price Volatility
FXNC
Industry
5yr Volatility vs Market

Value

 Is First National undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of First National to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for First National.

NasdaqCM:FXNC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $11.76 * 11.7%
$1.38
Book Value of Equity per Share Median Book Value from the past 5 years. $11.76
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqCM:FXNC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.57
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.566 (1 + (1- 21%) (15.21%))
0.754
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for NasdaqCM:FXNC using Excess Returns Model Model

The calculations below outline how an intrinsic value for First National is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NasdaqCM:FXNC Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (11.7% – 7.5%) * $11.76)
$0.50
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $0.50 / (7.5% - 2.73%)
$10.39
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $11.76 + $10.39
$22.15
NasdaqCM:FXNC Discount to Share Price
Calculation Result
Value per share (USD) From above. $22.15
Current discount Discount to share price of $18.88
= -1 x ($18.88 - $22.15) / $22.15
14.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price First National is available for.
Intrinsic value
15%
Share price is $18.88 vs Future cash flow value of $22.15
Current Discount Checks
For First National to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • First National's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • First National's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for First National's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are First National's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqCM:FXNC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in USD $1.88
NasdaqCM:FXNC Share Price ** NasdaqCM (2019-08-16) in USD $18.88
United States of America Banks Industry PE Ratio Median Figure of 597 Publicly-Listed Banks Companies 12.29x
United States of America Market PE Ratio Median Figure of 3,095 Publicly-Listed Companies 17.23x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of First National.

NasdaqCM:FXNC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqCM:FXNC Share Price ÷ EPS (both in USD)

= 18.88 ÷ 1.88

10.02x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • First National is good value based on earnings compared to the US Banks industry average.
  • First National is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does First National's expected growth come at a high price?
Raw Data
NasdaqCM:FXNC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.02x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
2.3%per year
United States of America Banks Industry PEG Ratio Median Figure of 274 Publicly-Listed Banks Companies 1.12x
United States of America Market PEG Ratio Median Figure of 2,124 Publicly-Listed Companies 1.4x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for First National, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on First National's assets?
Raw Data
NasdaqCM:FXNC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in USD $14.66
NasdaqCM:FXNC Share Price * NasdaqCM (2019-08-16) in USD $18.88
United States of America Banks Industry PB Ratio Median Figure of 600 Publicly-Listed Banks Companies 1.16x
United States of America Market PB Ratio Median Figure of 5,265 Publicly-Listed Companies 1.7x
NasdaqCM:FXNC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqCM:FXNC Share Price ÷ Book Value per Share (both in USD)

= 18.88 ÷ 14.66

1.29x

* Primary Listing of First National.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • First National is overvalued based on assets compared to the US Banks industry average.
X
Value checks
We assess First National's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. First National has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

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

  • No analysts cover First National, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
2.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is First National expected to grow at an attractive rate?
  • First National's earnings growth is positive but not above the low risk savings rate of 2.7%.
Growth vs Market Checks
  • First National's earnings growth is positive but not above the United States of America market average.
  • Unable to compare First National's revenue growth to the United States of America market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
NasdaqCM:FXNC Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqCM:FXNC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 2.3%
United States of America Banks Industry Earnings Growth Rate Market Cap Weighted Average 1.5%
United States of America Banks Industry Revenue Growth Rate Market Cap Weighted Average 3.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqCM:FXNC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqCM:FXNC Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-06-30 35 9
2019-03-31 36 12 10
2018-12-31 36 14 10
2018-09-30 35 11 9
2018-06-30 34 9 8
2018-03-31 34 8 8
2017-12-31 33 7 6
2017-09-30 33 8 7
2017-06-30 32 10 7
2017-03-31 32 10 6
2016-12-31 32 9 6
2016-09-30 31 8 5

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • First National's earnings are expected to grow by 2.3% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if First National is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqCM:FXNC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from First National Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqCM:FXNC Past Financials Data
Date (Data in USD Millions) EPS *
2019-06-30 1.88
2019-03-31 1.96
2018-12-31 2.05
2018-09-30 1.84
2018-06-30 1.67
2018-03-31 1.54
2017-12-31 1.30
2017-09-30 1.38
2017-06-30 1.35
2017-03-31 1.29
2016-12-31 1.20
2016-09-30 1.02

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if First National will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess First National's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
First National has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has First National performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare First National's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • First National's year on year earnings growth rate has been positive over the past 5 years.
  • First National's 1-year earnings growth exceeds its 5-year average (12.8% vs 9%)
  • First National's earnings growth has not exceeded the US Banks industry average in the past year (12.8% vs 33.2%).
Earnings and Revenue History
First National's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from First National Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqCM:FXNC Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 35.42 9.34 20.09
2019-03-31 35.99 9.71 19.78
2018-12-31 35.59 10.14 19.57
2018-09-30 35.19 9.13 19.45
2018-06-30 34.37 8.29 19.32
2018-03-31 33.70 7.59 19.20
2017-12-31 33.15 6.45 19.12
2017-09-30 32.64 6.81 18.77
2017-06-30 32.25 6.67 18.74
2017-03-31 31.93 6.35 18.92
2016-12-31 31.64 5.91 19.28
2016-09-30 31.39 5.04 19.97
2016-06-30 31.02 3.74 20.55
2016-03-31 30.38 2.43 20.89
2015-12-31 28.97 1.54 20.13
2015-09-30 31.57 4.10 19.08
2015-06-30 30.41 4.62 17.76
2015-03-31 29.89 5.78 16.40
2014-12-31 29.91 6.49 15.77
2014-09-30 28.18 10.29 15.84
2014-06-30 27.11 10.38 15.45
2014-03-31 24.54 9.13 15.21
2013-12-31 24.66 8.96 15.29
2013-09-30 22.13 2.52 14.67
2013-06-30 22.24 1.97 14.77
2013-03-31 23.65 2.40 14.71
2012-12-31 22.88 1.90 14.45
2012-09-30 20.39 -7.18 14.56

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • First National has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • First National used its assets more efficiently than the US Banks industry average last year based on Return on Assets.
  • Unable to establish if First National improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess First National's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
First National has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

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

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of First National's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from First National Company Filings, last reported 1 month ago.

NasdaqCM:FXNC Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 72.81 14.25 23.07
2019-03-31 69.73 19.25 42.70
2018-12-31 66.67 14.24 22.62
2018-09-30 63.65 14.24 21.44
2018-06-30 61.65 14.24 41.26
2018-03-31 59.69 14.23 69.28
2017-12-31 58.15 14.23 32.59
2017-09-30 57.53 14.22 33.64
2017-06-30 55.97 14.22 50.74
2017-03-31 53.98 14.21 45.84
2016-12-31 52.15 14.21 35.09
2016-09-30 50.98 14.21 56.86
2016-06-30 49.26 26.20 50.74
2016-03-31 47.70 14.20 39.33
2015-12-31 45.95 14.19 33.73
2015-09-30 60.40 9.29 76.85
2015-06-30 59.44 9.29 111.14
2015-03-31 60.31 26.25 9.17
2014-12-31 59.56 9.36 24.23
2014-09-30 57.62 20.64 10.75
2014-06-30 56.66 15.32 19.32
2014-03-31 54.97 15.33 34.12
2013-12-31 53.56 15.33 30.11
2013-09-30 43.61 15.34 37.87
2013-06-30 43.06 15.34 31.15
2013-03-31 45.55 15.35 39.54
2012-12-31 44.89 15.36 28.03
2012-09-30 44.82 15.36 26.22
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • First National has an acceptable proportion of non-loan assets held.
  • First National's liabilities are made up of primarily low risk sources of funding.
  • Loans at First National are broadly funded by customer deposits.
  • First National's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
  • First National has a sufficient allowance for bad loans.
  • First National has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess First National's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. First National has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.91%
Current annual income from First National dividends.
If you bought $2,000 of First National shares you are expected to receive $38 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • First National's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.49%).
  • First National's dividend is below the markets top 25% of dividend payers in United States of America (3.84%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqCM:FXNC Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
United States of America Banks Industry Average Dividend Yield Market Cap Weighted Average of 480 Stocks 3.3%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2009 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqCM:FXNC Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-09 0.360 1.783
2019-02-15 0.360 1.733
2019-01-25 0.200 1.027
2018-11-13 0.200 1.064
2018-10-24 0.200 1.018
2018-08-10 0.200 0.935
2018-07-24 0.200 0.906
2018-02-20 0.200 1.039
2018-01-30 0.140 0.756
2017-11-14 0.140 0.794
2017-10-25 0.140 0.863
2017-08-14 0.140 0.912
2017-07-25 0.140 0.928
2017-02-17 0.140 0.979
2017-01-25 0.120 0.847
2016-11-21 0.120 0.938
2016-10-25 0.120 1.038
2016-08-15 0.120 1.100
2016-07-26 0.120 1.157
2016-02-16 0.120 1.287
2016-01-27 0.100 1.144
2015-11-17 0.100 1.163
2015-10-30 0.100 1.227
2015-08-17 0.100 1.189
2015-08-03 0.100 1.142
2015-02-26 0.100 1.059
2014-11-17 0.100 1.141
2014-10-29 0.100 1.254
2014-05-07 0.100 1.256
2013-05-14 0.000 0.000
2013-04-25 0.000 0.000
2013-03-25 0.000 0.000
2013-01-30 0.000 0.000
2012-11-14 0.000 0.000
2012-11-01 0.000 0.000
2012-08-14 0.000 0.000
2012-08-01 0.000 0.000
2012-05-16 0.000 0.000
2012-04-30 0.000 0.000
2012-03-28 0.000 0.000
2012-02-10 0.000 0.000
2011-11-14 0.000 0.000
2011-10-31 0.000 0.000
2011-08-12 0.000 0.000
2011-08-01 0.000 0.000
2011-03-02 0.400 3.869
2011-01-31 0.560 5.201
2010-11-15 0.560 4.517
2010-10-25 0.560 4.245
2010-08-16 0.560 4.338
2010-07-27 0.560 4.411
2010-03-12 0.560 4.396
2010-01-26 0.560 5.399
2009-11-17 0.560 5.446
2009-10-27 0.560 4.824
2009-08-17 0.560 4.104
2009-07-21 0.560 3.691
2009-05-14 0.560 3.472
2009-04-23 0.560 3.480
2009-03-31 0.560 3.521
2009-02-12 0.560 4.365
2008-11-19 0.560 3.523
2008-10-24 0.560 3.226

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of First National's earnings are paid to the shareholders as a dividend.
  • Dividends paid are thoroughly covered by earnings (6.7x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess First National's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can First National afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. First National has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of First National's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Scott Harvard
COMPENSATION $505,345
AGE 64
TENURE AS CEO 8.3 years
CEO Bio

Mr. Scott C. Harvard has been Chief Executive Officer and President of First National Corporation since May 2011 and has been Chief Executive Officer of First Bank since June 2015. Mr. Harvard previously served as President and Chief Executive Officer of the First Bank from May 2011 through May 2015. Prior to joining First National Corp. Mr. Harvard owned and operated Harvard Resources from 2009 to 2011. He served as the President and Chief Executive Officer of Shore Bank, a subsidiary of Shore Financial Corp., from 1985 to 2008. He served as an Executive Vice President of Delmarva Operations at Hampton Roads Bankshares Inc. from June 2008 to June 24, 2009. Mr. Harvard served as the Chairman of Federal Home Loan Bank of Atlanta (FHLBank of Atlanta), a subsidiary of Federal Home Loan Banks from January 1, 2007 to 2012 and has been its Director since 2003. He served as Vice Chair of Federal Home Loan Banks from January 1, 2005 to December 31, 2006. He has been a Director of Federal Home Loan Bank of Atlanta., since January 01, 2017. He has been a Director of Shore Financial Corp. since 1985. He serves as a Director at Old Dominion Trust Company. He serves as a Director of First National Corporation and First Bank. Mr. Harvard served as a Director of Hampton Roads Bankshares Inc., until August 24, 2009 and Hampton Roads Bankshares Inc., from June 2008 to June 24, 2009.

CEO Compensation
  • Scott's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Scott's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the First National management team in years:

4.3
Average Tenure
57
Average Age
  • The tenure for the First National management team is about average.
Management Team

Scott Harvard

TITLE
President
COMPENSATION
$505K
AGE
64
TENURE
8.3 yrs

J.J. Smith

TITLE
Vice Chairman & Secretary of the Board
COMPENSATION
$32K
AGE
57

M. Bell

TITLE
Executive VP & CFO
COMPENSATION
$294K
AGE
46
TENURE
15.8 yrs

Dennis Dysart

TITLE
Senior EVP & COO
COMPENSATION
$326K
AGE
47
TENURE
5 yrs

Gayle Davison

TITLE
CPA/Compliance Officer

Lisa Rutherford

TITLE
Senior VP & Director of Human Resources
TENURE
3 yrs

Paul Martin

TITLE
Senior Vice President and Market Executive
TENURE
4.3 yrs

Greg Hoover

TITLE
Senior Vice President of Consumer Services
TENURE
3 yrs

Butch Smiley

TITLE
Regional President of South Region - First Bank
AGE
57
TENURE
4.3 yrs

Andy McLean

TITLE
President of Richmond
AGE
64
TENURE
1.9 yrs
Board of Directors Tenure

Average tenure and age of the First National board of directors in years:

4
Average Tenure
57.5
Average Age
  • The tenure for the First National board of directors is about average.
Board of Directors

Elizabeth Cottrell

TITLE
Chairman of the Board
COMPENSATION
$38K
AGE
68
TENURE
2.9 yrs

Scott Harvard

TITLE
President
COMPENSATION
$505K
AGE
64
TENURE
8 yrs

J.J. Smith

TITLE
Vice Chairman & Secretary of the Board
COMPENSATION
$32K
AGE
57
TENURE
2.9 yrs

Emily Beck

TITLE
Director
COMPENSATION
$31K
AGE
41
TENURE
5 yrs

Riche Wilkins

TITLE
Director
COMPENSATION
$31K
AGE
50
TENURE
18.6 yrs

W. Funk

TITLE
Director
COMPENSATION
$31K
AGE
67
TENURE
5 yrs

Boyce Brannock

TITLE
Director
COMPENSATION
$31K
AGE
58
TENURE
2.6 yrs

Jason Aikens

TITLE
Director
COMPENSATION
$12K
AGE
38
TENURE
1 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by First National individual insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
06. Aug 19 Buy W. Funk Individual 05. Aug 19 05. Aug 19 500 $18.75 $9,375
31. Oct 18 Buy W. Funk Individual 30. Oct 18 31. Oct 18 1,000 $19.75 $19,750
27. Aug 18 Buy W. Funk Individual 27. Aug 18 27. Aug 18 560 $21.75 $12,180
X
Management checks
We assess First National's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. First National has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Would First National Corporation (NASDAQ:FXNC) Be Valuable To Income Investors?

Could First National Corporation (NASDAQ:FXNC) be an attractive dividend share to own for the long haul? … Dividend Growth Potential With a relatively unstable dividend, it's even more important to evaluate if earnings per share (EPS) are growing - it's not worth taking the risk on a dividend getting cut, unless you might be rewarded with larger dividends in future. First National's earnings per share have been essentially flat over the past five years. Flat earnings per share are acceptable for a time, but over the long term, the purchasing power of the company's dividends could be eroded by inflation. As we saw above, earnings per share growth has not been strong. On the plus side, the dividend payout ratio is low and dividends could grow faster than earnings, if the company decides to increase its payout ratio. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing. … Second, earnings per share have been essentially flat, and its history of dividend payments is chequered - having cut its dividend at least once in the past.

Simply Wall St -

First National (NASDAQ:FXNC) Shareholders Have Enjoyed An Impressive 156% Share Price Gain

One great example is First National Corporation (NASDAQ:FXNC) which saw its share price drive 156% higher over five years. … During five years of share price growth, First National achieved compound earnings per share (EPS) growth of 1.0% per year. … We note that for First National the TSR over the last 5 years was 171%, which is better than the share price return mentioned above.

Simply Wall St -

How Much Of First National Corporation (NASDAQ:FXNC) Do Insiders Own?

Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … In the chart below below, we can see that institutions don't own many shares in the company. … Insider Ownership Of First National The definition of company insiders can be subjective, and does vary between jurisdictions.

Simply Wall St -

If You Like EPS Growth Then Check Out First National (NASDAQ:FXNC) Before It's Too Late

If, on the other hand, you like companies that have revenue, and even earn profits, then you may well be interested in First National (NASDAQ:FXNC). … As a result, I'm encouraged by the fact that insiders own First National shares worth a considerable sum. … So yes, on this short analysis I do think it's worth considering First National for a spot on your watchlist.

Simply Wall St -

What Makes First National Corporation (NASDAQ:FXNC) A Great Dividend Stock?

Dividend paying stocks like First National Corporation (NASDAQ:FXNC) tend to be popular with investors, and for good reason - some research shows that a significant amount of all stock market returns come from reinvested dividends.. … Yet sometimes, investors buy a stock for its dividend and lose money because the share price falls by more than they earned in dividend payments.. … Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1

Simply Wall St -

Read This Before You Buy First National Corporation (NASDAQ:FXNC) Because Of Its P/E Ratio

The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). … How Do I Calculate A Price To Earnings Ratio … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

Company Info

Description

First National Corporation operates as the bank holding company for First Bank that provides a range of 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, individual retirement, certificates of deposit, and cash management accounts, as well as 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. 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. Additionally, it provides Internet banking, mobile banking, remote deposit capture, and other traditional banking services. The company serves customers through 14 bank branch offices, a loan production office, and a customer service center, as well as through a network of ATMs. First National Corporation was founded in 1907 and is headquartered in Strasburg, Virginia.

Details
Name: First National Corporation
FXNC
Exchange: NasdaqCM
Founded: 1907
$93,735,877
4,964,824
Website: http://www.fbvirginia.com
Address: First National Corporation
112 West King Street,
Strasburg,
Virginia, 22657,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqCM FXNC Common Stock Nasdaq Capital Market US USD 06. May 1996
Number of employees
Current staff
Staff numbers
0
First National employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/08/17 23:37
End of day share price update: 2019/08/16 00:00
Last earnings filing: 2019/07/23
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.