First National Corporation (FXNC) Income Statement Analysis

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Complete financial analysis of First National Corporation (FXNC) income statement, including revenue, profit margins, EPS and key performance metrics. Get detailed insights into the financial performance of First National Corporation, a leading company in the Banks – Regional industry within the Financial Services sector.

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First National Corporation (FXNC)

Industry: Banks - Regional

Sector: Financial Services

Website: https://www.fbvirginia.com

About First National Corporation

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.

Metric	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998	1997	1996	1995
Revenue	49.05M	56.86M	45.01M	37.69M	36.56M	35.97M	32.75M	30.88M	28.29M	25.40M	24.71M	26.07M	26.00M	26.46M	23.91M	24.07M	24.17M	22.73M	20.60M	17.73M	14.59M	11.95M	10.22M	9.02M	8.65M	1.49M	1.10M	767.90K	803.24K
Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	201.00K	0.00	263.00K	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	49.05M	56.86M	45.01M	37.69M	36.56M	35.97M	32.75M	30.88M	28.08M	25.40M	24.45M	26.07M	26.00M	26.46M	23.91M	24.07M	24.17M	22.73M	20.60M	17.73M	14.59M	11.95M	10.22M	9.02M	8.65M	1.49M	1.10M	767.90K	803.24K
Gross Profit Ratio	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	99.29%	100.00%	98.94%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
General & Administrative	21.67M	21.17M	18.14M	13.57M	13.61M	14.07M	13.87M	14.06M	15.01M	11.67M	11.60M	10.57M	11.82M	11.01M	10.91M	8.49M	8.37M	7.45M	6.38M	5.22M	4.54M	3.51M	3.09M	2.95M	2.69M	2.61M	0.00	0.00	0.00
Selling & Marketing	910.00K	813.00K	666.00K	355.00K	651.00K	548.00K	576.00K	562.00K	530.00K	426.00K	345.00K	430.00K	425.00K	503.00K	532.00K	510.00K	541.00K	598.00K	290.00K	380.04K	340.10K	332.57K	246.33K	184.81K	189.63K	0.00	0.00	0.00	0.00
SG&A	22.58M	21.99M	18.81M	13.92M	14.26M	14.62M	14.44M	14.63M	15.54M	12.10M	11.94M	11.00M	12.24M	11.52M	11.44M	9.00M	8.91M	8.05M	6.67M	5.60M	4.88M	3.84M	3.34M	3.14M	2.88M	2.61M	0.00	0.00	0.00
Other Expenses	0.00	1.72M	-50.87M	-40.71M	-39.03M	-35.67M	-33.25M	-33.91M	-37.34M	-24.60M	-28.63M	-29.14M	-39.92M	-36.97M	-23.36M	-14.21M	-7.19M	-6.82M	-9.55M	-9.98M	-7.90M	-3.81M	-1.15M	213.12K	-966.85K	5.71M	6.89M	6.31M	5.73M
Operating Expenses	29.75M	3.95M	-32.07M	-26.79M	-24.77M	-20.04M	-18.81M	-19.28M	-21.80M	-12.50M	-16.69M	-18.13M	-27.67M	-25.46M	-11.92M	-5.22M	1.72M	1.23M	-2.89M	-4.37M	-3.02M	29.12K	2.19M	3.35M	1.92M	8.31M	6.89M	6.31M	5.73M
Cost & Expenses	29.75M	3.95M	-32.07M	-26.79M	-24.77M	-20.04M	-18.81M	-19.28M	201.00K	-12.50M	263.00K	-18.13M	-27.67M	-25.46M	-11.92M	-5.22M	1.72M	1.23M	-2.89M	-4.37M	-3.02M	29.12K	2.19M	3.35M	1.92M	8.31M	6.89M	6.31M	5.73M
Interest Income	57.61M	49.30M	37.06M	32.75M	32.79M	31.05M	27.57M	25.16M	22.08M	20.32M	21.08M	23.36M	25.58M	27.15M	27.37M	30.91M	35.50M	32.95M	26.01M	20.52M	17.74M	17.06M	17.36M	16.95M	15.22M	14.08M	11.97M	10.83M	9.94M
Interest Expense	14.31M	3.82M	2.30M	3.38M	4.89M	3.51M	2.39M	1.98M	1.44M	1.78M	2.71M	4.17M	5.45M	6.81M	9.08M	12.79M	17.40M	15.39M	9.79M	7.22M	6.77M	7.65M	8.67M	9.33M	7.68M	7.11M	5.74M	5.10M	4.73M
Depreciation & Amortization	0.00	1.52M	1.43M	1.47M	1.64M	1.81M	2.01M	2.17M	642.00K	967.00K	1.01M	1.11M	1.18M	1.60M	1.58M	1.28M	1.22M	1.17M	1.03M	1.06M	1.16M	849.35K	540.36K	494.38K	618.56K	428.11K	419.75K	443.27K	424.14K
EBITDA	0.00	22.26M	14.35M	12.37M	13.43M	14.23M	12.43M	10.40M	5.48M	12.12M	6.67M	4.87M	0.00	0.00	0.00	0.00	0.00	0.00	11.50M	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBITDA Ratio	0.00%	43.25%	28.82%	29.34%	33.08%	49.31%	44.48%	40.05%	24.48%	54.62%	35.51%	34.69%	-1.89%	9.82%	56.74%	83.65%	112.13%	110.54%	91.00%	81.32%	87.25%	107.35%	126.72%	142.64%	129.30%	685.41%	765.20%	979.96%	865.55%
Operating Income	11.76M	23.08M	12.95M	10.91M	11.79M	15.93M	13.95M	11.60M	6.28M	12.91M	7.76M	7.93M	-1.68M	1.01M	11.99M	18.86M	25.89M	23.96M	17.71M	13.36M	11.57M	11.98M	12.41M	12.37M	10.57M	9.81M	7.99M	7.08M	6.53M
Operating Income Ratio	23.97%	40.59%	28.76%	28.94%	32.26%	44.29%	42.58%	37.56%	22.21%	50.81%	31.42%	30.43%	-6.45%	3.80%	50.14%	78.33%	107.10%	105.42%	85.99%	75.34%	79.30%	100.24%	121.44%	137.16%	122.16%	656.74%	726.99%	922.23%	812.74%
Total Other Income/Expenses	47.00K	-6.63M	-5.31M	-4.46M	-4.66M	-4.09M	-3.86M	-4.09M	-5.22M	-3.01M	-4.32M	-2.06M	-5.45M	-5.81M	9.00K	-106.00K	363.00K	0.00	-10.00K	387.23K	-6.77M	-7.65M	-8.67M	-9.33M	-7.68M	-7.11M	-5.74M	-5.10M	-4.73M
Income Before Tax	11.81M	20.75M	12.95M	10.91M	11.79M	12.42M	10.17M	8.25M	3.61M	11.13M	5.25M	3.81M	-7.13M	-5.81M	2.90M	6.06M	8.49M	8.56M	7.93M	6.14M	4.80M	4.33M	3.73M	3.04M	2.89M	2.70M	2.25M	1.98M	1.80M
Income Before Tax Ratio	24.07%	36.49%	28.76%	28.94%	32.26%	34.53%	31.06%	26.71%	12.77%	43.81%	21.25%	14.60%	-27.41%	-21.95%	12.15%	25.19%	35.12%	37.69%	38.48%	34.62%	32.92%	36.20%	36.55%	33.71%	33.37%	180.58%	204.62%	258.48%	223.56%
Income Tax Expense	2.18M	3.95M	2.59M	2.05M	2.24M	2.29M	3.73M	2.35M	956.00K	3.50M	-4.75M	982.00K	3.84M	-2.21M	755.00K	1.84M	2.74M	2.77M	2.54M	1.93M	1.50M	1.35M	1.14M	904.49K	853.34K	791.88K	636.34K	530.60K	481.22K
Net Income	9.62M	16.80M	10.36M	8.86M	9.56M	10.14M	6.45M	5.90M	2.66M	7.63M	10.01M	2.82M	-10.96M	-3.60M	2.15M	4.22M	5.75M	5.80M	5.39M	4.21M	3.30M	2.98M	2.60M	2.14M	2.03M	1.90M	1.61M	1.45M	1.31M
Net Income Ratio	19.62%	29.54%	23.01%	23.50%	26.14%	28.17%	19.69%	19.11%	9.39%	30.04%	40.49%	10.83%	-42.16%	-13.61%	8.99%	17.54%	23.78%	25.51%	26.16%	23.72%	22.62%	24.93%	25.40%	23.69%	23.51%	127.55%	146.69%	189.38%	163.66%
EPS	1.54	2.69	1.87	1.82	1.92	2.05	1.30	1.20	0.31	1.32	1.83	0.39	-3.71	-1.22	0.49	1.45	1.98	1.99	1.84	0.72	1.12	0.94	0.82	0.67	0.64	0.61	0.52	0.47	0.43
EPS Diluted	1.53	2.68	1.86	1.82	1.92	2.04	1.30	1.20	0.31	1.32	1.83	0.39	-3.71	-1.22	0.49	1.45	1.98	1.99	1.84	0.72	1.12	0.94	0.82	0.67	0.64	0.61	0.52	0.47	0.43
Weighted Avg Shares Out	6.27M	6.25M	5.55M	4.88M	4.96M	4.95M	4.94M	4.92M	4.92M	4.90M	4.90M	4.90M	2.96M	2.95M	2.92M	2.91M	2.91M	2.91M	2.93M	2.93M	2.96M	3.16M	3.16M	3.18M	3.17M	3.14M	3.10M	3.09M	3.09M
Weighted Avg Shares Out (Dil)	6.28M	6.26M	5.56M	4.88M	4.97M	4.96M	4.95M	4.93M	4.92M	4.90M	4.90M	4.90M	2.96M	2.95M	2.92M	2.91M	2.91M	2.91M	2.93M	2.93M	2.96M	3.16M	3.16M	3.18M	3.17M	3.15M	3.10M	3.09M	3.09M

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STRASBURG, Va., Oct. 29, 2020 (GLOBE NEWSWIRE) -- First National Corporation (the “Company” or “First National”) (NASDAQ: FXNC), the bank holding company of First Bank (the “Bank”), reported unaudited consolidated net income of $1.8 million, or $0.36 per diluted share,...