First National (FXNC)


Market Price (11/6/2026): $30.31 | Market Cap: $274.1 MilSector: Financials | Industry: Regional Banks

First National (FXNC)


Market Price (11/6/2026): $30.31
Market Cap: $274.1 Mil
Sector: Financials
Industry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, Dividend Yield is 2.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.3%, FCF Yield is 9.5%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -50%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 29%

Low stock price volatility
Vol 12M is 24%

Megatrend and thematic drivers
Megatrends include Community & Regional Banking. Themes include Local Commercial & Real Estate Lending, Relationship-Based Banking Services, and Community Financial Stewardship.

Weak multi-year price returns
3Y Excs Rtn is -6.7%

Key risks
FXNC key risks include that the provided summary only identifies generic banking industry risks without detailing any issues specific to the company.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, Dividend Yield is 2.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.3%, FCF Yield is 9.5%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -50%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 29%
3 Low stock price volatility
Vol 12M is 24%
4 Megatrend and thematic drivers
Megatrends include Community & Regional Banking. Themes include Local Commercial & Real Estate Lending, Relationship-Based Banking Services, and Community Financial Stewardship.
5 Weak multi-year price returns
3Y Excs Rtn is -6.7%
6 Key risks
FXNC key risks include that the provided summary only identifies generic banking industry risks without detailing any issues specific to the company.

FXNC in ETFs

Weight = FXNC's share of each fund

VTI0.00%
IWM0.01%
IWN0.02%
AVUV0.02%
VTWO0.01%
DFAS0.00%
DFAC0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/1/2026

First National (FXNC) stock has lost about 5% since 7/31/2026 because of the following key factors:

1. First National Corporation reported strong fiscal Q3 2026 earnings, with net income reaching a record $6.9 million and basic earnings per share at $0.76, surpassing analyst consensus of $0.62-$0.63. However, these positive results were somewhat tempered by a slight sequential decrease in total deposits of $2.4 million (0.5% annualized) and widening unrealized losses on available-for-sale securities to $21.4 million by September 30, 2026.

2. Net loan growth for fiscal Q3 2026 was moderate at $13.6 million, representing a 3.7% annualized rate. Concurrently, noninterest expense increased to $16.7 million for the quarter, including higher employee benefits, which could have offset some of the positive impact from revenue growth and an improved net interest margin of 4.38%.

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Updated on 11/1/2026

First National (FXNC) stock has lost about 5% since 7/31/2026 because of the following key factors:

1. First National Corporation reported strong fiscal Q3 2026 earnings, with net income reaching a record $6.9 million and basic earnings per share at $0.76, surpassing analyst consensus of $0.62-$0.63. However, these positive results were somewhat tempered by a slight sequential decrease in total deposits of $2.4 million (0.5% annualized) and widening unrealized losses on available-for-sale securities to $21.4 million by September 30, 2026.

2. Net loan growth for fiscal Q3 2026 was moderate at $13.6 million, representing a 3.7% annualized rate. Concurrently, noninterest expense increased to $16.7 million for the quarter, including higher employee benefits, which could have offset some of the positive impact from revenue growth and an improved net interest margin of 4.38%.

3. Analyst sentiment for First National Corporation remained mixed, with consensus ratings generally between "Hold" and "Moderate Buy." Some analyst price targets, such as a $28.50 consensus, were below the stock's trading price of approximately $30-$31 during the period, suggesting that the stock was perceived by some as fairly or fully valued.

4. The company announced branch optimization actions, including the sale of two North Carolina offices completed in early fiscal Q4 2026, with an expected one-time gain in that quarter. While strategically positive for long-term profitability and streamlining operations, the anticipated gain fell outside the fiscal Q3 2026 reporting period, meaning its financial benefit had not yet materialized to significantly influence stock movement during the specified time.

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Stock Movement Drivers

Fundamental Drivers

The -3.9% change in FXNC stock from 7/31/2026 to 11/5/2026 was primarily driven by a -6.9% change in the company's P/E Multiple.
(LTM values as of)731202611052026Change
Stock Price ($)31.5830.35-3.9%
Change Contribution By: 
Total Revenues ($ Mil)89911.6%
Net Income Margin (%)23.6%24.0%1.7%
P/E Multiple13.612.7-6.9%
Shares Outstanding (Mil)99-0.1%
Cumulative Contribution-3.9%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/5/2026
ReturnCorrelation
FXNC-3.9% 
Market (SPY)-1.9%25.3%
Sector (XLF)1.0%42.1%

Fundamental Drivers

The 14.9% change in FXNC stock from 4/30/2026 to 11/5/2026 was primarily driven by a 18.8% change in the company's Net Income Margin (%).
(LTM values as of)430202611052026Change
Stock Price ($)26.4130.3514.9%
Change Contribution By: 
Total Revenues ($ Mil)88913.1%
Net Income Margin (%)20.2%24.0%18.8%
P/E Multiple13.412.7-5.9%
Shares Outstanding (Mil)99-0.3%
Cumulative Contribution14.9%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/5/2026
ReturnCorrelation
FXNC14.9% 
Market (SPY)2.3%9.5%
Sector (XLF)10.7%38.7%

Fundamental Drivers

The 38.2% change in FXNC stock from 10/31/2025 to 11/5/2026 was primarily driven by a 136.4% change in the company's Net Income Margin (%).
(LTM values as of)1031202511052026Change
Stock Price ($)21.9730.3538.2%
Change Contribution By: 
Total Revenues ($ Mil)799115.2%
Net Income Margin (%)10.1%24.0%136.4%
P/E Multiple24.812.7-49.0%
Shares Outstanding (Mil)99-0.6%
Cumulative Contribution38.2%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/5/2026
ReturnCorrelation
FXNC38.2% 
Market (SPY)8.4%17.1%
Sector (XLF)11.1%40.4%

Fundamental Drivers

The 76.7% change in FXNC stock from 10/31/2023 to 11/5/2026 was primarily driven by a 94.9% change in the company's P/E Multiple.
(LTM values as of)1031202311052026Change
Stock Price ($)17.1830.3576.7%
Change Contribution By: 
Total Revenues ($ Mil)579159.0%
Net Income Margin (%)29.1%24.0%-17.8%
P/E Multiple6.512.794.9%
Shares Outstanding (Mil)69-30.7%
Cumulative Contribution76.7%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/5/2026
ReturnCorrelation
FXNC76.7% 
Market (SPY)81.3%33.9%
Sector (XLF)85.5%43.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
FXNC Return39%-23%32%10%13%22%114%
Peers Return33%5%-0%10%-1%23%86%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
FXNC Win Rate75%33%75%42%50%64% 
Peers Win Rate62%42%45%45%52%58% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
FXNC Max Drawdown-10%-38%-28%-32%-30%-10% 
Peers Max Drawdown-17%-21%-35%-17%-25%-14% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: UBSI, AUB, TOWN, BHRB, FCBC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/5/2026 (YTD)

How Low Can It Go

EventFXNCS&P 500
2025 US Tariff Shock
  % Loss-27.9%-18.8%
  % Gain to Breakeven38.7%23.1%
  Time to Breakeven233 days79 days
2023 SVB Regional Banking Crisis
  % Loss-20.6%-6.7%
  % Gain to Breakeven25.9%7.1%
  Time to Breakeven99 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-36.6%-24.5%
  % Gain to Breakeven57.7%32.4%
  Time to Breakeven428 days427 days
2020 COVID-19 Crash
  % Loss-30.9%-33.7%
  % Gain to Breakeven44.7%50.9%
  Time to Breakeven427 days140 days
2013 Taper Tantrum
  % Loss-22.9%-0.2%
  % Gain to Breakeven29.7%0.2%
  Time to Breakeven211 days1 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-21.7%-17.9%
  % Gain to Breakeven27.8%21.8%
  Time to Breakeven2335 days123 days

Compare to UBSI, AUB, TOWN, BHRB, FCBC

In The Past

First National's stock fell -27.9% during the 2025 US Tariff Shock. Such a loss loss requires a 38.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventFXNCS&P 500
2025 US Tariff Shock
  % Loss-27.9%-18.8%
  % Gain to Breakeven38.7%23.1%
  Time to Breakeven233 days79 days
2023 SVB Regional Banking Crisis
  % Loss-20.6%-6.7%
  % Gain to Breakeven25.9%7.1%
  Time to Breakeven99 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-36.6%-24.5%
  % Gain to Breakeven57.7%32.4%
  Time to Breakeven428 days427 days
2020 COVID-19 Crash
  % Loss-30.9%-33.7%
  % Gain to Breakeven44.7%50.9%
  Time to Breakeven427 days140 days
2013 Taper Tantrum
  % Loss-22.9%-0.2%
  % Gain to Breakeven29.7%0.2%
  Time to Breakeven211 days1 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-21.7%-17.9%
  % Gain to Breakeven27.8%21.8%
  Time to Breakeven2335 days123 days
2008-2009 Global Financial Crisis
  % Loss-49.7%-53.4%
  % Gain to Breakeven98.7%114.4%
  Time to Breakeven3756 days1085 days

Compare to UBSI, AUB, TOWN, BHRB, FCBC

In The Past

First National's stock fell -27.9% during the 2025 US Tariff Shock. Such a loss loss requires a 38.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About First National (FXNC)

First National Corporation (FXNC) operates as the bank holding company for First Bank, providing a comprehensive range of commercial banking services. The company primarily serves small and medium-sized businesses, individuals, estates, local governmental entities, and non-profit organizations within Virginia. Essentially, FXNC functions as a community-oriented bank offering both traditional and specialized financial solutions to its local market.

The company's main product offerings include a variety of deposit products such as checking, savings, money market, and individual retirement accounts, alongside certificates of deposit and treasury management solutions. On the lending side, First National provides a broad spectrum of loan products. These include construction loans, 1-4 family residential real estate loans, and commercial real estate loans secured by various types of properties. Additionally, it offers commercial and industrial loans, home equity loans, and diverse secured and unsecured consumer loans like lines of credit and automobile loans.

Beyond core banking, FXNC extends its services to include wealth management, encompassing estate planning, investment management, and various trustee services. The company also offers title insurance and investment services, complemented by modern conveniences such as internet and mobile banking, and remote deposit capture. First National connects with its customers through 20 branch offices, a loan production office, a customer service center, and an ATM network, with its headquarters in Strasburg, Virginia.

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  • A regional Bank of America for Virginia, offering traditional banking and wealth management services.
  • Think of it as a full-service community bank for Virginia, similar to a localized Wells Fargo.

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  • Deposit Accounts: A range of accounts including checking, savings, money market, IRAs, and certificates of deposit for individuals and businesses.
  • Treasury Management Solutions: Services designed to help businesses manage their cash flow and financial operations efficiently.
  • Construction Loans: Financing for residential, land acquisition, and development projects.
  • Residential Real Estate Loans: Loans for 1-4 family homes and home equity.
  • Commercial Real Estate Loans: Financing secured by various types of commercial properties.
  • Commercial and Industrial Loans: Loans for businesses secured by assets like accounts receivable, equipment, and inventory.
  • Consumer Loans: Secured and unsecured loans for personal use, including lines of credit and automobile loans.
  • Wealth Management: Comprehensive services covering estate planning, investment management, and trustee services.
  • Title Insurance: Protection for real estate owners against losses from title defects.
  • Investment Services: Financial advisory and management services related to investments.
  • Digital Banking Services: Convenient online and mobile banking, including remote deposit capture.

AI Analysis | Feedback

First National (FXNC) serves a diverse customer base in Virginia. As a bank, its customers are generally broad categories of clients rather than a few specific, identifiable major companies. Based on the company description, its major customer categories include:

  • Individuals and Estates: This category includes individual consumers who utilize a wide range of personal banking services such as checking, savings, money market, and individual retirement accounts, as well as 1-4 family residential real estate loans, home equity loans, and other secured and unsecured consumer loans. It also encompasses individuals and their estates seeking wealth management services like estate planning, investment management, and trustee services.
  • Small and Medium-Sized Businesses: First National provides commercial banking services, construction loans (including land acquisition and development loans), commercial real estate loans, and commercial and industrial loans secured by business assets (accounts receivable, equipment, inventory) to small and medium-sized businesses within its service area.
  • Local Governmental Entities and Non-Profit Organizations: The company also serves local governmental entities and non-profit organizations by offering various commercial banking services tailored to their specific needs.

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Scott C. Harvard, President and Chief Executive Officer

Scott C. Harvard has served as President and Chief Executive Officer of First National Corporation since May 2011 and as Chief Executive Officer of First Bank since June 2015. Prior to joining the company, Mr. Harvard owned and operated Harvard Resources from 2009 to 2011. He also held the position of Executive Vice President of Hampton Roads Bankshares from 2008 to 2009. From 1985 to 2008, he was President and Chief Executive Officer of Shore Financial Corporation and its wholly-owned subsidiary, Shore Bank. Mr. Harvard has served on the board of directors for the Virginia Bankers Association, including a term as chairman, and is a board member of the Virginia Bankers Association Education Foundation, the Federal Home Loan Bank of Atlanta, and CBB Financial Corp. and its subsidiary, Community Bankers Bank.

Brad Schwartz, Executive Vice President and Chief Financial Officer

Brad Schwartz was appointed Executive Vice President and Chief Financial Officer of First National Corporation and First Bank on March 31, 2025. Most recently, he served as President and Chief Operating Officer of TowneBank until his retirement in December 2022. He held the role of President of TowneBank since July 2021 and Chief Operating Officer since 2016, following the merger of Monarch Bank into TowneBank. Previously, Mr. Schwartz served as Chief Executive Officer of Monarch Bank from 2009 until 2016, and as Chief Financial Officer/Chief Operating Officer of Monarch Bank from 2004 until 2009.

Dennis A. Dysart, President and Chief Operating Officer of First Bank

Dennis A. Dysart currently serves as President and Chief Operating Officer of First Bank. He has been employed by the Bank since 1993 and has held various positions, including Chief Credit Officer (April 2012 to August 2014), Chief Operating Officer (May 2011 to March 2012), Interim Chief Executive Officer (January 2011 to May 2011), Executive Vice President - Chief Administrative Officer (2005 to March 2011), Executive Vice President - Administration (2003 to 2005), and Senior Vice President - Administration (1999 to 2003). Mr. Dysart has been credited with developing First Bank's current branch designs and managing the construction of several branches.

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The key risks to First National Corporation (FXNC) primarily stem from its core banking operations and the economic environment in which it operates. These risks include credit risk associated with its loan portfolio, sensitivity to interest rate fluctuations, and challenges in maintaining adequate liquidity and deposit funding.

  1. Credit Risk from Real Estate Concentration and Loan Portfolio Quality: As a bank that provides various commercial banking services, First National Corporation has a significant concentration in loans secured by real estate, including residential, land acquisition, development, and commercial real estate loans. Adverse changes in real estate markets could negatively affect the value of collateral and the ability of borrowers to repay these loans, thereby impacting the adequacy of the allowance for credit losses on loans and potentially leading to increased charge-offs and provisions for credit losses.
  2. Interest Rate Risk: Changes in interest rates pose a significant risk to First National Corporation. Fluctuations in interest rates can negatively affect the value of the company's securities portfolio and its net interest income. Additionally, rising interest rates could unfavorably impact the ability of the company's customers to repay their loans, leading to higher delinquencies and potential loan losses.
  3. Liquidity Risk and Deposit Retention: The ability to maintain adequate liquidity is crucial for First National Corporation to fund loan growth and meet potential demand from deposit customers. The company faces the risk of being unable to retain deposit customers or access secondary funding sources, especially if its reputation, or that of the broader banking industry, were to be damaged. This could impair its financial flexibility and operational stability.

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The increasing prevalence and adoption of digital-only banks and specialized financial technology (fintech) companies present a clear emerging threat. These entities leverage technology to offer a wide range of banking services—including deposits, loans (consumer, small business, and commercial), and wealth management—entirely online or via mobile applications, often with lower overheads and more streamlined user experiences. This directly challenges First National's traditional branch-based model and regional focus by providing alternatives that can offer greater convenience, competitive rates, and broader accessibility to customers who may no longer prioritize physical branch proximity. This trend mirrors the disruptive impact of digital platforms on traditional brick-and-mortar businesses, threatening to erode First National's customer base and market share across its core offerings.

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First National Corporation (symbol: FXNC) operates primarily in Virginia, offering a range of financial products and services. The addressable market sizes for its main offerings in Virginia are as follows:

  • Commercial Banking: The market size for the Commercial Banking industry in Virginia is projected to be $20.9 billion in 2026.
  • Real Estate Loans: The market size of the Real Estate Loans & Collateralized Debt industry in Virginia is $108.4 billion in 2026. This category encompasses various real estate-backed loan products, including residential, land acquisition and development, and commercial real estate loans.
  • Deposits: Total deposits across all banks in Virginia were $296 billion in 2024.
  • Wealth Management: The market size of the Portfolio Management & Investment Advice industry in Virginia is estimated to be $5.7 billion in 2026.
  • Title Insurance: While a specific dollar value for the Virginia title insurance market was not directly available, Virginia ranks 12th nationally in title premium reported in NAIC annual statement filings. The global title insurance market was estimated at $4.01 billion in 2024 and is projected to reach $4.152 billion in 2025.

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First National Corporation (FXNC) is expected to drive future revenue growth over the next two to three years through several key strategies: * **Expansion and Loan Growth in Key Virginia Markets:** The company is actively pursuing growth in strategic markets within Virginia. This is evidenced by the addition of experienced bankers in the Richmond, Roanoke, and Staunton markets, which has already contributed to net loan growth. First National's overarching strategy includes organic and opportunistic growth in markets where community engagement is valued. * **Successful Integration of Acquisitions and Customer Retention:** A significant focus in 2025 was on integrating the "Touchstone family and operations" with a primary emphasis on customer retention. The successful assimilation of acquired operations and the retention of their customer base are crucial for realizing sustained revenue benefits from these strategic expansions. * **Strategic Branch Optimization:** First Bank, a subsidiary of First National Corporation, announced a "Strategic Branch Optimization Plan" in February 2026. This initiative is anticipated to enhance the company's operational efficiency and market presence, ultimately aiming to improve financial performance and contribute to revenue growth. * **Growth in Diversified Business Lines, particularly Wealth Management:** First National offers a range of diversified business lines, including wealth management services such as estate planning and investment management of assets. Continued development and expansion of these non-interest income streams are expected to be a significant driver of future revenue growth.

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Share Repurchases

  • First National Corporation has authorized a stock repurchase plan to buy back up to $5 million of its outstanding common stock.

Share Issuance

  • First National Corp had 9 million shares outstanding in fiscal year 2024, marking a 43.3% increase from the prior year.
  • The CEO, Harvard Scott C, received a stock grant of 5,225 shares on February 15, 2026.
  • The CFO, Brad Schwartz, acquired a total of 6,000 shares through insider purchases over the past year.

Outbound Investments

  • First National Corporation completed a merger with Touchstone Bankshares, Inc., which expanded its assets to approximately $2.1 billion and its branch network to 33 offices across Virginia and North Carolina.
  • First Bank announced a strategic branch optimization plan on February 12, 2026.

Capital Expenditures

  • First National Corp invested $3.3 million in capital expenditures in fiscal year 2024, representing a 76.8% increase from the previous year.
  • The average capital expenditures margin (CapEx % AVG 3YRS) for First National Corp over the past 5 years has been 2.7%.

Peer Outperformance in Regional Banks

FXNC has outperformed 55% of its 262 Regional Banks peers over 5Y. Regional Banks ranks 8th of 18 industries in Financials by median 5Y return.
Share of Regional Banks constituents that FXNC has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
61%
of 281 industry peers · 34.4% return
3Y
41%
of 273 industry peers · 77.1% return
5Y
55%
of 262 industry peers · 54.7% return
No Regional Banks peer with a comparable growth profile has beaten FXNC by more than 20pp over 5Y.
Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is FXNC's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Reinsurance 6 33.1%75.7%125.1% SPNT 168% · RGA 162% · RNR 141%
Investment Banking & Brokerage 13 -3.9%89.1%93.1% IBKR 305% · SNEX 152% · GS 141%
Diversified Banks 12 30.0%140.4%90.3% CM 144% · RY 129% · JPM 127%
Life & Health Insurance 20 14.3%52.3%75.4% JXN 514% · UNM 224% · FG 188%
Property & Casualty Insurance 42 18.9%76.8%66.8% TRV 178% · PGR 172% · ACGL 168%
Multi-Sector Holdings 3 10.1%53.8%59.4% BRK-B 99% · VOYA 59% · JEF 37%
Multi-line Insurance 9 9.5%71.4%59.4% AIZ 105% · GNW 104% · L 98%
Regional Banks ← 263 30.0%87.5%46.7% CBC 268% · FCNCA 176% · NIC 136%
Insurance Brokers 15 5.5%13.4%33.4% LIFE 287% · ARX 89% · WTW 56%
Financial Exchanges & Data 15 20.6%37.2%27.9% CBOE 183% · VIRT 131% · CME 71%
Asset Management & Custody Banks 83 -5.9%22.8%12.3% VCTR 210% · AAMI 207% · WT 205%
Consumer Finance 30 2.9%81.0%8.1% ENVA 330% · FCFS 130% · ECPG 111%
Commercial & Residential Mortgage Finance 14 -46.5%36.8%2.5% FNMA 327% · FMCC 293% · ACT 158%
Diversified Financial Services 4 -1.6%20.1%-1.1% FRHC 153% · EQH 71%
Specialized Finance 3 15.8%31.5%-19.7% HASI -20% · CACC -24%
Transaction & Payment Processing Services 17 19.3%9.1%-29.4% V 103% · MA 94% · CPAY 83%
Mortgage REITs 35 -18.0%-6.1%-37.2% RITM 36% · DX 17% · AGNC 10%
Diversified Capital Markets 20 -47.1%-8.5%-70.1% LPLA 83% · TW 38% · RIOT -53%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1First National Stock Lost 7.4%, Buy Or Wait?10/17/2025
Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

FXNCUBSIAUBTOWNBHRBFCBCMedian
NameFirst Na.United B.Atlantic.Towne Ba.Burke & .First Co. 
Mkt Price30.3148.3839.9636.6269.8945.3542.66
Mkt Cap0.36.75.63.41.30.92.3
Rev LTM911,2801,543945359167652
Op Inc LTM-------
FCF LTM26534549-864386
FCF 3Y Avg54721,005-705170
CFO LTM30556574-974797
CFO 3Y Avg84881,020-805480

Growth & Margins

FXNCUBSIAUBTOWNBHRBFCBCMedian
NameFirst Na.United B.Atlantic.Towne Ba.Burke & .First Co. 
Rev Chg LTM15.2%14.6%28.6%27.6%8.6%7.1%14.9%
Rev Chg 3Y Avg18.2%6.3%31.3%10.4%52.9%3.8%14.3%
Rev Chg Q6.6%5.8%3.2%24.3%23.0%14.2%10.4%
QoQ Delta Rev Chg LTM1.6%1.4%0.8%5.6%5.8%3.4%2.5%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM33.4%43.4%37.2%-27.1%28.1%33.4%
CFO/Rev 3Y Avg11.9%42.6%85.4%-21.0%33.8%33.8%
FCF/Rev LTM28.9%41.7%35.6%-24.1%26.0%28.9%
FCF/Rev 3Y Avg7.5%41.3%84.2%-16.5%32.1%32.1%

Valuation

FXNCUBSIAUBTOWNBHRBFCBCMedian
NameFirst Na.United B.Atlantic.Towne Ba.Burke & .First Co. 
Mkt Cap0.36.75.63.41.30.92.3
P/S3.05.23.73.63.65.13.6
P/Op Inc-------
P/EBIT-------
P/E12.613.010.616.313.314.413.1
P/CFO9.112.09.8-13.318.312.0
Total Yield10.0%10.9%13.6%8.0%10.4%11.8%10.6%
Dividend Yield2.1%3.2%4.0%1.9%2.9%4.8%3.0%
FCF Yield 3Y Avg3.5%9.0%20.7%-6.4%6.8%6.8%
D/E0.20.10.30.10.50.00.1
Net D/E-0.5-0.30.1-0.4-0.0-0.4-0.3

Returns

FXNCUBSIAUBTOWNBHRBFCBCMedian
NameFirst Na.United B.Atlantic.Towne Ba.Burke & .First Co. 
1M Rtn0.9%5.0%4.8%3.4%1.0%-5.1%2.2%
3M Rtn-4.2%0.4%-5.0%-2.2%-4.5%-5.9%-4.3%
6M Rtn9.7%13.3%7.6%6.8%11.9%6.4%8.7%
12M Rtn34.2%37.5%26.7%17.7%18.7%45.8%30.5%
3Y Rtn76.9%79.1%41.5%60.2%75.0%58.2%67.6%
1M Excs Rtn4.1%8.2%7.8%6.1%3.4%-3.2%5.1%
3M Excs Rtn-3.2%1.8%-3.4%-0.6%-3.2%-5.0%-3.2%
6M Excs Rtn4.9%8.5%2.8%2.0%7.1%1.6%3.8%
12M Excs Rtn24.6%25.8%14.6%4.8%8.5%36.0%19.6%
3Y Excs Rtn-6.8%8.3%-28.9%-11.6%-8.9%-18.0%-10.3%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Community Banking866552  
Wealth Management443  
Single Segment   5745
Total9069555745


Net Income by Segment
$ Mil202520242023
Community Banking1669
Wealth Management111
Total18710


Price Behavior

Price Behavior
Market Price$30.35 
Market Cap ($ Bil)0.3 
First Trading Date12/29/2006 
Distance from 52W High-5.7% 
   50 Days200 Days
DMA Price$30.33$28.72
DMA Trenddownup
Distance from DMA0.1%5.7%
 3M1YR
Volatility24.5%24.0%
Downside Capture19.0512.73
Upside Capture18.3253.48
Correlation (S&P 500)10.3%13.4%
FXNC Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta0.390.320.18-0.020.230.55
Up Beta0.56-0.700.18-0.360.210.66
Down Beta0.360.330.06-0.45-0.030.68
Up Capture75%46%10%32%42%18%
Bmk +ve Days12182862130427
Stock +ve Days13253570131348
Down Capture13%46%36%7%18%57%
Bmk -ve Days10253664121325
Stock -ve Days9182955117371

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FXNC
FXNC38.5%24.0%1.29-
Sector ETF (XLF)11.1%15.2%0.4740.4%
Equity (SPY)9.5%13.6%0.4117.2%
Gold (GLD)3.6%28.7%0.11-1.8%
Commodities (DBC)37.7%21.2%1.40-30.8%
Real Estate (VNQ)12.0%14.2%0.5534.5%
Bitcoin (BTCUSD)-20.8%43.3%-0.42-0.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FXNC
FXNC7.7%25.9%0.29-
Sector ETF (XLF)9.1%18.4%0.3633.4%
Equity (SPY)11.3%17.3%0.4828.1%
Gold (GLD)17.5%19.1%0.74-3.5%
Commodities (DBC)8.0%19.6%0.29-0.2%
Real Estate (VNQ)1.2%18.9%-0.0528.2%
Bitcoin (BTCUSD)5.9%51.5%0.297.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FXNC
FXNC4.8%30.4%0.27-
Sector ETF (XLF)13.3%22.1%0.5424.3%
Equity (SPY)14.9%18.0%0.7021.9%
Gold (GLD)12.0%16.5%0.59-1.9%
Commodities (DBC)7.6%18.1%0.335.7%
Real Estate (VNQ)5.7%20.7%0.2321.9%
Bitcoin (BTCUSD)61.3%66.2%1.016.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity0.1 Mil
Short Interest: % Change Since 9302026-16.4%
Average Daily Volume0.0 Mil
Days-to-Cover Short Interest7.7 days
Basic Shares Quantity9.0 Mil
Short % of Basic Shares1.3%

Earnings Returns History

Updated 8/31/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/20263.6%5.3%2.0%
4/30/2026-4.4%-1.6%0.1%
1/29/20260.9%10.0%4.6%
10/30/20250.0%3.9%11.1%
7/30/20250.2%-2.2%8.4%
4/30/2025-4.5%-4.5%0.9%
2/6/20255.6%3.4%-8.5%
11/6/20246.3%10.3%19.1%
...
SUMMARY STATS   
# Positive141317
# Negative10117
Median Positive0.7%3.4%6.2%
Median Negative-1.4%-2.2%-7.0%
Max Positive6.3%14.4%22.7%
Max Negative-4.7%-5.7%-10.6%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/20263.6%5.3%2.0%
4/30/2026-4.4%-1.6%0.1%
1/29/20260.9%10.0%4.6%
10/30/20250.0%3.9%11.1%
7/30/20250.2%-2.2%8.4%
4/30/2025-4.5%-4.5%0.9%
2/6/20255.6%3.4%-8.5%
11/6/20246.3%10.3%19.1%
8/1/20240.1%-5.7%-2.4%
4/30/2024-0.1%3.7%6.2%
2/2/2024-0.4%-4.4%-10.6%
10/27/20231.6%3.0%0.1%
7/27/20234.1%2.2%9.0%
5/2/2023-4.7%-1.1%6.8%
1/26/2023-0.2%-1.1%2.5%
10/26/20221.4%14.4%22.7%
7/28/2022-0.6%-4.3%-7.0%
4/29/20220.0%-1.1%-2.3%
2/4/2022-3.2%-3.8%-8.5%
10/29/2021-2.1%-1.2%-1.3%
8/4/20210.0%1.6%1.5%
5/5/20210.5%0.0%7.0%
2/2/2021-0.0%3.1%1.8%
10/29/20200.0%1.8%11.8%
SUMMARY STATS   
# Positive141317
# Negative10117
Median Positive0.7%3.4%6.2%
Median Negative-1.4%-2.2%-7.0%
Max Positive6.3%14.4%22.7%
Max Negative-4.7%-5.7%-10.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/13/202610-Q
03/31/202605/13/202610-Q
12/31/202503/25/202610-K
09/30/202511/14/202510-Q
06/30/202508/13/202510-Q
03/31/202505/14/202510-Q
12/31/202403/31/202510-K
09/30/202411/14/202410-Q
06/30/202408/14/202410-Q
03/31/202405/14/202410-Q
12/31/202303/29/202410-K
09/30/202311/13/202310-Q
06/30/202308/14/202310-Q
03/31/202305/15/202310-Q
12/31/202203/30/202310-K
09/30/202211/10/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/13/202610-Q
03/31/202605/13/202610-Q
12/31/202503/25/202610-K
09/30/202511/14/202510-Q
06/30/202508/13/202510-Q
03/31/202505/14/202510-Q
12/31/202403/31/202510-K
09/30/202411/14/202410-Q
06/30/202408/14/202410-Q
03/31/202405/14/202410-Q
12/31/202303/29/202410-K
09/30/202311/13/202310-Q
06/30/202308/14/202310-Q
03/31/202305/15/202310-Q
12/31/202203/30/202310-K
09/30/202211/10/202210-Q
06/30/202208/15/202210-Q
03/31/202205/16/202210-Q
12/31/202103/30/202210-K
09/30/202111/15/202110-Q
06/30/202108/16/202110-Q
03/31/202105/17/202110-Q
12/31/202003/31/202110-K
09/30/202011/09/202010-Q
06/30/202008/10/202010-Q
03/31/202005/11/202010-Q
12/31/201903/13/202010-K
09/30/201911/08/201910-Q

Insider Activity

Updated 8/13/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Schwartz, Brad EEVP - CFODirectBuy304202626.911,00026,910174,108Form
2Schwartz, Brad EEVP - CFODirectBuy807202521.021,00021,020105,100Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Schwartz, Brad EEVP - CFODirectBuy304202626.911,00026,910174,108Form
2Schwartz, Brad EEVP - CFODirectBuy807202521.021,00021,020105,100Form
Core Cache Last Updated: 11/5/2026