First National Corp (FXNC) - Net Assets

Latest as of March 2026: $188.56 Million USD

Based on the latest financial reports, First National Corp (FXNC) has net assets worth $188.56 Million USD as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($2.08 Billion) and total liabilities ($1.89 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check FXNC goodwill-adjusted equity ratio to evaluate the tangible quality of the company's equity base.

Key Net Assets Metrics

Metric	Value
Current Net Assets	$188.56 Million
% of Total Assets	9.08%
Annual Growth Rate	9.03%
5-Year Change	59.09%
10-Year Change	266.9%
Growth Volatility	14.66

First National Corp - Net Assets Trend (1995–2025)

This chart illustrates how First National Corp's net assets have evolved over time, based on quarterly financial data. See First National Corp defensive liquidity buffer to measure how many days the company can operate on defensive assets alone.

Annual Net Assets for First National Corp (1995–2025)

The table below shows the annual net assets of First National Corp from 1995 to 2025. For live valuation and market cap data, see First National Corp (FXNC) total market value.

Year	Net Assets	Change
2025-12-31	$186.20 Million	+11.81%
2024-12-31	$166.53 Million	+43.23%
2023-12-31	$116.27 Million	+7.30%
2022-12-31	$108.36 Million	-7.42%
2021-12-31	$117.04 Million	+37.83%
2020-12-31	$84.92 Million	+9.97%
2019-12-31	$77.22 Million	+15.82%
2018-12-31	$66.67 Million	+14.65%
2017-12-31	$58.15 Million	+14.59%
2016-12-31	$50.75 Million	+10.43%
2015-12-31	$45.95 Million	-22.85%
2014-12-31	$59.56 Million	+10.94%
2013-12-31	$53.69 Million	+19.55%
2012-12-31	$44.91 Million	+21.07%
2011-12-31	$37.10 Million	-23.51%
2010-12-31	$48.50 Million	-11.51%
2009-12-31	$54.81 Million	+39.87%
2008-12-31	$39.19 Million	+3.50%
2007-12-31	$37.86 Million	+16.29%
2006-12-31	$32.55 Million	+10.77%
2005-12-31	$29.39 Million	+12.61%
2004-12-31	$26.10 Million	-1.52%
2003-12-31	$26.50 Million	+9.27%
2002-12-31	$24.25 Million	+12.29%
2001-12-31	$21.60 Million	+11.75%
2000-12-31	$19.33 Million	+12.54%
1999-12-31	$17.18 Million	-2.41%
1998-12-31	$17.60 Million	+8.77%
1997-12-31	$16.18 Million	+9.07%
1996-12-31	$14.84 Million	+6.68%
1995-12-31	$13.91 Million	--

Equity Component Analysis

This analysis shows how different components contribute to First National Corp's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

Retained earnings have grown by 1125.7% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Retained Earnings	$108.94 Million	58.51%
Common Stock	$11.28 Million	6.06%
Other Comprehensive Income	$-12.24 Million	-6.57%
Other Components	$78.22 Million	42.01%
Total Equity	$186.20 Million	100.00%

First National Corp Competitors by Market Cap

The table below lists competitors of First National Corp ranked by their market capitalization.

Company	Market Cap
EUWAX Aktiengesellschaft F:EUX	$252.86 Million
AGILYX ASA NK -02 F:5NQ	$252.97 Million
Ihlas Haber Ajansi AS IS:IHAAS	$253.00 Million
Berry Petroleum Corp NASDAQ:BRY	$253.00 Million
Mayfield Group Holdings Ltd AU:MYG	$252.75 Million
Northern Ocean Ltd OL:NOL	$252.70 Million
RoadMain T Co Ltd SHG:603860	$252.62 Million
Mount Gibson Iron Limited F:FWQ	$252.61 Million

Equity Growth Attribution

This analysis shows how different factors contributed to changes in First National Corp's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 166,531,000 to 186,196,000, a change of 19,665,000 (11.8%).
Net income of 17,703,000 contributed positively to equity growth.
Dividend payments of 5,520,000 reduced retained earnings.
Share repurchases of 154,000 reduced equity.
Other comprehensive income increased equity by 6,453,000.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	$17.70 Million	+9.51%
Dividends Paid	$5.52 Million	-2.96%
Share Repurchases	$154.00K	-0.08%
Other Comprehensive Income	$6.45 Million	+3.47%
Other Changes	$1.18 Million	+0.64%
Total Change	$-	11.81%

Book Value vs Market Value Analysis

This analysis compares First National Corp's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

Current price-to-book ratio: 1.41x
The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
The price-to-book ratio has decreased from 6.46x to 1.41x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
1995-12-31	$4.50	$29.04	x
1996-12-31	$4.80	$29.04	x
1997-12-31	$5.22	$29.04	x
1998-12-31	$5.59	$29.04	x
1999-12-31	$5.42	$29.04	x
2000-12-31	$6.08	$29.04	x
2001-12-31	$6.83	$29.04	x
2002-12-31	$7.67	$29.04	x
2003-12-31	$7.94	$29.04	x
2004-12-31	$8.91	$29.04	x
2005-12-31	$10.04	$29.04	x
2006-12-31	$11.17	$29.04	x
2007-12-31	$13.03	$29.04	x
2008-12-31	$13.45	$29.04	x
2009-12-31	$18.76	$29.04	x
2010-12-31	$16.45	$29.04	x
2011-12-31	$12.55	$29.04	x
2012-12-31	$11.39	$29.04	x
2013-12-31	$10.95	$29.04	x
2014-12-31	$12.14	$29.04	x
2015-12-31	$9.35	$29.04	x
2016-12-31	$10.29	$29.04	x
2017-12-31	$11.76	$29.04	x
2018-12-31	$13.45	$29.04	x
2019-12-31	$15.54	$29.04	x
2020-12-31	$17.40	$29.04	x
2021-12-31	$21.05	$29.04	x
2022-12-31	$17.31	$29.04	x
2023-12-31	$18.52	$29.04	x
2024-12-31	$23.89	$29.04	x
2025-12-31	$20.65	$29.04	x

Capital Efficiency Dashboard

This dashboard shows how efficiently First National Corp utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

Current Return on Equity (ROE): 9.51%
The company has moderate efficiency in generating returns from equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 15.78%
• Asset Turnover: 0.06x
• Equity Multiplier: 10.95x
Recent ROE (9.51%) is below the historical average (9.57%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
1995	9.45%	23.75%	0.04x	9.51x	$-76.25K
1996	9.80%	24.80%	0.04x	9.52x	$-29.45K
1997	9.96%	23.57%	0.04x	10.17x	$-6.91K
1998	10.82%	21.92%	0.05x	10.86x	$144.58K
1999	11.84%	12.45%	0.08x	12.03x	$316.65K
2000	11.05%	11.64%	0.08x	11.86x	$203.84K
2001	12.02%	13.74%	0.08x	11.54x	$435.31K
2002	12.28%	15.20%	0.07x	12.20x	$553.80K
2003	14.05%	15.45%	0.06x	14.62x	$950.73K
2004	16.11%	16.86%	0.06x	15.66x	$1.60 Million
2005	18.34%	17.74%	0.06x	16.16x	$2.45 Million
2006	17.81%	15.21%	0.07x	16.22x	$2.54 Million
2007	15.18%	13.82%	0.08x	14.30x	$1.96 Million
2008	10.78%	11.46%	0.07x	13.99x	$304.50K
2009	3.92%	6.51%	0.06x	10.08x	$-3.33 Million
2010	-7.43%	-11.10%	0.06x	11.23x	$-8.45 Million
2011	-29.55%	-35.60%	0.06x	14.53x	$-14.67 Million
2012	6.23%	9.35%	0.06x	11.86x	$-1.69 Million
2013	18.39%	36.36%	0.05x	9.74x	$4.50 Million
2014	12.81%	28.07%	0.05x	8.70x	$1.67 Million
2015	5.78%	8.99%	0.04x	15.07x	$-1.94 Million
2016	11.64%	17.97%	0.05x	14.12x	$832.20K
2017	11.09%	18.35%	0.05x	12.71x	$632.60K
2018	15.20%	25.67%	0.05x	11.29x	$3.47 Million
2019	12.38%	23.56%	0.05x	10.36x	$1.83 Million
2020	10.43%	22.09%	0.04x	11.20x	$366.40K
2021	8.85%	22.44%	0.03x	11.87x	$-1.34 Million
2022	15.50%	27.68%	0.04x	12.64x	$5.96 Million
2023	8.28%	14.18%	0.05x	12.21x	$-2.00 Million
2024	4.18%	7.89%	0.04x	12.07x	$-9.69 Million
2025	9.51%	15.78%	0.06x	10.95x	$-916.60K

Industry Comparison

This section compares First National Corp's net assets metrics with peer companies in the Banks - Regional industry.

Industry Context

Industry: Banks - Regional
Average net assets among peers: $389,399,400
Average return on equity (ROE) among peers: 10.20%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
First National Corp (FXNC)	$188.56 Million	9.45%	10.01x	$252.79 Million
Ameris Bancorp (ABCB)	$514.76 Million	7.94%	9.86x	$4.95 Billion
Ameris Bancorp (ABCB)	$68.20 Million	10.85%	9.15x	$5.79 Billion
ACNB Corporation (ACNB)	$51.46 Million	12.55%	7.93x	$483.21 Million
Affinity Bancshares Inc (AFBI)	$76.38 Million	0.59%	3.01x	$137.13 Million
Alerus Financial Corp (ALRS)	$127.25 Million	8.42%	8.09x	$736.27 Million
Amalgamated Bank (AMAL)	$508.95 Million	16.01%	14.41x	$1.27 Billion
Amerant Bancorp Inc. (AMTB)	$1.00 Billion	3.23%	8.67x	$974.56 Million
Arrow Financial Corporation (AROW)	$431.85 Million	10.18%	9.29x	$622.98 Million
Associated Banc-Corp (ASB)	$968.70 Million	17.34%	12.55x	$5.45 Billion
AmeriServ Financial Inc (ASRV)	$141.70 Million	14.89%	15.78x	$62.43 Million

About First National Corp

NASDAQ:FXNC USA Banks - Regional

Market Cap

$262.55 Million

Market Cap Rank

#15699 Global

#3652 in USA

Share Price

$29.04

Change (1 day)

-1.73%

52-Week Range

$18.45 - $30.19

All Time High

$30.19