First National Corp (NASDAQ: FXNC) is a Virginia-based bank holding company that operates First Bank, a commercial bank chartered under Virginia law. It makes money primarily through net interest income, the spread between interest earned on loans and securities and interest paid on deposits and borrowings. First National Corp was incorporated under Virginia law on September 7, 1983. Its primary subsidiary, First Bank, offers commercial lines of credit, commercial term loans, real estate loans, construction loans, home equity loans, and consumer loans, with significant concentration in commercial real estate secured by owner-operated and other commercial properties. The company competes for loans and deposits against both local and national financial institutions. Subsidiaries include First Bank Financial Services, Inc., which holds an interest in a title insurance services entity, and Shen-Valley Land Holdings, LLC, formed to hold other real estate owned and future office sites.

Revenue model

Net interest income from loans and securities, funded by customer deposits and borrowings. Interest and fees on loans, including premiums on acquired performing loans amortized into interest income over loan life. Fee income from off-balance sheet credit instruments such as loan commitments and commercial letters of credit.

Products and services

Commercial lines of credit, commercial term loans, real estate loans (residential and commercial), construction loans, home equity loans, consumer loans. Title insurance services through First Bank Financial Services, Inc. Internet banking and mobile banking products. Trust preferred securities issued through First National (VA) Statutory Trust II and Trust III.

Customers and end markets

Commercial and retail banking customers in First Bank's Virginia market areas. Commercial real estate borrowers, including owner-operators and commercial property owners. Consumer borrowers secured primarily by residential real estate.

Value-chain role

Community bank holding company acting as direct lender and deposit gatherer. Originates and holds loans on balance sheet. Pursues growth through new branch openings and bank or branch acquisitions in existing and adjacent Virginia markets.

Geographic exposure

Virginia. Loans are primarily secured by real estate in the company's Virginia market areas, per the 10-K filed 2026-03-25.

Source: SEC 10-K, filed 2026-03-25

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