FIRST NATIONAL CORP

First National Corporation is a bank holding company that owns First Bank, a commercial bank chartered under Virginia law. The company operates through its primary subsidiary First Bank, which traces its origins to The Peoples National Bank of Strasburg, established in 1907. First Bank converted to a state-chartered institution with Federal Reserve membership in 1994 and adopted its current name at that time. The company also maintains several subsidiary entities including First Bank Financial Services, Inc., which holds an interest in a title insurance services provider, and Shen-Valley Land Holdings, LLC, which manages real estate holdings and future office sites.

First National Corporation (NASDAQ: FNXP) maintains its website at www.fbvirginia.com and operates as a smaller reporting company with total consolidated assets under $3 billion, qualifying it for reduced regulatory capital requirements as a community banking organization.

The company's core business centers on providing comprehensive banking services to small and medium-sized businesses, individuals, estates, local governmental entities, and nonprofit organizations throughout its market areas. These markets span the Shenandoah Valley, Roanoke Valley, Richmond metropolitan statistical area, south-central Virginia, and northern North Carolina, positioned strategically along Interstate 81, Interstate 66, and Interstate 64 corridors. The Bank's service delivery network includes 33 branch offices, one loan production office, and a customer service center located in a retirement community, complemented by mobile banking platforms, its website, and an ATM network.

First Bank generates revenue primarily through net interest income derived from its loan and deposit portfolios. Loan products encompass consumer loans, residential mortgages, home equity loans, and commercial loans. Deposit products include checking accounts, savings accounts, money market accounts, certificates of deposit, individual retirement accounts, and treasury management solutions. Wealth management services provide estate planning, investment management, trustee services, and estate settlement capabilities. Noninterest income derives from service charges on deposits, wealth management fees, and ATM and check card fees.

As of December 31, 2025, the company employed 308 full-time equivalent employees. The Bank's market areas serve diverse industries including medical and professional services, manufacturing, retail, warehousing, government, hospitality, and higher education. The company competes with large national and regional financial institutions, credit unions, community banks, consumer finance companies, mortgage companies, marketplace lenders, and financial technology firms.