First National Corporation (FXNC) Balance Sheet
FXNC balance sheet, 2025
December 31, 2025 · U.S. dollars$2.04B assets = $1.85B liabilities + $186.2M equity
Both columns are drawn to the same scale: what FXNC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FXNC financial health
Descriptive bands, not a rating. Fiscal 2025.
FXNC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $716.7M2016 | $2.04B2025 | +12.3%/yr | |
| Total liabilities | $666.0M2016 | $1.85B2025 | +12.0%/yr | |
| Shareholders’ equity | $50.7M2016 | $186.2M2025 | +15.5%/yr | |
| Cash & short-term investments | $135.9M2016 | $177.8M2025 | +3.0%/yr | |
| Total debt | $14.2M2016 | $42.6M2025 | +13.0%/yr | |
| Net cash (debt) | $121.7M2016 | $135.2M2025 | +$13.5M | |
| Working capital | $539.3M2016 | −$1.62B2025 | −$2.2B | |
| Book value per share | $10.292016 | $20.652025 | +8.0%/yr | |
| Debt / equity | 0.282016 | 0.232025 | −0.05 | |
| Shares outstanding | 4.9M2016 | 9.0M2025 | +6.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FXNC assets
FXNC liabilities and equity
FXNC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FXNC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $177.8M | $164.5M | $240.0M | $229.8M | $465.5M | $267.5M | $166.8M | $128.5M | $129.2M | $135.9M |
| Cash & equivalents | $160.9M | $162.9M | $87.2M | $66.9M | $176.0M | $127.3M | $45.8M | $28.6M | $40.0M | $41.1M |
| Short-term investments | $16.9M | $1.6M | $152.9M | $162.9M | $289.5M | $140.2M | $121.0M | $99.9M | $89.3M | $94.8M |
| Receivables | $6.5M | $6.0M | $4.7M | $4.5M | $3.9M | $2.7M | $2.1M | $2.1M | $1.9M | $1.7M |
| Inventory | $0 | $0 | $12.5M | $15.1M | −$181.8M | −$130.0M | −$47.9M | $0 | $326,000 | $250,000 |
| Other current assets | $0 | $0 | $0 | $0 | $181.8M | $130.0M | $47.9M | $0 | $449.3M | $407.6M |
| Total current assets | $184.3M | $170.5M | $244.7M | $234.4M | $469.4M | $270.2M | $168.8M | $130.6M | $580.8M | $545.5M |
| Property, plant & equipment (net) | $34.6M | $34.8M | $22.1M | $21.9M | $22.4M | $19.3M | $19.7M | $20.1M | $19.9M | $20.8M |
| Goodwill & intangible assets | $16.2M | $18.0M | $3.1M | $3.2M | $3.2M | $19,000 | $340,000 | $944,000 | $1.9M | $3.1M |
| Long-term investments | $320.4M | $273.6M | $301.1M | $316.1M | $322.9M | $154.5M | $138.6M | $143.3M | $137.5M | $148.2M |
| Other non-current assets | $1.48B | $1.51B | $848.2M | $793.9M | $571.5M | $506.9M | $472.5M | $458.1M | $0 | $0 |
| Total assets | $2.04B | $2.01B | $1.42B | $1.37B | $1.39B | $950.9M | $800.0M | $753.0M | $739.1M | $716.7M |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $5.4M | $4.4M | $4.3M | $2.1M | $1.5M | $1.7M | $6.2M |
| Short-term debt | — | $666,000 | $50.0M | $239,000 | $144,000 | $139,000 | $128,000 | — | $14.2M | $14.2M |
| Deferred revenue | — | — | — | $5.2M | $4.2M | $4.1M | $2.0M | — | — | — |
| Total current liabilities | $1.80B | $1.80B | $1.28B | $1.25B | $1.25B | $4.3M | $2.1M | $672.1M | $1.7M | $6.2M |
| Long-term debt | $42.6M | $30.5M | $14.3M | $14.3M | $19.3M | $19.3M | $14.3M | $14.2M | $14.2M | $14.2M |
| Other long-term liabilities | $9.6M | $9.5M | $5.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total liabilities | $1.85B | $1.84B | $1.30B | $1.26B | $1.27B | $866.0M | $722.8M | $686.3M | $681.0M | $666.0M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $11.3M | $11.2M | $7.8M | $7.8M | $7.8M | $6.1M | $6.2M | $6.2M | $6.2M | $6.2M |
| Retained earnings (deficit) | $108.9M | $96.9M | $94.2M | $90.3M | $77.0M | $69.3M | $62.6M | $54.8M | $45.7M | $39.7M |
| Accumulated other comprehensive income | −$12.2M | −$18.7M | −$18.7M | −$22.5M | $298,000 | $3.4M | $724,000 | −$1.8M | −$958,000 | −$2.3M |
| Total shareholders' equity | $186.2M | $166.5M | $116.3M | $108.4M | $117.0M | $84.9M | $77.2M | $66.7M | $58.2M | $50.7M |
| Key figures | ||||||||||
| Total debt | $42.6M | $30.5M | $64.3M | $14.3M | $19.3M | $19.4M | $14.4M | $14.2M | $14.2M | $14.2M |
| Net cash (debt) | $135.2M | $134.0M | $175.7M | $215.5M | $446.2M | $248.1M | $152.4M | $114.2M | $115.0M | $121.7M |
| Working capital | −$1.62B | −$1.63B | −$1.04B | −$1.01B | −$783.7M | $266.0M | $166.7M | −$541.5M | $579.1M | $539.3M |
| Tangible book value | $169.9M | $148.5M | $113.1M | $105.2M | $113.9M | $84.9M | $76.9M | $65.7M | $56.3M | $47.6M |
| Book value per share | $20.65 | $23.89 | $18.52 | $17.31 | $21.05 | $17.40 | $15.54 | $13.45 | $11.76 | $10.29 |
| Shares outstanding | 9.0M | 7.0M | 6.3M | 6.3M | 5.6M | 4.9M | 5.0M | 5.0M | 4.9M | 4.9M |
| Current ratio | 0.10 | 0.09 | 0.19 | 0.19 | 0.37 | 63.07 | 79.45 | 0.19 | 332.09 | 88.05 |
| Quick ratio | 0.10 | 0.09 | 0.19 | 0.19 | 0.37 | 63.07 | 79.45 | 0.19 | 74.99 | 22.22 |
| Debt / equity | 0.23 | 0.18 | 0.55 | 0.13 | 0.16 | 0.23 | 0.19 | 0.21 | 0.24 | 0.28 |
| Equity / assets | 9.1% | 8.3% | 8.2% | 7.9% | 8.4% | 8.9% | 9.7% | 8.9% | 7.9% | 7.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $489.0M | $201.0M | $177.8M | $200.8M | $209.6M | $207.4M | $164.5M | $272.5M | $280.5M | $286.4M | $240.0M | $198.3M |
| Cash & equivalents | $166.1M | $187.8M | $160.9M | $189.3M | $194.3M | $206.0M | $162.9M | $126.5M | $135.6M | $138.7M | $87.2M | $50.1M |
| Short-term investments | $322.8M | $13.2M | $16.9M | $11.5M | $15.3M | $1.3M | $1.6M | $146.0M | $144.8M | $147.7M | $152.9M | $148.2M |
| Receivables | $6.5M | $6.7M | $6.5M | $6.2M | $6.1M | $6.1M | $6.0M | $4.8M | $4.9M | $5.0M | $4.7M | $4.5M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$21.6M | −$19.5M | $12.5M | −$54.6M |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $21.6M | $19.5M | $0 | $54.6M |
| Total current assets | $495.5M | $207.7M | $184.3M | $207.1M | $215.8M | $213.5M | $170.5M | $277.3M | $285.4M | $291.4M | $244.7M | $202.8M |
| Property, plant & equipment (net) | $34.0M | $34.3M | $34.6M | $34.1M | $34.5M | $34.6M | $34.8M | $23.0M | $22.2M | $22.0M | $22.5M | $21.4M |
| Goodwill & intangible assets | $15.4M | $15.8M | $16.2M | $16.7M | $17.1M | $17.6M | $18.0M | $3.1M | $3.1M | $3.1M | $3.1M | $3.2M |
| Long-term investments | $317.2M | $318.9M | $320.4M | $301.1M | $294.0M | $269.3M | $273.6M | $267.4M | $268.3M | $273.5M | $301.1M | $298.1M |
| Other non-current assets | $1.21B | $1.50B | $1.48B | $1.47B | $1.48B | $1.50B | $1.51B | $879.9M | $878.5M | $857.2M | $847.9M | $840.8M |
| Total assets | $2.08B | $2.08B | $2.04B | $2.03B | $2.04B | $2.03B | $2.01B | $1.45B | $1.46B | $1.45B | $1.42B | $1.37B |
| Liabilities | ||||||||||||
| Accounts payable | — | — | — | — | — | — | — | — | — | — | — | $4.8M |
| Short-term debt | $25.0M | — | — | — | — | — | $666,000 | — | — | — | $50.0M | — |
| Total current liabilities | $1.86B | $1.84B | $1.80B | $1.81B | $1.80B | $1.82B | $1.80B | $1.25B | $1.27B | $1.26B | $1.28B | $1.24B |
| Long-term debt | $42.7M | $42.7M | $42.6M | $30.5M | $55.4M | $30.7M | $30.5M | $64.3M | $64.3M | $64.3M | $14.3M | $14.3M |
| Other long-term liabilities | $0 | $7.3M | $9.6M | $9.4M | $9.3M | $9.0M | $9.5M | $8.1M | $7.6M | $6.0M | $5.0M | $0 |
| Total liabilities | $1.88B | $1.89B | $1.85B | $1.85B | $1.87B | $1.86B | $1.84B | $1.33B | $1.34B | $1.33B | $1.30B | $1.25B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $11.3M | $11.3M | $11.3M | $11.3M | $11.2M | $11.2M | $11.2M | $7.9M | $7.9M | $7.8M | $7.8M | $7.8M |
| Retained earnings (deficit) | $116.5M | $112.3M | $108.9M | $105.0M | $100.8M | $97.2M | $96.9M | $99.3M | $98.0M | $96.5M | $94.2M | $96.0M |
| Accumulated other comprehensive income | −$12.9M | −$13.4M | −$12.2M | −$13.2M | −$16.1M | −$17.1M | −$18.7M | −$15.4M | −$19.0M | −$19.5M | −$18.7M | −$24.7M |
| Total shareholders' equity | $193.6M | $188.6M | $186.2M | $181.2M | $173.5M | $168.7M | $166.5M | $125.1M | $119.9M | $117.8M | $116.3M | $112.0M |
| Key figures | ||||||||||||
| Total debt | $42.7M | $42.7M | $42.6M | $30.5M | $55.4M | $30.7M | $30.5M | $64.3M | $64.3M | $64.3M | $64.3M | $14.3M |
| Net cash (debt) | $446.2M | $158.4M | $135.2M | $170.3M | $154.2M | $176.6M | $134.0M | $208.3M | $216.2M | $222.1M | $175.7M | $184.0M |
| Working capital | −$1.36B | −$1.63B | −$1.62B | −$1.60B | −$1.59B | −$1.61B | −$1.63B | −$975.9M | −$980.4M | −$967.8M | −$1.04B | −$1.04B |
| Tangible book value | $178.2M | $172.7M | $169.9M | $164.5M | $156.4M | $151.1M | $148.5M | $122.0M | $116.8M | $114.7M | $113.1M | $108.8M |
| Book value per share | $21.37 | $20.84 | $20.62 | $20.08 | $19.27 | $18.73 | $18.52 | $19.85 | $19.06 | $18.75 | $18.51 | $17.86 |
| Shares outstanding | 9.1M | 9.0M | 9.0M | 9.0M | 9.0M | 9.0M | 9.0M | 6.3M | 6.3M | 6.3M | 6.3M | 6.3M |
| Current ratio | 0.27 | 0.11 | 0.10 | 0.11 | 0.12 | 0.12 | 0.09 | 0.22 | 0.23 | 0.23 | 0.19 | 0.16 |
| Quick ratio | 0.27 | 0.11 | 0.10 | 0.11 | 0.12 | 0.12 | 0.09 | 0.22 | 0.23 | 0.23 | 0.19 | 0.16 |
| Debt / equity | 0.22 | 0.23 | 0.23 | 0.17 | 0.32 | 0.18 | 0.18 | 0.51 | 0.54 | 0.55 | 0.55 | 0.13 |
| Equity / assets | 9.3% | 9.1% | 9.1% | 8.9% | 8.5% | 8.3% | 8.3% | 8.6% | 8.2% | 8.1% | 8.2% | 8.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 25, 2026); data from EODHD.
FXNC financial position
At the end of fiscal 2025 (December 31, 2025), First National had total assets of $2.0 billion (up 1.4% from a year earlier), total liabilities of $1.9 billion and shareholders' equity of $186.2 million. It held $177.8 million in cash and short-term investments against $42.6 million of debt, a net cash position of $135.2 million. Its current ratio was 0.10. In the latest quarter (ended June 30, 2026) total assets were $2.1 billion and equity $193.6 million.
Related: FXNC income statement, FXNC cash flow statement, FXNC key metrics. See the FXNC stock overview for the latest quote and news.
FXNC balance sheet FAQ
What are First National's total assets?
First National reported total assets of $2.0 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.0 billion a year earlier.
How much debt does First National have?
First National had $42.6 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.23.
How much cash does First National have?
First National held $177.8 million in cash and short-term investments at the end of fiscal 2025; with $42.6 million of debt that is net cash of $135.2 million.
What is First National's book value?
First National's shareholders' equity (book value) was $186.2 million at the end of fiscal 2025, or $20.65 per share.
What is First National's current ratio?
First National had current assets of $184.3 million and current liabilities of $1.8 billion, a current ratio of 0.10 (current liabilities exceed current assets).
How much goodwill does First National have?
First National carried $16.2 million of goodwill and intangible assets, 0.8% of total assets, at the end of fiscal 2025.