Mission Statement, Vision, & Core Values of First National Corporation (FXNC)

How well do you know First National Corporation (FXNC)? Beyond the ticker symbol, understanding the core of any company lies in its mission, vision, and values. These statements not only guide the company's actions but also reflect its commitment to customers, employees, and shareholders.

For First National Corporation, a transformational year in 2024 saw them finalize their largest acquisition with Touchstone Bankshares. The corporation reported unaudited consolidated earnings of $7.0 million, with basic and diluted earnings per common share at $1.00. Adjusted operating earnings reached $14.6 million, or $2.10 per common share. But what principles drive this financial performance and strategic growth? Read on to discover the mission, vision, and core values that shape First National Corporation's identity and strategic direction.

First National Corporation (FXNC) An Overview of

First National Corporation, trading under the symbol FXNC, operates as the bank holding company for First National Bank. Established in 1907, First National Bank provides an array of community banking services targeting both consumer and commercial clients. These services encompass checking and savings accounts, various loan types, and online and mobile banking solutions. The bank has branches located in Strasburg, Front Royal, Woodstock, and Winchester, all situated within Virginia's Shenandoah Valley.

As of April 2025, while exact current sales figures are not available, First National Corporation continues to serve its customer base through its established network and service offerings. For more detailed insights, you may find additional information at Exploring First National Corporation (FXNC) Investor Profile: Who’s Buying and Why?.

In 2024, First National Corporation (FXNC) reported strong financial results. Total assets grew to $794.4 million, an increase from $740.2 million the previous year. Net income saw a substantial rise, reaching $9.9 million compared to $6.7 million in the prior year. This performance was supported by growth in net interest income, which increased from $22.9 million to $26.8 million, and noninterest income, which rose from $4.2 million to $5.1 million. The bank’s efficiency ratio improved to 64.28% from 72.58%, reflecting enhanced operational effectiveness. Additionally, key financial metrics such as return on average assets (ROAA) and return on average equity (ROAE) showed positive trends, with ROAA at 1.31% and ROAE at 11.49%, underscoring the bank's profitability and efficient use of equity.

The bank's performance was driven by several factors:

• Growth in net interest income driven by strategic asset and liability management.
• Increase in noninterest income due to higher service charges and fees.
• Improved efficiency ratio reflecting better cost management.

First National Corporation stands as a leading community bank in the Shenandoah Valley. To discover the factors driving First National Corporation's accomplishments, continue reading.

First National Corporation (FXNC) Mission Statement

First National Corporation (FXNC) strives to deliver a consistent, reliable return to shareholders through an efficient operation with organic and opportunistic growth in markets where community engagement is valued.

The mission statement highlights several core components:

• Consistent, reliable returns to shareholders: This indicates a commitment to providing value to investors through sustained financial performance.
• Efficient operation: This emphasizes the importance of operational excellence and cost-effectiveness in achieving the company's goals.
• Organic and opportunistic growth: This suggests a balanced approach to expansion, combining internal growth initiatives with strategic acquisitions or ventures. In 2024, First National Corporation reported unaudited consolidated earnings of $7.0 million and basic and diluted earnings per common share of $1.00, and adjusted operating earnings of $14.6 million and adjusted basic and diluted earnings per common share of $2.10 for the year ended December 31, 2024.
• Community engagement: This underscores the significance of building strong relationships with the communities the bank serves.

First National Corporation is a bank holding company which owns all of the stock of its primary operating subsidiary, First Bank. First National Corporation operates as the bank holding company for First Bank that provides various commercial banking services to small and medium-sized businesses, individuals, estates, local governmental entities, and non-profit organizations in Virginia.

The company's deposit products include checking, savings, money market, and individual retirement accounts, as well as certificates of deposit and treasury management solutions. Its loan products comprise construction loans, including residential, land acquisition, and development loans; 1-4 family residential real estate loans; and commercial real estate loans that are secured by commercial real estate, including multi-family residential buildings, office and retail buildings, hotels, industrial buildings, and religious facilities.

Here's more information about First National Corporation (FXNC): History, Ownership, Mission, How It Works & Makes Money: First National Corporation (FXNC): History, Ownership, Mission, How It Works & Makes Money

Core Components of the Mission Statement

The mission statement can be broken down into three core components:

1. Shareholder Value:

First National Corporation (FXNC) is committed to delivering consistent and reliable returns to its shareholders. This commitment is reflected in the company's track record of growth and performance, as demonstrated by steady shareholder value creation. The company focuses on efficient operations and strategic growth to enhance profitability and maximize returns for its investors. For example, First National Corporation announced an increase in cash dividend for 10th consecutive year in November 15, 2024.

2. Operational Efficiency:

Efficiency is a key focus for First National Corporation. The company emphasizes streamlining operations to optimize resource allocation and reduce costs. This commitment to efficiency enables First National Corporation to enhance its competitiveness and profitability. In the fourth quarter of 2024, the company's net interest margin increased 40 basis points to 3.83%, primarily due to the impacts associated with the Touchstone acquisition.

3. Community Engagement:

First National Corporation recognizes the importance of community engagement and building strong relationships with the markets it serves. By actively participating in community initiatives and supporting local businesses, the company fosters goodwill and strengthens its ties to the community. This commitment to community engagement not only benefits the local economy but also enhances First National Corporation's reputation and brand image. As of April 11, 2025, First National Corporation's stock price was $18.66.

First National Corporation (FXNC) Vision Statement

A vision statement serves as a clear roadmap, outlining the aspirations and long-term goals of a company. It acts as a guiding star, aligning the organization's efforts and inspiring stakeholders. For First National Corporation (FXNC), understanding its vision statement provides valuable insights into its strategic direction and priorities. As of April 2025, let's explore the mission, vision, and core values that drive First National Corporation.

First National Corporation operates as the bank holding company for First National Bank, a community bank that provides a wide array of banking products and services to individuals, firms, partnerships, and corporations. The bank has 23 full-service offices and four limited-service branches in Virginia and North Carolina.

Here's an overview of First National Corporation's mission, vision, and core values:

Mission Statement

While a direct, publicly available mission statement for First National Corporation (FXNC) isn't readily accessible, we can infer its core purpose from its activities and stated values. Typically, a bank's mission statement focuses on:

• Providing financial services: Offering a range of banking products and services to meet the needs of their customers.
• Supporting the community: Contributing to the economic well-being of the communities they serve.
• Building relationships: Fostering long-term relationships with customers based on trust and service.
• Delivering value: Providing value to shareholders through sustainable growth and profitability.

Vision Statement

As of April 2025, First National Corporation (FXNC) does not have a clearly defined and publicly declared vision statement. However, a vision statement generally encapsulates what the company aspires to become in the long term. Without an official statement, we can analyze their strategic goals and initiatives to infer their vision. Given its operations and focus, a potential vision for First National Corporation might be:

To be the leading community bank in the region, recognized for its exceptional customer service, commitment to local communities, and innovative financial solutions.

This inferred vision statement encompasses several key aspects:

• Market Leadership: Aspiring to be the top community bank in its operating area.
• Customer Focus: Prioritizing excellent service and strong customer relationships.
• Community Commitment: Emphasizing its role in supporting and growing local communities.
• Innovation: Embracing new technologies and approaches to deliver better financial solutions.

Core Values

The core values guide a company's actions and define its culture. While First National Corporation doesn't have an explicitly published list of core values, these values are often reflected in their behavior and public statements. Based on their operations and industry best practices, likely core values include:

• Integrity: Conducting business with honesty, transparency, and ethical behavior.
• Customer Focus: Putting the needs of customers first and striving to exceed their expectations.
• Community Involvement: Actively participating in and supporting local communities.
• Teamwork: Working collaboratively to achieve common goals.
• Excellence: Striving for high standards in all aspects of their operations.

Understanding First National Corporation's mission, vision, and core values provides a deeper insight into its operational philosophy and strategic objectives. While some of these elements are inferred from available information, they offer a framework for understanding the company's direction and priorities. For more insights into First National Corporation, check out: Exploring First National Corporation (FXNC) Investor Profile: Who’s Buying and Why?

First National Corporation (FXNC) Core Values

While specific details on First National Corporation's (FXNC) mission statement, vision, and core values as of April 2025 are not available in the provided search results, we can infer potential core values based on their business activities and industry standards. The following sections explore possible core values, offering examples of how FXNC might demonstrate these commitments.

Commitment to Customers

A commitment to customers is crucial for any financial institution. This value emphasizes providing excellent service, building strong relationships, and meeting customer needs effectively. A company might demonstrate this through:

• Offering personalized financial advice and solutions.
• Providing convenient and accessible banking services, including online and mobile options.
• Resolving customer issues promptly and efficiently.

For example, FXNC could show its dedication to customers by offering tailored financial planning services to help individuals achieve their financial goals. This might include retirement planning, investment advice, and estate planning assistance. Furthermore, FXNC could invest in user-friendly digital platforms to enhance the customer experience and make banking more accessible.

Integrity and Ethical Conduct

Integrity is paramount in the financial industry, requiring honesty, transparency, and ethical behavior in all interactions. Demonstrating integrity could involve:

• Adhering to the highest ethical standards in all business practices.
• Maintaining transparency in fees, terms, and conditions.
• Protecting customer data and privacy.

FXNC could reinforce its commitment to integrity by implementing robust compliance programs and providing ongoing ethics training to its employees. The company could also establish a confidential whistleblowing mechanism to encourage the reporting of any unethical behavior. Upholding these standards helps build trust and confidence among customers and stakeholders.

Community Involvement

Community involvement reflects a commitment to supporting and investing in the local communities where a company operates. This can be shown through:

• Supporting local charities and non-profit organizations.
• Sponsoring community events and initiatives.
• Providing financial literacy programs to the community.

For instance, FXNC could partner with local organizations to provide financial literacy workshops to students and adults in the community. The company could also offer grants and sponsorships to support local arts and culture programs, as well as initiatives that promote economic development. Actively participating in community initiatives enhances the company's reputation and fosters goodwill.

Innovation and Adaptability

In today's rapidly changing financial landscape, innovation and adaptability are essential for staying competitive and meeting evolving customer needs. This value can be exemplified by:

• Investing in new technologies and digital solutions.
• Developing innovative products and services.
• Adapting to changing market conditions and customer preferences.

FXNC could demonstrate its commitment to innovation by investing in fintech startups or developing its own cutting-edge digital banking platforms. The company could also explore new technologies such as blockchain and artificial intelligence to enhance its services and streamline operations. Embracing innovation allows FXNC to remain relevant and competitive in the long term.

Employee Development and Well-being

A focus on employee development and well-being demonstrates a commitment to attracting, retaining, and empowering talented individuals. This can be achieved by:

• Providing ongoing training and development opportunities.
• Promoting a positive and inclusive work environment.
• Offering competitive compensation and benefits packages.

FXNC could invest in leadership development programs to cultivate future leaders within the organization. The company could also offer wellness programs and resources to support the physical and mental health of its employees. Creating a supportive and rewarding work environment enhances employee morale and productivity.

For more insights into First National Corporation, explore this related article: Exploring First National Corporation (FXNC) Investor Profile: Who’s Buying and Why?