secwatch.observer — SEC 8-K summary
======================================

Issuer:     FIRST NATIONAL CORP /VA/ (FXNC)
CIK:        0000719402
Form:       8-K
Filed at:   2022-10-26T23:59:59+00:00
Accession:  0001437749-22-024736
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 5.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

First National Q3 net income $4.5M ($0.71 EPS), up 16% from Q2; announces $5M buyback
--------------------------------------------------------------------------------

- Net income $4.5M ($0.71 EPS) vs Q2 $3.8M ($0.61 EPS); net interest margin improved to 3.58%.
- Loans grew 12% annualized to $906.5M; NPAs remained low at 0.15% of assets.
- Board authorized up to $5M stock repurchase through Dec 31, 2023.
- Transferred $82.2M in securities from AFS to HTM to mitigate rate impact.
- Subsequent event: Bank subsidiary sold broker-dealer interest for $3.0M, gain of $2.9M in Q4.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/719402/000143774922024736/0001437749-22-024736-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/719402/000143774922024736/fxnc20220831_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-22-024736

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer