secwatch.observer — SEC 8-K summary
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Issuer:     FIRST NATIONAL CORP /VA/ (FXNC)
CIK:        0000719402
Form:       8-K
Filed at:   2023-07-27T23:59:59+00:00
Accession:  0001437749-23-020828
Event type: earnings
Sentiment:  neutral
Materiality: 0.60
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

First National Q2 net income $3.5M ($0.56 EPS), down from $3.8M in Q1 and year ago
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- Net income $3.5M, diluted EPS $0.56; prior Q1 $3.8M ($0.61) and Q2 2022 $3.8M ($0.61).
- Net interest margin fell 24 bps to 3.36%; cost of funds rose to 1.13% from 0.77% linked quarter.
- Nonperforming assets improved to 0.05% of total assets from 0.13% in prior quarter.
- Loans grew $12.2M (5% annualized); deposits flat at $1.2B; noninterest-bearing deposits 32%.
- Dividend maintained at $0.15/share; repurchased 32,301 shares for $481k in Q2.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/719402/000143774923020828/0001437749-23-020828-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/719402/000143774923020828/fxnc20230523_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-23-020828

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