First National reports Q4 net loss of $851K on $6M credit provision; health-care loan problems

FIRST NATIONAL CORP /VA/

2023-FY EPS reported $1.53 revenue$10,238,000

Q4 2023 net loss of $0.14 per share vs net income $0.50 per share in linked Q3 2023.
FY 2023 net income $9.6M ($1.53 EPS) down 43% from $16.8M ($2.68 EPS) in FY 2022.
Recorded $6.0M provision for credit losses in Q4, primarily from health-care professional loans via third-party lender.
Net charge-offs of $2.7M in Q4; allowance for credit losses rose to 1.24% of loans from 0.93% in linked quarter.
Loans grew $48.9M (5%) for FY 2023; noninterest-bearing deposits remained 31% of total deposits.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FIRST NATIONAL CORP /VA/ reported the year ended December 31, 2023 results: net income $9.6 million, EPS $1.53.

Period: the year ended December 31, 2023
Net income: $9.6 million
EPS: $1.53
Result: reported results

Exact text from the filing

First National Corporation (the “Company” or “First National”) (NASDAQ: FXNC), the bank holding company of First Bank (the “Bank”), reported unaudited consolidated net income of $9.6 million and diluted earnings per common share of $1.53 for the year ended December 31, 2023.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FIRST NATIONAL CORP /VA/ reported the fourth quarter ended December 31, 2023 results: net income net loss of $851 thousand, EPS $0.14.

Period: the fourth quarter ended December 31, 2023
Net income: net loss of $851 thousand
EPS: $0.14
Result: reported results

Exact text from the filing

For the fourth quarter ended December 31, 2023, the Company reported unaudited consolidated net loss of $851 thousand and diluted loss per common share of $0.14.

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Source: SEC EDGAR

accession 0001437749-24-002926

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