---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-24-002926"
form_type: "8-K"
ticker: "FXNC"
cik: "0000719402"
company_name: "FIRST NATIONAL CORP /VA/"
filed_at: "2024-02-02T23:59:59+00:00"
generated_at: "2026-06-06T10:19:45.035895+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-24-002926
- form_type: 8-K
- ticker: FXNC
- cik: 0000719402
- company_name: FIRST NATIONAL CORP /VA/
- filed_at: 2024-02-02T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/719402/000143774924002926/0001437749-24-002926-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/719402/000143774924002926/fxnc20240122_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-24-002926
- JSON: https://secwatch.observer/filing/0001437749-24-002926.json
- Plain text: https://secwatch.observer/filing/0001437749-24-002926.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/719402/000143774924002926/0001437749-24-002926-index.htm
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/719402/000143774924002926/0001437749-24-002926-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.