secwatch.observer — SEC 8-K summary
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Issuer:     FIRST NATIONAL CORP /VA/ (FXNC)
CIK:        0000719402
Form:       8-K
Filed at:   2024-02-02T23:59:59+00:00
Accession:  0001437749-24-002926
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/719402/000143774924002926/0001437749-24-002926-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/719402/000143774924002926/fxnc20240122_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-002926

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