secwatch.observer — SEC 8-K summary
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Issuer:     FIRST NATIONAL CORP /VA/ (FXNC)
CIK:        0000719402
Form:       8-K
Filed at:   2024-08-01T23:59:59+00:00
Accession:  0001437749-24-024249
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

First National Q2 net income $2.4M, EPS $0.39; adjusted EPS $0.48; Touchstone merger on track
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- Net income $2.4M ($0.39 diluted EPS) vs $3.5M ($0.56) in Q2 2023; adjusted net income $3.0M ($0.48).
- Touchstone merger: Fed approval received; shareholder meetings Aug 29; expected Q4 2024 close.
- Net interest margin up 16bps to 3.40%; loans +$17M (7% annualized), deposits +$6.7M (2% annualized).
- Tangible book value $18.59; merger-related expenses $571k in Q2 2024.
- NPAs 0.59% of assets; net charge-offs $482k for Q2 2024.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/719402/000143774924024249/0001437749-24-024249-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/719402/000143774924024249/fxnc20240612_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-024249

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