FIRST NATIONAL CORP /VA/ Files 2023 10-K

TL;DR

<b>FIRST NATIONAL CORP /VA/ filed its 2023 10-K, reporting $6.26 billion in assets and $0.56 EPS.</b>

AI Summary

FIRST NATIONAL CORP /VA/ (FXNC) filed a Annual Report (10-K) with the SEC on March 29, 2024. Total assets reported at $6.26 billion for the fiscal year ending December 31, 2023. Net income for the fiscal year ending December 31, 2023, was $421,000. Earnings per share (EPS) for the fiscal year ending December 31, 2023, was $0.56. Total debt was not explicitly stated, but the debt-to-equity ratio was not provided. The company's fiscal year ends on December 31st.

Why It Matters

For investors and stakeholders tracking FIRST NATIONAL CORP /VA/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of First National Corp's financial performance and position for the fiscal year 2023, crucial for investors assessing its stability and growth. The detailed financial data, including asset levels and earnings per share, allows stakeholders to evaluate the bank's operational success and compare its performance against industry benchmarks.

Risk Assessment

Risk Level: medium — FIRST NATIONAL CORP /VA/ shows moderate risk based on this filing. The company operates in the commercial banking sector, which is subject to significant regulatory oversight and economic fluctuations that can impact financial performance.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's performance and potential risks.

Financial Highlights

total Assets

6263102

net Income

421000

eps

0.56

Key Numbers

• 6.26 — Total Assets (fiscal year ending December 31, 2023)
• 0.421 — Net Income (fiscal year ending December 31, 2023)
• 0.56 — EPS (fiscal year ending December 31, 2023)
• 1.25 — Common Stock Par Value (fiscal year ending December 31, 2023)
• 1.25 — Additional Paid In Capital Per Share (fiscal year ending December 31, 2023)
• 1,000,000 — Authorized Shares (fiscal year ending December 31, 2023)
• 1,000,000 — Issued Shares (fiscal year ending December 31, 2023)
• 6,263,102 — Total Shares Outstanding (fiscal year ending December 31, 2023)

Key Players & Entities

• FIRST NATIONAL CORP /VA/ (company) — FILER
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240329 (date) — FILED AS OF DATE
• 6022 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
• VA (state) — STATE OF INCORPORATION
• 541232965 (tax_id) — IRS NUMBER
• 001-38874 (sec_file_number) — SEC FILE NUMBER
• 22657 (zip_code) — BUSINESS ADDRESS

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of reporting period for the 10-K.
• 2024-03-29: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $1.25 — ch registered Common stock, par value $1.25 per share FXNC The Nasdaq Stock Mar
• $3 b — total consolidated assets of less than $3 billion, such as the Company, are not sub

Filing Documents

• fxnc20231231_10k.htm (10-K) — 3615KB
• ex_609828.htm (EX-21.1) — 3KB
• ex_609829.htm (EX-23.1) — 3KB
• ex_609830.htm (EX-31.1) — 13KB
• ex_609831.htm (EX-31.2) — 13KB
• ex_609832.htm (EX-32.1) — 6KB
• ex_609833.htm (EX-32.2) — 6KB
• ex_643607.htm (EX-97.1) — 24KB
• logo.jpg (GRAPHIC) — 3KB
• yhb.jpg (GRAPHIC) — 3KB
• yhblogo.jpg (GRAPHIC) — 6KB
• 0001437749-24-010057.txt (&nbsp;) — 17863KB
• fxnc-20231231.xsd (EX-101.SCH) — 120KB
• fxnc-20231231_cal.xml (EX-101.CAL) — 79KB
• fxnc-20231231_def.xml (EX-101.DEF) — 874KB
• fxnc-20231231_lab.xml (EX-101.LAB) — 686KB
• fxnc-20231231_pre.xml (EX-101.PRE) — 926KB
• fxnc20231231_10k_htm.xml (XML) — 4007KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 22 Item 1C. Cybersecurity 23 Item 2.

Properties

Properties 23 Item 3.

Legal Proceedings

Legal Proceedings 23 Item 4. Mine Safety Disclosures 23 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24 Item 6. Reserved 25 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 44 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 91 Item 9A.

Controls and Procedures

Controls and Procedures 91 Item 9B. Other Information 91 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 91 Part III Item 10. Directors, Executive Officers and Corporate Governance 92 Item 11.

Executive Compensation

Executive Compensation 92 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 92 Item 13. Certain Relationships and Related Transactions, and Director Independence 92 Item 14. Principal Accountant Fees and Services 92 Part IV Item 15. Exhibits, Financial Statement Schedules 93 Item 16. Form 10-K Summary 93 2 Table of Contents Part I Cautionary Statement Regarding Forward-Looking Statements First National Corporation (the Company) makes forward-looking statements in this Form 10-K that are subject to risks and uncertainties. These forward-looking statements include, but are not limited to, statements regarding profitability, liquidity, adequacy of capital, allowance for credit losses, interest rate sensitivity, market risk, and growth strategy. The words "believes," "expects," "may," "will," "should," "projects," "contemplates," "anticipates," "forecasts," "intends," or other similar words or terms are intended to identify forward-looking statements. These forward-looking statements are subject to significant uncertainties because they are based upon or are affected by factors including: general business conditions, as well as conditions within the financial markets; general economic conditions, including unemployment levels, inflation and slowdowns in economic growth; the Company's branch and market expansions, technology initiatives and other strategic initiatives the impact of competition from banks and non-banks, including financial technology companies (Fintech) the composition of the loan and deposit portfolio, including the types of accounts and customers, may change, which could impact the amount of net interest income and noninterest income in future periods, including revenue from service charges on deposits limited availability of financing or inability to raise capital reliance on third parties for key services the Company's credit standards and its on-going credit assessment processes might not p

Business

Business General First National Corporation (the Company) is a bank holding company incorporated under Virginia law on September 7, 1983. The Company owns all of the stock of its primary operating subsidiary, First Bank (the Bank), which is a commercial bank chartered under Virginia law. The Company's subsidiaries are: First Bank (the Bank). The Bank owns: First Bank Financial Services, Inc. Shen-Valley Land Holdings, LLC Bank of Fincastle Services, Inc. ESF, LLC First National (VA) Statutory Trust II (Trust II) First National (VA) Statutory Trust III (Trust III and, together with Trust II, the Trusts) First Bank Financial Services, Inc. owns an interest in an entity that provides title insurance services. Bank of Fincastle Services, Inc. is no longer an active operating entity. Shen-Valley Land Holdings, LLC and ESF, LLC were formed to hold other real estate owned and future office sites. The Trusts were formed for the purpose of issuing redeemable capital securities, commonly known as trust preferred securities and are not included in the Company's consolidated financial statements in accordance with authoritative accounting guidance because management has determined that the Trusts qualify as variable interest entities. The Bank first opened for business on July 1, 1907 under the name The Peoples National Bank of Strasburg. On January 10, 1928, the Bank changed its name to The First National Bank of Strasburg. On April 12, 1994, the Bank received approval from the Federal Reserve Bank of Richmond and the Virginia State Corporation Commission's Bureau of Financial Institutions to convert to a state chartered bank with membership in the Federal Reserve Syste m. On June 1, 1994, the Bank consummated such conversion and changed its name to First Bank. Access to Filings The Company's internet address is www.fbvirginia.com . The Company's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and amendments to th

View Full Filing

View this 10-K filing on SEC EDGAR