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Parent Company Only Financial Statements | 12 Months Ended
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Dec. 31, 2011
Parent Company Only Financial Statements [Abstract] |
Parent Company Only Financial Statements | Note 20. Parent Company Only Financial Statements FIRST NATIONAL CORPORATION (Parent Company Only) Balance Sheets December 31, 2011 and 2010 (in thousands)
|  | 2011 |  |  | 2010 |
Assets |  |  |  |  |  |  |  |
Cash |  | $ | 124 |  |  | $ | 91 |
Investment in subsidiaries, at cost, plus undistributed net income |  |  | 45,725 |  |  |  | 57,058 |
Other assets |  |  | 563 |  |  |  | 693 |
Total assets |  | $ | 46,412 |  |  | $ | 57,842 |
Liabilities and Shareholders' Equity |  |  |  |  |  |  |  |
Trust preferred capital notes |  | $ | 9,279 |  |  | $ | 9,279 |
Other liabilities |  |  | 37 |  |  |  | 65 |
Total liabilities |  | $ | 9,316 |  |  | $ | 9,344 |
Preferred stock |  | $ | 14,263 |  |  | $ | 14,127 |
Common stock |  |  | 3,695 |  |  |  | 3,686 |
Surplus |  |  | 1,644 |  |  |  | 1,582 |
Retained earnings, which are substantially undistributed earnings of subsidiaries |  |  | 16,503 |  |  |  | 28,969 |
Accumulated other comprehensive income, net |  |  | 991 |  |  |  | 134 |
Total shareholders' equity |  | $ | 37,096 |  |  | $ | 48,498 |
Total liabilities and shareholders' equity |  | $ | 46,412 |  |  | $ | 57,842 |
FIRST NATIONAL CORPORATION (Parent Company Only) Statements of Operations Three Years Ended December 31, 2011 (in thousands)
|  | 2011 |  |  | 2010 |  |  | 2009 |
Income |  |  |  |  |  |  |  |  |  |  |  |
Dividends from subsidiary |  | $ | 1,600 |  |  | $ | 2,575 |  |  | $ | 2,575 |
Other income (expense) |  |  | (26 | ) |  |  | 11 |  |  |  | (30 | )
|  | $ | 1,574 |  |  | $ | 2,586 |  |  | $ | 2,545 |
Expense |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | 386 |  |  | $ | 439 |  |  | $ | 470 |
Stationery and supplies |  |  | 14 |  |  |  | 18 |  |  |  | 34 |
Legal and professional fees |  |  | — |  |  |  | 20 |  |  |  | 75 |
Other |  |  | 52 |  |  |  | 53 |  |  |  | 62 |
Total expense |  | $ | 452 |  |  | $ | 530 |  |  | $ | 641 |
Income before allocated tax benefits and undistributed income of subsidiary |  | $ | 1,122 |  |  | $ | 2,056 |  |  | $ | 1,904 |
Allocated income tax benefits |  |  | 162 |  |  |  | 176 |  |  |  | 228 |
Income before equity in (distributions in excess of) undistributed income of subsidiary |  | $ | 1,284 |  |  | $ | 2,232 |  |  | $ | 2,132 |
Equity in (distributions in excess of) undistributed income of subsidiary |  |  | (12,245 | ) |  |  | (5,835 | ) |  |  | 17 |
Net (loss) income |  | $ | (10,961 | ) |  | $ | (3,603 | ) |  | $ | 2,149 |
Effective dividend and accretion on preferred stock |  |  | 894 |  |  |  | 887 |  |  |  | 704 |
Net (loss) income available to common shareholders |  | $ | (11,855 | ) |  | $ | (4,490 | ) |  | $ | 1,445 |
FIRST NATIONAL CORPORATION (Parent Company Only) Statements of Cash Flows Three Years Ended December 31, 2011 (in thousands)
|  | 2011 |  |  | 2010 |  |  | 2009 |
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (10,961 | ) |  | $ | (3,603 | ) |  | $ | 2,149 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
(Undistributed) distributions in excess of earnings of subsidiaries |  |  | 12,245 |  |  |  | 5,835 |  |  |  | (17 | )
Compensation expense for ESOP shares allocated |  |  | — |  |  |  | 42 |  |  |  | 190 |
(Increase) decrease in other assets |  |  | 45 |  |  |  | (23 | ) |  |  | 42 |
Increase (decrease) in other liabilities |  |  | 2 |  |  |  | (9 | ) |  |  | 7 |
Net cash provided by operating activities |  | $ | 1,331 |  |  | $ | 2,240 |  |  | $ | 2,371 |
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Principal payments on other borrowings |  | $ | — |  |  | $ | (42 | ) |  | $ | (190 | )
Proceeds from issuance of preferred stock |  |  | — |  |  |  | — |  |  |  | 13,900 |
Distribution of capital to subsidiary |  |  | — |  |  |  | — |  |  |  | (13,900 | )
Cash dividends paid on common stock |  |  | (540 | ) |  |  | (1,433 | ) |  |  | (1,529 | )
Cash dividends paid on preferred stock |  |  | (758 | ) |  |  | (758 | ) |  |  | (509 | )
Shares issued to leveraged ESOP |  |  | — |  |  |  | (26 | ) |  |  | (85 | )
Net cash used in financing activities |  | $ | (1,298 | ) |  | $ | (2,259 | ) |  | $ | (2,313 | )
Increase (decrease) in cash and cash equivalents |  | $ | 33 |  |  | $ | (19 | ) |  | $ | 58 |
Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |
Beginning |  |  | 91 |  |  |  | 110 |  |  |  | 52 |
Ending |  | $ | 124 |  |  | $ | 91 |  |  | $ | 110 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 9 -Section 06 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 7 -Section 05 -Paragraph c Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e24072-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6921628&loc=d3e5283-111683 + Details
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