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Parent Company Only Financial Statements
 12 Months Ended
Dec. 31, 2012
Parent Company Only Financial Statements [Abstract]  
Parent Company Only Financial Statements

Note 22. Parent Company Only Financial Statements

FIRST NATIONAL CORPORATION

(Parent Company Only)

Balance Sheets

December 31, 2012 and 2011

(in thousands)

 

                 
    2012     2011  

Assets

                

Cash

   $ 6,406     $ 124  

Investment in subsidiaries, at cost, plus undistributed net income

     47,272       45,725  

Other assets

     496       563  
   

 

 

    

 

 

  

Total assets

   $ 54,174     $ 46,412  
   

 

 

    

 

 

  
     

Liabilities and Shareholders’ Equity

                
     

Trust preferred capital notes

   $ 9,279     $ 9,279  

Other liabilities

     6       37  
   

 

 

    

 

 

  

Total liabilities

   $ 9,285     $ 9,316  
   

 

 

    

 

 

  

Preferred stock

   $ 14,409     $ 14,263  

Common stock

     6,127       3,695  

Surplus

     6,813       1,644  

Retained earnings, which are substantially undistributed earnings of subsidiaries

     18,399       16,503  

Accumulated other comprehensive income (loss), net

     (859 )      991  
   

 

 

    

 

 

  

Total shareholders’ equity

   $ 44,889     $ 37,096  
   

 

 

    

 

 

  

Total liabilities and shareholders’ equity

   $ 54,174     $ 46,412  
   

 

 

    

 

 

  

 

FIRST NATIONAL CORPORATION

(Parent Company Only)

Statements of Operations

Three Years Ended December 31, 2012

(in thousands)

 

                         
    2012     2011     2010  

Income

                        

Dividends from subsidiary

   $ 500     $ 1,600     $ 2,575  

Gain on sale of securities available for sale

     139       —         —    

Other income

     41       —         11  
   

 

 

    

 

 

    

 

 

  
    $ 680     $ 1,600     $ 2,586  
   

 

 

    

 

 

    

 

 

  

Expense

                        

Interest expense

   $ 237     $ 386     $ 439  

Stationery and supplies

     1       14       18  

Legal and professional fees

     —         —         20  

Other expense

     6       78       53  
   

 

 

    

 

 

    

 

 

  

Total expense

   $ 244     $ 478     $ 530  
   

 

 

    

 

 

    

 

 

  

Income before allocated tax benefits and undistributed income (loss) of subsidiary

   $ 436     $ 1,122     $ 2,056  
       

Allocated income tax benefits

     22       162       176  
   

 

 

    

 

 

    

 

 

  

Income before equity in undistributed income (loss) of subsidiary

   $ 458     $ 1,284     $ 2,232  
       

Equity in undistributed income (loss) of subsidiary

     2,342       (12,245 )      (5,835 ) 
   

 

 

    

 

 

    

 

 

  

Net income (loss)

   $ 2,800     $ (10,961 )    $ (3,603 ) 
       

Effective dividend and accretion on preferred stock

     903       894       887  
   

 

 

    

 

 

    

 

 

  

Net income (loss) available to common shareholders

   $ 1,897     $ (11,855 )    $ (4,490 ) 
   

 

 

    

 

 

    

 

 

  

 

FIRST NATIONAL CORPORATION

(Parent Company Only)

Statements of Cash Flows

Three Years Ended December 31, 2012

(in thousands)

 

                         
    2012     2011     2010  

Cash Flows from Operating Activities

                        

Net income (loss)

   $ 2,800     $ (10,961 )    $ (3,603 ) 

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

                        

Equity in undistributed (income) loss of subsidiary

     (2,342 )      12,245       5,835  

Gain on sale of securities available for sale

     (139 )      —         —    

Compensation expense for ESOP shares allocated

     —         —         42  

(Increase) decrease in other assets

     (42 )      45       (23 ) 

Increase (decrease) in other liabilities

     (2 )      2       (9 ) 
   

 

 

    

 

 

    

 

 

  

Net cash provided by operating activities

   $ 275     $ 1,331     $ 2,240  
   

 

 

    

 

 

    

 

 

  

Cash Flows from Investing Activities

                       

Proceeds from sale of securities available for sale

   $ 164     $ —       $ —    
   

 

 

    

 

 

    

 

 

  

Cash Flows from Financing Activities

                        

Principal payments on other borrowings

   $ —        $ —        $ (42 ) 

Distribution of capital to subsidiary

     (1,000 )      —         —    

Cash dividends paid on common stock

     —         (540 )      (1,433 ) 

Cash dividends paid on preferred stock

     (758 )      (758 )      (758 ) 

Net proceeds from issuance of common stock

     7,601       —         —    

Shares issued to leveraged ESOP

     —         —         (26 ) 
   

 

 

    

 

 

    

 

 

  

Net cash used in financing activities

   $ 5,843     $ (1,298 )    $ (2,259 ) 
   

 

 

    

 

 

    

 

 

  

Increase (decrease) in cash and cash equivalents

   $ 6,282     $ 33     $ (19 ) 
       

Cash and Cash Equivalents

                        

Beginning

     124       91       110  
   

 

 

    

 

 

    

 

 

  

Ending

   $ 6,406     $ 124     $ 91