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Parent Company Only Financial Statements | 12 Months Ended
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Dec. 31, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Parent Company Only Financial Statements |
Note 24. | Parent Company Only Financial Statements
FIRST NATIONAL CORPORATION (Parent Company Only) Balance Sheets December 31, 2014 and 2013 (in thousands)
|  | 2014 |  |  | 2013 |
Assets |  |  |  |  |  |  |  |
Cash |  | $ | 2,421 |  |  | $ | 5,395 |
Investment in subsidiaries, at cost, plus undistributed net income |  |  | 65,744 |  |  |  | 56,982 |
Other assets |  |  | 685 |  |  |  | 470 |
Total assets |  | $ | 68,850 |  |  | $ | 62,847 |
Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  |
Trust preferred capital notes |  | $ | 9,279 |  |  | $ | 9,279 |
Other liabilities |  |  | 7 |  |  |  | 8 |
Total liabilities |  | $ | 9,286 |  |  | $ | 9,287 |
Preferred stock |  | $ | 14,595 |  |  | $ | 14,564 |
Common stock |  |  | 6,131 |  |  |  | 6,127 |
Surplus |  |  | 6,835 |  |  |  | 6,813 |
Retained earnings |  |  | 33,557 |  |  |  | 27,360 |
Accumulated other comprehensive loss, net |  |  | (1,554 | ) |  |  | (1,304 | )
Total shareholders’ equity |  | $ | 59,564 |  |  | $ | 53,560 |
Total liabilities and shareholders’ equity |  | $ | 68,850 |  |  | $ | 62,847 |
FIRST NATIONAL CORPORATION (Parent Company Only) Statements of Income Three Years Ended December 31, 2014 (in thousands)
|  | 2014 |  |  | 2013 |  |  | 2012 |
Income |  |  |  |  |  |  |  |  |  |  |  |
Dividends from subsidiary |  | $ | — |  |  | $ | — |  |  | $ | 500 |
Gain on sale of securities available for sale |  |  | — |  |  |  | — |  |  |  | 139 |
Other income |  |  | 26 |  |  |  | 51 |  |  |  | 41 |
|  | $ | 26 |  |  | $ | 51 |  |  | $ | 680 |
Expense |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | 218 |  |  | $ | 222 |  |  | $ | 237 |
Stationery and supplies |  |  | 18 |  |  |  | 17 |  |  |  | 1 |
Legal and professional fees |  |  | 37 |  |  |  | 40 |  |  |  | — |
Data processing |  |  | 67 |  |  |  | 53 |  |  |  | — |
Management fee-subsidiary |  |  | 251 |  |  |  | 95 |  |  |  | — |
Other expense |  |  | 13 |  |  |  | 51 |  |  |  | 6 |
Total expense |  | $ | 604 |  |  | $ | 478 |  |  | $ | 244 |
Income (loss) before allocated tax benefits and undistributed income of subsidiary |  | $ | (578 | ) |  | $ | (427 | ) |  | $ | 436 |
Allocated income tax benefit |  |  | 197 |  |  |  | 145 |  |  |  | 22 |
Income (loss) before equity in undistributed income of subsidiary |  | $ | (381 | ) |  | $ | (282 | ) |  | $ | 458 |
Equity in undistributed income of subsidiary |  |  | 8,012 |  |  |  | 10,156 |  |  |  | 2,342 |
Net income |  | $ | 7,631 |  |  | $ | 9,874 |  |  | $ | 2,800 |
Effective dividend and accretion on preferred stock |  |  | 1,138 |  |  |  | 913 |  |  |  | 904 |
Net income available to common shareholders |  | $ | 6,493 |  |  | $ | 8,961 |  |  | $ | 1,896 |
FIRST NATIONAL CORPORATION (Parent Company Only) Statements of Cash Flows Three Years Ended December 31, 2014 (in thousands)
|  | 2014 |  |  | 2013 |  |  | 2012 |
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 7,631 |  |  | $ | 9,874 |  |  | $ | 2,800 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed income of subsidiary |  |  | (8,012 | ) |  |  | (10,156 | ) |  |  | (2,342 | )
Gain on sale of securities available for sale |  |  | — |  |  |  | — |  |  |  | (139 | )
(Increase) decrease in other assets |  |  | (216 | ) |  |  | 29 |  |  |  | (42 | )
Decrease in other liabilities |  |  | — |  |  |  | — |  |  |  | (2 | )
Net cash provided by (used in) operating activities |  | $ | (597 | ) |  | $ | (253 | ) |  | $ | 275 |
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sale of securities available for sale |  | $ | — |  |  | $ | — |  |  | $ | 164 |
Distribution of capital to subsidiary |  |  | (1,000 | ) |  |  | — |  |  |  | (1,000 | )
Net cash used in investing activities |  | $ | (1,000 | ) |  | $ | — |  |  | $ | (836 | )
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Cash dividends paid on common stock, net of reinvestment |  | $ | (342 | ) |  | $ | — |  |  | $ | — |
Cash dividends paid on preferred stock |  |  | (1,035 | ) |  |  | (758 | ) |  |  | (758 | )
Net proceeds from issuance of common stock |  |  | — |  |  |  | — |  |  |  | 7,601 |
Net cash provided by (used in) financing activities |  | $ | (1,377 | ) |  | $ | (758 | ) |  | $ | 6,843 |
Increase (decrease) in cash and cash equivalents |  | $ | (2,974 | ) |  | $ | (1,011 | ) |  | $ | 6,282 |
Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |
Beginning |  |  | 5,395 |  |  |  | 6,406 |  |  |  | 124 |
Ending |  | $ | 2,421 |  |  | $ | 5,395 |  |  | $ | 6,406 |

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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 -Section 06 -Article 9 Reference 2: 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=26873400&loc=d3e24072-122690 Reference 3: 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=7656940&loc=d3e5283-111683 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
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