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Parent Company Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Balance Sheets

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

Statements of Income

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

Statements of Cash Flows

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