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Parent Company Only Financial Statements | 12 Months Ended
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Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Parent Company Only Financial Statements | Note 26. Parent Company Only Financial Statements FIRST NATIONAL CORPORATION (Parent Company Only) Balance Sheets December 31, 2015 and 2014 (in thousands)
|  | 2015 |  |  | 2014 |
Assets |  |  |  |  |  |  |  |
Cash |  | $ | 4,412 |  |  | $ | 2,421 |
Investment in subsidiaries, at cost, plus |  |  |  |  |  |  |  |
undistributed net income |  |  | 55,334 |  |  |  | 65,744 |
Other assets |  |  | 408 |  |  |  | 685 |
Total assets |  | $ | 60,154 |  |  | $ | 68,850 |
Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  |
Subordinated debt |  | $ | 4,913 |  |  | $ | — |
Junior subordinated debt |  |  | 9,279 |  |  |  | 9,279 |
Other liabilities |  |  | 9 |  |  |  | 7 |
Total liabilities |  | $ | 14,201 |  |  | $ | 9,286 |
Preferred stock |  | $ | — |  |  | $ | 14,595 |
Common stock |  |  | 6,145 |  |  |  | 6,131 |
Surplus |  |  | 6,956 |  |  |  | 6,835 |
Retained earnings |  |  | 34,440 |  |  |  | 33,557 |
Accumulated other comprehensive loss, net |  |  | (1,588 | ) |  |  | (1,554 | )
Total shareholders’ equity |  | $ | 45,953 |  |  | $ | 59,564 |
Total liabilities and shareholders’ equity |  | $ | 60,154 |  |  | $ | 68,850 |
FIRST NATIONAL CORPORATION (Parent Company Only) Statements of Income Years Ended December 31, 2015 and 2014 (in thousands)
|  | 2015 |  |  | 2014 |
Income |  |  |  |  |  |  |  |
Dividends from subsidiary |  | $ | 13,500 |  |  | $ | — |
Other income |  |  | — |  |  |  | 26 |
|  | $ | 13,500 |  |  | $ | 26 |
Expense |  |  |  |  |  |  |  |
Interest expense |  | $ | 286 |  |  | $ | 218 |
Supplies |  |  | 17 |  |  |  | 18 |
Legal and professional fees |  |  | 78 |  |  |  | 37 |
Data processing |  |  | 60 |  |  |  | 67 |
Management fee-subsidiary |  |  | 250 |  |  |  | 251 |
Other expense |  |  | 21 |  |  |  | 13 |
Total expense |  | $ | 712 |  |  | $ | 604 |
Income (loss) before allocated tax benefits and undistributed income of subsidiary |  | $ | 12,788 |  |  | $ | (578 | )
Allocated income tax benefit |  |  | 242 |  |  |  | 197 |
Income (loss) before equity in undistributed income of subsidiary |  | $ | 13,030 |  |  | $ | (381 | )
Equity in (distributed) undistributed income of subsidiary |  |  | (10,375 | ) |  |  | 8,012 |
Net income |  | $ | 2,655 |  |  | $ | 7,631 |
Effective dividend and accretion on preferred stock |  |  | 1,113 |  |  |  | 1,138 |
Net income available to common shareholders |  | $ | 1,542 |  |  | $ | 6,493 |
FIRST NATIONAL CORPORATION (Parent Company Only) Statements of Cash Flows Years Ended December 31, 2015 and 2014 (in thousands)
|  | 2015 |  |  | 2014 |
Cash Flows from Operating Activities |  |  |  |  |  |  |  |
Net income |  | $ | 2,655 |  |  | $ | 7,631 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |
Equity in undistributed loss (income) of subsidiary |  |  | 10,375 |  |  |  | (8,012 | )
Amortization of debt issuance costs |  |  | 3 |  |  |  | — |
(Increase) decrease in other assets |  |  | 279 |  |  |  | (216 | )
Increase in other liabilities |  |  | 1 |  |  |  | — |
Net cash provided by (used in) operating activities |  | $ | 13,313 |  |  | $ | (597 | )
Cash Flows from Investing Activities |  |  |  |  |  |  |  |
Distribution of capital to subsidiary |  | $ | — |  |  | $ | (1,000 | )
Net cash used in investing activities |  | $ | — |  |  | $ | (1,000 | )
Cash Flows from Financing Activities |  |  |  |  |  |  |  |
Proceeds from subordinated debt, net of issuance costs |  | $ | 4,910 |  |  | $ | — |
Cash dividends paid on common stock, net of reinvestment |  |  | (454 | ) |  |  | (342 | )
Cash dividends paid on preferred stock |  |  | (1,281 | ) |  |  | (1,035 | )
Net proceeds from issuance of common stock |  |  | 99 |  |  |  | — |
Repurchase of common stock |  |  | (1 | ) |  |  | — |
Redemption of preferred stock |  |  | (14,595 | ) |  |  | — |
Net cash used in financing activities |  | $ | (11,322 | ) |  | $ | (1,377 | )
Increase (decrease) in cash and cash equivalents |  | $ | 1,991 |  |  | $ | (2,974 | )
Cash and Cash Equivalents |  |  |  |  |  |  |  |
Beginning |  |  | 2,421 |  |  |  | 5,395 |
Ending |  | $ | 4,412 |  |  | $ | 2,421 |

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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 FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51664549&loc=d3e5283-111683 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 SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 5: 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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