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Parent Company Only Financial Statements

12 Months Ended

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

X

- References

No definition available.

+ Details

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X

- 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

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