Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Only Financial Statements

FIRST NATIONAL CORPORATION

(Parent Company Only)

Balance Sheets

December 31, 2017 and 2016

(in thousands)



	2017			2016
Assets
Cash	$	9,964		$	5,690
Investment in subsidiaries, at cost, plus undistributed net income	62,094			60,344
Other assets	327			335
Total assets	$	72,385		$	66,369
Liabilities and Shareholders’ Equity
Subordinated debt	$	4,948		$	4,930
Junior subordinated debt	9,279			9,279
Other liabilities	4			9
Total liabilities	$	14,231		$	14,218
Preferred stock	$	—		$	—
Common stock	6,182			6,162
Surplus	7,260			7,093
Retained earnings	45,670			39,756
Accumulated other comprehensive loss, net	(958		)	(860		)
Total shareholders’ equity	$	58,154		$	52,151
Total liabilities and shareholders’ equity	$	72,385		$	66,369

FIRST NATIONAL CORPORATION

(Parent Company Only)

Statements of Income

Years Ended December 31, 2017 and 2016

(in thousands)



	2017		2016
Income
Dividends from subsidiary	$	5,500	$	2,325
Other income	13		—
Total income	$	5,513	$	2,325
Expense
Interest expense	$	663	$	620
Marketing	13		—
Supplies	3		2
Legal and professional fees	113		104
Data processing	62		61
Management fee-subsidiary	265		258
Other expense	8		17
Total expense	$	1,127	$	1,062
Income before allocated tax benefits and undistributed income of subsidiary	$	4,386	$	1,263
Allocated income tax benefit	379		361
Income before equity in undistributed income of subsidiary	$	4,765	$	1,624
Equity in undistributed income of subsidiary	1,683		4,283
Net income	$	6,448	$	5,907

FIRST NATIONAL CORPORATION

(Parent Company Only)

Statements of Cash Flows

Years Ended December 31, 2017 and 2016

(in thousands)



	2017			2016
Cash Flows from Operating Activities
Net income	$	6,448		$	5,907
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of subsidiary	(1,683		)	(4,283		)
Amortization of debt issuance costs	18			17
(Increase) decrease in other assets	(3		)	74
Decrease in other liabilities	(1		)	—
Net cash provided by operating activities	$	4,779		$	1,715
Cash Flows from Financing Activities
Cash dividends paid on common stock, net of reinvestment	$	(646	)	$	(550	)
Net proceeds from issuance of common stock	141			113
Net cash used in financing activities	$	(505	)	$	(437	)
Increase in cash and cash equivalents	$	4,274		$	1,278
Cash and Cash Equivalents
Beginning	5,690			4,412
Ending	$	9,964		$	5,690

- 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.

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