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Parent Company Only Financial Statements
 12 Months Ended
Dec. 31, 2018
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Parent Company Only Financial Statements
Parent Company Only Financial Statements
FIRST NATIONAL CORPORATION
(Parent Company Only)
Balance Sheets
December 31, 2018 and 2017
(in thousands)
 
 
2018
 
2017
Assets
 
 
 
Cash
$
12,257

 
$
9,964

Investment in subsidiaries, at cost, plus undistributed net income
68,357

 
62,094

Other assets
314

 
327

Total assets
$
80,928

 
$
72,385

Liabilities and Shareholders’ Equity
 
 
 
Subordinated debt
$
4,965

 
$
4,948

Junior subordinated debt
9,279

 
9,279

Other liabilities
10

 
4

Total liabilities
$
14,254

 
$
14,231

Preferred stock
$
—

 
$
—

Common stock
6,197

 
6,182

Surplus
7,471

 
7,260

Retained earnings
54,814

 
45,670

Accumulated other comprehensive loss, net
(1,808
)
 
(958
)
Total shareholders’ equity
$
66,674

 
$
58,154

Total liabilities and shareholders’ equity
$
80,928

 
$
72,385


FIRST NATIONAL CORPORATION
(Parent Company Only)
Statements of Income
Years Ended December 31, 2018 and 2017
(in thousands)
 
 
2018
 
2017
Income
 
 
 
Dividends from subsidiary
$
4,000

 
$
5,500

Other income
—

 
13

Total income
$
4,000

 
$
5,513

Expense
 
 
 
Interest expense
$
757

 
$
663

Marketing
—

 
13

Supplies
3

 
3

Legal and professional fees
143

 
113

Data processing
43

 
62

Management fee-subsidiary
284

 
265

Other expense
8

 
8

Total expense
$
1,238

 
$
1,127

Income before allocated tax benefits and undistributed income of subsidiary
$
2,762

 
$
4,386

Allocated income tax benefit
260

 
379

Income before equity in undistributed income of subsidiary
$
3,022

 
$
4,765

Equity in undistributed income of subsidiary
7,113

 
1,683

Net income
$
10,135

 
$
6,448


FIRST NATIONAL CORPORATION
(Parent Company Only)
Statements of Cash Flows
Years Ended December 31, 2018 and 2017
(in thousands)
 
 
2018
 
2017
Cash Flows from Operating Activities
 
 
 
Net income
$
10,135

 
$
6,448

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Equity in undistributed income of subsidiary
(7,113
)
 
(1,683
)
Amortization of debt issuance costs
17

 
18

Decrease (increase) in other assets
13

 
(3
)
Increase (decrease) in other liabilities
6

 
(1
)
Net cash provided by operating activities
$
3,058

 
$
4,779

Cash Flows from Financing Activities
 
 
 
Cash dividends paid on common stock, net of reinvestment
$
(929
)
 
$
(646
)
Net proceeds from issuance of common stock
189

 
141

Repurchase of common stock
(25
)
 
—

Net cash used in financing activities
$
(765
)
 
$
(505
)
Increase in cash and cash equivalents
$
2,293

 
$
4,274

Cash and Cash Equivalents
 
 
 
Beginning
9,964

 
5,690

Ending
$
12,257

 
$
9,964