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Note 26 - Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Note 26. Parent Company Only Financial Statements

FIRST NATIONAL CORPORATION

(Parent Company Only)

Balance Sheets

December 31, 2020 and 2019

(in thousands)

		2020				2019
Assets
Cash		$	16,440			$	9,778
Investment in subsidiaries, at cost, plus undistributed net income			87,109				81,399
Other assets			740				312
Total assets		$	104,289			$	91,489
Liabilities and Shareholders’ Equity
Subordinated debt		$	9,991			$	4,983
Junior subordinated debt			9,279				9,279
Other liabilities			103				8
Total liabilities		$	19,373			$	14,270
Preferred stock		$	—			$	—
Common stock			6,075				6,212
Surplus			6,151				7,700
Retained earnings			69,292				62,583
Accumulated other comprehensive income, net			3,398				724
Total shareholders’ equity		$	84,916			$	77,219
Total liabilities and shareholders’ equity		$	104,289			$	91,489

FIRST NATIONAL CORPORATION

(Parent Company Only)

Statements of Income

Years Ended December 31, 2020 and 2019

(in thousands)

		2020				2019
Income
Dividends from subsidiary		$	6,600			$	3,600
Total income		$	6,600			$	3,600
Expense
Interest expense		$	794			$	782
Supplies			3				3
Legal and professional fees			215				137
Data processing			29				26
Management fee-subsidiary			294				283
Other expense			80				103
Total expense		$	1,415			$	1,334
Income before allocated tax benefits and undistributed income of subsidiary		$	5,185			$	2,266
Allocated income tax benefit			297				280
Income before equity in undistributed income of subsidiary		$	5,482			$	2,546
Equity in undistributed income of subsidiary			3,376				7,010
Net income		$	8,858			$	9,556

FIRST NATIONAL CORPORATION

(Parent Company Only)

Statements of Cash Flows

Years Ended December 31, 2020 and 2019

(in thousands)

		2020				2019
Cash Flows from Operating Activities
Net income		$	8,858			$	9,556
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of subsidiary			(3,376	)			(7,010	)
Amortization of debt issuance costs			18				18
Decrease in other assets			3				2
Increase (decrease) in other liabilities			4				(2	)
Net cash provided by operating activities		$	5,507			$	2,564
Cash Flows from Financing Activities
Proceeds from subordinated debt, net of issuance costs		$	4,990			$	—
Cash dividends paid on common stock, net of reinvestment			(2,007	)			(1,674	)
Distribution of capital to subsidiary			—				(3,500	)
Net proceeds from issuance of common stock			290				183
Repurchase of common stock			(2,118	)			(52	)
Net cash provided by (used in) financing activities		$	1,155			$	(5,043	)
Increase (decrease) in cash and cash equivalents		$	6,662			$	(2,479	)
Cash and Cash Equivalents
Beginning			9,778				12,257
Ending		$	16,440			$	9,778

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/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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X

- References

No definition available.

+ Details

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