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Note 27 - Parent Company Only Financial Statements | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 27. Parent Company Only Financial Statements FIRST NATIONAL CORPORATION (Parent Company Only) Balance Sheets December 31, 2022 and 2021 (in thousands)
|  | 2022 |  |  | 2021 |
Assets |  |  |  |  |  |  |  |
Cash |  | $ | 9,501 |  |  | $ | 7,303 |
Investment in subsidiaries, at cost, plus undistributed net income |  |  | 110,682 |  |  |  | 122,964 |
Other assets |  |  | 3,024 |  |  |  | 6,256 |
Total assets |  | $ | 123,207 |  |  | $ | 136,523 |
Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  |
Subordinated debt |  | $ | 4,995 |  |  | $ | 9,993 |
Junior subordinated debt |  |  | 9,279 |  |  |  | 9,279 |
Other liabilities |  |  | 573 |  |  |  | 212 |
Total liabilities |  | $ | 14,847 |  |  | $ | 19,484 |
Preferred stock |  | $ | — |  |  | $ | — |
Common stock |  |  | 7,831 |  |  |  | 7,785 |
Surplus |  |  | 32,716 |  |  |  | 31,966 |
Retained earnings |  |  | 90,284 |  |  |  | 76,990 |
Accumulated other comprehensive (loss) income, net |  |  | (22,471 | ) |  |  | 298 |
Total shareholders’ equity |  | $ | 108,360 |  |  | $ | 117,039 |
Total liabilities and shareholders’ equity |  | $ | 123,207 |  |  | $ | 136,523 |
FIRST NATIONAL CORPORATION (Parent Company Only) Statements of Income Years Ended December 31, 2022 and 2021 (in thousands)
|  | 2022 |  |  | 2021 |
Income |  |  |  |  |  |  |  |
Dividends from subsidiary |  | $ | 6,000 |  |  | $ | 6,000 |
Total income |  | $ | 6,000 |  |  | $ | 6,000 |
Expense |  |  |  |  |  |  |  |
Interest expense |  | $ | 547 |  |  | $ | 889 |
Supplies |  |  | 5 |  |  |  | 56 |
Legal and professional fees |  |  | 209 |  |  |  | 107 |
Data processing |  |  | 47 |  |  |  | 29 |
Management fee-subsidiary |  |  | 469 |  |  |  | 305 |
Other expense |  |  | 70 |  |  |  | 104 |
Total expense |  | $ | 1,347 |  |  | $ | 1,490 |
Income before allocated tax benefits and undistributed income of subsidiary |  | $ | 4,653 |  |  | $ | 4,510 |
Allocated income tax benefit |  |  | 283 |  |  |  | 312 |
Income before equity in undistributed income of subsidiary |  | $ | 4,936 |  |  | $ | 4,822 |
Equity in undistributed income of subsidiary |  |  | 11,861 |  |  |  | 5,537 |
Net income |  | $ | 16,797 |  |  | $ | 10,359 |
FIRST NATIONAL CORPORATION (Parent Company Only) Statements of Cash Flows Years Ended December 31, 2022 and 2021 (in thousands)
|  | 2022 |  |  | 2021 |
Cash Flows from Operating Activities |  |  |  |  |  |  |  |
Net income |  | $ | 16,797 |  |  | $ | 10,359 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Equity in undistributed income of subsidiary |  |  | (11,861 | ) |  |  | (5,537 | )
Stock-based compensation |  |  | 785 |  |  |  | 354 |
Amortization of debt issuance costs |  |  | 2 |  |  |  | 2 |
Decrease (increase) in other assets |  |  | 4,969 |  |  |  | (5,020 | )
(Decrease) increase in other liabilities |  |  | (3 | ) |  |  | 1 |
Net cash provided by operating activities |  | $ | 10,689 |  |  | $ | 159 |
Cash Flows from Investing Activities |  |  |  |  |  |  |  |
Net cash paid in acquisition of The Bank of Fincastle |  | $ | — |  |  | $ | (6,752 | )
Net cash used in investing activities |  | $ | — |  |  | $ | (6,752 | )
Cash Flows from Financing Activities |  |  |  |  |  |  |  |
Redemption of subordinated debt, net of issuance costs |  | $ | (5,000 | ) |  | $ | — |
Cash dividends paid on common stock, net of reinvestment |  |  | (3,308 | ) |  |  | (2,505 | )
Repurchase of common stock |  |  | (183 | ) |  |  | (39 | )
Net cash (used in) financing activities |  | $ | (8,491 | ) |  | $ | (2,544 | )
Increase (decrease) in cash and cash equivalents |  | $ | 2,198 |  |  | $ | (9,137 | )
Cash and Cash Equivalents |  |  |  |  |  |  |  |
Beginning |  |  | 7,303 |  |  |  | 16,440 |
Ending |  | $ | 9,501 |  |  | $ | 7,303 |

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI https://asc.fasb.org/extlink&oid=126898705&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 https://asc.fasb.org/extlink&oid=126929396&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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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