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Note 27 - Parent Company Only Financial Statements

12 Months Ended

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

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 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

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X

- References

No definition available.

+ Details

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