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Note 28 - Parent Company Only Financial Statements | 12 Months Ended
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Dec. 31, 2024
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, 2024 and 2023 (in thousands)
|  | 2024 |  |  | 2023 |
Assets |  |  |  |  |  |  |  |
Cash |  | $ | 29,130 |  |  | $ | 15,572 |
Investment in subsidiaries, at cost, plus undistributed net income |  |  | 161,653 |  |  |  | 112,317 |
Other assets |  |  | 7,586 |  |  |  | 3,193 |
Total assets |  | $ | 198,369 |  |  | $ | 131,082 |
Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  |
Subordinated debt |  | $ | 21,175 |  |  | $ | 4,997 |
Junior subordinated debt |  |  | 9,279 |  |  |  | 9,279 |
Other liabilities |  |  | 1,385 |  |  |  | 535 |
Total liabilities |  | $ | 31,839 |  |  | $ | 14,811 |
Preferred stock |  | $ | — |  |  | $ | — |
Common stock |  |  | 11,218 |  |  |  | 7,829 |
Surplus |  |  | 77,058 |  |  |  | 32,950 |
Retained earnings |  |  | 96,947 |  |  |  | 94,198 |
Accumulated other comprehensive (loss), net |  |  | (18,693 | ) |  |  | (18,706 | )
Total shareholders’ equity |  | $ | 166,530 |  |  | $ | 116,271 |
Total liabilities and shareholders’ equity |  | $ | 198,369 |  |  | $ | 131,082 |
FIRST NATIONAL CORPORATION (Parent Company Only) Statements of Income Years Ended December 31, 2024 and 2023 (in thousands)
|  | 2024 |  |  | 2023 |
Income |  |  |  |  |  |  |  |
Dividends from subsidiary |  | $ | 18,000 |  |  | $ | 11,000 |
Other operating income |  |  | 40 |  |  |  |  |
Total income |  | $ | 18,040 |  |  | $ | 11,000 |
Expense |  |  |  |  |  |  |  |
Interest expense |  | $ | 873 |  |  | $ | 548 |
Supplies |  |  | 83 |  |  |  | 2 |
Legal and professional fees |  |  | 340 |  |  |  | 262 |
Data processing |  |  | 107 |  |  |  | 60 |
Management fee-subsidiary |  |  | 368 |  |  |  | 369 |
Other expense |  |  | 122 |  |  |  | 85 |
Total expense |  | $ | 1,893 |  |  | $ | 1,326 |
Income before allocated tax benefits and undistributed income of subsidiary |  | $ | 16,147 |  |  | $ | 9,674 |
Allocated income tax benefit |  |  | 389 |  |  |  | 278 |
Income before equity in undistributed income of subsidiary |  | $ | 16,536 |  |  | $ | 9,952 |
Equity in undistributed (loss) income of subsidiary |  |  | (9,570 | ) |  |  | (328 | )
Net income |  | $ | 6,966 |  |  | $ | 9,624 |
FIRST NATIONAL CORPORATION (Parent Company Only) Statements of Cash Flows Years Ended December 31, 2024 and 2023 (in thousands)
|  | 2024 |  |  | 2023 |
Cash Flows from Operating Activities |  |  |  |  |  |  |  |
Net income |  | $ | 6,966 |  |  | $ | 9,624 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |
Equity in undistributed income of subsidiary |  |  | 9,570 |  |  |  | 328 |
Stock-based compensation |  |  | 635 |  |  |  | 753 |
Amortization of debt issuance costs |  |  | 2 |  |  |  | 2 |
Gain on sale of investment |  |  | (40 | ) |  |  | — |
(Increase) in other assets |  |  | (85 | ) |  |  | (359 | )
Increase increase in other liabilities |  |  | 296 |  |  |  | 2 |
Net cash provided by operating activities |  | $ | 17,344 |  |  | $ | 10,350 |
Cash Flows from Investing Activities |  |  |  |  |  |  |  |
Net cash paid in acquisition of Touchstone Bank |  | $ | (10 | ) |  | $ | — |
Proceeds from sale of investment |  |  | 368 |  |  |  | — |
Net cash provided by investing activities |  | $ | 358 |  |  | $ | — |
Cash Flows from Financing Activities |  |  |  |  |  |  |  |
Cash dividends paid on common stock, net of reinvestment |  | $ | (4,038 | ) |  | $ | (3,597 | )
Repurchase of common stock |  |  | (106 | ) |  |  | (682 | )
Net cash (used in) financing activities |  | $ | (4,144 | ) |  | $ | (4,279 | )
Increase in cash and cash equivalents |  | $ | 13,558 |  |  | $ | 6,071 |
Cash and Cash Equivalents |  |  |  |  |  |  |  |
Beginning |  |  | 15,572 |  |  |  | 9,501 |
Ending |  | $ | 29,130 |  |  | $ | 15,572 |

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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 -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
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