$FXNC
FIRST NATIONAL CORP /VA/

2014 Q1 Form 10-Q Financial Statement

#000119312514194582 Filed on May 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $4.909M $5.407M
YoY Change -9.21%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $250.0K $250.0K
YoY Change 0.0% -10.71%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $483.0K $791.0K
YoY Change -38.94%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $1.629M $1.254M
YoY Change 29.9% 81.74%
Income Tax $483.0K $271.0K
% Of Pretax Income 29.65% 21.61%
Net Earnings $1.146M $983.0K
YoY Change 16.58% 104.79%
Net Earnings / Revenue 23.34% 18.18%
Basic Earnings Per Share $0.19
Diluted Earnings Per Share $0.19 $200.0K
COMMON SHARES
Basic Shares Outstanding 4.901B shares
Diluted Shares Outstanding 4.901B shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $34.12M $39.54M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $16.47M $18.10M
YoY Change -9.01% -6.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $534.6M $537.5M
YoY Change -0.54% 1.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.600M $6.600M
YoY Change -60.61% 60.98%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.600M $6.600M
YoY Change -60.61% 60.98%
LONG-TERM LIABILITIES
Long-Term Debt $15.30M $15.30M
YoY Change 0.0% -34.62%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $15.30M $15.30M
YoY Change 0.0% -34.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.600M $6.600M
Total Long-Term Liabilities $15.30M $15.30M
Total Liabilities $479.6M $492.0M
YoY Change -2.51% -0.02%
SHAREHOLDERS EQUITY
Retained Earnings $28.29M
YoY Change
Common Stock $6.127M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $54.97M $45.55M
YoY Change
Total Liabilities & Shareholders Equity $534.6M $537.5M
YoY Change -0.54% 1.76%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $1.146M $983.0K
YoY Change 16.58% 104.79%
Depreciation, Depletion And Amortization $250.0K $250.0K
YoY Change 0.0% -10.71%
Cash From Operating Activities $1.060M $3.580M
YoY Change -70.39% 146.9%
INVESTING ACTIVITIES
Capital Expenditures -$80.00K -$230.0K
YoY Change -65.22% 76.92%
Acquisitions
YoY Change
Other Investing Activities -$9.160M $2.290M
YoY Change -500.0% -71.23%
Cash From Investing Activities -$9.230M $2.060M
YoY Change -548.06% -73.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.78M 2.870M
YoY Change 275.61% -129.38%
NET CHANGE
Cash From Operating Activities 1.060M 3.580M
Cash From Investing Activities -9.230M 2.060M
Cash From Financing Activities 10.78M 2.870M
Net Change In Cash 2.610M 8.510M
YoY Change -69.33% -1836.73%
FREE CASH FLOW
Cash From Operating Activities $1.060M $3.580M
Capital Expenditures -$80.00K -$230.0K
Free Cash Flow $1.140M $3.810M
YoY Change -70.08% 141.14%

Facts In Submission

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12843000
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2013Q4 us-gaap Financing Receivable Recorded Investment Past Due
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11385000
CY2013Q4 us-gaap Financing Receivable Recorded Investment60 To89 Days Past Due
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CY2013Q4 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
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CY2013Q4 us-gaap Interest Receivable
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CY2013Q4 us-gaap Financing Receivable Individually Evaluated For Impairment
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CY2013Q4 us-gaap Financing Receivable Recorded Investment Current
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12301000
CY2013Q4 us-gaap Available For Sale Securities
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CY2013Q4 us-gaap Financing Receivable Collectively Evaluated For Impairment
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CY2013Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
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CY2013Q4 us-gaap Financing Receivable Recorded Investment Equal To Greater Than90 Days Past Due
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40 Securities
CY2013Q4 fxnc Community Bankers Bank Stock
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50000
CY2013Q4 fxnc Fair Value Of Loan Commitments And Standby Letters Of Credit
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CY2013Q4 fxnc Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses Accumulated In Investments
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLossesAccumulatedInInvestments
559000
CY2013Q4 fxnc Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses Accumulated In Investments
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2177000
CY2013Q4 fxnc Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses Accumulated In Investments
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAggregateLossesAccumulatedInInvestments
2736000
CY2013Q4 fxnc Available For Sale Securities Gross Unrealized Loss Accumulated In Investments
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2736000
CY2013Q4 fxnc Available For Sale Securities Gross Unrealized Gain Accumulated In Investments
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1024000
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CY2013 us-gaap Real Estate Owned Valuation Allowance Provision
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CY2013 us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
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CY2013 us-gaap Real Estate Owned Valuation Allowance Amounts Applied
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CY2013 us-gaap Provision For Loan And Lease Losses
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425000
CY2013 us-gaap Impaired Financing Receivable Average Recorded Investment
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16009000
CY2013 us-gaap Allowance For Loan And Lease Losses Write Offs
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80000
CY2013 fxnc Depreciation On Other Real Estate
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3000
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1.00 pure
CY2013 fxnc Number Obligation Of State And Political Subdivisions In Unrealized Loss Position
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21 Obligation
CY2013 fxnc Weighted Average Period Of Pricing Of Portfolio
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P4Y6M
CY2013 fxnc Real Estate Owned Valuation Allowance Additions
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CY2013 fxnc Other Real Estate Owned Expenses
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CY2013 fxnc Other Real Estate Charge Off
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1564000
CY2013Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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4901464 shares
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3579000
CY2013Q1 us-gaap Earnings Per Share Basic And Diluted
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CY2013Q1 us-gaap Comprehensive Income Net Of Tax
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9892000
CY2013Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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757000
CY2013Q1 us-gaap Interest Income Securities Taxable
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372000
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CY2013Q1 us-gaap Real Estate Owned Valuation Allowance Provision
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CY2013Q1 us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
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CY2013Q1 us-gaap Available For Sale Securities Change In Net Unrealized Holding Gain Loss Net Of Tax
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CY2013Q1 us-gaap Interest Paid
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CY2013Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2013Q1 us-gaap Interest And Dividend Income Operating
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CY2013Q1 us-gaap Interest And Fee Income Loans And Leases
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116000
CY2013Q1 us-gaap Accretion Amortization Of Discounts And Premiums Investments
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CY2013Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
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CY2013Q1 us-gaap Interest Income Securities Tax Exempt
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CY2013Q1 us-gaap Bank Owned Life Insurance Income
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CY2013Q1 us-gaap Gain Loss On Sales Of Loans Net
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59000
CY2013Q1 us-gaap Fees And Commissions
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CY2013Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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CY2013Q1 us-gaap Dividend Income Operating
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CY2013Q1 us-gaap Noninterest Income
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CY2013Q1 us-gaap Repayments Of Other Debt
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6000
CY2013Q1 us-gaap Payments To Acquire Productive Assets
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226000
CY2013Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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CY2013Q1 us-gaap Increase Decrease In Deposits
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8220000
CY2013Q1 us-gaap Noninterest Expense
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CY2013Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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CY2013Q1 us-gaap Information Technology And Data Processing
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CY2013Q1 us-gaap Increase Decrease In Time Deposits
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CY2013Q1 us-gaap Proceeds From Sale Of Loans Held For Sale
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CY2013Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments Net Of Tax
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CY2013Q1 us-gaap Communication
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CY2013Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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2868000
CY2013Q1 us-gaap Real Estate Owned Valuation Allowance Amounts Applied
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191000
CY2013Q1 us-gaap Depreciation Amortization And Accretion Net
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252000
CY2013Q1 us-gaap Provision For Loan And Lease Losses
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CY2013Q1 us-gaap Other Noninterest Expense
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CY2013Q1 us-gaap Equipment Expense
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CY2013Q1 us-gaap Interest Expense Borrowings
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CY2013Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
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8509000
CY2013Q1 us-gaap Marketing Expense
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CY2013Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
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1850000
CY2013Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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2062000
CY2013Q1 us-gaap Interest Expense
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CY2013Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2013Q1 us-gaap Foreclosed Real Estate Expense
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CY2013Q1 us-gaap Interest Expense Trust Preferred Securities
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CY2013Q1 us-gaap Allowance For Loan And Lease Losses Write Offs
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CY2013Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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CY2013Q1 us-gaap Provision For Loan Lease And Other Losses
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CY2013Q1 us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
341000
CY2013Q1 us-gaap Interest Expense Deposits
InterestExpenseDeposits
706000
CY2013Q1 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
189000
CY2013Q1 us-gaap Occupancy Net
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378000
CY2013Q1 us-gaap Professional Fees
ProfessionalFees
179000
CY2013Q1 us-gaap Proceeds From Sale Of Other Real Estate
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1038000
CY2013Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
2634000
CY2013Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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7999000
CY2013Q1 us-gaap Supplies Expense
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CY2013Q1 us-gaap Financing Receivable Modifications Subsequent Default Recorded Investment1
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0
CY2013Q1 us-gaap Preferred Stock Dividends Income Statement Impact
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226000
CY2013Q1 fxnc Other Comprehensive Income Deferred Tax Adjustment
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CY2013Q1 fxnc Proceeds From Redemption Of Restricted Securities
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169000
CY2013Q1 fxnc Accumulated Other Comprehensive Income Change In Cumulative Translation Adjustment
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CY2013Q1 fxnc Other Comprehensive Income Change In Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2014Q1 dei Entity Registrant Name
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FIRST NATIONAL CORP /VA/
CY2014Q1 dei Amendment Flag
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false
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2014Q1 dei Document Fiscal Year Focus
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CY2014Q1 dei Document Type
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10-Q
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
271000
CY2013Q1 fxnc Bank Franchise Tax
BankFranchiseTax
68000
CY2013Q1 fxnc Transfers To Other Real Estate Owned
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224000
CY2013Q1 fxnc Atm And Check Card Fees
AtmAndCheckCardFees
333000
CY2013Q1 fxnc Other Comprehensive Income Deferred Tax Adjustment On Available For Sale Securities Net Of Tax
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CY2013Q1 fxnc Other Comprehensive Income Loss Changes In Unrealized Gains And Losses Before Tax
OtherComprehensiveIncomeLossChangesInUnrealizedGainsAndLossesBeforeTax
132000
CY2013Q1 fxnc Real Estate Owned Valuation Allowance Additions
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63000
CY2013Q1 fxnc Other Real Estate Owned Expenses
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49000
CY2013Q1 fxnc Other Comprehensive Income Deferred Tax Adjustment On Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2013Q1 fxnc Atm And Check Card Fees Expenses
AtmAndCheckCardFeesExpenses
158000
CY2014Q1 dei Entity Central Index Key
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CY2014Q1 dei Current Fiscal Year End Date
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CY2014Q1 dei Document Fiscal Period Focus
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CY2014Q1 us-gaap Debt Instrument Maturity Date
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2018-12-28
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1064000
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CY2014Q1 us-gaap Interest Income Securities Tax Exempt
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682000
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CY2014Q1 us-gaap Payments To Acquire Productive Assets
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CashAndCashEquivalentsPeriodIncreaseDecrease
2615000
CY2014Q1 us-gaap Marketing Expense
MarketingExpense
109000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-9232000
CY2014Q1 us-gaap Interest Expense
InterestExpense
483000
CY2014Q1 us-gaap Foreclosed Real Estate Expense
ForeclosedRealEstateExpense
31000
CY2014Q1 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
21279000
CY2014Q1 us-gaap Interest Expense Trust Preferred Securities
InterestExpenseTrustPreferredSecurities
54000
CY2014Q1 us-gaap Allowance For Loan And Lease Losses Write Offs
AllowanceForLoanAndLeaseLossesWriteOffs
239000
CY2014Q1 us-gaap Financing Receivable Modifications Post Modification Recorded Investment2
FinancingReceivableModificationsPostModificationRecordedInvestment2
344000
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
0
CY2014Q1 us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
23000
CY2014Q1 us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
16000
CY2014Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
2509000
CY2014Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
3052000
CY2014Q1 us-gaap Supplies Expense
SuppliesExpense
80000
CY2014Q1 us-gaap Financing Receivable Modifications Subsequent Default Recorded Investment1
FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1
0
CY2014Q1 us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
172000
CY2014Q1 us-gaap Interest Expense Deposits
InterestExpenseDeposits
400000
CY2014Q1 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
189000
CY2014Q1 us-gaap Occupancy Net
OccupancyNet
315000
CY2014Q1 us-gaap Professional Fees
ProfessionalFees
202000
CY2014Q1 us-gaap Debt Instrument Periodic Payment
DebtInstrumentPeriodicPayment
2000
CY2014Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
220000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
483000
CY2014Q1 fxnc Minimum Period Of Appraisal Of Property To Consider Different Method To Measure Fair Value
MinimumPeriodOfAppraisalOfPropertyToConsiderDifferentMethodToMeasureFairValue
P1Y
CY2014Q1 fxnc Period Of Maturity As Classifies As Short Term Borrowing
PeriodOfMaturityAsClassifiesAsShortTermBorrowing
P90D
CY2014Q1 fxnc Other Real Estate Gross Gains
OtherRealEstateGrossGains
1000
CY2014Q1 fxnc Percentage Of Investment Portfolio
PercentageOfInvestmentPortfolio
1.00 pure
CY2014Q1 fxnc Maximum Period Used To Determine Value Of Real Estate Collateral
MaximumPeriodUsedToDetermineValueOfRealEstateCollateral
P1Y
CY2014Q1 fxnc Bank Franchise Tax
BankFranchiseTax
94000
CY2014Q1 fxnc Number Obligation Of State And Political Subdivisions In Unrealized Loss Position
NumberObligationOfStateAndPoliticalSubdivisionsInUnrealizedLossPosition
24 Obligation
CY2014Q1 fxnc Atm And Check Card Fees
AtmAndCheckCardFees
335000
CY2014Q1 fxnc Other Comprehensive Income Deferred Tax Adjustment On Available For Sale Securities Net Of Tax
OtherComprehensiveIncomeDeferredTaxAdjustmentOnAvailableForSaleSecuritiesNetOfTax
-232000
CY2014Q1 fxnc Other Comprehensive Income Loss Changes In Unrealized Gains And Losses Before Tax
OtherComprehensiveIncomeLossChangesInUnrealizedGainsAndLossesBeforeTax
-450000
CY2014Q1 fxnc Weighted Average Period Of Pricing Of Portfolio
WeightedAveragePeriodOfPricingOfPortfolio
P4Y4M24D
CY2014Q1 fxnc Maximum Period Used To Determine Value Of Business Equipment
MaximumPeriodUsedToDetermineValueOfBusinessEquipment
P1Y
CY2014Q1 fxnc Discount On Preferred Stock Amortized Period
DiscountOnPreferredStockAmortizedPeriod
P5Y
CY2014Q1 fxnc Other Real Estate Owned Expenses
OtherRealEstateOwnedExpenses
9000
CY2014Q1 fxnc Other Real Estate Charge Off
OtherRealEstateChargeOff
2000
CY2014Q1 fxnc Proceeds From Redemption Of Restricted Securities
ProceedsFromRedemptionOfRestrictedSecurities
168000
CY2014Q1 fxnc Accumulated Other Comprehensive Income Change In Cumulative Translation Adjustment
AccumulatedOtherComprehensiveIncomeChangeInCumulativeTranslationAdjustment
450000
CY2014Q1 fxnc Other Comprehensive Income Change In Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeChangeInPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
CY2014Q1 fxnc Number Of Highest Paid Consecutive Years Of Service For Calculation Of Average Compensation Related To Benefits
NumberOfHighestPaidConsecutiveYearsOfServiceForCalculationOfAverageCompensationRelatedToBenefits
P5Y
CY2014Q1 fxnc Other Comprehensive Income Deferred Tax Adjustment On Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeDeferredTaxAdjustmentOnPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
CY2014Q1 fxnc Impairment Losses Related To Federal Home Loan Stock
ImpairmentLossesRelatedToFederalHomeLoanStock
0
CY2014Q1 fxnc Financing Receivable Modification As Troubled Debt Restructuring That Subsequently Defaulted
FinancingReceivableModificationAsTroubledDebtRestructuringThatSubsequentlyDefaulted
P90D
CY2014Q1 fxnc Atm And Check Card Fees Expenses
AtmAndCheckCardFeesExpenses
163000
CY2014Q1 fxnc Other Comprehensive Income Deferred Tax Adjustment
OtherComprehensiveIncomeDeferredTaxAdjustment
-232000

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