$FXNC
FIRST NATIONAL CORP /VA/

2015 Q1 Form 10-Q Financial Statement

#000119312515189323 Filed on May 15, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $4.988M $4.909M
YoY Change 1.61% -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 $240.0K $250.0K
YoY Change -4.0% 0.0%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $356.0K $483.0K
YoY Change -26.29% -38.94%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $736.0K $1.629M
YoY Change -54.82% 29.9%
Income Tax $192.0K $483.0K
% Of Pretax Income 26.09% 29.65%
Net Earnings $544.0K $1.146M
YoY Change -52.53% 16.58%
Net Earnings / Revenue 10.91% 23.34%
Basic Earnings Per Share $0.04 $0.19
Diluted Earnings Per Share $0.04 $0.19
COMMON SHARES
Basic Shares Outstanding 4.907M shares 4.901B shares
Diluted Shares Outstanding 4.911M shares 4.901B shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $9.174M $34.12M
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 $16.30M $16.47M
YoY Change -1.04% -9.01%
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 $530.4M $534.6M
YoY Change -0.78% -0.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.100M $2.600M
YoY Change 96.15% -60.61%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $2.000M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.100M $2.600M
YoY Change 96.15% -60.61%
LONG-TERM LIABILITIES
Long-Term Debt $24.30M $15.30M
YoY Change 58.82% 0.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $24.30M $15.30M
YoY Change 58.82% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.100M $2.600M
Total Long-Term Liabilities $24.30M $15.30M
Total Liabilities $470.1M $479.6M
YoY Change -1.99% -2.51%
SHAREHOLDERS EQUITY
Retained Earnings $33.65M $28.29M
YoY Change 18.96%
Common Stock $6.137M $6.127M
YoY Change 0.16%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $60.31M $54.97M
YoY Change
Total Liabilities & Shareholders Equity $530.4M $534.6M
YoY Change -0.78% -0.54%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $544.0K $1.146M
YoY Change -52.53% 16.58%
Depreciation, Depletion And Amortization $240.0K $250.0K
YoY Change -4.0% 0.0%
Cash From Operating Activities $1.380M $1.060M
YoY Change 30.19% -70.39%
INVESTING ACTIVITIES
Capital Expenditures -$410.0K -$80.00K
YoY Change 412.5% -65.22%
Acquisitions
YoY Change
Other Investing Activities -$27.54M -$9.160M
YoY Change 200.66% -500.0%
Cash From Investing Activities -$27.95M -$9.230M
YoY Change 202.82% -548.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.000K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.90M 10.78M
YoY Change 1.11% 275.61%
NET CHANGE
Cash From Operating Activities 1.380M 1.060M
Cash From Investing Activities -27.95M -9.230M
Cash From Financing Activities 10.90M 10.78M
Net Change In Cash -15.67M 2.610M
YoY Change -700.38% -69.33%
FREE CASH FLOW
Cash From Operating Activities $1.380M $1.060M
Capital Expenditures -$410.0K -$80.00K
Free Cash Flow $1.790M $1.140M
YoY Change 57.02% -70.08%

Facts In Submission

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CY2014Q4 us-gaap Financing Receivable Recorded Investment Equal To Greater Than90 Days Past Due
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21166000
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328000
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906000
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35368000
CY2014Q4 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
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CY2014Q4 us-gaap Assets
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1261000
CY2014Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
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61000
CY2014Q4 us-gaap Available For Sale Securities Amortized Cost
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83494000
CY2014Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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CY2014Q4 us-gaap Cash And Due From Banks
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CY2014Q4 us-gaap Federal Reserve Bank Stock
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1900000
CY2014Q4 us-gaap Financing Receivable Recorded Investment Current
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CY2014Q4 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
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4883000
CY2014Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
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9392000
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FinancingReceivableRecordedInvestment30To59DaysPastDue
3523000
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1366000
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29 Securities
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0
CY2014Q4 fxnc Community Bankers Bank Stock
CommunityBankersBankStock
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385000
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375000
CY2014 us-gaap Recognition Of Deferred Revenue
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CY2014 us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
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CY2014 us-gaap Allowance For Loan And Lease Losses Write Offs
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1000
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CY2014 fxnc Nonrecurring Fair Value Adjustments On Loans Held For Sale
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0
CY2014 fxnc Other Real Estate Gross Gains
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307000
CY2014 fxnc Number Obligation Of State And Political Subdivisions In Unrealized Loss Position
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7 Obligation
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CY2014Q1 us-gaap Interest Income Securities Tax Exempt
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CY2014Q1 us-gaap Payments To Acquire Productive Assets
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450000
CY2014Q1 us-gaap Noninterest Income
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3000
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CY2014Q1 us-gaap Fees And Commissions
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CY2014Q1 us-gaap Comprehensive Income Net Of Tax
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1596000
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87000
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CY2014Q1 us-gaap Dividend Income Operating
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21000
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74000
CY2014Q1 us-gaap Available For Sale Securities Change In Net Unrealized Holding Gain Loss Net Of Tax
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682000
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
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0
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2014Q1 us-gaap Net Income Loss
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CY2014Q1 us-gaap Interest Paid
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CY2014Q1 us-gaap Interest Income Securities Taxable
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562000
CY2014Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
189000
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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450000
CY2014Q1 us-gaap Gains Losses On Sales Of Other Real Estate
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1000
CY2014Q1 us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
AllowanceForLoanAndLeaseLossRecoveryOfBadDebts
78000
CY2014Q1 us-gaap Interest Expense
InterestExpense
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CY2014Q1 us-gaap Postage Expense
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39000
CY2014Q1 us-gaap Provision For Loan Lease And Other Losses
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23000
CY2014Q1 us-gaap Professional Fees
ProfessionalFees
202000
CY2014Q1 us-gaap Allowance For Loan And Lease Losses Write Offs
AllowanceForLoanAndLeaseLossesWriteOffs
239000
CY2014Q1 us-gaap Equipment Expense
EquipmentExpense
304000
CY2014Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
2509000
CY2014Q1 us-gaap Real Estate Owned Valuation Allowance Provision1
RealEstateOwnedValuationAllowanceProvision1
23000
CY2014Q1 us-gaap Preferred Stock Dividends Income Statement Impact
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220000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
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2615000
CY2014Q1 us-gaap Federal Deposit Insurance Corporation Premium Expense
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172000
CY2014Q1 us-gaap Financing Receivable Modifications Post Modification Recorded Investment2
FinancingReceivableModificationsPostModificationRecordedInvestment2
344000
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CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2014Q1 us-gaap Noninterest Expense
NoninterestExpense
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16000
CY2014Q1 us-gaap Real Estate Owned Valuation Allowance Amounts Applied
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2000
CY2014Q1 us-gaap Information Technology And Data Processing
InformationTechnologyAndDataProcessing
115000
CY2014Q1 us-gaap Interest Expense Trust Preferred Securities
InterestExpenseTrustPreferredSecurities
54000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
10783000
CY2014Q1 us-gaap Occupancy Net
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315000
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
232000
CY2014Q1 us-gaap Financing Receivable Modifications Pre Modification Recorded Investment2
FinancingReceivableModificationsPreModificationRecordedInvestment2
283000
CY2014Q1 us-gaap Financing Receivable Modifications Subsequent Default Recorded Investment1
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0
CY2014Q1 us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
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CY2014Q1 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
29000
CY2014Q1 us-gaap Marketing Expense
MarketingExpense
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CY2014Q1 us-gaap Other Noninterest Expense
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407000
CY2014Q1 us-gaap Supplies Expense
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248000
CY2014Q1 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
189000
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CY2014Q1 us-gaap Interest Expense Deposits
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400000
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3052000
CY2014Q1 us-gaap Communication
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71000
CY2014Q1 fxnc Proceeds From Redemption Of Restricted Securities
ProceedsFromRedemptionOfRestrictedSecurities
168000
CY2014Q1 fxnc Bank Franchise Tax
BankFranchiseTax
94000
CY2014Q1 fxnc Atm And Check Card Fees
AtmAndCheckCardFees
335000
CY2014Q1 fxnc Atm And Check Card Fees Expenses
AtmAndCheckCardFeesExpenses
163000
CY2014Q1 fxnc Other Real Estate Owned Expenses
OtherRealEstateOwnedExpenses
9000
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-31000
CY2015Q1 dei Trading Symbol
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FXNC
CY2015Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
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4063000 shares
CY2015Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2015Q1 dei Entity Registrant Name
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FIRST NATIONAL CORP /VA/
CY2015Q1 dei Document Type
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10-Q
CY2015Q1 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
1375000
CY2015Q1 us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
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CY2015Q1 dei Document Period End Date
DocumentPeriodEndDate
2015-03-31
CY2015Q1 dei Amendment Flag
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false
CY2015Q1 dei Current Fiscal Year End Date
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--12-31
CY2015Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
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215000
CY2015Q1 us-gaap Earnings Per Share Basic
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0.04
CY2015Q1 dei Entity Central Index Key
EntityCentralIndexKey
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CY2015Q1 us-gaap Common Stock Dividends Per Share Declared
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CY2015Q1 dei Document Fiscal Period Focus
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CY2015Q1 us-gaap Debt Instrument Maturity Date
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2015-04-06
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CY2015Q1 us-gaap Interest Expense Deposits
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300000
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3668000
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2593000
CY2015Q1 us-gaap Share Based Compensation
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43000
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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4906981000 shares
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228000
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10515000
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224000
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CY2015Q1 us-gaap Interest Income Expense After Provision For Loan Loss
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4632000
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4632000
CY2015Q1 us-gaap Interest Income Securities Tax Exempt
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64000
CY2015Q1 us-gaap Interest And Fee Income Loans And Leases
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4540000
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79000
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604000
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3000
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736000
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CY2015Q1 us-gaap Interest Income Securities Taxable
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CY2015Q1 us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
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3125000
CY2015Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
329000
CY2015Q1 us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
15000000
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-15671000
CY2015Q1 us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
67000
CY2015Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
151000
CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
192000
CY2015Q1 us-gaap Noninterest Expense
NoninterestExpense
5487000
CY2015Q1 us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
224000
CY2015Q1 us-gaap Real Estate Owned Valuation Allowance Amounts Applied
RealEstateOwnedValuationAllowanceAmountsApplied
250000
CY2015Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
123000
CY2015Q1 us-gaap Information Technology And Data Processing
InformationTechnologyAndDataProcessing
187000
CY2015Q1 us-gaap Interest Expense Trust Preferred Securities
InterestExpenseTrustPreferredSecurities
54000
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
10902000
CY2015Q1 us-gaap Occupancy Net
OccupancyNet
317000
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
294000
CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1000
CY2015Q1 us-gaap Financing Receivable Modifications Subsequent Default Recorded Investment1
FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1
0
CY2015Q1 us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
-792000
CY2015Q1 us-gaap Increase Decrease In Time Deposits
IncreaseDecreaseInTimeDeposits
-4760000
CY2015Q1 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
1000
CY2015Q1 us-gaap Marketing Expense
MarketingExpense
97000
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-27948000
CY2015Q1 us-gaap Other Noninterest Expense
OtherNoninterestExpense
413000
CY2015Q1 us-gaap Other Real Estate Additions
OtherRealEstateAdditions
228000
CY2015Q1 us-gaap Supplies Expense
SuppliesExpense
345000
CY2015Q1 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
238000
CY2015Q1 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
329000
CY2015Q1 us-gaap Communication
Communication
85000
CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
-34000
CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock Dividend Reinvestment Plan
ProceedsFromIssuanceOfCommonStockDividendReinvestmentPlan
8000
CY2015Q1 fxnc Discount On Preferred Stock Amortized Period
DiscountOnPreferredStockAmortizedPeriod
P5Y
CY2015Q1 fxnc Bank Franchise Tax
BankFranchiseTax
122000
CY2015Q1 fxnc Weighted Average Period Of Pricing Of Portfolio
WeightedAveragePeriodOfPricingOfPortfolio
P3Y8M12D
CY2015Q1 fxnc Impairment Losses Related To Federal Home Loan Stock
ImpairmentLossesRelatedToFederalHomeLoanStock
0
CY2015Q1 fxnc Percentage Of Investment Portfolio
PercentageOfInvestmentPortfolio
1.00 pure
CY2015Q1 fxnc Period Of Maturity As Classifies As Short Term Borrowing
PeriodOfMaturityAsClassifiesAsShortTermBorrowing
P90D
CY2015Q1 fxnc Atm And Check Card Fees
AtmAndCheckCardFees
349000
CY2015Q1 fxnc Financing Receivable Modification As Troubled Debt Restructuring That Subsequently Defaulted
FinancingReceivableModificationAsTroubledDebtRestructuringThatSubsequentlyDefaulted
P90D
CY2015Q1 fxnc Nonrecurring Fair Value Adjustments On Loans Held For Sale
NonrecurringFairValueAdjustmentsOnLoansHeldForSale
0
CY2015Q1 fxnc Atm And Check Card Fees Expenses
AtmAndCheckCardFeesExpenses
155000
CY2015Q1 fxnc Other Real Estate Gross Gains
OtherRealEstateGrossGains
57000
CY2015Q1 fxnc Number Obligation Of State And Political Subdivisions In Unrealized Loss Position
NumberObligationOfStateAndPoliticalSubdivisionsInUnrealizedLossPosition
2 Obligation
CY2015Q1 fxnc Other Real Estate Owned Expenses
OtherRealEstateOwnedExpenses
21000
CY2015Q1 fxnc Number Of Highest Paid Consecutive Periods Of Service For Calculation Of Average Compensation Related To Benefits
NumberOfHighestPaidConsecutivePeriodsOfServiceForCalculationOfAverageCompensationRelatedToBenefits
P5Y
CY2015Q1 fxnc Other Real Estate Owned Income Expense Net
OtherRealEstateOwnedIncomeExpenseNet
36000

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