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First National Corp (FXNC) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

SEC Filings

First National Corp

CIK: 719402 Ticker: FXNC


Exhibit 99.1
fxnclogoa01.jpg


First National Corporation Announces Fourth Quarter and Full Year Results

STRASBURG, Va., January 30, 2017 --- First National Corporation (the “Company” or “First National”) (OTC: FXNC) reported net income of $1.3 million, or $0.27 per diluted share, for the fourth quarter of 2017, and net income of $6.4 million, or $1.30 per diluted share, for the year ended December 31, 2017. In the fourth quarter of 2017, a $752 thousand, or $0.16 per diluted share, charge to income tax expense was recorded related to the re-measurement of net deferred tax assets resulting from the new 21% federal corporate income tax rate established by the Tax Cuts and Jobs Act enacted in December 2017.

2017 Key Accomplishments:

Record year of revenues totaling $33.6 million
Pre-tax income increased 23%
Return on equity of 11.57%
Loan growth of $36.1 million, or 8%
Asset quality continued to be stable
Efficiency ratio improved for second consecutive year to 66.42%
Expanded into Richmond with branch and experienced bankers

“Last year was an incredible year for our company,” said Scott Harvard, president and chief executive officer of First National. Harvard added, “In spite of a surprise tax adjustment at year end, we were able to grow earnings per share by eight percent while also absorbing the expense of opening a new branch in Richmond. The efficiency ratio improved for the second straight year. We continue to believe that efficiency is a strong driver of shareholder value and are pleased with the direction of our efficiency ratio and our stock price over the last two years. I am extremely proud of our team's hard work during the year and their continued focus on customer service, community involvement, and expense management.”        

BALANCE SHEET

Total assets of First National increased $23.1 million to $739.1 million at December 31, 2017, compared to one year ago. Loans, net of the allowance for loan losses, increased $36.1 million, or 8%. The composition of the balance sheet changed when comparing the periods. Average loans, the highest yielding asset class, increased as the percentage of total average earning assets to 74% from 71%.

Total deposits increased $19.4 million, or 3%, to $665.0 million, compared to $645.6 million at December 31, 2016. When comparing the composition of the deposit portfolio at December 31, 2017 to one year ago, noninterest-bearing deposits increased $12.8 million, from 26% to 27% of total deposits, savings and interest-bearing demand deposits increased $12.4 million, remaining at 54% of total deposits, while time deposits decreased $5.8 million, from 20% to 19% of total average deposits.

Shareholders’ equity increased $6.0 million to $58.2 million at December 31, 2017, compared to $52.2 million one year ago, primarily from an increase in retained earnings. Tangible common equity totaled $57.2 million at the end of the year, compared to $50.6 million at December 31, 2016. The Company’s wholly-owned banking subsidiary, First Bank, was considered well-capitalized based on regulatory requirements at the end of the year.




The following information was filed by First National Corp (FXNC) on Tuesday, January 30, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (parenthetical)
Consolidated Statements Of Income
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (tables)
Accumulated Other Comprehensive Loss - Reclassifications From Accumulated Other Comprehensive Income (loss) (detail)
Accumulated Other Comprehensive Loss - Schedule Of Changes In Component Of Accumulated Other Comprehensive Loss (detail)
Allowance For Loan Losses
Allowance For Loan Losses (tables)
Allowance For Loan Losses - Additional Information (detail)
Allowance For Loan Losses - Allowance By Impairment Methodology And Loans By Impairment Methodology (detail)
Allowance For Loan Losses - Impaired Loans And Related Allowance (detail)
Benefit Plans
Benefit Plans (tables)
Benefit Plans - Additional Information (detail)
Benefit Plans - Amounts Recognized In Accumulated Other Comprehensive Loss, Net Of Tax (detail)
Benefit Plans - Components Of Net Periodic Benefit Cost (detail)
Benefit Plans - Other Changes In Plan Assets And Benefit Obligations Recognized In Accumulated Other Comprehensive (income) Loss (detail)
Benefit Plans - Schedule Of Changes In Plan Benefit Obligation And Fair Value Of Assets (detail)
Benefit Plans - Schedule Of Fair Value Hierarchy, The Company's Pension Plan Assets (detail)
Benefit Plans - Schedule Of Pension Plan's Weighted-average Asset Allocations (detail)
Benefit Plans - Weighted Average Assumptions Used To Determine Benefit Obligation (detail)
Benefit Plans - Weighted Average Assumptions Used To Determine Net Periodic Benefit Cost (detail)
Commitments And Unfunded Credits
Commitments And Unfunded Credits (tables)
Commitments And Unfunded Credits - Additional Information (detail)
Commitments And Unfunded Credits - Financial Instruments Representing Credit Risk (detail)
Deposits
Deposits (tables)
Deposits - Additional Information (detail)
Deposits - Scheduled Maturities Of Time Deposits (detail)
Dividend Reinvestment Plan
Dividend Reinvestment Plan - Additional Information (detail)
Earnings Per Common Share
Earnings Per Common Share (tables)
Earnings Per Common Share - Computation Of Basic And Diluted Earnings Per Share (detail)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Additional Information (detail)
Fair Value Measurements - Balances Of Assets Measured At Fair Value On A Recurring Basis (detail)
Fair Value Measurements - Carrying Values And Estimated Fair Values Of Company's Financial Instruments (detail)
Fair Value Measurements - Quantitative Information About Level 3 Fair Value Measurements (detail)
Fair Value Measurements - Summary Of Assets Measured At Fair Value On A Nonrecurring Basis (detail)
Funds Restrictions And Reserve Balance
Funds Restrictions And Reserve Balance - Additional Information (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Income Tax Expense (detail)
Income Taxes - Income Tax Expense Differs From The Amount Of Income Tax Determined By Applying The U.s. Federal Income Tax Rate To Pretax Income (detail)
Income Taxes - Net Deferred Tax Assets (detail)
Junior Subordinated Debt
Junior Subordinated Debt - Additional Information (detail)
Lease Commitments
Lease Commitments (tables)
Lease Commitments - Additional Information (detail)
Lease Commitments - Minimum Rental Commitments Under Noncancelable Leases (detail)
Loans
Loans (tables)
Loans - Additional Information (detail)
Loans - Analysis Of The Credit Risk Profile Of Each Loan Class (detail)
Loans - Summary Of Loan Classes And An Aging Of Past Due Loans (detail)
Loans - Summary Of Loans (detail)
Nature Of Banking Activities And Significant Accounting Policies
Nature Of Banking Activities And Significant Accounting Policies (policies)
Nature Of Banking Activities And Significant Accounting Policies - Additional Information (detail)
Other Borrowings
Other Borrowings - Additional Information (detail)
Other Real Estate Owned
Other Real Estate Owned (tables)
Other Real Estate Owned - Additional Information (detail)
Other Real Estate Owned - Summary Of Changes In The Balance For Oreo (detail)
Other Real Estate Owned - Summary Of Changes In The Valuation Allowance (detail)
Parent Company Only Financial Statements
Parent Company Only Financial Statements (tables)
Parent Company Only Financial Statements - Balance Sheets (detail)
Parent Company Only Financial Statements - Statements Of Cash Flows (detail)
Parent Company Only Financial Statements - Statements Of Income (detail)
Premises And Equipment
Premises And Equipment (tables)
Premises And Equipment - Additional Information (detail)
Premises And Equipment - Summary Of Premises And Equipment (detail)
Regulatory Matters
Regulatory Matters (tables)
Regulatory Matters - Additional Information (detail)
Regulatory Matters - Comparison Of Capital Of Company And Bank With Minimum Regulatory Guidelines (detail)
Securities
Securities (tables)
Securities - Additional Information (detail)
Securities - Amortized Cost And Fair Value Of Securities (detail)
Securities - Composition Of Restricted Securities (detail)
Securities - Summary Of Amortized Costs And Fair Values Of Securities (detail)
Securities - Summary Of Investments In An Unrealized Loss Position That Were Temporarily Impaired (detail)
Stock Compensation Plans
Stock Compensation Plans (tables)
Stock Compensation Plans - Additional Information (detail)
Stock Compensation Plans - Summary Of Restricted Stock Units (detail)
Subordinated Debt
Subordinated Debt - Additional Information (detail)
Transactions With Related Parties
Transactions With Related Parties - Additional Information (detail)
Ticker: FXNC
CIK: 719402
Form Type: 10-K Annual Report
Accession Number: 0000719402-18-000007
Submitted to the SEC: Fri Mar 23 2018 4:46:09 PM EST
Accepted by the SEC: Fri Mar 23 2018
Period: Sunday, December 31, 2017
Industry: State Commercial Banks

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