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First National Corp (FXNC) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

SEC Filings

First National Corp

CIK: 719402 Ticker: FXNC

Exhibit 99.1

Contact:
   
     
Scott C. Harvard
 
M. Shane Bell
President and CEO
 
Executive Vice President and CFO
(540) 465-9121
 
(540) 465-9121
sharvard@fbvirginia.com
 
sbell@fbvirginia.com
     
News Release
   
January 29, 2013
   
 

First National Corporation Announces Fourth Quarter and Annual Profit

Strasburg, Virginia (January 29, 2013) --- First National Corporation (the “Company”) (OTCBB: FXNC), the parent company of First Bank (the “Bank”), announced today fourth quarter and annual profits, both significant improvements over the comparable periods of 2011.  Net income for the fourth quarter of 2012 totaled $966 thousand, compared to a net loss of $8.1 million for the same period in 2011. For the year ended December 31, 2012, net income totaled $2.8 million, which was a dramatic improvement compared to a net loss of $11.0 million for the same period in 2011.  After the effective dividend on preferred stock, net income available to common shareholders totaled $740 thousand or $0.15 per basic and diluted share for the fourth quarter of 2012, compared to a net loss available to common shareholders of $8.4 million or $2.82 per basic and diluted share for the same period of 2011.  For the year ended December 31, 2012, net income available to common shareholders totaled $1.9 million or $0.49 per basic and diluted share, compared to net loss available to common shareholders of $11.9 million or $4.01 per basic and diluted share for the same period of 2011.

Scott C. Harvard, President and CEO of the Company and the Bank commented, “We are pleased to report a profitable 2012, in what was clearly a turnaround year for our banking company. The year 2012 was a rebuilding year across all areas of the company and we met our goals of being profitable each quarter, raising capital to add financial strength, lowering non-performing asset levels, and focusing on our core strength of delivering exceptional customer service. We are pleased that through the hard work of our dedicated staff, we achieved these goals, and in the fourth quarter we grew the loan portfolio for the first time in over two years. As one of the few independent banks in our communities, we remain excited about the prospects for the future.”

Operating Highlights for 2012
 
 
 
·
Significant earnings improvement

 
·
Non-performing assets decreased 23% from prior year end

 
·
Raised $7.8 million of additional capital in June

 
·
Exited TARP program in August

 
·
Strengthened management with the addition of James Youngblood, Senior Lending Officer

 
·
Stable revenues

 
·
Provision for loan losses was $8.8 million lower

 
·
Allowance for loan losses totaled $13.1 million or 3.41% of total loans

 
·
Bank capital ratios continued to exceed well capitalized guidelines


 
 

The following information was filed by First National Corp (FXNC) on Wednesday, January 30, 2013 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 (loss)
Consolidated Statements Of Comprehensive Income (loss) (parenthetical)
Consolidated Statements Of Operations
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (details Textual)
Accumulated Other Comprehensive Income (details)
Accumulated Other Comprehensive Income (tables)
Allowance For Loan Losses
Allowance For Loan Losses (details 1)
Allowance For Loan Losses (details 2)
Allowance For Loan Losses (details 3)
Allowance For Loan Losses (details 4)
Allowance For Loan Losses (details Textual)
Allowance For Loan Losses (details)
Allowance For Loan Losses (tables)
Benefit Plans
Benefit Plans (details 1)
Benefit Plans (details 2)
Benefit Plans (details 3)
Benefit Plans (details 4)
Benefit Plans (details 5)
Benefit Plans (details 6)
Benefit Plans (details 7)
Benefit Plans (details 8)
Benefit Plans (details Textual)
Benefit Plans (details)
Benefit Plans (tables)
Capital Purchase Program
Capital Purchase Program (details)
Commitments And Unfunded Credits
Commitments And Unfunded Credits (details Textual)
Commitments And Unfunded Credits (details)
Commitments And Unfunded Credits (tables)
Deposits
Deposits (details Textual)
Deposits (details)
Deposits (tables)
Dividend Reinvestment Plan
Dividend Reinvestment Plan (details Textual)
Fair Value Measurements
Fair Value Measurements (details 1)
Fair Value Measurements (details 2)
Fair Value Measurements (details 3)
Fair Value Measurements (details Textual)
Fair Value Measurements (details)
Fair Value Measurements (tables)
Funds Restrictions And Reserve Balance
Funds Restrictions And Reserve Balance (details)
Income Taxes
Income Taxes (details 1)
Income Taxes (details 2)
Income Taxes (details Textual)
Income Taxes (details)
Income Taxes (tables)
Lease Commitments
Lease Commitments (details Textual)
Lease Commitments (details)
Lease Commitments (tables)
Loans
Loans (details 1)
Loans (details 2)
Loans (details Textual)
Loans (details)
Loans (tables)
Nature Of Banking Activities And Significant Accounting Policies
Nature Of Banking Activities And Significant Accounting Policies (details)
Nature Of Banking Activities And Significant Accounting Policies (policies)
Other Borrowings
Other Borrowings (details Textual)
Other Borrowings (details)
Other Borrowings (tables)
Other Real Estate Owned
Other Real Estate Owned (details 1)
Other Real Estate Owned (details Textual)
Other Real Estate Owned (details)
Other Real Estate Owned (tables)
Parent Company Only Financial Statements
Parent Company Only Financial Statements (details 1)
Parent Company Only Financial Statements (details 2)
Parent Company Only Financial Statements (details)
Parent Company Only Financial Statements (tables)
Premises And Equipment
Premises And Equipment (details Textual)
Premises And Equipment (details)
Premises And Equipment (tables)
Regulatory Matters
Regulatory Matters (details)
Regulatory Matters (tables)
Rights Offering Of Common Stock
Rights Offering Of Common Stock (details)
Securities
Securities (details 1)
Securities (details 2)
Securities (details 3)
Securities (details Textual)
Securities (details)
Securities (tables)
Transactions With Related Parties
Transactions With Related Parties (details Textual)
Trust Preferred Capital Notes
Trust Preferred Capital Notes (details)
Ticker: FXNC
CIK: 719402
Form Type: 10-K Annual Report
Accession Number: 0001193125-13-124261
Submitted to the SEC: Mon Mar 25 2013 4:11:17 PM EST
Accepted by the SEC: Mon Mar 25 2013
Period: Monday, December 31, 2012
Industry: State Commercial Banks

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