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First National Corp (FXNC) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

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
   
sbell@fbvirginia.com
sharvard@fbvirginia.com
     

News Release
January 29, 2015
 
 

First National Corporation Announces Fourth Quarter and Annual Earnings

Strasburg, Virginia (January 29, 2015) --- First National Corporation (the “Company”) (OTCQB: FXNC), the parent company of First Bank (the “Bank”), reported annual and quarterly earnings.  Net income totaled $7.6 million and net income available to common shareholders totaled $6.5 million, or $1.32 per basic and diluted share, for the year ended December 31, 2014.  For the fourth quarter, net income totaled $3.7 million and net income available to common shareholders totaled $3.4 million, or $0.68 per basic and diluted share.

Operating Highlights for 2014

·  
Return on average assets was 1.45%
·  
Net interest margin was 3.86%
·  
Four consecutive quarters of loan growth
·  
Service charge revenue increased 17% to $2.6 million
·  
Wealth management revenue increased 13% to $1.9 million
·  
Non-performing assets decreased by 33%
·  
Expanded into Harrisonburg and Staunton with mortgage division and loan production offices
·  
Entered into an agreement to acquire six branch banking offices in Virginia
·  
Book value per common share increased from $7.96 to $9.17

“We are proud of the Company’s financial performance and expansion progress during 2014.  Our bankers generated four consecutive quarters of loan growth, improved the Bank’s net interest margin, maintained strong noninterest income and improved asset quality while entering new markets and launching a new mortgage division,” said Scott C. Harvard, President and CEO of the Company and the Bank. Harvard continued, “We look forward to further expansion and growth of the Bank with the planned acquisition of six bank offices located throughout the Shenandoah Valley and Central Virginia.”

Fourth Quarter Earnings

Net income totaled $3.7 million for the fourth quarter of 2014 compared to $7.4 million for the same period of 2013, which included a $4.8 million favorable impact to the income tax provision from elimination of the valuation allowance on net deferred tax assets.  The return on average assets was 2.81% for the quarter compared to 5.55% for the same quarter one year ago, and the return on average equity was 25.03% compared to 62.96%.

Net interest income increased $256 thousand to $4.8 million for the fourth quarter, compared to $4.5 million for the same period one year ago, and the net interest margin was 3.96% compared to 3.68%.  Noninterest income totaled $2.4 million for the fourth quarter, which was a $678 thousand, or 38% increase compared to the same quarter one year ago.  The increase was primarily attributable to net gains on sale of securities of $765 thousand during the fourth quarter of 2014. Revenues from wealth management, service charges on deposits, and ATM and check card fees were relatively stable when compared to the same period one year ago.

Noninterest expenses totaled $4.9 million for the fourth quarter, which was a $1.4 million, or 22% decrease compared to the same period one year ago.  The decrease in expenses was mostly attributable to salaries and employee benefit costs that decreased $185 thousand, FDIC assessments that decreased $104 thousand and expenses from other real estate owned that decreased $531 thousand during the fourth quarter of 2014.  The decrease in expenses was also attributable to non-recurring items in the fourth quarter of 2013, which included $655 thousand of costs related to a lease termination.

 
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The following information was filed by First National Corp (FXNC) on Friday, January 30, 2015 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 (income) Loss - Reclassifications From Accumulated Other Comprehensive Loss (detail)
Accumulated Other Comprehensive Income (loss)
Accumulated Other Comprehensive Income (loss) (tables)
Accumulated Other Comprehensive Income (loss) - Schedule Of Changes In Component Of Accumulated Other Comprehensive Income (loss) (detail)
Accumulated Other Comprehensive Income (loss) - Schedule Of Changes In Component Of Accumulated Other Comprehensive Income (loss) (parenthetical) (detail)
Acquisition
Acquisition - Additional Information (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)
Allowance For Loan Losses - Information Regarding Loans Modified Under Tdr (detail)
Allowance For Loan Losses - Transactions In Allowance For Loan Losses (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 - Estimated Future Benefit Payments, Which Reflect Expected Future Service (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)
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 - Additional Information (detail)
Income Taxes - Income Tax Provision (benefit) 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)
Income Taxes - Provision (benefit) For Income Taxes (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 (oreo) - Additional Information (detail)
Other Real Estate Owned (oreo) - Summary Of Changes In The Balance For Oreo (detail)
Other Real Estate Owned (oreo) - Summary Of Changes In The Valuation Allowance (detail)
Other Real Estate Owned (tables)
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)
Preferred Stock
Preferred Stock - Additional Information (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 - Comparison Of Capital Of Company And Bank With Minimum Regulatory Guidelines (detail)
Rights Offering Of Common Stock
Rights Offering Of Common Stock - Additional Information (detail)
Securities
Securities (tables)
Securities - Additional Information (detail)
Securities - Amortized Cost And Fair Value Of Securities Available For Sale (detail)
Securities - Composition Of Restricted Securities (detail)
Securities - Summary Of Amortized Costs And Fair Values Of Securities Available For Sale (detail)
Securities - Summary Of Investments In An Unrealized Loss Position That Were Temporarily Impaired (detail)
Subsequent Event - Additional Information (detail)
Subsequent Events
Transactions With Related Parties
Transactions With Related Parties - Additional Information (detail)
Trust Preferred Capital Notes
Trust Preferred Capital Notes - Additional Information (detail)
Ticker: FXNC
CIK: 719402
Form Type: 10-K Annual Report
Accession Number: 0001193125-15-109305
Submitted to the SEC: Fri Mar 27 2015 3:47:12 PM EST
Accepted by the SEC: Fri Mar 27 2015
Period: Wednesday, December 31, 2014
Industry: State Commercial Banks

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