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First National Corp (FXNC) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

SEC Filings

First National Corp

CIK: 719402 Ticker: FXNC
Exhibit 99.1
 
 


First National Corporation Announces Fourth Quarter and Full Year Results


STRASBURG, Va., Jan. 26, 2016 --- First National Corporation (the “Company” or “First National”) (OTC: FXNC) today reported earnings of $813 thousand and earnings per share of $0.17 for the quarter ended December 31, 2015, compared to $398 thousand or $0.08 per share for the third quarter of 2015, and $3.4 million or $0.68 per share for the fourth quarter of 2014.  Earnings in the fourth quarter of 2014 were impacted by a $3.2 million recovery of loan losses during the period. For the year ended December 31, 2015, reported earnings totaled $1.5 million or $0.31 per share, compared to $6.5 million or $1.32 per share for the year ended December 31, 2014.  Earnings for 2014 were impacted by a $3.9 million recovery of loan losses.

“The Company had significant achievements during the quarter and reached a milestone for loan growth,” said Scott C. Harvard, president and chief executive officer of First National.   “During the fourth quarter, we redeemed all $14.6 million of preferred stock, which lowered the cost of capital and had a significant positive impact on net income available to common shareholders. We also achieved record quarterly net loan growth of $33 million. We are especially pleased with the trends in net interest margin, noninterest expense, return on equity and loan growth. The surge in loan growth was attributed to the efforts of employees in the Bank’s legacy region in the northern Shenandoah Valley as well as those in its new south region led by Regional President Butch Smiley.  We are also proud of our new employees who joined the Bank through the branch acquisition earlier in the year who have successfully retained 95% of the deposit balances since the acquisition date.  We continue to work on our initiative to streamline, serve and save, which is being driven by a team of employees from across the Company who are diligently working to improve efficiency by updating processes, improving service to customers, and reducing costs.  The goal of this initiative is to increase capacity for balance sheet growth and improve profitability.”

Select highlights for the fourth quarter include:

·  
Redeemed all $14.6 million of outstanding preferred stock on November 6, 2015
·  
Return on equity increased to 7.01% compared to 4.80% for the third quarter of 2015
·  
Net income available to common shareholders increased $415 thousand, or 104%, to $813 thousand compared to the third quarter of 2015 resulting from a $172 thousand increase in net interest income, a $189 thousand reduction in noninterest expense, and a $200 thousand decrease in the effective dividend on preferred stock
·  
Net interest margin increased to 3.53% compared to 3.40% for the third quarter of 2015
·  
Net loans increased $32.6 million or 8% during the quarter, and increased $61.8 million or 17% over the prior year
·  
Net interest income increased $172 thousand or 3% over the third quarter of 2015, and increased $793 thousand or 17% compared to the fourth quarter of 2014
·  
Noninterest income, excluding gains on sale of securities, decreased by $46 thousand compared to the third quarter of 2015, and increased $514 thousand compared to the fourth quarter of 2014


 
1

The following information was filed by First National Corp (FXNC) on Thursday, January 28, 2016 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 Loss (detail)
Accumulated Other Comprehensive Loss - Schedule Of Changes In Component Of Accumulated Other Comprehensive Loss (detail)
Accumulated Other Comprehensive Loss - Schedule Of Changes In Component Of Accumulated Other Comprehensive Loss (parenthetical) (detail)
Acquisition
Acquisition (tables)
Acquisition - Additional Information (detail)
Acquisition - Preliminary Assessment Of Consideration Transferred, Assets Purchased And Liabilities Assumed (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)
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)
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 (oreo) - Additional Information (detail)
Other Real Estate Owned (tables)
Other Real Estate Owned - Summary Of Changes In The Allowance For Oreo Losses (detail)
Other Real Estate Owned - Summary Of Changes In The Balance For Oreo (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)
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 - 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 Available For Sale (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)
Subsequent Event - Additional Information (detail)
Subsequent Events
Transactions With Related Parties
Transactions With Related Parties - Additional Information (detail)
Ticker: FXNC
CIK: 719402
Form Type: 10-K Annual Report
Accession Number: 0001193125-16-523562
Submitted to the SEC: Wed Mar 30 2016 3:12:56 PM EST
Accepted by the SEC: Wed Mar 30 2016
Period: Thursday, December 31, 2015
Industry: State Commercial Banks

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