-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UiLul8HigI91MjFO2Nk9afMd/bcSxE33I2UqMgEyxjlsJSLO2SskqYlGxAseFZJO dogrUhJNcH8ydSfYbOjRWA== /in/edgar/work/20000814/0000916641-00-001167/0000916641-00-001167.txt : 20000921 0000916641-00-001167.hdr.sgml : 20000921 ACCESSION NUMBER: 0000916641-00-001167 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST NATIONAL CORP /VA/ CENTRAL INDEX KEY: 0000719402 STANDARD INDUSTRIAL CLASSIFICATION: [6022 ] IRS NUMBER: 541231965 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-23976 FILM NUMBER: 700590 BUSINESS ADDRESS: STREET 1: 100 WEST KING STREET CITY: STRASBURG STATE: VA ZIP: 22657 BUSINESS PHONE: 7034659121 MAIL ADDRESS: STREET 1: 100 WEST KING STREET CITY: STRASBURG STATE: VA ZIP: 22657 10-Q 1 0001.txt FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2000 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 0-23976 FIRST NATIONAL CORPORATION (Exact name of registrant as specified in its charter) Virginia 54-1232965 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 112 West King Street, Strasburg, Virginia 22657 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (540) 465-9121 NONE (Former name, former address and former fiscal year, if changed since last report.) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 Months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No Indicate the number of shares of each of the issuer's classes of common stock, as of the latest practicable date: Class: Common stock, $5.00 par value Outstanding as of August 7, 2000: 794,631 FIRST NATIONAL CORPORATION INDEX Part 1. Financial Information Item 1 Financial Statements Page No. Consolidated Statements of Income 3,4 Consolidated Balance Sheets 5 Consolidated Statements of Cash Flows 6 Consolidated Statements of Changes in Stockholders' Equity 7 Notes to Consolidated Financial Statements 8 Item 2. Management's Discussion and Analysis of Results of Operations and Financial Condition 11 Item 3. Quantitative and Qualitative Disclosures About Market Risk 13 Part II. Other Information Item 1 Legal Proceedings 13 Item 4. Submission of Matters to a Vote of Security Holders 13 Item 6. Exhibits and Reports on Form 8-K 14 Signature 15
2 PART I: FINANCIAL INFORMATION FIRST NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF INCOME (In Thousands of Dollars) (Except Per Share Amounts)
Three Months Ended June 30, 2000 June 30, 1999 ------------- ------------- Interest Income Interest and Fees on Loans $3,411 $2,933 Interest on Federal Funds Sold 12 10 Interest on Deposits in Banks 8 8 Interest and Dividends on Investment Securities Available for Sale Taxable 594 733 Non Taxable 82 106 Total Interest Income 4,107 3,790 Interest Expense Interest on Savings Deposits and Interest Bearing Demand Deposits 823 776 Interest on Time Deposits of $100,000 or more 211 171 Interest on All Other Time Deposits 617 643 Interest on Federal Funds Purchased 35 29 Interest on Long-term Debt 569 274 ----------- ----------- Total Interest Expense 2,255 1,893 ----------- ----------- Net Interest Income 1,852 1,897 ----------- ----------- Provision for Loan Losses 123 102 ----------- ----------- Net Interest Income After Provisions for Loan Losses 1,729 1,795 Other Operating Income Service Charges 196 154 Profits on Securities Available for Sale -- -- Other Operating Income 170 83 ----------- ----------- Total Operating Income 366 237 Other Operating Expenses Salaries and Employee Benefits 738 664 Occupancy Expense 82 79 Equipment Expense 119 112 Other 455 430 ---------- ----------- Total Operating Expenses 1,394 1,285 Income Before Income taxes 701 747 Income Taxes 186 234 ---------- ----------- Net Income $515 $513 ========== =========== Per Share Data Earnings Per Common Share, basic $0.65 $0.65 ========= ======== Earnings Per Common Share, diluted $0.65 $0.65 ========= ======== Cash Dividends 0.290 0.260 ========= =========
The Accompanying Notes Are An Integral Part Of These Statements 3 FIRST NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF INCOME (In Thousands of Dollars) (Except Per Share Amounts)
Six Months Ended June 30, 2000 June 30, 1999 ------------- ------------- Interest Income Interest and Fees on Loans $6,682 $5,705 Interest on Federal Funds Sold 20 58 Interest on Deposits in Banks 7 14 Interest and Dividends on Investment Securities Available for Sale Taxable 1,195 1,366 Non Taxable 164 196 Total Interest Income 8,068 7,339 Interest Expense Interest on Savings Deposits and Interest Bearing Demand Deposits 1,604 1,501 Interest on Time Deposits of $100,000 or more 416 327 Interest on All Other Time Deposits 1,171 1,300 Interest on Federal Funds Purchased 62 29 Interest on Long-term Debt 1,058 532 ----------- ---------- Total Interest Expense 4,311 3,689 ----------- ---------- Net Interest Income 3,757 3,650 ----------- ---------- Provision for Loan Losses 246 225 ----------- ---------- Net Interest Income After Provisions for Loan Losses 3,511 3,425 Other Operating Income Service Charges 374 305 Profits on Securities Available for Sale -- -- Other Operating Income 282 211 -------- -------- Total Operating Income 656 516 Other Operating Expenses Salaries and Employee Benefits 1,482 1,297 Occupancy Expense 174 155 Equipment Expense 237 238 Other 917 854 -------- -------- Total Operating Expenses 2,810 2,544 Income Before Income taxes 1,357 1,397 Income Taxes 402 435 --------- --------- Net Income $955 $962 ========= ======== Per Share Data Earnings Per Common Share, basic $1.20 $1.22 ========= ======== Earnings Per Common Share, diluted $1.20 $1.22 ========= ======== Cash Dividends 0.58 0.52 ========== =========
The Accompanying Notes Are An Integral Part Of These Statements 4 FIRST NATIONAL CORPORATION CONSOLIDATED BALANCE SHEETS (In Thousands of Dollars)
June 30, 2000 December 31, 1999 ------------- ----------------- ASSETS Cash and due from banks $5,098 $4,108 Federal Funds Sold -- -- Investment Securities Available for Sale 44,348 45,129 Held to Maturity -- -- Loans Net of Unearned Discount 160,559 150,760 Less: Allowance for Loan Losses 1,621 1,447 --------- --------- Net Loans 158,938 149,313 Bank Premises and Equipment 4,643 4,700 Interest Receivable 1,226 1,166 Other Real Estate 0 343 Other Assets 2,165 1,859 ---------- ------- Total Assets $216,418 $206,618 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Deposits Demand Deposits Non-Interest Bearing $20,248 $18,656 Interest Bearing 17,880 17,995 Savings Deposits 55,645 61,943 Certificates of Deposit of $100,000 and over 15,405 12,993 All Other Time Deposits 49,630 41,835 --------- ---------- Total Deposits $158,808 $153,422 Federal Funds Purchased 638 1,547 Long-term debt 38,074 33,622 Accrued Expenses 1,136 851 --------- ------- Total Liabilities $198,656 $189,442 -------- -------- Stockholders' Equity Common Stock, Par Value $5 per Share; Authorized 2,000,000 Shares, 794,631 and 793,991 Shares Issued and Outstanding $3,973 $3,970 Surplus 1,543 1,531 Accumulated Other Comprehensive Income (1,265) (1,342) Undivided Profits 13,511 13,017 --------- --------- Total Stockholders' Equity $17,762 $17,176 ------- ------- Total Liabilities and Stockholders' Equity $216,418 $206,618 ======== ========
The Accompanying Notes Are An Integral Part of These Statements 5 FIRST NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands of Dollars)
SIX MONTHS ENDED June 30, 2000 June 30, 1999 ------------- ------------- CASH FLOWS FROM OPERATING ACTIVITIES Net Income $955 $962 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 195 213 Provision for loan losses 174 225 Change in assets and liabilities Increase (Decrease) in interest receivables 1,166 (133) (Increase) in other assets (1,531) (121) Increase in accrued expenses 246 312 ------ ------ Net Cash Provided by Operating Activities $1,205 $1,458 -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from the sale of Other Real Estate Owned $ 343 $ 0 Proceeds from sale of securities-available for sale 0 0 Proceeds from maturities and principal payments on securities-available for sale 897 2,808 Purchases of securities-available for sale 0 (13,316) Proceeds from maturities and principal payments on securities-held to maturity 0 19 Purchases of bank premises and equipment (139) (253) Net (increase) in loans (9,799) (11,563) (Increase) in federal funds sold 0 2,859 -------- --------- Net Cash (Used in) Investing Activities $(8,698) ($19,446) -------- --------- CASH FLOWS FROM FINANCING ACTIVITIES Net increase (decrease) in demand deposits, NOW accounts, and savings accounts (4,821) 7,214 Net increase (decrease) in certificates of deposit 10,207 (546) Net increase in long-term borrowings 4,452 958 Net increase in short-term borrowings 0 8,000 Net proceeds from issuance of common stock 15 60 Cash dividends paid (461) (410) Net increase (decrease) in federal funds purchased (909) 2,458 ------ --------- Net Cash Provided by Financing Activities $8,483 $17,734 ------ --------- Increase (Decrease) in Cash and Cash Equivalents $990 $(254) CASH AND CASH EQUIVALENTS: Beginning 4,108 5,026 ---------- -------- Ending $ 5,098 $4,772 ========== ======== SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash payments for: Interest $4,250 $3,697 ========= ========= Income Taxes $422 $351 ======= ========
The Accompanying Notes Are An Integral Part of These Statements 6 FIRST NATIONAL CORPORATION CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (IN THOUSANDS OF DOLLARS) Six Months Ended June 30, 2000 and 1999
Accumulated Other Common Capital Comprehensive Retained Comprehensive Stock Surplus Income Earnings Income Total ----- ------- ------ -------- ------ ----- Balances, December 31, 1998 $3,945 $1,417 $347 $11,892 $17,601 Comprehensive income: Net income 962 962 962 Other comprehensive income net of tax: Unrealized loss on securities Available for sale (1,150) (1,150) Reclassification adjustment 0 0 ------- Other comprehensive income, net of tax (1,150) (1,150) ------- Total comprehensive income 188 ======= Issuance of authorized common stock Dividend reinvestment plan 8 39 47 Exercise of incentive stock options 2 11 13 Cash dividends declared (410) (410) ------ ------- ----- ------- -------- Balances, June 30, 1999 $3,955 $1,467 $(803) $12,444 $17,063 ====== ====== ====== ======= ======== Balances, December 31, 1999 3,970 $1,531 $(1,342) $13,017 $17,176 Comprehensive income: Net Income 955 955 955 Other comprehensive income, net of tax: Unrealized gain on securities available for sale 77 77 Reclassification adjustment for gains realized in net income 0 0 ----- Total comprehensive income, net of tax 77 77 ----- Total comprehensive income 1,032 ====== Issuance of authorized common stock Exercised Options 3 12 15 Cash dividends declared (461) (461) ------ ------ ------- -------- ------- Balances, June 30, 2000 $3,973 $1,543 $(1,265) $13,511 $17,762 ====== ====== ======== ======= =======
The Accompanying Notes Are An Integral Part of These Statements 7 FIRST NATIONAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 1. Interim Financial Statements The accompanying consolidated financial statements of First National Corporation (the "Corporation") and its subsidiaries, including First Bank (the "Bank"), have not been audited by independent accountants, except for the balance sheet at December 31, 1999. In the opinion of the company's management, the financial statements reflect all adjustments necessary to present fairly the results of operations for the six month periods ended June 30, 2000 and 1999 the company's financial position at June 30, 2000 and December 31, 1999, and the cash flows for the six month periods ended June 30, 2000 and 1999. These adjustments are of a normal recurring nature. Note 2. Securities as of June 30, 2000 and December 31, 1999 are summarized below:
(000 Omitted) June 30, 2000 December 31, 1999 ------------- ----------------- Unrealized Unrealized Cost Market Gain (Loss) Cost Market Gain (Loss) ---- ------ ----------- ---- ------ ----------- Securities Available For Sale U. S. Treasury Securities $0 $0 $0 $0 $0 $0 U. S. Agency Securities 37,238 35,499 ($1,739) 38,337 36,636 ($1701) Obligation of State and Political Subdivisions 6,826 6,603 ($223) 6,826 6,445 ($381) Corporate Securities 1 46 $45 1 49 $48 Other Securities 2,200 2,200 $0 1,999 1,999 $0 --------- --------- ------ --------- ---------- ----------- Total Securities Available for Sale $46,265 $44,348 ($1,917) $47,163 $45,129 ($2,034)
8 FIRST NATIONAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 3. The consolidated loan portfolio, stated at face amount, is composed of the following:
(000 Omitted) June 30, 2000 December 31, 1999 Real estate loans: Construction and land development $7,511 10,205 Secured by farm land 1,823 1,489 Secured by 1-4 family residential 35,429 58,712 Other real estate loans 44,141 20,971 Loans to farmers (except those secured by real estate) 541 466 Commercial and industrial loans (except those secured by real estate) 35,065 26,441 Loans to individuals for personal expenditures 34,402 31,829 All other loans 1,655 670 -------- --------- Total loans $160,567 150,783 Less unearned income reflected in loans 8 23 -------- --------- Loans, net of unearned income $160,559 150,760 ======== =========
The Bank had loans in a Nonaccrual category of $34,125 on December 31, 1999and $ 216,156 on June 30, 2000. Note 4. Allowance for Loan Losses Analysis of the Allowance for Loan Losses
For the Six Months Ended (000 Omitted) June 30, 2000 June 30, 1999 Balance at Beginning of Period $1,447 $1,226 Charge-Offs 91 249 Recoveries 19 50 -------- ------- Net Charge-Offs 72 199 Provision for Loan Losses 246 225 -------- --------- Balance at End of Period $1,621 $1,252 ======== ======
9 FIRST NATIONAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 5. New Accounting Pronouncements In June 1998, the Financial Accounting Standards Board issued Statement 133, "Accounting for Derivative Instruments and Hedging Activities," which is required to be adopted in years beginning after June 15, 2000 (the "Statement"). The Statement permits early adoption as of the beginning of any fiscal quarter after its issuance. The Corporation has not determined whether to adopt the new statement early. The Statement will require the Corporation to recognize all derivatives on the balance sheet at fair value. Derivatives that are not hedges must be adjusted to fair value through income. If the derivative is a hedge, depending on the nature of the hedge, changes in the fair value of derivatives will either be offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings or recognized in other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a derivative's change in fair value will be immediately recognized in earnings. Because the Corporation does not use derivatives, management does not anticipate that the adoption of the new Statement will have any effect on the Corporation's earnings or financial position. 10 FIRST NATIONAL CORPORATION MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview Net income for the first half of 2000 was $955 thousand compared to $962 thousand in the first half of 1999. This represents a decrease of less than 1% from the previous period and is attributable to an increase in cost of deposits in the first half of 2000 which was incurred in order to fund loan growth. Interest and fees on loans, the largest component of interest income, increased $977 thousand during the period, while interest on deposits, the largest component of interest expense, increased $63 thousand resulting in an increase in net interest income of $107 thousand. The provision to the allowance for loan losses increased from the previous period by $21 thousand. Other operating expenses increased $266 thousand. Most of the increase in other operating expenses was due to increased salaries and employee benefits in 2000 as compared to 1999. Total other operating income increased $140 thousand during the period. Yields, Rates and Net Interest Margin Interest rates on loans have remained relatively stable during 2000 and in comparison with the first half of 1999, the yield on the loan portfolio has remained flat at 8.65% in both 1999 and 2000. At the same time the cost of interest bearing deposits increased from 4.43% in the first half of 1999 to 4.72% in the same period of 2000. While the yield on earning assets increased 31 basis points from 7.86% in 1999 to 8.17% in 2000, the cost of interest bearing liabilities increased 42 basis points from 4.58% in 1999 to 5.00% in 2000. This resulted in a decrease in the bank's interest rate spread from 3.28% in 1999 to 3.17% in 2000. Interest expense as a percentage of average earning assets increased from 3.90% in 1999 to 4.31% in 2000. The bank's net interest margin decreased from 3.97% in 1999 to 3.86% in 2000. Future Operations The Bank was one of sixty-five banks seeking to collectively purchase a general insurance agency(s) through membership in the Virginia Bankers Insurance Center. The Bank has purchased an interest in Banker's Title Shenandoah, a title insurance company. The Bank will introduce "internet banking" with a bill-payer feature beginning September 1, 2000. Year 2000 Information The Corporation encountered no year 2000 related problems at the end of the year or during the transition on December 31, 1999. Management does not anticipate problems in the coming year regarding this unique and historical event. The Bank complied with all of the FFIEC requests, from the assessment of operating systems to the replacement or modification of programs or PCs not compliant with Y2K. These systems were tested and all contingency plans were in place for unexpected occurrences. We are now, more than ever, ready to bring the Bank into the new millennium with new products and more enhanced services. 11 FIRST NATIONAL CORPORATION AVERAGE BALANCES, INCOME AND EXPENSE, YIELDS AND RATES
Six Months Ended June 30, ------------------------- 2000 1999 Annual Annual Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate(3) Balance Expense Rate(3) ------- ------- ------- ------- ------- ------- ASSETS Balances at correspondent banks - interest bearing $283,217 $19,702 13.91% $228,875 $13,606 11.89% Securities: Taxable 37,853,028 1,195,294 6.32% 46,912,657 1,366,295 5.82% Tax-exempt (1) 6,826,435 248,742 7.29% 7,773,406 297,186 7.65% ----------- --------- ----- ----------- --------- ----- Total Securities 44,679,463 1,444,036 6.46% 54,686,063 1,663,481 6.08% Loans (net of earned income): (2) Taxable 153,687,648 6,648,118 8.65% 131,867,032 5,701,009 8.65% Tax-exempt (1) 1,174,000 51,120 8.71% 108,915 6,565 12.06% ----------- --------- ------ ----------- ---------- ------ Total Loans 154,861,648 6,699,238 8.65% 131,975,947 5,707,574 8.65% Fed funds sold and repurchase agreements 266,341 7,717 5.79% 2,383,282 57,696 4.84% ----------- --------- ------ ----------- --------- ----- Total earning assets 200,090,669 8,170,693 8.17% 189,274,167 7,442,358 7.86% Less: allowance for Loan Losses (1,572,245) (1,166,522) Total nonearning assets 12,762,010 11,096,330 ----------- ----------- Total Assets $211,280,434 $199,203,975 =========== =========== LIABILITIES AND SHAREHOLDER EQUITY Interest bearing deposits: Checking $11,937,129 $71,970 1.21% $10,614,790 $82,462 1.55% Money market savings 5,974,102 90,128 3.02% 6,747,374 102,078 3.03% Regular savings 57,789,928 1,444,280 5.00% 62,442,046 1,319,100 4.23% Certificates of deposit: Less than $100,000 44,942,595 1,167,908 5.20% 49,094,102 1,297,277 5.28% $100,000 and more 14,683,339 416,436 5.67% 12,194,385 327,340 5.37% ----------- --------- ------ ----------- --------- ----- Total interest bearing deposits 135,327,093 3,190,722 4.72% 141,092,697 3,128,257 4.43% Fed funds purchased 1,942,731 62,257 6.41% 1,137,796 28,887 5.08% Long term borrowings 35,283,029 1,058,142 6.00% 18,787,191 532,316 5.67% ----------- --------- ------ ----------- --------- ----- Total interest bearing liabilities 172,552,853 4,311,121 5.00% 161,017,684 3,689,460 4.58% Noninterest bearing liabilities Demand deposits 19,812,579 19,044,116 Other liabilities 1,447,934 1,484,835 ----------- ----------- Total liabilities 193,813,366 181,546,635 Stockholders' equity 17,467,068 17,657,340 ----------- ----------- Total liabilities and stockholders' equity $211,280,434 $199,203,975 =========== =========== Net Interest income 3,859,572 3,752,898 ========= ========= Interest rate spread 3.17% 3.28% Interest expense as a percent of average earning assets 4.31% 3.90% Net interest margin 3.86% 3.97%
(1) Income and yields are reported on a taxable-equivalent basis assuming a federal tax rate of 34% in 1999 and 2000. (2) Loans placed on a nonaccrual status are reflected in the balances. (3) Annualized 12 First National Corporation Item 3. Quantitative and Qualitative Disclosures About Market Risk Not Applicable. PART II. OTHER INFORMATION Item 1. Legal Proceedings As of June 30, 2000 neither the Corporation nor the Bank was a party to any legal proceedings. Item 2. Not Applicable Item 3. Not Applicable Item 4. Submission of Matters to a Vote of Security Holders The Annual Meeting of Shareholders (the "Meeting") of the Corporation was held on Tuesday, April 4, 2000 in Winchester, Virginia. The Shareholders voted on the election all individuals to serve as directors of the Company for a term of one year. In the election of directors, those who received the greatest number of votes were elected even if they did not receive a majority. Abstentions and broker non-votes were not considered a vote for, or a vote against, a director. The results of the voting are set forth below.
For Against Withheld --- ------- -------- Douglas C. Arthur 639,144 45 12,274 Noel M. Borden 639,081 108 12,274 Byron A. Brill 639,189 0 12,274 Elizabeth H. Cottrell 638,557 632 12,274 James A. Davis 634,397 4,791 12,274 Christopher E. French 639,189 0 12,274 Charles E. Maddox, Jr. 636,245 2,944 12,274 W. Allen Nicholls 638,557 632 12,274 Henry L. Shirkey 639,057 132 12,274 Alson H. Smith, Jr. 638,957 232 12,274
No other matters were voted upon at the Meeting or during the quarter for which this report is filed. Item 5. Not Applicable Item 6. Exhibits and Reports on Form 8-K 13 (a). 27. Financial Data Schedule Filed electronically as a separate document. (b). Reports on form 8-K None. 14 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. First National Corporation (Registrant) Date August 14, 2000 /s/ Stephen C. Pettit -------------------------- ------------------------------------ Stephen C. Pettit, Comptroller (Principal Accounting Officer and Duly Authorized Officer) 15 EX-27 2 0002.txt FINANCIAL DATA SCHEDULE
9 1,000 6-MOS DEC-31-2000 JAN-01-2000 JUN-30-2000 4,584 514 0 0 44,348 0 0 158,938 1,621 216,418 158,808 15,000 1,136 23,074 638 0 3,973 13,789 216,418 6,682 1,359 7 8,068 3,191 4,311 3,757 246 0 2,810 1,357 402 0 0 955 1.20 1.20 3.86 216 137 0 300 1,447 91 19 1,621 1,621 0 0
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