Exhibit 13  Annual Report
  2007 First National Bancshares, Inc.


2007 Annual
  Meeting Milestones Reserve this date: MAY 19, 2008  Total assets surpassed
  $500 million  Established the wholesale mortgage division The 2008 Annual
  Meeting of Shareholders will be held at  Announced pricing and sale of
  preferred stock, 5:30 P.M. on Monday, May 19, 2008 in the Barnet Room of
  totaling $18 million the Montgomery Building at Converse College at 580 East
   Expanded branch network to seven with the Main Street, Spartanburg, SC
  29302. opening of new branches in Greenville, Greer and Charleston, as well
  as one new loan production office in Rock Hill  Announced 7% stock dividend
  distribution to common shareholders  Doubled the size of the Corporate
  Headquarters facility in Spartanburg with the opening of the new Operations
  Center  Announced the merger of First National Bancshares, Inc. and Carolina
  National Corporation Additional Awards  Named one of South Carolinas 25
  fastest-growing companies 2007 by Elliott Davis, LLC and the South Carolina
  Chamber of Commerce  Named one of Nations Top 50 community banks by US
  Banker Magazine  Chief Financial Officer Kitty Payne named Outstanding
  Young Banker by South Carolina Bankers Association $586,513 $494,093 $471,828
  $465,382 $379,490 $376,701 $328,679 $251,405 $271,695 $236,344 $188,508
  $191,811 $180,663 $130,421 $154,733 Data is presented as of years ended
  December 31. 03 04 05 06 07 03 04 05 06 07 03 04 05 06 07
  ASSETS LOANS DEPOSITS (dollars in thousands) For further financial
  information about First National Bancshares, Inc., please refer to its Annual
  Report on Form 10-K, a copy of which is included with the package provided to
  its shareholders in connection with the 2008 annual meeting of shareholders.


Letter to
  Shareholders 2007 was an exciting and significant year for First National.
  Weve grown in geography, in facilities, in customer base, and weve grown
  financially. First National Bank of the Souths assets grew 26% in 2007, reaching
  $586.5 million by the end of the year. Were proud of what that growth means
  to you, with record earnings of approximately $4.1 million for 2007. We
  announced our acquisition of Carolina National Bank and its four
  Columbia-area locations in 2007. These branches opened as First National Bank
  of the South on February 19, 2008, and First National became the
  ninth-largest financial institution headquartered in South Carolina with
  eleven full-service branches throughout the state with assets now exceeding $820
  million. Soon, we will open a fifth Columbia-area location in Lexington. We
  welcome the former Carolina National shareholders and customers to the First
  National family and look forward to completing the integration of our two
  banks operations later this year. Earlier in the year we opened two market
  headquarters facilities in Greenville and Charleston, as well as our
  operations center adjacent to our corporate headquarters in Spartanburg.
  These facilities will support planned future offices in each of these market
  areas. During 2007, we laid the groundwork for future expansion as we opened
  a full-service branch in Greer, South Carolina and loan production offices in
  Rock Hill, South Carolina and Union County, North Carolina. Our York County
  Market headquarters should be under construction soon in the Fort Mill/Tega
  Cay community. We are fortunate to be in these growth markets with such a
  talented staff and a supportive group of shareholders. The growth in each of
  our market areas during the year positions us for continued growth in the
  near term as well as in years to come. We look forward not only to another
  prosperous year in 2008, but a future solidly rooted across South Carolina
  and expanding even further in the future. All of us, directors, management
  and staff, realize that our success is possible because of your continued
  support and loyalty. Please let us know any time we can assist you with your
  financial needs and feel free to contact us with any questions or comments.
  Best regards, Jerry L. Calvert Gaines W. Hammond, Jr., M.D. President &
  CEO, Vice Chairman Chairman Left: Jerry L. Calvert Right: Gaines W. Hammond,
  Jr., M.D. 1


Board of
  Directors Seated Left to Right: Martha C. Chapman, C. Dan Adams, William H.
  Stern, I.S. Leevy Johnson; Middle Row Left to Right: Dr. C. Tyrone Gilmore,
  Sr., Jerry L. Calvert (Vice Chairman), Peter E. Weisman, William A. Hudson,
  Gaines W. Hammond, Jr., M.D. (Chairman); Back Row Left to Right: Coleman L.
  Young, Jr., Joel A. Smith, III, W. Russel Floyd, Jr., Robert E. Staton,
  Mellnee G. Buchheit, Norman F. Pulliam (Chairman Emeritus), Donald B.
  Wildman, Benjamin R. Hines Executive Officers Back Row Left to Right: David
  H. Zabriskie, Senior Lender; Jerry L. Calvert, President & CEO, Vice
  Chairman; Roger B. Whaley, Executive Vice President Front Row Left to Right:
  Robert W. Murdoch, Jr., Retail Banking Manager; Kitty B. Payne, Chief
  Financial Officer 2


FINANCIAL
  HIGHLIGHTS (dollars in thousands, except per share data) As of the year ended
  December 31, Income Statement Information 2007 2006 Total Return Performance
  Interest income $39,968 $28,886 Interest expense 22,465 14,725 First National
  Bancshares, Inc. NASDAQ Composite SNL Bank and Thrift Index Index Net
  interest income 17,503 14,161 300 Provision for loan losses 1,396 1,192 Net
  interest income after provision 16,107 12,969 254.42 Noninterest income 4,151
  2,079 250 Noninterest expense 14,159 8,901 Net income before income taxes
  6,099 6,147 200 Provision for income taxes 2,039 2,095 198.60 Net income $4,060
  $4,052 150 Balance Sheet Information 137.40 Total assets $586,513 $465,382
  100 Securities available for sale 70,530 63,374 100 100 Loans, net of
  unearned income 474,685 379,490 100 50 Allowance for loan losses 4,951 3,795
  12/31/02 12/31/07 Mortgage loans held for sale 19,408  Period Ended Deposits
  471,828 376,701 The above graph sets forth the performance of our common
  stock for Borrowings 64,453 58,849 the five-year period ended December 31,
  2007, as compared to the NASDAQ Composite and The SNL Bank and Thrift Index.
  The graph Shareholders equity $47,556 $26,990 assumes $100 in market value
  on December 31, 2002, and reflects all stock dividends and splits distributed
  during the periods presented. Per Share Data(1) The performance data featured
  represents past performance, which is no guarantee of future results.
  Investment return and principal value of an investment will fluctuate;
  therefore, you may have a gain or loss when you sell your shares. Current
  performance may be Basic net income $0.93 $1.12 higher or lower than
  performance quoted. Weighted average basic shares outstanding 3,696,464
  3,615,022 Diluted net income $0.84 $0.94 Financial Information We will
  furnish, upon request, free of charge, copies of our Weighted average diluted
  shares outstanding 4,847,045 4,324,561 Annual Report on Form 10-K by
  contacting: Book value $8.49 $7.29 Kitty Payne First National Bancshares,
  Inc. PO Box 3508 Selected Performance Ratios Spartanburg, SC 29304 (864)
  948-9001 Net interest margin 3.39% 3.79% Return on average assets 0.76% 1.05%
  Return on average equity 10.89% 16.82% Efficiency ratio 65.39% 54.81% (1) All
  share and per share amounts reflect the 3 for 2 stock split distributed on
  January 18, 2006, the 6% stock dividend distributed on May 16, 2006, and the
  7% stock dividend distributed on March 30, 2007. 3


SPARTANBURG
  REGION Corporate Headquarters Chapman Cultural Center, Spartanburg, South
  Carolina First National is proud to be part of the lasting tradition of
  strong business development and community involvement in Spartanburg. Our
  growth in this region continues, not only in market share, but in facilities
  and personnel. After beginning our operations in Spartanburg just over eight
  years ago, we are now, according to the FDIC, fourth in Spartanburg market
  share based on deposits with three branch offices in this region. In April,
  we opened our new operations center adjacent to the main office and corporate
  headquarters. Left to Right: Van Clark, Human Resource Manager Jeff Benjamin,
  Senior Credit Officer Jimmy Pate, Senior Financial Officer Peter Seitz,
  Senior Vice President 4


Circle of
  Friendship Sculpture, Barnet Park, Spartanburg, South Carolina Our new
  operations facility houses both current and future operational staff
  supporting the growth in each of our regions, as well as supporting the
  wholesale mortgage division, which was organized in January 2007. The
  wholesale team provides services to community banks and mortgage brokers
  throughout the Carolinas and Virginia. Over the past year, we also added
  several experienced team members including senior leadership officers in
  Finance, Sales and Service, Credit Administration and Business Development.
  Left to Right: Louie Blanton, Commercial Banking & Business Development
  John Higdon, Director of Wholesale Mortgage Sid Walker, Commercial Banking
  Officer Kent Dill, Retail Sales & Service Manager 5


NORTHERN REGION
  York County South Charlotte Winthrop University, Rock Hill, South Carolina
  Our first venture into the northern region, a loan production office in Rock
  Hill, opened in 2007 and provided an excellent starting point for our future
  operations in this market. Plans have been finalized for the York County
  Market Headquarters and full-service branch in the Tega Cay community, which
  should open in the fourth quarter of 2008. We recently expanded in this
  region by opening a loan production office in North Carolinas Union County,
  which positions us to capitalize on the growth opportunities in the
  attractive South Charlotte market. Left to Right: Chris Williams, York County
  Market Executive Rick Manley, Northern Region Executive Officer 6


WESTERN REGION
  Greenville Greer The Liberty Bridge in Falls Park, Greenville, South Carolina
  Continuing to build our presence in this fast-growing region, we opened our
  Greenville Market Headquarters and full-service branch on Pelham Road in June
  of 2007. Expansion in Greenville County continued with the addition of a
  full-service branch in Greer in August of last year. Our Western Region is
  now supported by a regional board of community and business leaders who will
  serve as ambassadors for First National and offer insight to the financial
  needs of the market. Barry Starling, Western Region Executive Officer 7


COASTAL REGION Charleston Arthur Ravenel Bridge,
  Charleston, South Carolina Our Charleston Market Headquarters opened downtown
  on East Bay Street in April 2007, adding a second full-service branch to the
  existing office in Mount Pleasant. Keeping First Nationals growth goals for
  the market in mind, the lenders maintained a strong level of loan production
  throughout the year. The regional board of directors continues to be an
  excellent referral source, assisting management in pursuing business
  development opportunities. Bob Whittemore, Coastal Region Executive Officer 8


MIDLANDS REGION
  Columbia State Capitol, Columbia, South Carolina Our recent merger with
  Carolina National Bank added four Columbia offices to our branch network. A
  fifth office is under construction in Lexington, scheduled to open in the
  summer of 2008. This merger makes First National the ninth-largest financial
  institution headquartered in South Carolina with assets exceeding $800
  million. As a result of this acquisition, we added four directors to our
  corporate board from this region. The management team will continue to work
  with a local regional board to pursue business development opportunities and
  provide quality services to the growing customer base in the Columbia market.
  Left to Right: Brook Moore, Midlands Commercial Banking Executive Rick
  Manley, Midlands Region Executive Officer Mary Ellis Gabriel, Midlands
  Consumer Banking Executive Steve Waddell, Midlands Market Executive 9


CONSOLIDATED
  BALANCE SHEETS December 31, 2007 and 2006 (dollars in thousands) Assets 2007
  2006 Cash and cash equivalents $8,426 $8,205 Securities available for sale
  70,530 63,374 Loans, net of allowance for loan losses of $4,951 and $3,795,
  respectively 469,734 375,695 Mortgage loans held for sale 19,408  Premises
  and equipment, net 2,974 6,906 Other 15,441 11,202 Total assets $586,513 $465,382
  Liabilities and Shareholders Equity Liabilities: Deposits
  Noninterest-bearing $44,466 $31,321 Interest-bearing 427,362 345,380 Total
  deposits 471,828 376,701 FHLB advances 41,690 37,476 Junior subordinated
  debentures 13,403 13,403 Federal funds purchased 9,360 7,970 Accrued expenses
  and other liabilities 2,676 2,842 Total liabilities 538,957 438,392
  Commitments and contingencies Shareholders equity: Preferred stock, par
  value $.01 per share, 10,000,000 shares authorized; 720,000 and 0 shares
  issued and outstanding, respectively 7  Common stock, par value $.01 per
  share, 10,000,000 shares authorized; 3,724,548 and 3,700,439 shares issued
  and outstanding, respectively 37 37 Additional paid-in capital 43,809 26,906
  Treasury stock, 14,181 shares, at cost (224)  Unearned ESOP shares (518)
  (558) Retained earnings 4,408 1,071 Accumulated other comprehensive income
  (loss) 37 (466) Total shareholders equity 47,556 26,990 Total liabilities
  and shareholders equity $586,513 $465,382 All share and per share amounts
  reflect the 3 for 2 stock split distributed on January 18, 2006, the 6% stock
  dividend distributeon May 16, 2006, and the 7% stock dividend distributed on
  March 30, 2007. 10


CONSOLIDATED
  STATEMENTS OF INCOME For the years ended December 31, 2007, 2006 and 2005
  (dollars in thousands, except share data) 2007 2006 2005 Interest income
  Loans $35,661 $26,237 $15,461 Taxable securities 2,672 1,977 1,319 Nontaxable
  securities 621 352 262 Federal funds sold and other 1,014 320 299 Total
  interest income 39,968 28,886 17,341 Deposits 18,872 12,134 6,484 FHLB
  advances 1,957 1,570 925 Junior subordinated debentures 1,025 877 380 Federal
  funds purchased and other 611 144 41 Total interest expense 22,465 14,725
  7,830 Net interest income 17,503 14,161 9,511 Provision for loan losses 1,396
  1,192 594 Net interest income after provision for loan losses 16,107 12,969
  8,917 Mortgage banking income 1,858   Service charges and fees on deposit
  accounts 1,270 1,080 961 Gain on sale of securities available for sale 117 33
   Other 906 966 894 Total noninterest income 4,151 2,079 1,855 Salaries and
  employee benefits 7,876 5,128 3,744 Occupancy and equipment expense 2,030
  1,046 660 Public relations 734 609 378 Data processing and ATM expense 702
  587 487 Professional fees 648 284 251 Telephone and supplies 426 295 211
  Other 1,743 952 745 Total noninterest expense 14,159 8,901 6,476 Net income
  before income taxes 6,099 6,147 4,296 Provision for income taxes 2,039 2,095
  1,461 Net income $4,060 $4,052 $2,835 Net income per share Basic $0.93 $1.12 $0.90
  Diluted $0.84 $0.94 $0.73 Weighted average shares outstanding Basic 3,696,464
  3,615,022 3,142,035 Diluted 4,847,045 4,324,561 3,933,760 All share and per
  share amounts reflect the 3 for 2 stock split distributed on January 18,
  2006, the 6% stock dividend distribute on May 16, 2006, and the 7% stock
  dividend distributed on March 30, 2007. 11


CORPORATE
  HEADQUARTERS In April 2007, we completed our operations center adjacent to
  the SPARTANBURG CHARLESTON existing corporate headquarters and full-service
  branch on North Main Office & Downtown Office & Corporate
  Headquarters Market Headquarters Pine Street in Spartanburg, creating a
  30,000 square foot complex. 215 North Pine Street 140 East Bay Street The
  additional 14,500 square feet of office space houses loan, branch Westside
  Mount Pleasant and deposit operations, as well as the information technology,
  2680 Reidville Road 651 Johnnie Dodds Boulevard facilities and security,
  human resources, credit administration Boiling Springs 3090 Boiling Springs
  Road and compliance departments. This addition allows us to consolidate
  GREENVILLE and centralize our backroom operations in an effort to increase
  Pelham Road Office & COLUMBIA Market Headquarters productivity and allow
  for future growth. 3401 Pelham Road Downtown Office & Market Headquarters
  Greer 1350 Main Street 713 W. Wade Hampton Boulevard Downtown Drive-Thru 1340
  Sumter Street YORK COUNTY Trenholm Plaza 4840 Forest Drive Fort Mill/Tega Cay
  Office & Market Headquarters Northeast Opening Winter 2008! 10134 Two
  Notch Road Garners Ferry 6041 Garners Ferry Road Lexington Opening Summer
  2008! 12


Raven Cliff Falls, Caesars Head State Park, South
  Carolina Regional Boards CHARLESTON GREENVILLE COLUMBIA W.E. Applegate, III,
  Esq. William Ronald Cann Charlotte J. Berry J. Ron Brinson, Chairman Robert
  A. Dobson, III William P. Cate, Chairman Richard H. Coen Mark B. Johnston
  Angus B. Lafaye Thomas P. Cothran, Esq. Nicholas J. LeGrand C. Whitaker Moore
  The Honorable Dr. James B. Edwards A. Foster McKissick Joe Pinner Marvin J.
  Jenkins Emmanuel U. Sarmiento, M.D. James G. Kennedy, Esq. W. Lindsay Smith
  Robert B. Lawson Ronnie Strange Amy S. Pearson Billy Weaver Charles C. Shaw, Jr.
  R. Lynn Yeargin In Memoriam James B. Connelly


Mission
  Statement Our mission is to be the premier bank in our markets that exceeds
  the expectations of our customers, employees, stockholders and the community
  and to provide quality, competitive products and services with a team of
  friendly and well-trained professionals. P.O. Box 3508 Spartanburg, SC 29304
  Member FDIC www.firstnational-online.com FNSC