Virginia National Bankshares Corp

Listed Company

VABKCIK 0001572334NasdaqNon-AcceleratedSmaller ReportingNational Commercial BanksVirginiaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$19.26M

Total Assets

$1.65B

Equity

$184.16M

Shares Out

5.42M

Op. Cash Flow

$21.33M

Business

Virginia National Bankshares Corp is a bank holding company that owns and manages Virginia National Bank as its principal operating subsidiary. It offers retail and commercial banking products and services, including deposit accounts, digital banking, treasury and cash management, debit/merchant card services, commercial and consumer lending, and trust and estate administration. Its key business activities operate through the Bank, VNB Trust and Estate Services, and previously through an investment advisory line with ongoing revenue-share arrangements. The Company primarily serves communities in and around Charlottesville, Winchester, Manassas, Richmond and nearby counties in Virginia through branch, ATM and digital channels.

Summary from filing dated 2025-03-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans, including fees	70	67	56	44	44
Federal funds sold	835,000	765,000	207,000	1	139,000
Other interest bearing deposits	174,000	206,000	501,000	1	233,000
Taxable	5	7	12	8	3
Tax exempt	1	1	1	1	1
Dividends	450,000	431,000	367,000	280,000	170,000
Total interest and dividend income	77	76	70	57	48
Demand deposits	270,000	272,000	346,000	230,000	—
Money market and savings deposits	12	12	10	2	—
Certificates and other time deposits	11	15	9	657,000	1
Borrowings	2	2	2	200,000	−132,000
Federal funds purchased	28,000	29,000	138,000	—	—
Junior subordinated debt	301,000	346,000	313,000	—	—
Total interest expense	26	30	21	—	—
Net interest income	52	46	49	54	45
Provision for (recovery of) credit losses	137,000	−600,000	734,000	106,000	1
Net interest income after provision for (recovery of) credit losses	51	47	48	53	44
Wealth management fees	894,000	1	2	2	4
Deposit account fees	1	1	2	2	1
Debit/credit card and ATM fees	1	2	2	3	2
Bank owned life insurance income	1	1	2	963,000	708,000
Gains on sale of assets, net	278,000	36,000	112,000	1	81,000
Gain on early redemption of debt	0	904,000	—	—	—
Losses on sales of AFS, net	0	−4,000	−206,000	—	—
Other	1	1	1	1	1
Total noninterest income	6	8	9	14	10
Salaries and employee benefits	16	16	16	17	16
Net occupancy	4	4	4	5	4
Equipment	755,000	720,000	762,000	897,000	966,000
Bank franchise tax	2	1	1	1	1
Computer software	1	917,000	778,000	1	1
Data processing	2	3	3	3	3
FDIC deposit insurance assessment	785,000	700,000	710,000	511,000	858,000
Marketing, advertising and promotion	761,000	730,000	1	1	922,000
Professional fees	1	894,000	674,000	1	1
Core deposit intangible amortization	1	1	1	2	1
Other	5	5	5	5	4
Total noninterest expense	33	34	34	39	43
Income before income taxes	24	21	23	29	12
Provision for income taxes	5	4	4	5	2
Net income	19	17	19	23	10
Net income per common share, basic	3.57	3.16	3.6	4.4	2.16
Net income per common share, diluted	3.55	3.15	3.58	4.38	2.14

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and due from banks	6	5	18	21	20
Interest bearing deposits in other banks	11	12	10	19	336
Federal funds sold	54	0	—	45,000	152
Available for sale, at fair value	248	264	421	538	304
Restricted securities, at cost	6	6	8	5	5
Total securities	254	270	429	543	309
Loans	1,238	1,236	1,093	—	—
Allowance for credit losses	−8	−8	−8	−6	—
Loans, net	1,229	1,228	1,084	—	—
Premises and equipment, net	12	15	16	18	25
Bank owned life insurance	41	40	39	39	31
Goodwill	8	8	8	8	8
Right of use asset, net	6	6	7	7	8
Deferred tax asset, net	12	15	15	17	5
Accrued interest receivable and other assets	14	15	14	14	13
Total assets	1,650	1,617	1,646	1,623	1,972
Noninterest bearing	362	374	373	496	522
Interest bearing	308	303	306	400	446
Money market and savings deposit accounts	470	438	412	468	666
Certificates of deposit and other time deposits	291	308	319	115	162
Total deposits	1,432	1,424	1,409	1,478	1,796
Federal funds purchased	0	236,000	3	—	—
Borrowings	20	20	67	—	—
Junior subordinated debt	4	4	4	3	3
Lease liability	6	5	7	6	7
Accrued interest payable and other liabilities	4	4	4	2	4
Total liabilities	1,466	1,457	1,493	1,490	1,810
Commitments and contingent liabilities	—	—	—	—	—
Preferred stock, $2.50 par value	—	—	—	—	—
Common stock, $2.50 par value	13	13	13	13	13
Capital surplus	107	106	106	105	105
Retained earnings	94	83	74	63	46
Accumulated other comprehensive loss	−31	−42	−40	−49	−2
Total shareholders' equity	184	160	153	133	162
Total liabilities and shareholders' equity	1,650	1,617	1,646	1,623	1,972
Common stock, shares outstanding	5	5	5	5	5
Common stock, shares authorized	10	10	10	10	10
Preferred stock, shares outstanding	0	0	0	0	0
Preferred stock, shares authorized	2	2	2	2	2

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net accretion of certain acquisition-related adjustments	−2	−3	−6	−2	−3
Amortization of intangible assets	1	1	2	2	2
Net amortization of securities	805,000	526,000	−2	−364,000	2
Net gain on early redemption of FHLB advances	—	−904,000	—	—	—
Net gains on sales other assets	−278,000	−36,000	−112,000	−1	−65,000
Depreciation and other amortization	3	3	3	3	3
Deferred tax expense (benefit)	352,000	10,000	−473,000	−138,000	702,000
Stock option expense	125,000	131,000	142,000	167,000	145,000
Restricted stock expense	847,000	838,000	585,000	520,000	376,000
Accrued interest receivable and other assets	676,000	−1	52,000	−828,000	−3
Accrued interest payable and other liabilities	−1	−801,000	−863,000	−1	2
Net cash provided by operating activities	21	15	14	23	13
Net decrease in restricted investments	21,000	2	−3	−188,000	−320,000
Proceeds from maturities, calls and principal payments of available for sale securities	29	154	214	23	32
Net decrease (increase) in loans	176,000	−140	−150	127	147
Proceeds from sale of premises and equipment	3	104,000	2	6	34,000
Purchase of bank premises and equipment, net	−582,000	−733,000	−1	−546,000	−1
Net cash provided by investing activities	32	16	−20	−167	262
Net increase in demand deposits, NOW accounts, and money market accounts	25	25	−273	−271	255
Net decrease in certificates of deposit and other time deposits	−17	−10	203	−47	−7
Net decrease in Federal funds purchased	−236,000	−3	3	—	—
Net decrease in other borrowings	—	−46	67	—	−43
Proceeds from stock options exercised	35,000	—	18,000	23,000	30,000
Repurchases of common stock	—	−559,000	—	—	—
Cash dividends paid	−8	−7	−7	−6	−6
Net cash provided by (used in) financing activities	381,000	−42	−6	−324	199
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	54	−11	−12	−469	474
Interest	26	30	22	3	3
Taxes	4	4	4	4	1
Unrealized gains (losses) on available for sale securities, net of tax	11	−2	−2	−59	−5
Initial right-of-use assets obtained in exchange for new operating lease liabilities	2	281,000	—	—	—

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