Virginia National Bankshares Corp Goodwill & Intangibles Disclosure
Note 8 – Goodwill and Other Intangible Assets
The carrying amount of goodwill was $7.8 million at December 31, 2025 and December 31, 2024. There were no changes in the recorded balance of goodwill during the twelve months ended December 31, 2025.
The Company had $2.7 million and $3.8 million of other intangible assets as of December 31, 2025 and December 31, 2024, respectively, which were recognized in connection with the core deposits acquired from the Merger in 2021.
The following table summarizes the gross carrying amounts and accumulated amortization of other intangible assets:
(Dollars in thousands) |
December 31, 2025 |
|
|
December 31, 2024 |
|
||||||||
|
Gross Carrying Amount |
|
Accumulated Amortization |
|
|
Gross Carrying Amount |
|
Accumulated Amortization |
|
||||
Amortized intangible assets: |
|
|
|
|
|
|
|
|
|
||||
Core deposit intangible |
$ |
9,660 |
|
$ |
(6,978 |
) |
|
$ |
9,660 |
|
$ |
(5,868 |
) |
|
Core |
|
|
|
|
Deposit |
|
|
|
(Dollars in thousands) |
Intangible |
|
|
|
2026 |
$ |
918 |
|
|
2027 |
|
726 |
|
|
2028 |
|
535 |
|
|
2029 |
|
343 |
|
|
2030 |
|
152 |
|
|
Thereafter |
|
8 |
|
|
Total |
$ |
2,682 |
|
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 27, 2026 | Showing above |
| 2024 | Mar 28, 2025 | |
| 2023 | Mar 28, 2024 | |
| 2022 | Mar 29, 2023 | |
| 2021 | Mar 25, 2022 | |
| 2020 | Mar 19, 2021 | |
| 2019 | Mar 12, 2020 | |
| 2018 | Mar 15, 2019 | |
| 2017 | Mar 27, 2018 | |
| 2016 | Mar 27, 2017 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.