0001572334false00015723342024-07-192024-07-19

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 19, 2024

 

 

VIRGINIA NATIONAL BANKSHARES CORPORATION

(Exact name of Registrant as Specified in Its Charter)

 

 

Virginia

001-40305

46-2331578

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

404 People Place

 

Charlottesville, Virginia

 

22911

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (434) 817-8621

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common Stock

 

VABK

 

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 


Item 2.02 Results of Operations and Financial Condition.

On July 19, 2024, Virginia National Bankshares Corporation (the “Company”) issued a press statement announcing the consolidated earnings for the quarter ended June 30, 2024.

A copy of the press statement is furnished as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.

The information in this Form 8-K, and the exhibit hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description of Exhibit

99.1

Press statement issued by Virginia National Bankshares Corporation on July 19, 2024.

 

 

104

 Cover Page Interactive Data File (embedded within the Inline XBRL document).

 


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.

 

 

 

VIRGINIA NATIONAL BANKSHARES CORPORATION

 

 

 

 

Date:

July 19, 2024

By:

/s/ Tara Y. Harrison

 

 

 

Tara Y. Harrison
Executive Vice President and Chief Financial Officer

 


 

Exhibit 99.1

img2203825_0.jpg 

FOR IMMEDIATE RELEASE

INVESTOR RELATIONS CONTACT:

 

Tara Y. Harrison (434) 817-8587

 

VIRGINIA NATIONAL BANKSHARES CORPORATION

ANNOUNCES 2024 SECOND QUARTER EARNINGS

Charlottesville, VA – July 19, 2024 - Virginia National Bankshares Corporation (NASDAQ: VABK) (the “Company”) today reported quarterly net income of $4.2 million, or $0.77 per diluted share, for the quarter ended June 30, 2024, compared to $5.7 million, or $1.05 per diluted share, recognized for the quarter ended June 30, 2023. For the six months ended June 30, 2024, the Company recognized net income of $7.8 million, or $1.45 per diluted share, compared to $11.4 million, or $2.13 per diluted share, for the six months ended June 30, 2023.

The declines in 2024 net income compared to 2023 for the quarterly and year-to-date periods are the result of 1) increased cost of funds and 2) the accretion of the credit mark related to purchased loans when satisfied by the borrower, which was significantly larger in the second quarter of 2023 when compared to the same period of 2024.

President and Chief Executive Officer's comments: "Loan balances continued to increase during the second quarter of this year, with organic growth and continued purchases of the government-guaranteed portions of USDA and SBA loans," stated Glenn W. Rust, President and Chief Executive Officer. "We increased our loan balances 6% during the first half of the year, 19% year-over-year and our credit quality metrics remain solid. Our capital and liquidity positions continue to be strong and stable. We are also pleased to report that Virginia National Bankshares Corporation has been included again in the Russell 2000, which reconstituted at the end of the second quarter. Inclusion will likely enhance stock liquidity through trading by index funds and benchmarked investment strategies."

Key Performance Indicators

Second quarter 2024 compared to fourth quarter 2023

Return on average assets increased to 1.05% from 0.79%
Return on average equity increased to 11.07% from 9.03%
Net interest margin (FTE)1 improved to 3.04% from 2.89%
Loan-to-deposit ratio increased to 84.3% from 77.5%
Efficiency ratio (FTE)1 improved to 62.7% from 64.0%

June 2024 Balance Sheet Highlights

The Company continued to experience loan growth in the second quarter of 2024. Gross loans outstanding as of June 30, 2024 totaled $1.2 billion, an increase of $65.5 million, or 6.0%, compared to December 31, 2023 and an increase of $184.9 million, or 19.0%, compared to June 30, 2023.
Outstanding borrowings declined $36.5 million, or 54.9%, from December 31, 2023 to June 30, 2024 and declined $29.7 million, or 49.7% year-over year, as management made a concerted effort to stabilize overall cost of funds.
As of June 30, 2024, the Company had unused borrowing facilities in place of approximately $196.7 million.
The Company holds no brokered deposits.

_____________________________________________________________________

1 See "Reconciliation of Certain Quarterly Non-GAAP Financial Measures" at the end of this release.

Page 1 of 10

 


 

The Company utilizes a third-party to offer multi-million-dollar FDIC insurance to customers with balances in excess of single-bank limits through Insured Cash Sweep® (ICS) plans. Deposit balances held in ICS plans amounted to $144.8 million as of June 30, 2024, $151.5 million as of December 31, 2023 and $132.8 million as of June 30, 2023.
Total deposits decreased $35.3 million, or 2.5% from December 31, 2023 to June 30, 2024 and increased $25.8 million, or 1.9% year-over-year.
Securities balances declined $137.6 million from December 31, 2023 to June 30, 2024; funds from the maturities of investments were repurposed to higher yielding assets in the form of loans and to reduce the level of outstanding borrowings.

Loans and Asset Quality

Credit performance remains strong with nonperforming assets as a percentage of total assets of 0.25% as of June 30, 2024, 0.17% as of December 31, 2023 and 0.08% as of June 30, 2023.
Nonperforming assets amounted to $4.0 million as of June 30, 2024, compared to $2.7 million as of December 31, 2023 and $1.3 million as of June 30, 2023;
o
Ten loans to nine borrowers are in non-accrual status, totaling $2.4 million, as of June 30, 2024, compared to $1.9 million as of December 31, 2023 and $1.2 million as of June 30, 2023.
o
Loans 90 days or more past due and still accruing interest amounted to $1.6 million as of June 30, 2024, compared to $880 thousand as of December 31, 2023 and $107 thousand as of June 30, 2023. The past due balance as of June 30, 2024 is comprised of four loans totaling $1.5 million which are 100% government-guaranteed, and seven student loans totaling $63 thousand.
o
The Company currently holds no other real estate owned.
The period-end Allowance for Credit Losses (“ACL”) as a percentage of total loans was 0.69% as of June 30, 2024, 0.77% as of December 31, 2023 and 0.81% as of June 30, 2023. The proportionate increase in government-guaranteed loans over the respective periods is the driver of the decrease in the ACL as a percentage of total loans. Balances in government-guaranteed loans have increased $42.4 million during the second quarter of 2024 and have increased $130.2 million since June 30, 2023. Such loans are 100% government-guaranteed and do not require an ACL.
The fair value mark that was allocated to the acquired loans was $21.3 million as of April 1, 2021, with a remaining balance of $8.2 million as of June 30, 2024.
For the three months ended June 30, 2024, the Company recorded a net recovery of provision for credit losses of $338 thousand, primarily due to the recovery of a previously charged-off loan; this balance is net of a $180 thousand provision for unfunded commitments.

Net Interest Income

Net interest income for the three months ended June 30, 2024 of $11.2 million decreased $2.5 million, or 18.4%, compared to the three months ended June 30, 2023, as the increase in interest expense on deposit accounts and borrowings outweighed the increase in interest income earned on assets.
Net interest margin (FTE), (a non-GAAP financial measure)2, for the three months ended June 30, 2024 was 3.04%, compared to 2.89% and 3.83% for the three months ended December 31, 2023 and the three months ended June 30, 2023, respectively. The increase as compared to the fourth quarter of 2023 was primarily due to the increase in yield on loans, increasing from 5.47% to 5.71% for the periods noted, while the decline when compared to the prior year second quarter was due to increased cost of funds.
Yield on loans was 5.71% for the three months ended June 30, 2024, compared to 6.35% for the prior year same period, and was 5.67% for the six months ended June 30, 2024, compared to 5.96% for the prior year same period. The accretion of the credit mark related to purchased loans positively impacted interest income by 31 bps in the second quarter of 2024, compared to 88 bps in the second quarter of 2023, fluctuating primarily due to the treatment of the credit mark under CECL2. When a purchased loan, which was identified as purchased credit-deteriorated as of the date of the acquisition, is satisfied by the borrower, the remaining mark is recognized as interest income in accordance with CECL.

 

__________________________________________________________________

1 See "Reconciliation of Certain Quarterly Non-GAAP Financial Measures" at the end of this release.

2 For more information regarding the adoption of FASB's Topic 326, Financial Instruments - Credit Losses ("CECL") effective January 1, 2023, refer to the Company's first quarter 2023 Form 10-Q.

 

Page 2 of 10

 


 

The overall cost of funds, including noninterest-bearing deposits, of 210 bps incurred in the three months ended June 30, 2024 increased 77 bps from 133 bps in the same period in the prior year. Overall, the cost of interest-bearing deposits increased period over period, from a cost of 174 bps to 274 bps. Management believes that the Bank's cost of funds has stabilized during the first half of 2024, as the cost of funds and cost of interest bearing deposits is relatively unchanged from the three months ended March 31, 2024.

Noninterest Income

Noninterest income for the three months ended June 30, 2024 decreased $354 thousand, or 17.3%, compared to the three months ended June 30, 2023, primarily due to lower wealth management, deposit account, debit card, credit card and ATM fees.

Noninterest Expense

Noninterest expense for the three months ended June 30, 2024 decreased $442 thousand, or 5.2%, compared to the three months ended June 30, 2023. This decrease is primarily the result of lower compensation, occupancy and data processing costs, as a result of right-sizing the branch network from the merger, and reduced marketing, advertising and promotion expense.

Book Value

Book value per share increased to $28.70 as of June 30, 2024, compared to $26.54 as of June 30, 2023, and tangible book value per share (a non-GAAP financial measure)1 was $26.43 as of June 30, 2024 compared to $24.01 as of June 30, 2023. These values increased as net retained income increased and unrealized losses in the investment portfolio remained relatively constant period over period.

Income Taxes

The effective tax rates amounted to 18.3% and 18.4% for the three months ended June 30, 2024 and 2023, respectively, which are lower than the statutory rate, due to the recognition of low-income housing tax credits and the effect of tax-exempt income from municipal bonds and income from bank owned life insurance policies.

Dividends

Cash dividends of $1.8 million, or $0.33 per share, were declared and paid during the second quarter of 2024.

Share Repurchase Plan

During the second quarter of 2024, the Company continued its share repurchase plan, repurchasing 19,476 shares at an average price of $27.32 per share. Year-to-date, the Company has repurchased 20,350 shares at an average price of $27.42 per share.

_____________________________________________________________________

1 See "Reconciliation of Certain Quarterly Non-GAAP Financial Measures" at the end of this release.

 

 

Page 3 of 10

 


 

About Virginia National Bankshares Corporation

Virginia National Bankshares Corporation, headquartered in Charlottesville, Virginia, is the bank holding company for Virginia National Bank. The Bank has nine banking offices throughout Fauquier and Prince William counties, three banking offices in Charlottesville and Albemarle County, and banking offices in Winchester and Richmond, Virginia. The Bank offers a full range of banking and related financial services to meet the needs of individuals, businesses and charitable organizations, including the fiduciary services of VNB Trust and Estate Services. The Company’s common stock trades on the Nasdaq Capital Market under the symbol “VABK.” Additional information on the Company is also available at www.vnbcorp.com.

Non-GAAP Financial Measures

The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles (“GAAP”) and prevailing practices in the banking industry. However, management uses certain non-GAAP measures to supplement the evaluation of the Company’s performance. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s core businesses. These non-GAAP disclosures should not be viewed as a substitute for, or more important than, operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of GAAP to non-GAAP measures are included at the end of this release.

Forward-Looking Statements; Other Information

Certain statements in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, statements with respect to the Company’s operations, performance, future strategy and goals, and are often characterized by use of qualified words such as “expect,” “believe,” “estimate,” “project,” “anticipate,” “intend,” “will,” “should,” or words of similar meaning or other statements concerning the opinions or judgement of the Company and its management about future events. While Company management believes such statements to be reasonable, future events and predictions are subject to circumstances that are not within the control of the Company and its management. Actual results may differ materially from those included in the forward-looking statements due to a number of factors, including, without limitation, the effects of and changes in: inflation, interest rates, market and monetary fluctuations; liquidity and capital requirements; market disruptions including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, war and other military conflicts or other major events, the governmental and societal responses thereto, or the prospect of these events; changes, particularly declines, in general economic and market conditions in the local economies in which the Company operates, including the effects of declines in real estate values; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; the impact of changes in laws, regulations and guidance related to financial services including, but not limited to, taxes, banking, securities and insurance; changes in accounting principles, policies and guidelines; the financial condition of the Company’s borrowers; the Company's ability to attract, hire, train and retain qualified employees; an increase in unemployment levels; competitive pressures on loan and deposit pricing and demand; fluctuation in asset quality; assumptions that underlie the Company’s ACL; the value of securities held in the Company's investment portfolio; performance of assets under management; cybersecurity threats or attacks and the development and maintenance of reliable electronic systems; changes in technology and their impact on the marketing of new products and services and the acceptance of these products and services by new and existing customers; the willingness of customers to substitute competitors’ products and services for the Company’s products and services; the risks and uncertainties described from time to time in the Company’s press releases and filings with the SEC; and the Company’s performance in managing the risks involved in any of the foregoing. Many of these factors and additional risks and uncertainties are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and other reports filed from time to time by the Company with the Securities and Exchange Commission. These statements speak only as of the date made, and the Company does not undertake to update any forward-looking statements to reflect changes or events that may occur after this release.

 

Page 4 of 10

 


 

VIRGINIA NATIONAL BANKSHARES CORPORATION

CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except share and per share data)

 

 

June 30, 2024

 

 

December 31, 2023*

 

 

June 30, 2023

 

 

(Unaudited)

 

 

 

 

 

(Unaudited)

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

$

8,785

 

 

$

18,074

 

 

$

9,714

 

Interest-bearing deposits in other banks

 

8,515

 

 

 

10,316

 

 

 

20,225

 

Securities:

 

 

 

 

 

 

 

 

Available for sale (AFS), at fair value

 

284,698

 

 

 

420,595

 

 

 

473,868

 

Restricted securities, at cost

 

6,667

 

 

 

8,385

 

 

 

7,438

 

Total securities

 

291,365

 

 

 

428,980

 

 

 

481,306

 

Loans, net of deferred fees and costs

 

1,158,214

 

 

 

1,092,665

 

 

 

973,348

 

Allowance for credit losses

 

(8,028

)

 

 

(8,395

)

 

 

(7,863

)

Loans, net

 

1,150,186

 

 

 

1,084,270

 

 

 

965,485

 

Premises and equipment, net

 

15,818

 

 

 

16,195

 

 

 

17,564

 

Bank owned life insurance

 

39,468

 

 

 

38,904

 

 

 

39,065

 

Goodwill

 

7,768

 

 

 

7,768

 

 

 

7,768

 

Core deposit intangible, net

 

4,418

 

 

 

5,093

 

 

 

5,815

 

Right of use asset, net

 

6,287

 

 

 

6,748

 

 

 

6,634

 

Deferred tax asset, net

 

15,860

 

 

 

15,382

 

 

 

16,961

 

Accrued interest receivable and other assets

 

25,350

 

 

 

14,287

 

 

 

13,551

 

Total assets

$

1,573,820

 

 

$

1,646,017

 

 

$

1,584,088

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Demand deposits:

 

 

 

 

 

 

 

 

Noninterest-bearing

$

357,931

 

 

$

372,857

 

 

$

412,273

 

Interest-bearing

 

257,365

 

 

 

305,541

 

 

 

312,773

 

Money market and savings deposit accounts

 

423,055

 

 

 

412,119

 

 

 

398,074

 

Certificates of deposit and other time deposits

 

335,490

 

 

 

318,581

 

 

 

224,956

 

Total deposits

 

1,373,841

 

 

 

1,409,098

 

 

 

1,348,076

 

Federal funds purchased

 

2,438

 

 

 

3,462

 

 

 

20,503

 

Borrowings

 

30,000

 

 

 

66,500

 

 

 

59,666

 

Junior subordinated debt, net

 

3,483

 

 

 

3,459

 

 

 

3,436

 

Lease liability

 

6,102

 

 

 

6,504

 

 

 

6,301

 

Accrued interest payable and other liabilities

 

3,792

 

 

 

3,954

 

 

 

3,667

 

Total liabilities

 

1,419,656

 

 

 

1,492,977

 

 

 

1,441,649

 

Commitments and contingent liabilities

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, $2.50 par value

 

-

 

 

 

-

 

 

 

-

 

Common stock, $2.50 par value

 

13,256

 

 

 

13,258

 

 

 

13,250

 

Capital surplus

 

105,935

 

 

 

106,045

 

 

 

105,667

 

Retained earnings

 

77,961

 

 

 

73,781

 

 

 

69,502

 

Accumulated other comprehensive loss

 

(42,988

)

 

 

(40,044

)

 

 

(45,980

)

Total shareholders' equity

 

154,164

 

 

 

153,040

 

 

 

142,439

 

Total liabilities and shareholders' equity

$

1,573,820

 

 

$

1,646,017

 

 

$

1,584,088

 

Common shares outstanding

 

5,370,912

 

 

 

5,365,982

 

 

 

5,365,982

 

Common shares authorized

 

10,000,000

 

 

 

10,000,000

 

 

 

10,000,000

 

Preferred shares outstanding

 

-

 

 

 

-

 

 

 

-

 

Preferred shares authorized

 

2,000,000

 

 

 

2,000,000

 

 

 

2,000,000

 

 

 

* Derived from audited consolidated financial statements

 

Page 5 of 10

 


 

VIRGINIA NATIONAL BANKSHARES CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands, except per share and share data)

(Unaudited)

 

 

For the three months ended

 

 

For the six months ended

 

 

 

June 30, 2024

 

 

June 30, 2023

 

 

June 30, 2024

 

 

June 30, 2023

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

16,242

 

 

$

14,894

 

 

$

31,903

 

 

$

27,661

 

Federal funds sold

 

 

160

 

 

 

10

 

 

 

399

 

 

 

10

 

Other interest-bearing deposits

 

 

58

 

 

 

119

 

 

 

115

 

 

 

378

 

Investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

1,776

 

 

 

2,876

 

 

 

3,935

 

 

 

5,826

 

Tax exempt

 

 

327

 

 

 

329

 

 

 

653

 

 

 

656

 

Dividends

 

 

100

 

 

 

104

 

 

 

218

 

 

 

171

 

Total interest and dividend income

 

 

18,663

 

 

 

18,332

 

 

 

37,223

 

 

 

34,702

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

68

 

 

 

106

 

 

 

139

 

 

 

195

 

Money market and savings deposits

 

 

2,952

 

 

 

2,197

 

 

 

5,874

 

 

 

3,970

 

Certificates and other time deposits

 

 

3,982

 

 

 

1,776

 

 

 

8,032

 

 

 

2,424

 

Borrowings

 

 

388

 

 

 

439

 

 

 

874

 

 

 

766

 

Federal funds purchased

 

 

9

 

 

 

32

 

 

 

16

 

 

 

91

 

Junior subordinated debt

 

 

83

 

 

 

79

 

 

 

171

 

 

 

140

 

Total interest expense

 

 

7,482

 

 

 

4,629

 

 

 

15,106

 

 

 

7,586

 

Net interest income

 

 

11,181

 

 

 

13,703

 

 

 

22,117

 

 

 

27,116

 

Provision for (recovery of) credit losses

 

 

(338

)

 

 

261

 

 

 

(360

)

 

 

13

 

Net interest income after provision for (recovery of) credit losses

 

 

11,519

 

 

 

13,442

 

 

 

22,477

 

 

 

27,103

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

Wealth management fees

 

 

240

 

 

 

397

 

 

 

666

 

 

 

801

 

Deposit account fees

 

 

338

 

 

 

399

 

 

 

725

 

 

 

800

 

Debit/credit card and ATM fees

 

 

523

 

 

 

636

 

 

 

1,011

 

 

 

1,207

 

Bank owned life insurance income

 

 

289

 

 

 

261

 

 

 

564

 

 

 

513

 

Gains (losses) on sales of assets, net

 

 

(3

)

 

 

-

 

 

 

36

 

 

 

-

 

Gain on early redemption of debt

 

 

-

 

 

 

-

 

 

 

379

 

 

 

-

 

Gain on termination of interest rate swap

 

 

-

 

 

 

-

 

 

 

-

 

 

 

460

 

Losses on sales of AFS, net

 

 

-

 

 

 

-

 

 

 

(4

)

 

 

(206

)

Other

 

 

304

 

 

 

352

 

 

 

492

 

 

 

746

 

Total noninterest income

 

 

1,691

 

 

 

2,045

 

 

 

3,869

 

 

 

4,321

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

3,850

 

 

 

4,062

 

 

 

8,002

 

 

 

8,113

 

Net occupancy

 

 

865

 

 

 

929

 

 

 

1,837

 

 

 

2,108

 

Equipment

 

 

167

 

 

 

176

 

 

 

338

 

 

 

394

 

Bank franchise tax

 

 

345

 

 

 

313

 

 

 

685

 

 

 

637

 

Computer software

 

 

276

 

 

 

203

 

 

 

484

 

 

 

405

 

Data processing

 

 

579

 

 

 

806

 

 

 

1,318

 

 

 

1,548

 

FDIC deposit insurance assessment

 

 

180

 

 

 

220

 

 

 

375

 

 

 

320

 

Marketing, advertising and promotion

 

 

157

 

 

 

275

 

 

 

405

 

 

 

650

 

Professional fees

 

 

190

 

 

 

198

 

 

 

442

 

 

 

390

 

Core deposit intangible amortization

 

 

332

 

 

 

379

 

 

 

675

 

 

 

770

 

Other

 

 

1,181

 

 

 

1,003

 

 

 

2,380

 

 

 

2,090

 

Total noninterest expense

 

 

8,122

 

 

 

8,564

 

 

 

16,941

 

 

 

17,425

 

Income before income taxes

 

 

5,088

 

 

 

6,923

 

 

 

9,405

 

 

 

13,999

 

Provision for income taxes

 

 

929

 

 

 

1,272

 

 

 

1,600

 

 

 

2,557

 

Net income

 

$

4,159

 

 

$

5,651

 

 

$

7,805

 

 

$

11,442

 

Net income per common share, basic

 

$

0.77

 

 

$

1.05

 

 

$

1.45

 

 

$

2.14

 

Net income per common share, diluted

 

$

0.77

 

 

$

1.05

 

 

$

1.45

 

 

$

2.13

 

Weighted average common shares outstanding, basic

 

 

5,377,055

 

 

 

5,357,873

 

 

 

5,371,972

 

 

 

5,348,040

 

Weighted average common shares outstanding, diluted

 

 

5,385,770

 

 

 

5,375,073

 

 

 

5,382,980

 

 

 

5,375,545

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page 6 of 10

 


 

VIRGINIA NATIONAL BANKSHARES CORPORATION

FINANCIAL HIGHLIGHTS

(dollars in thousands, except per share data)

(Unaudited)

 

 

At or For the Three Months Ended

 

 

 

June 30, 2024

 

 

March 31, 2024

 

 

December 31, 2023

 

 

September 30, 2023

 

 

June 30,
2023

 

Common Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per weighted average share, basic

 

$

0.77

 

 

$

0.68

 

 

$

0.59

 

 

$

0.87

 

 

$

1.05

 

Net income per weighted average share, diluted

 

$

0.77

 

 

$

0.68

 

 

$

0.59

 

 

$

0.86

 

 

$

1.05

 

Weighted average shares outstanding, basic

 

 

5,377,055

 

 

 

5,366,890

 

 

 

5,365,982

 

 

 

5,365,982

 

 

 

5,357,873

 

Weighted average shares outstanding, diluted

 

 

5,385,770

 

 

 

5,380,081

 

 

 

5,394,713

 

 

 

5,395,483

 

 

 

5,375,073

 

Actual shares outstanding

 

 

5,370,912

 

 

 

5,390,388

 

 

 

5,365,982

 

 

 

5,365,982

 

 

 

5,365,982

 

Tangible book value per share at period end (non-GAAP) 5

 

$

26.43

 

 

$

25.99

 

 

$

26.12

 

 

$

22.83

 

 

$

24.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Key Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets 1

 

 

1.05

%

 

 

0.91

%

 

 

0.79

%

 

 

1.18

%

 

 

1.46

%

Return on average equity 1

 

 

11.07

%

 

 

9.57

%

 

 

9.03

%

 

 

12.91

%

 

 

15.98

%

Net interest margin (FTE) 2

 

 

3.04

%

 

 

2.93

%

 

 

2.89

%

 

 

3.04

%

 

 

3.83

%

Efficiency ratio (FTE) 3

 

 

62.7

%

 

 

66.8

%

 

 

64.0

%

 

 

60.3

%

 

 

54.1

%

Loan-to-deposit ratio

 

 

84.3

%

 

 

78.8

%

 

 

77.5

%

 

 

74.5

%

 

 

72.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

11,181

 

 

$

10,936

 

 

$

10,753

 

 

$

11,100

 

 

$

13,703

 

Net interest income (FTE) 2

 

$

11,268

 

 

$

11,023

 

 

$

10,839

 

 

$

11,187

 

 

$

13,789

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1 leverage ratio

 

 

11.47

%

 

 

11.24

%

 

 

11.13

%

 

 

11.26

%

 

 

11.20

%

Total risk-based capital ratio

 

 

18.64

%

 

 

18.39

%

 

 

18.24

%

 

 

18.76

%

 

 

18.80

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets and Asset Quality:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average earning assets

 

$

1,491,821

 

 

$

1,513,924

 

 

$

1,487,910

 

 

$

1,460,555

 

 

$

1,443,048

 

Average gross loans

 

$

1,144,350

 

 

$

1,117,570

 

 

$

1,061,297

 

 

$

986,480

 

 

$

940,264

 

Fair value mark on acquired loans

 

$

8,237

 

 

$

8,811

 

 

$

9,399

 

 

$

9,965

 

 

$

10,957

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses on loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

$

8,289

 

 

$

8,395

 

 

$

7,799

 

 

$

7,863

 

 

$

7,772

 

Provision for (recovery of) credit losses

 

 

(518

)

 

 

11

 

 

 

713

 

 

 

2

 

 

 

216

 

Charge-offs

 

 

(208

)

 

 

(184

)

 

 

(207

)

 

 

(199

)

 

 

(180

)

Recoveries

 

 

465

 

 

 

67

 

 

 

90

 

 

 

133

 

 

 

55

 

Net recoveries (charge-offs)

 

 

257

 

 

 

(117

)

 

 

(117

)

 

 

(66

)

 

 

(125

)

End of period

 

$

8,028

 

 

$

8,289

 

 

$

8,395

 

 

$

7,799

 

 

$

7,863

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-accrual loans

 

$

2,365

 

 

$

2,178

 

 

$

1,852

 

 

$

1,143

 

 

$

1,185

 

Loans 90 days or more past due and still accruing

 

 

1,596

 

 

 

876

 

 

 

880

 

 

 

854

 

 

 

107

 

Total nonperforming assets (NPA) 4

 

$

3,961

 

 

$

3,054

 

 

$

2,732

 

 

$

1,997

 

 

$

1,292

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NPA as a % of total assets

 

 

0.25

%

 

 

0.19

%

 

 

0.17

%

 

 

0.13

%

 

 

0.08

%

NPA as a % of gross loans

 

 

0.34

%

 

 

0.27

%

 

 

0.25

%

 

 

0.20

%

 

 

0.13

%

ACL to gross loans

 

 

0.69

%

 

 

0.73

%

 

 

0.77

%

 

 

0.76

%

 

 

0.81

%

Non-accruing loans to gross loans

 

 

0.20

%

 

 

0.19

%

 

 

0.17

%

 

 

0.11

%

 

 

0.12

%

Net charge-offs (recoveries) to average loans 1

 

 

-0.09

%

 

 

0.04

%

 

 

0.04

%

 

 

0.03

%

 

 

0.05

%

 

1 Ratio is computed on an annualized basis.

2 The net interest margin and net interest income are reported on a fully tax-equivalent basis (FTE) basis, using a Federal income tax rate of 21%. This is a non-GAAP financial measure. Refer to the Reconciliation of Certain Non-GAAP Financial (FTE) Measures at the end of this release.

3 The efficiency ratio (FTE) is computed as a percentage of noninterest expense divided by the sum of net interest income (FTE) and noninterest income. This is a non-GAAP financial measure that management believes provides investors with important information regarding operational efficiency. Management believes such financial information is meaningful to the reader in understanding operating performance, but cautions that such information should not be viewed as a substitute for GAAP. Comparison of our efficiency ratio with those of other companies may not be possible because other companies may calculate them differently. Refer to the Reconciliation of Certain Non-GAAP Financial (FTE) Measures at the end of this release.

4 The Bank held no other real estate owned during any of the periods presented.

5 This is a non-GAAP financial measure. Refer to the Reconciliation of Certain Non-GAAP Financial (FTE) Measures at the end of this release.

 

Page 7 of 10

 


 

VIRGINIA NATIONAL BANKSHARES CORPORATION

AVERAGE BALANCES, INCOME AND EXPENSES, YIELDS AND RATES (TAXABLE EQUIVALENT BASIS)

(dollars in thousands)

(Unaudited)

 

 

 

For the three months ended

 

 

 

June 30, 2024

 

 

June 30, 2023

 

 

 

 

 

 

Interest

 

 

 

 

 

 

 

 

Interest

 

 

 

 

 

 

Average

 

 

Income/

 

 

Average

 

 

Average

 

 

Income/

 

 

Average

 

 

 

Balance

 

 

Expense

 

 

Yield/Cost

 

 

Balance

 

 

Expense

 

 

Yield/Cost

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Earning Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable Securities and Dividends

 

$

261,250

 

 

$

1,876

 

 

 

2.87

%

 

$

421,156

 

 

$

2,980

 

 

 

2.83

%

Tax Exempt Securities 1

 

 

66,463

 

 

 

414

 

 

 

2.49

%

 

 

66,956

 

 

 

415

 

 

 

2.48

%

Total Securities 1

 

 

327,713

 

 

 

2,290

 

 

 

2.80

%

 

 

488,112

 

 

 

3,395

 

 

 

2.78

%

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate

 

 

900,581

 

 

 

12,483

 

 

 

5.57

%

 

 

823,289

 

 

 

13,167

 

 

 

6.41

%

Commercial

 

 

206,125

 

 

 

3,080

 

 

 

6.01

%

 

 

74,665

 

 

 

969

 

 

 

5.21

%

Consumer

 

 

37,644

 

 

 

679

 

 

 

7.25

%

 

 

42,310

 

 

 

758

 

 

 

7.19

%

      Total Loans

 

 

1,144,350

 

 

 

16,242

 

 

 

5.71

%

 

 

940,264

 

 

 

14,894

 

 

 

6.35

%

Fed Funds Sold

 

 

11,840

 

 

 

160

 

 

 

5.44

%

 

 

895

 

 

 

10

 

 

 

4.48

%

Other interest-bearing deposits

 

 

7,918

 

 

 

58

 

 

 

2.95

%

 

 

13,777

 

 

 

119

 

 

 

3.46

%

Total Earning Assets

 

 

1,491,821

 

 

 

18,750

 

 

 

5.06

%

 

 

1,443,048

 

 

 

18,418

 

 

 

5.12

%

Less: Allowance for Credit Losses

 

 

(8,299

)

 

 

 

 

 

 

 

 

(7,805

)

 

 

 

 

 

 

Total Non-Earning Assets

 

 

112,246

 

 

 

 

 

 

 

 

 

113,883

 

 

 

 

 

 

 

Total Assets

 

$

1,595,768

 

 

 

 

 

 

 

 

$

1,549,126

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Bearing Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Bearing Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Checking

 

$

268,621

 

 

$

68

 

 

 

0.10

%

 

$

331,523

 

 

$

106

 

 

 

0.13

%

Money Market and Savings Deposits

 

 

421,700

 

 

 

2,952

 

 

 

2.82

%

 

 

415,015

 

 

 

2,197

 

 

 

2.12

%

Time Deposits

 

 

338,648

 

 

 

3,982

 

 

 

4.73

%

 

 

194,736

 

 

 

1,776

 

 

 

3.66

%

Total Interest-Bearing Deposits

 

 

1,028,969

 

 

 

7,002

 

 

 

2.74

%

 

 

941,274

 

 

 

4,079

 

 

 

1.74

%

Borrowings

 

 

30,407

 

 

 

388

 

 

 

5.13

%

 

 

34,265

 

 

 

439

 

 

 

5.14

%

Federal funds purchased

 

 

561

 

 

 

9

 

 

 

6.45

%

 

 

2,392

 

 

 

32

 

 

 

5.37

%

Junior subordinated debt

 

 

3,476

 

 

 

83

 

 

 

9.60

%

 

 

3,430

 

 

 

79

 

 

 

9.24

%

Total Interest-Bearing Liabilities

 

 

1,063,413

 

 

 

7,482

 

 

 

2.83

%

 

 

981,361

 

 

 

4,629

 

 

 

1.89

%

Non-Interest-Bearing Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

370,640

 

 

 

 

 

 

 

 

 

416,039

 

 

 

 

 

 

 

Other liabilities

 

 

10,545

 

 

 

 

 

 

 

 

 

9,853

 

 

 

 

 

 

 

Total Liabilities

 

 

1,444,598

 

 

 

 

 

 

 

 

 

1,407,253

 

 

 

 

 

 

 

Shareholders' Equity

 

 

151,170

 

 

 

 

 

 

 

 

 

141,873

 

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

 

$

1,595,768

 

 

 

 

 

 

 

 

$

1,549,126

 

 

 

 

 

 

 

Net Interest Income (FTE)

 

 

 

 

$

11,268

 

 

 

 

 

 

 

 

$

13,789

 

 

 

 

Interest Rate Spread 2

 

 

 

 

 

 

 

 

2.23

%

 

 

 

 

 

 

 

 

3.23

%

Cost of Funds

 

 

 

 

 

 

 

 

2.10

%

 

 

 

 

 

 

 

 

1.33

%

Interest Expense as a Percentage of
     Average Earning Assets

 

 

 

 

 

 

 

 

2.02

%

 

 

 

 

 

 

 

 

1.29

%

Net Interest Margin (FTE) 3

 

 

 

 

 

 

 

 

3.04

%

 

 

 

 

 

 

 

 

3.83

%

 

1 Tax-exempt income for investment securities has been adjusted to a fully tax-equivalent basis (FTE), using a Federal income tax rate of 21%.

Refer to the Reconcilement of Non-GAAP Measures table at the end of this release.

2 Interest spread is the average yield earned on earning assets less the average rate paid on interest-bearing liabilities.

3 Net interest margin (FTE) is net interest income expressed as a percentage of average earning assets.

 

 

 

Page 8 of 10

 


 

VIRGINIA NATIONAL BANKSHARES CORPORATION

AVERAGE BALANCES, INCOME AND EXPENSES, YIELDS AND RATES (TAXABLE EQUIVALENT BASIS)

(dollars in thousands)

(Unaudited)

 

 

 

For the six months ended

 

 

 

June 30, 2024

 

 

June 30, 2023

 

 

 

 

 

 

Interest

 

 

 

 

 

 

 

 

Interest

 

 

 

 

 

 

Average

 

 

Income/

 

 

Average

 

 

Average

 

 

Income/

 

 

Average

 

 

 

Balance

 

 

Expense

 

 

Yield/Cost

 

 

Balance

 

 

Expense

 

 

Yield/Cost

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Earning Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable Securities and Dividends

 

$

282,493

 

 

$

4,153

 

 

 

2.94

%

 

$

434,219

 

 

$

5,997

 

 

 

2.76

%

Tax Exempt Securities 1

 

 

66,526

 

 

 

827

 

 

 

2.49

%

 

 

67,019

 

 

 

831

 

 

 

2.48

%

Total Securities 1

 

 

349,019

 

 

 

4,980

 

 

 

2.85

%

 

 

501,238

 

 

 

6,828

 

 

 

2.72

%

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate

 

 

903,033

 

 

 

25,026

 

 

 

5.57

%

 

 

820,033

 

 

 

24,032

 

 

 

5.91

%

Commercial

 

 

190,251

 

 

 

5,505

 

 

 

5.82

%

 

 

73,357

 

 

 

2,098

 

 

 

5.77

%

Consumer

 

 

37,676

 

 

 

1,372

 

 

 

7.32

%

 

 

43,179

 

 

 

1,531

 

 

 

7.15

%

      Total Loans

 

 

1,130,960

 

 

 

31,903

 

 

 

5.67

%

 

 

936,569

 

 

 

27,661

 

 

 

5.96

%

Fed Funds Sold

 

 

14,732

 

 

 

399

 

 

 

5.45

%

 

 

455

 

 

 

10

 

 

 

4.43

%

Other interest-bearing deposits

 

 

8,171

 

 

 

115

 

 

 

2.83

%

 

 

20,789

 

 

 

378

 

 

 

3.67

%

Total Earning Assets

 

 

1,502,882

 

 

 

37,397

 

 

 

5.00

%

 

 

1,459,051

 

 

 

34,877

 

 

 

4.82

%

Less: Allowance for Credit Losses

 

 

(8,356

)

 

 

 

 

 

 

 

 

(7,947

)

 

 

 

 

 

 

Total Non-Earning Assets

 

 

111,045

 

 

 

 

 

 

 

 

 

114,372

 

 

 

 

 

 

 

Total Assets

 

$

1,605,571

 

 

 

 

 

 

 

 

$

1,565,476

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Bearing Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Bearing Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Checking

 

$

275,723

 

 

$

139

 

 

 

0.10

%

 

$

346,625

 

 

$

195

 

 

 

0.11

%

Money Market and Savings Deposits

 

 

416,837

 

 

 

5,874

 

 

 

2.83

%

 

 

431,849

 

 

 

3,970

 

 

 

1.85

%

Time Deposits

 

 

339,866

 

 

 

8,032

 

 

 

4.75

%

 

 

161,247

 

 

 

2,424

 

 

 

3.03

%

Total Interest-Bearing Deposits

 

 

1,032,426

 

 

 

14,045

 

 

 

2.74

%

 

 

939,721

 

 

 

6,589

 

 

 

1.41

%

Borrowings

 

 

36,280

 

 

 

874

 

 

 

4.84

%

 

 

31,074

 

 

 

766

 

 

 

4.97

%

Federal funds purchased

 

 

528

 

 

 

16

 

 

 

6.09

%

 

 

3,754

 

 

 

91

 

 

 

4.89

%

Junior subordinated debt

 

 

3,470

 

 

 

171

 

 

 

9.91

%

 

 

3,423

 

 

 

140

 

 

 

8.25

%

Total Interest-Bearing Liabilities

 

 

1,072,704

 

 

 

15,106

 

 

 

2.83

%

 

 

977,972

 

 

 

7,586

 

 

 

1.56

%

Non-Interest-Bearing Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

369,588

 

 

 

 

 

 

 

 

 

440,285

 

 

 

 

 

 

 

Other liabilities

 

 

11,041

 

 

 

 

 

 

 

 

 

9,423

 

 

 

 

 

 

 

Total Liabilities

 

 

1,453,333

 

 

 

 

 

 

 

 

 

1,427,680

 

 

 

 

 

 

 

Shareholders' Equity

 

 

152,238

 

 

 

 

 

 

 

 

 

137,796

 

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

 

$

1,605,571

 

 

 

 

 

 

 

 

$

1,565,476

 

 

 

 

 

 

 

Net Interest Income (FTE)

 

 

 

 

$

22,291

 

 

 

 

 

 

 

 

$

27,291

 

 

 

 

Interest Rate Spread 2

 

 

 

 

 

 

 

 

2.17

%

 

 

 

 

 

 

 

 

3.26

%

Cost of Funds

 

 

 

 

 

 

 

 

2.11

%

 

 

 

 

 

 

 

 

1.08

%

Interest Expense as a Percentage of
     Average Earning Assets

 

 

 

 

 

 

 

 

2.02

%

 

 

 

 

 

 

 

 

1.05

%

Net Interest Margin (FTE) 3

 

 

 

 

 

 

 

 

2.98

%

 

 

 

 

 

 

 

 

3.77

%

 

1 Tax-exempt income for investment securities has been adjusted to a fully tax-equivalent basis (FTE), using a Federal income tax rate of 21%.

Refer to the Reconcilement of Non-GAAP Measures table at the end of this release.

2 Interest spread is the average yield earned on earning assets less the average rate paid on interest-bearing liabilities.

3 Net interest margin (FTE) is net interest income expressed as a percentage of average earning assets.

 

 

 

 

 

 

 

 

 

 

 

Page 9 of 10

 


 

VIRGINIA NATIONAL BANKSHARES CORPORATION

RECONCILIATION OF CERTAIN QUARTERLY NON-GAAP FINANCIAL MEASURES

(dollars in thousands, except per share data)

(Unaudited)

 

 

 

 

For the Three Months Ended

 

 

 

June 30, 2024

 

 

March 31, 2024

 

 

December 31, 2023

 

 

September 30, 2023

 

 

June 30, 2023

 

Fully tax-equivalent measures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

11,181

 

 

$

10,936

 

 

$

10,753

 

 

$

11,100

 

 

$

13,703

 

Fully tax-equivalent adjustment

 

 

87

 

 

 

87

 

 

 

86

 

 

 

87

 

 

 

86

 

Net interest income (FTE) 1

 

$

11,268

 

 

$

11,023

 

 

$

10,839

 

 

$

11,187

 

 

$

13,789

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio 2

 

 

63.1

%

 

 

67.2

%

 

 

64.4

%

 

 

60.7

%

 

 

54.4

%

Fully tax-equivalent adjustment

 

 

-0.4

%

 

 

-0.4

%

 

 

-0.4

%

 

 

-0.4

%

 

 

-0.3

%

Efficiency ratio (FTE) 3

 

 

62.7

%

 

 

66.8

%

 

 

64.0

%

 

 

60.3

%

 

 

54.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin

 

 

3.01

%

 

 

2.91

%

 

 

2.87

%

 

 

3.02

%

 

 

3.81

%

Fully tax-equivalent adjustment

 

 

0.03

%

 

 

0.02

%

 

 

0.02

%

 

 

0.02

%

 

 

0.02

%

Net interest margin (FTE) 1

 

 

3.04

%

 

 

2.93

%

 

 

2.89

%

 

 

3.04

%

 

 

3.83

%

 

 

 

 

As of

 

 

 

June 30, 2024

 

 

March 31, 2024

 

 

December 31, 2023

 

 

September 30, 2023

 

 

June 30, 2023

 

Other financial measures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per share

 

$

28.70

 

 

$

28.31

 

 

$

28.52

 

 

$

25.29

 

 

$

26.54

 

Impact of intangible assets 4

 

 

(2.27

)

 

 

(2.32

)

 

 

(2.40

)

 

 

(2.46

)

 

 

(2.53

)

Tangible book value per share (non-GAAP)

 

$

26.43

 

 

$

25.99

 

 

$

26.12

 

 

$

22.83

 

 

$

24.01

 

 

 

 

 

 

For the Six Months Ended

 

 

 

June 30, 2024

 

 

June 30, 2023

 

Fully tax-equivalent measures

 

 

 

 

 

 

Net interest income

 

$

22,117

 

 

$

27,116

 

Fully tax-equivalent adjustment

 

 

174

 

 

 

175

 

Net interest income (FTE) 1

 

$

22,291

 

 

$

27,291

 

 

 

 

 

 

 

Efficiency ratio 2

 

 

65.2

%

 

 

55.4

%

Fully tax-equivalent adjustment

 

 

-0.4

%

 

 

-0.3

%

Efficiency ratio (FTE) 3

 

 

64.8

%

 

 

55.1

%

 

 

 

 

 

 

Net interest margin

 

 

2.96

%

 

 

3.75

%

Fully tax-equivalent adjustment

 

 

0.02

%

 

 

0.02

%

Net interest margin (FTE) 1

 

 

2.98

%

 

 

3.77

%

 

 

1 FTE calculations use a Federal income tax rate of 21%.

2 The efficiency ratio, GAAP basis, is computed by dividing noninterest expense by the sum of net interest income and noninterest income.

3 The efficiency ratio, FTE, is computed by dividing noninterest expense by the sum of net interest income (FTE) and noninterest income.

4 Intangible assets include goodwill and core deposit intangible assets, net of accumulated amortization, for all periods presented.

 

Page 10 of 10

 


v3.24.2
Document And Entity Information
Jul. 19, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jul. 19, 2024
Entity Registrant Name VIRGINIA NATIONAL BANKSHARES CORPORATION
Entity Central Index Key 0001572334
Entity Emerging Growth Company false
Entity File Number 001-40305
Entity Incorporation, State or Country Code VA
Entity Tax Identification Number 46-2331578
Entity Address, Address Line One 404 People Place
Entity Address, City or Town Charlottesville
Entity Address, State or Province VA
Entity Address, Postal Zip Code 22911
City Area Code (434)
Local Phone Number 817-8621
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol VABK
Security Exchange Name NASDAQ

Virginia National Banksh... (NASDAQ:VABK)
Historical Stock Chart
From Oct 2024 to Oct 2024 Click Here for more Virginia National Banksh... Charts.
Virginia National Banksh... (NASDAQ:VABK)
Historical Stock Chart
From Oct 2023 to Oct 2024 Click Here for more Virginia National Banksh... Charts.