Announcement • May 04
Virginia National Bankshares Corporation, Annual General Meeting, Jun 25, 2026 Virginia National Bankshares Corporation, Annual General Meeting, Jun 25, 2026. Location: hilton garden inn, 1793 richmond road, virginia 22911, charlottesville United States Declared Dividend • Apr 27
First quarter dividend of US$0.36 announced Dividend of US$0.36 is the same as last year. Ex-date: 13th May 2026 Payment date: 29th May 2026 Dividend yield will be 3.4%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 4.4% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Apr 25
Virginia National Bankshares Corporation Declares Quarterly Cash Dividend for the Quarter Ended March 31, 2026, Payable on May 29, 2026 On April 22, 2026, Virginia National Bankshares Corporation Board of Directors declared a quarterly cash dividend of $0.36 per share of common stock for the quarter ended March 31, 2026 payable on May 29, 2026, to the holders of record at the close of business on May 13, 2026. The quarterly cash dividend implies an annualized dividend yield to shareholders of approximately 3.50% based on the closing price of the Company's common stock on April 21, 2026. Reported Earnings • Apr 24
First quarter 2026 earnings released: EPS: US$0.97 (vs US$0.83 in 1Q 2025) First quarter 2026 results: EPS: US$0.97 (up from US$0.83 in 1Q 2025). Revenue: US$14.7m (up 3.6% from 1Q 2025). Net income: US$5.26m (up 17% from 1Q 2025). Profit margin: 36% (up from 32% in 1Q 2025). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Upcoming Dividend • Feb 06
Upcoming dividend of US$0.36 per share Eligible shareholders must have bought the stock before 13 February 2026. Payment date: 27 February 2026. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of American dividend payers (4.1%). Higher than average of industry peers (2.3%). Announcement • Feb 06
Virginia National Bankshares Corporation and Virginia National Bank Appoints Robert Lee Burrows, Jr. as Director, Effective February 25, 2026 Virginia National Bankshares Corporation announced the appointment of Robert Lee Burrows, Jr. as a director of the Company, effective February 25, 2026. He has also been appointed as a director of the Company's wholly-owned subsidiary bank, Virginia National Bank. Mr. Burrows' experience in the financial services industry spans over four decades. In 2008, he founded Banks Street Partners, an Atlanta based financial services focused investment banking firm that became a leading investment firm in the Southeast. In 2019, Banks Street Partners sold to Chicago-based Performance Trust Capital Partners Inc. He retired as Vice Chairman of Investment Banking at Performance Trust in October 2025. Prior to 2008, he co-owned Trident Financial Corporation/Trident Securities, assisted in founding ComSouth Bankshares, and launched UB Bancorp. He has served and currently serves on several corporate boards of directors as well as serving in a volunteer capacity on several boards. Reported Earnings • Jan 30
Full year 2025 earnings released: EPS: US$3.57 (vs US$3.16 in FY 2024) Full year 2025 results: EPS: US$3.57 (up from US$3.16 in FY 2024). Revenue: US$57.5m (up 7.1% from FY 2024). Net income: US$19.3m (up 14% from FY 2024). Profit margin: 34% (up from 32% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Nov 20
Virginia National Bankshares Corporation and Virginia National Bank Announce Executive Vice President Changes, Effective November 21, 2025 On November 19, 2025, Virginia National Bankshares Corporation announced that Tara Y. Harrison will transition from Executive Vice President and Chief Financial Officer of the Company and Virginia National Bank (the “Bank”) to Senior Advisor, effective November 21, 2025. The Company also announced that Cathy W. Liles will become Executive Vice President and Chief Financial Officer of the Company and the Bank, effective November 21, 2025. Ms. Harrison will serve as Senior Advisor indefinitely until retirement and will work closely with Ms. Liles and other members of senior management of the Company and the Bank to ensure an orderly transition. Ms. Harrison requested the transition due to personal reasons and her move to a new role was not the result of any disagreement with the Company or the Bank on any matter relating to the Company’s or the Bank’s operations, policies, practices, financial disclosures, accounting practices or internal controls. Ms. Liles, 60, is a certified public accountant and an executive with extensive bank industry experience. From November 2024 to September 2025, she served as Chief Financial Officer and Senior Vice President/Finance of Old Point Financial Corporation and Old Point National Bank, and was Chief Accounting Officer and Senior Vice President of those companies from May 2024 to November 2024. Ms. Liles served as Senior Vice President and Chief Accounting Officer of American National Bankshares Inc. and American National Bank & Trust Company from 2016 to May 2024. She was Chief Financial Officer for Carter Bank & Trust from 2013 to 2015, and prior to that Ms. Liles was a partner in the accounting firm Forvis Mazars, LLP (previously named Dixon Hughes Goodman), where she spent 13 years in the financial services practice. Announcement • Nov 19
Virginia National Bankshares Corporation and Virginia National Bank Announce Chief Financial Officer Changes, Effective November 21, 2025 On November 19, 2025, Virginia National Bankshares Corporation announced that Tara Y. Harrison will transition from Executive Vice President and Chief Financial Officer of the Company and Virginia National Bank (the “Bank”) to Senior Advisor, effective November 21, 2025. The Company also announced that Cathy W. Liles will become Executive Vice President and Chief Financial Officer of the Company and the Bank, effective November 21, 2025. Ms. Harrison will serve as Senior Advisor indefinitely until retirement and will work closely with Ms. Liles and other members of senior management of the Company and the Bank to ensure an orderly transition. Ms. Harrison requested the transition due to personal reasons and her move to a new role was not the result of any disagreement with the Company or the Bank on any matter relating to the Company’s or the Bank’s operations, policies, practices, financial disclosures, accounting practices or internal controls. Ms. Liles, 60, is a certified public accountant and an executive with extensive bank industry experience. From November 2024 to September 2025, she served as Chief Financial Officer and Senior Vice President/Finance of Old Point Financial Corporation and Old Point National Bank, and was Chief Accounting Officer and Senior Vice President of those companies from May 2024 to November 2024. Ms. Liles served as Senior Vice President and Chief Accounting Officer of American National Bankshares Inc. and American National Bank & Trust Company from 2016 to May 2024. She was Chief Financial Officer for Carter Bank & Trust from 2013 to 2015, and prior to that Ms. Liles was a partner in the accounting firm Forvis Mazars, LLP (previously named Dixon Hughes Goodman), where she spent 13 years in the financial services practice. Upcoming Dividend • Nov 07
Upcoming dividend of US$0.36 per share Eligible shareholders must have bought the stock before 14 November 2025. Payment date: 28 November 2025. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of American dividend payers (4.6%). Higher than average of industry peers (2.5%). Reported Earnings • Oct 24
Third quarter 2025 earnings released: EPS: US$0.85 (vs US$0.86 in 3Q 2024) Third quarter 2025 results: EPS: US$0.85 (down from US$0.86 in 3Q 2024). Revenue: US$14.1m (up 3.7% from 3Q 2024). Net income: US$4.58m (flat on 3Q 2024). Profit margin: 33% (down from 34% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 08
Upcoming dividend of US$0.36 per share Eligible shareholders must have bought the stock before 15 August 2025. Payment date: 29 August 2025. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of American dividend payers (4.6%). Higher than average of industry peers (2.6%). Reported Earnings • Jul 25
Second quarter 2025 earnings released: EPS: US$0.79 (vs US$0.77 in 2Q 2024) Second quarter 2025 results: EPS: US$0.79 (up from US$0.77 in 2Q 2024). Revenue: US$14.1m (up 6.8% from 2Q 2024). Net income: US$4.24m (up 1.9% from 2Q 2024). Profit margin: 30% (down from 32% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Jul 24
Virginia National Bankshares Corporation Declares Quarterly Cash Dividend, Payable on August 29, 2025 On July 23, 2025, Virginia National Bankshares Corporation's Board of Directors declared a quarterly cash dividend of $0.36 per share of common stock payable on August 29, 2025, to the holders of record at the close of business on August 15, 2025. The quarterly cash dividend represents an annual yield to shareholders of approximately 3.78% based on the closing price of the Company's common stock on July 23, 2025. Announcement • Jun 02
Virginia National Bankshares Corporation, Annual General Meeting, Jul 24, 2025 Virginia National Bankshares Corporation, Annual General Meeting, Jul 24, 2025. Location: hilton garden inn, 1793 richmond road, va 22911, charlottesville, United States Upcoming Dividend • May 08
Upcoming dividend of US$0.36 per share Eligible shareholders must have bought the stock before 15 May 2025. Payment date: 30 May 2025. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of American dividend payers (4.9%). Higher than average of industry peers (2.8%). Announcement • Apr 26
Virginia National Bankshares Corporation Declares Quarterly Cash Dividend, Payable on May 30, 2025 Virginia National Bankshares Corporation's board of directors on April 23, 2025, declared a quarterly cash dividend of $0.36 per share of common stock payable on May 30, 2025, to the holders of record at the close of business on May 15, 2025. The quarterly cash dividend represents an annual yield to shareholders of approximately 4.09% based on the closing price of the Company's common stock on April 23, 2025 and an increase of 9.1% over the prior quarterly dividend of $0.33 per share. Announcement • Apr 25
Virginia National Bankshares Corporation Reports Net Charges Offs for the First Quarter Ended March 31, 2025 Virginia National Bankshares Corporation reported net charges offs for the first quarter ended March 31, 2025. For the quarter ended March 31, 2025, the company reported net charge off of $22,000 against $117,000 a year ago. Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: US$3.16 (vs US$3.60 in FY 2023) Full year 2024 results: EPS: US$3.16 (down from US$3.60 in FY 2023). Revenue: US$53.7m (down 5.7% from FY 2023). Net income: US$17.0m (down 12% from FY 2023). Profit margin: 32% (down from 34% in FY 2023). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 3.10% (down from 3.36% in FY 2023). Cost-to-income ratio: 62.0% (up from 58.3% in FY 2023). Non-performing loans: 0.24% (down from 0.25% in FY 2023). Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 2% per year. Declared Dividend • Mar 02
Fourth quarter dividend of US$0.33 announced Dividend of US$0.33 is the same as last year. Ex-date: 14th March 2025 Payment date: 28th March 2025 Dividend yield will be 3.6%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 22% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 4.9% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 27
Virginia National Bankshares Corporation Announces Quarterly Cash Dividend, Payable on March 28, 2025 Virginia National Bankshares Corporation announced that on February 26, 2025 its Board of Directors declared a quarterly cash dividend of $0.33 per share to be paid on March 28, 2025 to shareholders of record as of March 14, 2025. The quarterly cash dividend represents an annual yield to shareholders of approximately 3.66% based on the closing price of the Company's common stock on February 26, 2025. Reported Earnings • Jan 24
Full year 2024 earnings released: EPS: US$3.16 (vs US$3.60 in FY 2023) Full year 2024 results: EPS: US$3.16 (down from US$3.60 in FY 2023). Revenue: US$54.6m (down 4.1% from FY 2023). Net income: US$17.0m (down 12% from FY 2023). Profit margin: 31% (down from 34% in FY 2023). Over the last 3 years on average, earnings per share has remained flat and the company’s share price has also remained flat. Upcoming Dividend • Nov 29
Upcoming dividend of US$0.33 per share Eligible shareholders must have bought the stock before 06 December 2024. Payment date: 20 December 2024. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of American dividend payers (4.2%). Higher than average of industry peers (2.5%). Declared Dividend • Oct 28
Third quarter dividend of US$0.33 announced Dividend of US$0.33 is the same as last year. Ex-date: 6th December 2024 Payment date: 20th December 2024 Dividend yield will be 3.2%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 22% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 2.3% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Oct 25
Virginia National Bankshares Corporation Announces Quarterly Cash Dividend, Payable on December 20, 2024 Virginia National Bankshares Corporation announced that on October 23, 2024 its Board of Directors declared a quarterly cash dividend of $0.33 per share to be paid on December 20, 2024 to shareholders of record as of December 6, 2024. The quarterly cash dividend represents an annual yield to shareholders of approximately 3.25% based on the closing price of the Company's common stock on October 24, 2024. Reported Earnings • Oct 17
Third quarter 2024 earnings released: EPS: US$0.86 (vs US$0.87 in 3Q 2023) Third quarter 2024 results: EPS: US$0.86 (down from US$0.87 in 3Q 2023). Revenue: US$13.6m (up 3.7% from 3Q 2023). Net income: US$4.60m (down 1.1% from 3Q 2023). Profit margin: 34% (down from 36% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 5% per year. Upcoming Dividend • Aug 30
Upcoming dividend of US$0.33 per share Eligible shareholders must have bought the stock before 06 September 2024. Payment date: 20 September 2024. Payout ratio is a comfortable 45% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of American dividend payers (4.4%). Higher than average of industry peers (2.8%). Declared Dividend • Jul 29
Second quarter dividend of US$0.33 announced Dividend of US$0.33 is the same as last year. Ex-date: 6th September 2024 Payment date: 20th September 2024 Dividend yield will be 3.4%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 22% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 1.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jul 26
Virginia National Bankshares Corporation Announces Quarterly Cash Dividend, Payable on September 20, 2024 Virginia National Bankshares Corporation announced that on July 24, 2024 its Board of Directors declared a quarterly cash dividend of $0.33 per share to be paid on September 20, 2024 to shareholders of record as of September 6, 2024. The quarterly cash dividend represents an annual yield to shareholders of approximately 3.45% based on the closing price of the Company's common stock on July 24, 2024. Reported Earnings • Jul 22
Second quarter 2024 earnings released: EPS: US$0.77 (vs US$1.06 in 2Q 2023) Second quarter 2024 results: EPS: US$0.77 (down from US$1.06 in 2Q 2023). Revenue: US$13.2m (down 15% from 2Q 2023). Net income: US$4.16m (down 26% from 2Q 2023). Profit margin: 32% (down from 37% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to US$37.52, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 11x in the Banks industry in the US. Total returns to shareholders of 10% over the past three years. Declared Dividend • May 30
First quarter dividend of US$0.33 announced Dividend of US$0.33 is the same as last year. Ex-date: 14th June 2024 Payment date: 28th June 2024 Dividend yield will be 4.4%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 22% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 4.2% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • May 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$29.48, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 10x in the Banks industry in the US. Total returns to shareholders of 3.0% over the past three years. Announcement • May 01
Virginia National Bankshares Corporation, Annual General Meeting, Jun 27, 2024 Virginia National Bankshares Corporation, Annual General Meeting, Jun 27, 2024, at 10:00 US Eastern Standard Time. Location: Hilton Garden Inn, 1793 Richmond Road, Charlottesville, VA 22911 Charlotteville Virginia United States Agenda: To consider Election of ten (10) directors to serve until the next annual meeting of shareholders; to consider Advisory (non-binding) vote to approve the Company’s executive compensation; to consider Ratification of the appointment of Yount, Hyde & Barbour, P.C. as the Company’s independent registered public accounting firm for 2024; and to consider other business matters. Reported Earnings • Mar 31
Full year 2023 earnings released: EPS: US$3.60 (vs US$4.40 in FY 2022) Full year 2023 results: EPS: US$3.60 (down from US$4.40 in FY 2022). Revenue: US$56.9m (down 12% from FY 2022). Net income: US$19.3m (down 18% from FY 2022). Profit margin: 34% (down from 36% in FY 2022). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 3.36% (up from 3.21% in FY 2022). Cost-to-income ratio: 58.3% (up from 57.1% in FY 2022). Non-performing loans: 0.25% (up from 0.15% in FY 2022). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 06
Upcoming dividend of US$0.33 per share Eligible shareholders must have bought the stock before 13 March 2024. Payment date: 28 March 2024. Trailing yield: 4.4%. Lower than top quartile of American dividend payers (4.7%). Higher than average of industry peers (3.1%). Declared Dividend • Mar 04
Fourth quarter dividend of US$0.33 announced Dividend of US$0.33 is the same as last year. Ex-date: 13th March 2024 Payment date: 28th March 2024 Dividend yield will be 4.4%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 22% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 2.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 01
Virginia National Bankshares Corporation Declares a Quarterly Cash Dividend to Be Paid on March 28, 2024 Virginia National Bankshares Corporation announced that on February 28, 2024 its Board of Directors declared a quarterly cash dividend of $0.33 per share to be paid on March 28, 2024 to shareholders of record as of March 14, 2024. The quarterly cash dividend represents an annual yield to shareholders of approximately 4.42% based on the closing price of the Company's common stock on February 28, 2024. Announcement • Jan 27
Virginia National Bankshares Corporation Reports Net Charges Offs for the Fourth Quarter Ended December 31, 2023 Virginia National Bankshares Corporation reported net charges offs for the fourth quarter ended December 31, 2023. For the quarter ended December 31, 2023, the company reported net charge off of $117,000 against $69,000 a year ago. Reported Earnings • Jan 26
Full year 2023 earnings released: EPS: US$3.60 (vs US$4.40 in FY 2022) Full year 2023 results: EPS: US$3.60 (down from US$4.40 in FY 2022). Revenue: US$57.3m (down 11% from FY 2022). Net income: US$19.3m (down 18% from FY 2022). Profit margin: 34% (down from 36% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Nov 30
Upcoming dividend of US$0.33 per share at 3.8% yield Eligible shareholders must have bought the stock before 07 December 2023. Payment date: 22 December 2023. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of American dividend payers (5.0%). In line with average of industry peers (3.6%). Announcement • Nov 21
Virginia National Bankshares Corporation Announces Quarterly Cash Dividend, Payable on December 22, 2023 Virginia National Bankshares Corporation announced that on November 17, 2023 its Board of Directors declared a quarterly cash dividend of $0.33 per share to be paid on December 22, 2023 to shareholders of record as of December 8, 2023. The quarterly cash dividend represents an annual yield to shareholders of approximately 3.69% based on the closing price of the Company's common stock on November 17, 2023. Reported Earnings • Oct 22
Third quarter 2023 earnings released: EPS: US$0.87 (vs US$1.08 in 3Q 2022) Third quarter 2023 results: EPS: US$0.87 (down from US$1.08 in 3Q 2022). Revenue: US$13.8m (down 17% from 3Q 2022). Net income: US$4.65m (down 19% from 3Q 2022). Profit margin: 34% (down from 35% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Oct 22
Virginia National Bankshares Corporation Reports Net Charges Offs for the Third Quarter Ended September 30, 2023 Virginia National Bankshares Corporation reported net charges offs for the third quarter ended September 30, 2023. for the quarter, the company reported net charge off of $66,000 against $57,000 a year ago. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$30.35, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 8x in the Banks industry in the US. Total returns to shareholders of 39% over the past three years. Upcoming Dividend • Aug 31
Upcoming dividend of US$0.33 per share at 3.8% yield Eligible shareholders must have bought the stock before 07 September 2023. Payment date: 22 September 2023. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of American dividend payers (4.9%). In line with average of industry peers (3.6%). Announcement • Jul 28
Virginia National Bankshares Corporation Declares Quarterly Cash Dividend, Payable on September 22, 2023 Virginia National Bankshares Corporation announced that on July 26, 2023 its Board of Directors declared a quarterly cash dividend of $0.33 per share to be paid on September 22, 2023 to shareholders of record as of September 8, 2023. The quarterly cash dividend represents an annual yield to shareholders of approximately 3.72% based on the closing price of the Company's common stock on July 26, 2023. Reported Earnings • Jul 18
Second quarter 2023 earnings released: EPS: US$1.06 (vs US$1.07 in 2Q 2022) Second quarter 2023 results: EPS: US$1.06 (down from US$1.07 in 2Q 2022). Revenue: US$15.5m (down 5.1% from 2Q 2022). Net income: US$5.65m (flat on 2Q 2022). Profit margin: 37% (up from 35% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 01
Upcoming dividend of US$0.33 per share at 4.6% yield Eligible shareholders must have bought the stock before 08 June 2023. Payment date: 23 June 2023. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of American dividend payers (5.2%). Higher than average of industry peers (3.7%). Announcement • May 26
Virginia National Bankshares Corporation Announces Quarterly Cash Dividend, Payable on June 23, 2023 Virginia National Bankshares Corporation announced that on May 24, 2023 its Board of Directors declared a quarterly cash dividend of $0.33 per share to be paid on June 23, 2023 to shareholders of record as of June 9, 2023. Recent Insider Transactions • May 04
Chairman of the Board recently bought US$93k worth of stock On the 3rd of May, William Dittmar bought around 3k shares on-market at roughly US$30.92 per share. This transaction amounted to 1.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. William has been a buyer over the last 12 months, purchasing a net total of US$154k worth in shares. Reported Earnings • Mar 31
Full year 2022 earnings released: EPS: US$4.40 (vs US$2.16 in FY 2021) Full year 2022 results: EPS: US$4.40 (up from US$2.16 in FY 2021). Revenue: US$64.5m (up 18% from FY 2021). Net income: US$23.4m (up 133% from FY 2021). Profit margin: 36% (up from 19% in FY 2021). The increase in margin was primarily driven by higher revenue. Net interest margin (NIM): 3.21% (up from 2.94% in FY 2021). Cost-to-income ratio: 57.1% (down from 76.3% in FY 2021). Non-performing loans: 0.15% (up from 0.12% in FY 2021). Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 13% per year. Upcoming Dividend • Mar 02
Upcoming dividend of US$0.33 per share at 3.0% yield Eligible shareholders must have bought the stock before 09 March 2023. Payment date: 24 March 2023. Trailing yield: 3.0%. Lower than top quartile of American dividend payers (4.4%). In line with average of industry peers (3.0%). Reported Earnings • Feb 01
Full year 2022 earnings released: EPS: US$4.40 (vs US$2.16 in FY 2021) Full year 2022 results: EPS: US$4.40 (up from US$2.16 in FY 2021). Revenue: US$64.7m (up 19% from FY 2021). Net income: US$23.4m (up 133% from FY 2021). Profit margin: 36% (up from 19% in FY 2021). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jan 03
Now 21% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be US$45.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 37% over the last 3 years. Earnings per share has grown by 8.9%. Buying Opportunity • Dec 16
Now 20% undervalued Over the last 90 days, the stock is up 6.2%. The fair value is estimated to be US$45.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 37% over the last 3 years. Earnings per share has grown by 8.9%. Upcoming Dividend • Dec 12
Upcoming dividend of US$0.30 per share Eligible shareholders must have bought the stock before 19 December 2022. Payment date: 30 December 2022. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of American dividend payers (4.4%). In line with average of industry peers (3.2%). Announcement • Dec 09
Virginia National Bankshares Corporation Announces Cash Dividend, Payable on December 30, 2022 Virginia National Bankshares Corporation announced that on December 7, 2022 its Board of Directors declared a quarterly cash dividend of $0.30 per share to be paid on December 30, 2022 to shareholders of record as of December 20, 2022. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Vice Chairman John Adams was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: US$1.08 (vs US$0.59 in 3Q 2021) Third quarter 2022 results: EPS: US$1.08 (up from US$0.59 in 3Q 2021). Revenue: US$16.5m (down 1.1% from 3Q 2021). Net income: US$5.77m (up 84% from 3Q 2021). Profit margin: 35% (up from 19% in 3Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Sep 08
Chairman of the Board recently bought US$61k worth of stock On the 7th of September, William Dittmar bought around 2k shares on-market at roughly US$33.00 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. William has been a buyer over the last 12 months, purchasing a net total of US$121k worth in shares. Upcoming Dividend • Sep 01
Upcoming dividend of US$0.30 per share Eligible shareholders must have bought the stock before 08 September 2022. Payment date: 23 September 2022. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of American dividend payers (4.3%). Higher than average of industry peers (3.2%). Reported Earnings • Jul 30
Second quarter 2022 earnings released: EPS: US$1.07 (vs US$0.028 in 2Q 2021) Second quarter 2022 results: EPS: US$1.07 (up from US$0.028 in 2Q 2021). Revenue: US$16.1m (down 1.0% from 2Q 2021). Net income: US$5.69m (up US$5.54m from 2Q 2021). Profit margin: 35% (up from 0.9% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorated over the past week After last week's 15% share price decline to US$27.50, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 10x in the Banks industry in the US. Total loss to shareholders of 14% over the past three years. Upcoming Dividend • Jun 02
Upcoming dividend of US$0.30 per share Eligible shareholders must have bought the stock before 09 June 2022. Payment date: 24 June 2022. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of American dividend payers (3.9%). Higher than average of industry peers (2.8%). Announcement • May 27
Virginia National Bankshares Corporation Announces Quarterly Cash Dividend, Payable on June 24, 2022 Virginia National Bankshares Corporation announced that on May 25, 2022, its Board of Directors declared a quarterly cash dividend of $0.30 per share to be paid on June 24, 2022 to shareholders of record as of June 10, 2022. The quarterly cash dividend represents an annual yield to shareholders of approximately 3.68% based on the closing price of the Company's common stock on May 25, 2022. Announcement • May 02
Virginia National Bankshares Corporation, Annual General Meeting, Jun 23, 2022 Virginia National Bankshares Corporation, Annual General Meeting, Jun 23, 2022, at 15:00 Eastern Standard Time. Agenda: To Election of twelve (12) directors to serve until the next annual meeting of shareholders; To Advisory (non-binding) vote to approve the Companys executive compensation; Advisory (non-binding) vote to approve the frequency of the advisory vote on the Company's executive Compensation; Approval of the Virginia National Bankshares Corporation 2022 Stock Incentive Plan; Ratification of the appointment of Yount, Hyde & Barbour, P.C. as the Companys independent registered public accounting firm for 2022; Transaction of such other business as may properly come before the meeting or any adjournments or postponements. Reported Earnings • Apr 29
First quarter 2022 earnings released: EPS: US$0.93 (vs US$0.55 in 1Q 2021) First quarter 2022 results: EPS: US$0.93 (up from US$0.55 in 1Q 2021). Revenue: US$15.8m (up 138% from 1Q 2021). Net income: US$4.92m (up 227% from 1Q 2021). Profit margin: 31% (up from 23% in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 2% per year. Board Change • Apr 27
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Vice Chairman John Adams was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 29
Full year 2021 earnings released: EPS: US$2.16 (vs US$2.95 in FY 2020) Full year 2021 results: EPS: US$2.16. Revenue: US$54.4m (up 89% from FY 2020). Net income: US$10.1m (up 26% from FY 2020). Profit margin: 19% (down from 28% in FY 2020). Net interest margin (NIM): 2.94% (down from 3.17% in FY 2020). Cost-to-income ratio: 76.3% (up from 61.4% in FY 2020). Non-performing loans: 0.12% (up from 0.02% in FY 2020). Announcement • Mar 06
Virginia National Bankshares Corporation Declares Quarterly Cash Dividend, Payable on March 25, 2022 Virginia National Bankshares Corporation announced that its Board of Directors has declared a quarterly cash dividend of $0.30 per share to be paid on March 25, 2022 to shareholders of record as of March 11, 2022. The quarterly cash dividend represents an annual yield to shareholders of approximately 3.43% based on the closing price of the Company's common stock on March 2, 2022. Reported Earnings • Feb 20
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$2.14 (down from US$2.95 in FY 2020). Revenue: US$53.5m (up 86% from FY 2020). Net income: US$10.0m (up 26% from FY 2020). Profit margin: 19% (down from 28% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Feb 19
Virginia National Bankshares Corporation Reports Net Charge-Offs for the Three Months Ended December 31, 2021 Virginia National Bankshares Corporation reported net charge-offs for the three months ended December 31, 2021. Net charge-offs to average loans were 0.06% against 0.09% a year ago. Charge-offs were $230,000 against $162,000 a year ago. Reported Earnings • Oct 31
Third quarter 2021 earnings released: EPS US$0.59 (vs US$0.69 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: US$16.7m (up 131% from 3Q 2020). Net income: US$3.14m (up 68% from 3Q 2020). Profit margin: 19% (down from 26% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 5% per year. Recent Insider Transactions • Sep 25
Chairman of the Board recently bought US$59k worth of stock On the 22nd of September, William Dittmar bought around 2k shares on-market at roughly US$37.00 per share. This was the largest purchase by an insider in the last 3 months. William has been a buyer over the last 12 months, purchasing a net total of US$92k worth in shares. Reported Earnings • Aug 08
Second quarter 2021 earnings released: EPS US$0.028 (vs US$0.77 in 2Q 2020) The company reported a decent second quarter result with improved revenues, although earnings and profit margins were weaker. Second quarter 2021 results: Revenue: US$16.2m (up 132% from 2Q 2020). Net income: US$147.0k (down 93% from 2Q 2020). Profit margin: 0.9% (down from 30% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 4% per year. Recent Insider Transactions • Jun 15
Independent Director recently bought US$51k worth of stock On the 10th of June, Kevin Carter bought around 2k shares on-market at roughly US$33.00 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$130k more in shares than they have sold in the last 12 months. Announcement • May 29
Virginia National Bankshares Corporation Declares Quarterly Cash Dividend, Payable on June 25, 2021 Virginia National Bankshares Corporation announced that on May 26 2021, its Board of Directors declared a quarterly cash dividend of $0.30 per share to be paid on June 25, 2021 to shareholders of record as of June 11, 2021. Reported Earnings • May 03
First quarter 2021 earnings released: EPS US$0.55 (vs US$0.52 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: US$6.66m (up 6.1% from 1Q 2020). Net income: US$1.51m (up 7.2% from 1Q 2020). Profit margin: 23% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 9% per year, which means it is performing significantly worse than earnings. Executive Departure • Apr 06
Independent Director has left the company On the 1st of April, Bryan Wright's tenure as Independent Director ended after 5.9 years in the role. As of December 2020, Bryan personally held 10.16k shares (US$276k worth at the time). A total of 3 executives have left over the last 12 months. Executive Departure • Apr 06
Independent Director has left the company On the 1st of April, Susan Payne's tenure as Independent Director ended after 5.9 years in the role. As of December 2020, Susan personally held 16.68k shares (US$453k worth at the time). A total of 3 executives have left over the last 12 months. Executive Departure • Apr 06
Independent Director has left the company On the 1st of April, H. Benham's tenure as Independent Director ended after 5.9 years in the role. As of December 2020, Benham personally held 20.61k shares (US$560k worth at the time). A total of 3 executives have left over the last 12 months. 
