Company Quick10K Filing
Virginia National Bankshares
Price37.02 EPS2
Shares3 P/E19
MCap100 P/FCF22
Net Debt-28 EBIT10
TEV72 TEV/EBIT8
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
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10-K 2016-12-31 Filed 2017-03-27
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10-K 2015-12-31 Filed 2016-03-30
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10-K 2014-12-31 Filed 2015-03-30
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10-K 2013-12-31 Filed 2014-03-27
8-K 2020-07-31 Earnings, Exhibits
8-K 2020-06-25 Shareholder Vote
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8-K 2018-04-23
8-K 2018-04-11
8-K 2018-03-16
8-K 2018-01-23

VABK 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1. Significant Accounting Policies
Note 2. Securities
Note 3. Loans
Note 4. Allowance for Loan Losses
Note 5. Net Income per Share
Note 6. Stock Incentive Plans
Note 7. Fair Value Measurements
Note 8. Other Comprehensive Income
Note 9. Segment Reporting
Note 10. Leases
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 vabk-ex311_7.htm
EX-31.2 vabk-ex312_8.htm
EX-32.1 vabk-ex321_6.htm

Virginia National Bankshares Earnings 2020-06-30

Balance SheetIncome StatementCash Flow

vabk-10q_20200630.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission File Number: 000-55117

 

VIRGINIA NATIONAL BANKSHARES CORPORATION

(Exact Name of Registrant as Specified in its Charter)

 

 

Virginia

46-2331578

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

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

 

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

 

OTCQX

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

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. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.     Yes      No  

As of August 6, 2020, the registrant had 2,714,273 shares of common stock, $2.50 par value per share, outstanding.

 

 


VIRGINIA NATIONAL BANKSHARES CORPORATION

 

FORM 10-Q

 

TABLE OF CONTENTS

 

Part I. Financial Information

 

 

Item 1    Financial Statements

 

Page   3

Consolidated Balance Sheets (unaudited)

 

Page   3

Consolidated Statements of Income (unaudited)

 

Page   4

Consolidated Statements of Comprehensive Income (unaudited)

 

Page   5

Consolidated Statements of Changes in Shareholders’ Equity (unaudited)

 

Page   6

Consolidated Statements of Cash Flows (unaudited)

 

Page   7

Notes to Consolidated Financial Statements (unaudited)

 

Page   8

 

 

 

Item 2    Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

Page 35

Application of Critical Accounting Policies and Estimates

 

Page 37

Financial Condition

 

Page 37

Results of Operations

 

Page 44

 

 

 

Item 3    Quantitative and Qualitative Disclosures About Market Risk

 

Page 51

 

 

 

Item 4    Controls and Procedures

 

Page 52

 

 

 

Part II. Other Information

 

 

Item 1    Legal Proceedings

 

Page 52

Item 1A  Risk Factors

 

Page 52

Item 2    Unregistered Sales of Equity Securities and Use of Proceeds

 

Page 52

Item 3    Defaults Upon Senior Securities

 

Page 52

Item 4    Mine Safety Disclosures

 

Page 52

Item 5    Other Information

 

Page 52

Item 6    Exhibits

 

Page 53

 

 

 

Signatures

 

Page 54

 

 

2


 

PART I.  FINANCIAL INFORMATION

ITEM 1.   FINANCIAL STATEMENTS

VIRGINIA NATIONAL BANKSHARES CORPORATION

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except per share data)

 

 

 

June 30, 2020

 

 

December 31, 2019*

 

ASSETS

 

(Unaudited)

 

 

 

 

 

Cash and due from banks

 

$

10,116

 

 

$

14,908

 

Federal funds sold

 

 

24,771

 

 

 

4,177

 

Securities:

 

 

 

 

 

 

 

 

Available for sale, at fair value

 

 

102,772

 

 

 

114,041

 

Restricted securities, at cost

 

 

1,736

 

 

 

1,683

 

Total securities

 

 

104,508

 

 

 

115,724

 

Loans

 

 

632,394

 

 

 

539,533

 

Allowance for loan losses

 

 

(4,917

)

 

 

(4,209

)

Loans, net

 

 

627,477

 

 

 

535,324

 

Premises and equipment, net

 

 

5,669

 

 

 

6,145

 

Bank owned life insurance

 

 

16,628

 

 

 

16,412

 

Goodwill

 

 

372

 

 

 

372

 

Other intangible assets, net

 

 

374

 

 

 

408

 

Accrued interest receivable and other assets

 

 

9,669

 

 

 

9,157

 

Total assets

 

$

799,584

 

 

$

702,627

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Demand deposits:

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

197,227

 

 

$

166,975

 

Interest-bearing

 

 

136,274

 

 

 

122,994

 

Money market and savings deposit accounts

 

 

284,101

 

 

 

221,964

 

Certificates of deposit and other time deposits

 

 

96,599

 

 

 

109,278

 

Total deposits

 

 

714,201

 

 

 

621,211

 

Accrued interest payable and other liabilities

 

 

6,291

 

 

 

5,309

 

Total liabilities

 

 

720,492

 

 

 

626,520

 

 

 

 

 

 

 

 

 

 

Commitments and contingent liabilities

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, $2.50 par value, 2,000,000 shares authorized, no

   shares outstanding

 

 

-

 

 

 

-

 

Common stock, $2.50 par value, 10,000,000 shares authorized;

     2,714,273 (including 26,268 nonvested shares), and 2,692,005

     (including 4,000 nonvested shares) issued and outstanding at

     June 30, 2020 and December 31, 2019, respectively

 

 

6,720

 

 

 

6,720

 

Capital surplus

 

 

32,307

 

 

 

32,195

 

Retained earnings

 

 

39,102

 

 

 

37,235

 

Accumulated other comprehensive income (loss)

 

 

963

 

 

 

(43

)

Total shareholders' equity

 

 

79,092

 

 

 

76,107

 

Total liabilities and shareholders' equity

 

$

799,584

 

 

$

702,627

 

 

*

Derived from audited Consolidated Financial Statements

 

See Notes to Consolidated Financial Statements

3


 

VIRGINIA NATIONAL BANKSHARES CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

 

 

 

For the three months ended

 

 

For the six months ended

 

 

 

June 30, 2020

 

 

June 30, 2019

 

 

June 30, 2020

 

 

June 30, 2019

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

6,156

 

 

$

6,105

 

 

$

12,027

 

 

$

12,202

 

Federal funds sold

 

 

10

 

 

 

74

 

 

 

95

 

 

 

93

 

Investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

229

 

 

 

246

 

 

 

738

 

 

 

498

 

Tax exempt

 

 

92

 

 

 

76

 

 

 

167

 

 

157

 

Dividends

 

 

24

 

 

 

31

 

 

 

48

 

 

 

57

 

Total interest and dividend income

 

 

6,511

 

 

 

6,532

 

 

 

13,075

 

 

 

13,007

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand and savings deposits

 

 

390

 

 

 

463

 

 

 

1,085

 

 

 

844

 

Certificates and other time deposits

 

 

366

 

 

 

586

 

 

 

860

 

 

 

1,045

 

Repurchase agreements and other borrowings

 

 

 

 

 

22

 

 

 

 

 

 

89

 

Total interest expense

 

 

756

 

 

 

1,071

 

 

 

1,945

 

 

 

1,978

 

Net interest income

 

 

5,755

 

 

 

5,461

 

 

 

11,130

 

 

 

11,029

 

Provision for (recovery of) loan losses

 

 

378

 

 

 

(64

)

 

 

1,143

 

 

 

620

 

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

 

 

5,377

 

 

 

5,525

 

 

 

9,987

 

 

 

10,409

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust income

 

 

228

 

 

 

402

 

 

 

538

 

 

 

749

 

Advisory and brokerage income

 

 

163

 

 

 

156

 

 

 

341

 

 

 

292

 

Royalty income

 

 

24

 

 

 

4

 

 

 

71

 

 

 

8

 

Deposit account fees

 

 

143

 

 

 

192

 

 

 

322

 

 

 

373

 

Debit/credit card and ATM fees

 

 

134

 

 

 

189

 

 

 

291

 

 

 

346

 

Earnings/increase in value of bank owned life insurance

 

 

109

 

 

 

466

 

 

 

216

 

 

 

576

 

Fees on mortgage sales

 

 

30

 

 

 

56

 

 

 

77

 

 

 

86

 

Gains on sales of securities

 

 

590

 

 

 

64

 

 

 

643

 

 

 

64

 

Loan swap fee income

 

 

124

 

 

 

38

 

 

 

633

 

 

 

46

 

Other

 

 

81

 

 

 

133

 

 

 

163

 

 

 

219

 

Total noninterest income

 

 

1,626

 

 

 

1,700

 

 

 

3,295

 

 

 

2,759

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

2,258

 

 

 

2,321

 

 

 

4,682

 

 

 

4,667

 

Net occupancy

 

 

452

 

 

 

444

 

 

 

904

 

 

 

923

 

Equipment

 

 

136

 

 

 

114

 

 

 

267

 

 

 

231

 

Data processing

 

 

338

 

 

 

330

 

 

 

666

 

 

 

646

 

Other

 

 

1,220

 

 

 

1,476

 

 

 

2,428

 

 

 

2,629

 

Total noninterest expense

 

 

4,404

 

 

 

4,685

 

 

 

8,947

 

 

 

9,096

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

2,599

 

 

 

2,540

 

 

 

4,335

 

 

 

4,072

 

Provision for income taxes

 

 

511

 

 

 

425

 

 

 

843

 

 

 

711

 

Net income

 

$

2,088

 

 

$

2,115

 

 

$

3,492

 

 

$

3,361

 

Net income per common share, basic *

 

$

0.77

 

 

$

0.79

 

 

$

1.29

 

 

$

1.25

 

Net income per common share, diluted *

 

$

0.77

 

 

$

0.79

 

 

$

1.29

 

 

$

1.25

 

Weighted average common shares outstanding, basic *

 

 

2,710,019

 

 

 

2,688,005

 

 

 

2,701,411

 

 

 

2,683,122

 

Weighted average common shares outstanding, diluted *

 

 

2,711,017

 

 

 

2,688,965

 

 

 

2,702,311

 

 

 

2,687,391

 

 

*

Share data has been retroactively adjusted to reflect the 5% stock dividend effective July 5, 2019.

See Notes to Consolidated Financial Statements

4


 

VIRGINIA NATIONAL BANKSHARES CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands)

(Unaudited)

 

 

 

For the three months ended

 

 

For the six months ended

 

 

 

June 30, 2020

 

 

June 30, 2019

 

 

June 30, 2020

 

 

June 30, 2019

 

Net income

 

$

2,088

 

 

$

2,115

 

 

$

3,492

 

 

$

3,361

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on securities, net of tax

   of $512 and $403 for the three and six months

   ended June 30, 2020; and net of tax of  $141 and

   $342 for the three and six months ended June 30, 2019

 

 

1,920

 

 

 

537

 

 

 

1,514

 

 

 

1,291

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassification adjustment for realized gains

   on sales of securities, net of tax of ($124) and ($135)

   for the three and six months ended June 30, 2020;

   and net of tax of ($13) and ($13) for the three and

   six months ended June 30, 2019

 

 

(466

)

 

 

(51

)

 

 

(508

)

 

 

(51

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other comprehensive income

 

 

1,454

 

 

 

486

 

 

 

1,006