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 2021-03-31 Filed 2021-05-10
10-K 2020-12-31 Filed 2021-03-19
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-12
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-15
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-15
10-K 2017-12-31 Filed 2018-03-27
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-11
10-Q 2017-03-31 Filed 2017-05-12
10-K 2016-12-31 Filed 2017-03-27
10-Q 2016-09-30 Filed 2016-11-14
10-Q 2016-06-30 Filed 2016-08-15
10-Q 2016-03-31 Filed 2016-05-16
10-K 2015-12-31 Filed 2016-03-30
10-Q 2015-09-30 Filed 2015-11-12
10-Q 2015-06-30 Filed 2015-08-14
10-Q 2015-03-31 Filed 2015-05-15
10-K 2014-12-31 Filed 2015-03-30
10-Q 2014-09-30 Filed 2014-11-13
10-Q 2014-06-30 Filed 2014-08-13
10-Q 2014-03-31 Filed 2014-05-14
10-K 2013-12-31 Filed 2014-03-27
8-K 2020-10-26
8-K 2020-10-01
8-K 2020-09-30
8-K 2020-09-28
8-K 2020-09-23
8-K 2020-07-31
8-K 2020-06-25
8-K 2020-06-24
8-K 2020-04-28
8-K 2020-03-25
8-K 2020-01-28
8-K 2020-01-15
8-K 2019-12-13
8-K 2019-10-25
8-K 2019-09-20
8-K 2019-08-08
8-K 2019-06-14
8-K 2019-06-13
8-K 2019-04-30
8-K 2019-04-26
8-K 2019-03-21
8-K 2019-01-28
8-K 2018-12-13
8-K 2018-10-22
8-K 2018-09-20
8-K 2018-07-30
8-K 2018-07-05
8-K 2018-05-18
8-K 2018-05-17
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
Note 11. Mergers and Acquisitions
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_6.htm
EX-31.2 vabk-ex312_7.htm
EX-32.1 vabk-ex321_8.htm

Virginia National Bankshares Earnings 2021-03-31

Balance SheetIncome StatementCash Flow

vabk-10q_20210331.htm
false 0001572334 --12-31 2021 Q1 P6M P4Y P4Y 13.69 23.75 13.69 42.62 P6Y6M 10.65 20.01 30.01 40.01 20.00 30.00 40.00 42.62 us-gaap:OtherLiabilities us-gaap:OtherLiabilities us-gaap:OtherAssets us-gaap:OtherAssets 0001572334 2021-01-01 2021-03-31 xbrli:shares 0001572334 2021-05-07 iso4217:USD 0001572334 2021-03-31 0001572334 2020-12-31 iso4217:USD xbrli:shares 0001572334 2019-12-31 0001572334 2020-01-01 2020-03-31 0001572334 us-gaap:CommonStockMember 2019-12-31 0001572334 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001572334 us-gaap:RetainedEarningsMember 2019-12-31 0001572334 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001572334 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-03-31 0001572334 us-gaap:RetainedEarningsMember 2020-01-01 2020-03-31 0001572334 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-03-31 0001572334 us-gaap:CommonStockMember 2020-03-31 0001572334 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0001572334 us-gaap:RetainedEarningsMember 2020-03-31 0001572334 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0001572334 2020-03-31 0001572334 us-gaap:CommonStockMember 2020-12-31 0001572334 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001572334 us-gaap:RetainedEarningsMember 2020-12-31 0001572334 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0001572334 us-gaap:CommonStockMember 2021-01-01 2021-03-31 0001572334 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-03-31 0001572334 us-gaap:RetainedEarningsMember 2021-01-01 2021-03-31 0001572334 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-03-31 0001572334 us-gaap:CommonStockMember 2021-03-31 0001572334 us-gaap:AdditionalPaidInCapitalMember 2021-03-31 0001572334 us-gaap:RetainedEarningsMember 2021-03-31 0001572334 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-03-31 0001572334 vabk:FauquierBanksharesIncMember us-gaap:SubsequentEventMember 2021-04-01 2021-04-01 0001572334 vabk:FauquierBanksharesIncMember 2021-03-31 0001572334 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2021-03-31 0001572334 us-gaap:MortgageBackedSecuritiesMember 2021-03-31 0001572334 us-gaap:MunicipalBondsMember 2021-03-31 0001572334 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2020-12-31 0001572334 us-gaap:MortgageBackedSecuritiesMember 2020-12-31 0001572334 us-gaap:MunicipalBondsMember 2020-12-31 vabk:item 0001572334 vabk:CommercialLoanOrganicMember 2021-03-31 0001572334 vabk:CommercialLoanOrganicMember 2020-12-31 0001572334 vabk:CommercialAndIndustrialPaycheckProtectionProgramMember 2021-03-31 0001572334 vabk:CommercialAndIndustrialPaycheckProtectionProgramMember 2020-12-31 0001572334 vabk:CommercialAndIndustrialGovernmentGuaranteedMember 2021-03-31 0001572334 vabk:CommercialAndIndustrialGovernmentGuaranteedMember 2020-12-31 0001572334 vabk:CommercialLoanSyndicatedMember 2021-03-31 0001572334 vabk:CommercialLoanSyndicatedMember 2020-12-31 0001572334 vabk:CommercialLoansMember 2021-03-31 0001572334 vabk:CommercialLoansMember 2020-12-31 0001572334 vabk:ResidentialConstructionLoansMember 2021-03-31 0001572334 vabk:ResidentialConstructionLoansMember 2020-12-31 0001572334 vabk:CommercialConstructionMember 2021-03-31 0001572334 vabk:CommercialConstructionMember 2020-12-31 0001572334 vabk:LandAndLandDevelopmentMember 2021-03-31 0001572334 vabk:LandAndLandDevelopmentMember 2020-12-31 0001572334 us-gaap:ConstructionLoansMember 2021-03-31 0001572334 us-gaap:ConstructionLoansMember 2020-12-31 0001572334 vabk:OneFamilyResidentialFirstLienInvestmentMember 2021-03-31 0001572334 vabk:OneFamilyResidentialFirstLienInvestmentMember 2020-12-31 0001572334 vabk:OneFamilyResidentialFirstLienOwnerOccupiedMember 2021-03-31 0001572334 vabk:OneFamilyResidentialFirstLienOwnerOccupiedMember 2020-12-31 0001572334 vabk:OneFamilyResidentialJuniorLienMember 2021-03-31 0001572334 vabk:OneFamilyResidentialJuniorLienMember 2020-12-31 0001572334 vabk:OneToFourFamilyResidentialPurchasedMember 2021-03-31 0001572334 vabk:OneToFourFamilyResidentialPurchasedMember 2020-12-31 0001572334 vabk:HomeEquityLinesOfCreditFirstLienMember 2021-03-31 0001572334 vabk:HomeEquityLinesOfCreditFirstLienMember 2020-12-31 0001572334 vabk:HomeEquityLinesOfCreditJuniorLienMember 2021-03-31 0001572334 vabk:HomeEquityLinesOfCreditJuniorLienMember 2020-12-31 0001572334 vabk:MortgageLoansOnRealEstateFarmMortgagesMember 2021-03-31 0001572334 vabk:MortgageLoansOnRealEstateFarmMortgagesMember 2020-12-31 0001572334 vabk:MortgageLoansOnRealEstateMultifamilyMortgagesMember 2021-03-31 0001572334 vabk:MortgageLoansOnRealEstateMultifamilyMortgagesMember 2020-12-31 0001572334 vabk:MortgageLoansOnRealEstateCommercialOwnerOccupiedMember 2021-03-31 0001572334 vabk:MortgageLoansOnRealEstateCommercialOwnerOccupiedMember 2020-12-31 0001572334 vabk:MortgageLoansOnRealEstateCommercialNonOwnerOccupiedMember 2021-03-31 0001572334 vabk:MortgageLoansOnRealEstateCommercialNonOwnerOccupiedMember 2020-12-31 0001572334 vabk:RealEstateMortgagesMember 2021-03-31 0001572334 vabk:RealEstateMortgagesMember 2020-12-31 0001572334 vabk:ConsumerRevolvingCreditMember 2021-03-31 0001572334 vabk:ConsumerRevolvingCreditMember 2020-12-31 0001572334 vabk:ConsumerAllOtherCreditMember 2021-03-31 0001572334 vabk:ConsumerAllOtherCreditMember 2020-12-31 0001572334 vabk:StudentLoansPurchasedMember 2021-03-31 0001572334 vabk:StudentLoansPurchasedMember 2020-12-31 0001572334 vabk:ConsumerLoansMember 2021-03-31 0001572334 vabk:ConsumerLoansMember 2020-12-31 0001572334 vabk:PaycheckProtectionProgramMember vabk:CovidNineteenMember vabk:SmallBusinessAdministrationMember 2020-01-01 2020-09-30 0001572334 vabk:PaycheckProtectionProgramMember 2021-01-01 2021-03-31 0001572334 vabk:PaycheckProtectionProgramMember vabk:SmallBusinessAdministrationMember 2021-01-01 2021-03-31 0001572334 vabk:LandAndLandDevelopmentMember 2021-01-01 2021-03-31 0001572334 vabk:OneFamilyResidentialJuniorLienMember 2021-01-01 2021-03-31 0001572334 vabk:ImpairedLoansWithValuationAllowanceMember 2021-03-31 0001572334 vabk:StudentLoansPurchasedMember 2021-01-01 2021-03-31 0001572334 vabk:ImpairedLoansWithValuationAllowanceMember 2021-01-01 2021-03-31 0001572334 vabk:LandAndLandDevelopmentMember 2020-01-01 2020-12-31 0001572334 vabk:OneFamilyResidentialJuniorLienMember 2020-01-01 2020-12-31 0001572334 vabk:MortgageLoansOnRealEstateCommercialNonOwnerOccupiedMember 2020-01-01 2020-12-31 0001572334 2020-01-01 2020-12-31 0001572334 vabk:ImpairedLoansWithValuationAllowanceMember 2020-12-31 0001572334 vabk:StudentLoansPurchasedMember 2020-01-01 2020-12-31 0001572334 vabk:ImpairedLoansWithValuationAllowanceMember 2020-01-01 2020-12-31 0001572334 vabk:CovidNineteenMember 2021-03-31 xbrli:pure 0001572334 vabk:CovidNineteenMember 2021-03-30 2021-03-31 0001572334 us-gaap:PerformingFinancingReceivableMember vabk:StudentLoansPurchasedMember 2021-01-01 2021-03-31 0001572334 us-gaap:PerformingFinancingReceivableMember vabk:OneFamilyResidentialJuniorLienMember 2021-03-31 0001572334 us-gaap:PerformingFinancingReceivableMember vabk:StudentLoansPurchasedMember 2021-03-31 0001572334 us-gaap:PerformingFinancingReceivableMember 2021-03-31 0001572334 us-gaap:NonperformingFinancingReceivableMember vabk:LandAndLandDevelopmentMember 2021-03-31 0001572334 us-gaap:NonperformingFinancingReceivableMember 2021-03-31 0001572334 us-gaap:PerformingFinancingReceivableMember vabk:OneFamilyResidentialJuniorLienMember 2020-12-31 0001572334 us-gaap:PerformingFinancingReceivableMember vabk:StudentLoansPurchasedMember 2020-12-31 0001572334 us-gaap:PerformingFinancingReceivableMember 2020-12-31 0001572334 us-gaap:NonperformingFinancingReceivableMember vabk:LandAndLandDevelopmentMember 2020-12-31 0001572334 us-gaap:NonperformingFinancingReceivableMember 2020-12-31 0001572334 vabk:StudentLoansPurchasedMember 2020-01-01 2020-03-31 vabk:Loan 0001572334 vabk:OneToFourFamilyResidentialPropertyMember 2021-01-01 2021-03-31 0001572334 vabk:OneToFourFamilyResidentialPropertyMember 2020-01-01 2020-12-31 0001572334 vabk:RiskLevelExcellentMember vabk:CommercialLoanOrganicMember 2021-03-31 0001572334 vabk:RiskLevelGoodMember vabk:CommercialLoanOrganicMember 2021-03-31 0001572334 us-gaap:PassMember vabk:CommercialLoanOrganicMember 2021-03-31 0001572334 us-gaap:DoubtfulMember vabk:CommercialLoanOrganicMember 2021-03-31 0001572334 us-gaap:SubstandardMember vabk:CommercialLoanOrganicMember 2021-03-31 0001572334 vabk:RiskLevelExcellentMember vabk:CommercialAndIndustrialPaycheckProtectionProgramMember 2021-03-31 0001572334 vabk:RiskLevelExcellentMember vabk:CommercialAndIndustrialGovernmentGuaranteedMember 2021-03-31 0001572334 us-gaap:PassMember vabk:CommercialLoanSyndicatedMember 2021-03-31 0001572334 us-gaap:PassMember vabk:ResidentialConstructionLoansMember 2021-03-31 0001572334 us-gaap:PassMember vabk:CommercialConstructionMember 2021-03-31 0001572334 us-gaap:PassMember vabk:LandAndLandDevelopmentMember 2021-03-31 0001572334 us-gaap:SubstandardMember vabk:LandAndLandDevelopmentMember 2021-03-31 0001572334 us-gaap:PassMember vabk:OneFamilyResidentialFirstLienInvestmentMember 2021-03-31 0001572334 us-gaap:DoubtfulMember vabk:OneFamilyResidentialFirstLienInvestmentMember 2021-03-31 0001572334 us-gaap:SpecialMentionMember vabk:OneFamilyResidentialFirstLienInvestmentMember 2021-03-31 0001572334 us-gaap:SubstandardMember vabk:OneFamilyResidentialFirstLienInvestmentMember 2021-03-31 0001572334 us-gaap:PassMember vabk:OneFamilyResidentialFirstLienOwnerOccupiedMember 2021-03-31 0001572334 us-gaap:DoubtfulMember vabk:OneFamilyResidentialFirstLienOwnerOccupiedMember 2021-03-31 0001572334 us-gaap:SpecialMentionMember vabk:OneFamilyResidentialFirstLienOwnerOccupiedMember 2021-03-31 0001572334 us-gaap:SubstandardMember vabk:OneFamilyResidentialFirstLienOwnerOccupiedMember 2021-03-31 0001572334 us-gaap:PassMember vabk:OneFamilyResidentialJuniorLienMember 2021-03-31 0001572334 us-gaap:SpecialMentionMember vabk:OneFamilyResidentialJuniorLienMember 2021-03-31 0001572334 us-gaap:SubstandardMember vabk:OneFamilyResidentialJuniorLienMember 2021-03-31 0001572334 us-gaap:PassMember vabk:OneToFourFamilyResidentialPurchasedMember 2021-03-31 0001572334 us-gaap:PassMember vabk:HomeEquityLinesOfCreditFirstLienMember 2021-03-31 0001572334 us-gaap:DoubtfulMember vabk:HomeEquityLinesOfCreditFirstLienMember 2021-03-31 0001572334 us-gaap:PassMember vabk:HomeEquityLinesOfReditJuniorLienMember 2021-03-31 0001572334 us-gaap:DoubtfulMember vabk:HomeEquityLinesOfReditJuniorLienMember 2021-03-31 0001572334 us-gaap:SubstandardMember vabk:HomeEquityLinesOfReditJuniorLienMember 2021-03-31 0001572334 vabk:HomeEquityLinesOfReditJuniorLienMember 2021-03-31 0001572334 us-gaap:PassMember vabk:MortgageLoansOnRealEstateFarmMortgagesMember 2021-03-31 0001572334 us-gaap:DoubtfulMember vabk:MortgageLoansOnRealEstateFarmMortgagesMember 2021-03-31 0001572334 us-gaap:PassMember vabk:MortgageLoansOnRealEstateMultifamilyMortgagesMember 2021-03-31 0001572334 us-gaap:DoubtfulMember vabk:MortgageLoansOnRealEstateMultifamilyMortgagesMember 2021-03-31 0001572334 us-gaap:SubstandardMember vabk:MortgageLoansOnRealEstateMultifamilyMortgagesMember 2021-03-31 0001572334 us-gaap:PassMember vabk:MortgageLoansOnRealEstateCommercialOwnerOccupiedMember 2021-03-31 0001572334 us-gaap:DoubtfulMember vabk:MortgageLoansOnRealEstateCommercialOwnerOccupiedMember 2021-03-31 0001572334 us-gaap:SubstandardMember vabk:MortgageLoansOnRealEstateCommercialOwnerOccupiedMember 2021-03-31 0001572334 us-gaap:PassMember vabk:MortgageLoansOnRealEstateCommercialNonOwnerOccupiedMember 2021-03-31 0001572334 us-gaap:DoubtfulMember vabk:MortgageLoansOnRealEstateCommercialNonOwnerOccupiedMember 2021-03-31 0001572334 us-gaap:SubstandardMember vabk:MortgageLoansOnRealEstateCommercialNonOwnerOccupiedMember 2021-03-31 0001572334 vabk:RiskLevelExcellentMember vabk:ConsumerRevolvingCreditMember 2021-03-31 0001572334 vabk:RiskLevelGoodMember vabk:ConsumerRevolvingCreditMember 2021-03-31 0001572334 us-gaap:PassMember vabk:ConsumerRevolvingCreditMember 2021-03-31 0001572334 vabk:RiskLevelExcellentMember vabk:ConsumerAllOtherCreditMember 2021-03-31 0001572334 vabk:RiskLevelGoodMember vabk:ConsumerAllOtherCreditMember 2021-03-31 0001572334 us-gaap:PassMember vabk:ConsumerAllOtherCreditMember 2021-03-31 0001572334 us-gaap:SubstandardMember vabk:ConsumerAllOtherCreditMember 2021-03-31 0001572334 us-gaap:PassMember vabk:StudentLoansPurchasedMember 2021-03-31 0001572334 us-gaap:DoubtfulMember vabk:StudentLoansPurchasedMember 2021-03-31 0001572334 us-gaap:SpecialMentionMember vabk:StudentLoansPurchasedMember 2021-03-31 0001572334 us-gaap:SubstandardMember vabk:StudentLoansPurchasedMember 2021-03-31 0001572334 vabk:RiskLevelExcellentMember 2021-03-31 0001572334 vabk:RiskLevelGoodMember 2021-03-31 0001572334 us-gaap:PassMember 2021-03-31 0001572334 us-gaap:DoubtfulMember 2021-03-31 0001572334 us-gaap:SpecialMentionMember 2021-03-31 0001572334 us-gaap:SubstandardMember 2021-03-31 0001572334 vabk:RiskLevelExcellentMember vabk:CommercialLoanOrganicMember 2020-12-31 0001572334 vabk:RiskLevelGoodMember vabk:CommercialLoanOrganicMember 2020-12-31 0001572334 us-gaap:PassMember vabk:CommercialLoanOrganicMember 2020-12-31 0001572334 us-gaap:DoubtfulMember vabk:CommercialLoanOrganicMember 2020-12-31 0001572334 us-gaap:SubstandardMember vabk:CommercialLoanOrganicMember 2020-12-31 0001572334 vabk:RiskLevelExcellentMember vabk:CommercialAndIndustrialPaycheckProtectionProgramMember 2020-12-31 0001572334 vabk:RiskLevelExcellentMember vabk:CommercialAndIndustrialGovernmentGuaranteedMember 2020-12-31 0001572334 us-gaap:PassMember vabk:CommercialLoanSyndicatedMember 2020-12-31 0001572334 us-gaap:PassMember vabk:ResidentialConstructionLoansMember 2020-12-31 0001572334 us-gaap:PassMember vabk:CommercialConstructionMember 2020-12-31 0001572334 us-gaap:PassMember vabk:LandAndLandDevelopmentMember 2020-12-31 0001572334 us-gaap:SubstandardMember vabk:LandAndLandDevelopmentMember 2020-12-31 0001572334 us-gaap:PassMember vabk:OneFamilyResidentialFirstLienInvestmentMember 2020-12-31 0001572334 us-gaap:DoubtfulMember vabk:OneFamilyResidentialFirstLienInvestmentMember 2020-12-31 0001572334 us-gaap:SpecialMentionMember vabk:OneFamilyResidentialFirstLienInvestmentMember 2020-12-31 0001572334 us-gaap:SubstandardMember vabk:OneFamilyResidentialFirstLienInvestmentMember 2020-12-31 0001572334 us-gaap:PassMember vabk:OneFamilyResidentialFirstLienOwnerOccupiedMember 2020-12-31 0001572334 us-gaap:DoubtfulMember vabk:OneFamilyResidentialFirstLienOwnerOccupiedMember 2020-12-31 0001572334 us-gaap:SpecialMentionMember vabk:OneFamilyResidentialFirstLienOwnerOccupiedMember 2020-12-31 0001572334 us-gaap:SubstandardMember vabk:OneFamilyResidentialFirstLienOwnerOccupiedMember 2020-12-31 0001572334 us-gaap:PassMember vabk:OneFamilyResidentialJuniorLienMember 2020-12-31 0001572334 us-gaap:DoubtfulMember vabk:OneFamilyResidentialJuniorLienMember 2020-12-31 0001572334 us-gaap:SpecialMentionMember vabk:OneFamilyResidentialJuniorLienMember 2020-12-31 0001572334 us-gaap:SubstandardMember vabk:OneFamilyResidentialJuniorLienMember 2020-12-31 0001572334 us-gaap:PassMember vabk:OneToFourFamilyResidentialPurchasedMember 2020-12-31 0001572334 us-gaap:PassMember vabk:HomeEquityLinesOfCreditFirstLienMember 2020-12-31 0001572334 us-gaap:DoubtfulMember vabk:HomeEquityLinesOfCreditFirstLienMember 2020-12-31 0001572334 us-gaap:PassMember vabk:HomeEquityLinesOfReditJuniorLienMember 2020-12-31 0001572334 us-gaap:DoubtfulMember vabk:HomeEquityLinesOfReditJuniorLienMember 2020-12-31 0001572334 us-gaap:SubstandardMember vabk:HomeEquityLinesOfReditJuniorLienMember 2020-12-31 0001572334 vabk:HomeEquityLinesOfReditJuniorLienMember 2020-12-31 0001572334 us-gaap:PassMember vabk:MortgageLoansOnRealEstateFarmMortgagesMember 2020-12-31 0001572334 us-gaap:DoubtfulMember vabk:MortgageLoansOnRealEstateFarmMortgagesMember 2020-12-31 0001572334 us-gaap:PassMember vabk:MortgageLoansOnRealEstateMultifamilyMortgagesMember 2020-12-31 0001572334 us-gaap:DoubtfulMember vabk:MortgageLoansOnRealEstateMultifamilyMortgagesMember 2020-12-31 0001572334 us-gaap:SubstandardMember vabk:MortgageLoansOnRealEstateMultifamilyMortgagesMember 2020-12-31 0001572334 us-gaap:PassMember vabk:MortgageLoansOnRealEstateCommercialOwnerOccupiedMember 2020-12-31 0001572334 us-gaap:DoubtfulMember vabk:MortgageLoansOnRealEstateCommercialOwnerOccupiedMember 2020-12-31 0001572334 us-gaap:SubstandardMember vabk:MortgageLoansOnRealEstateCommercialOwnerOccupiedMember 2020-12-31 0001572334 us-gaap:PassMember vabk:MortgageLoansOnRealEstateCommercialNonOwnerOccupiedMember 2020-12-31 0001572334 us-gaap:DoubtfulMember vabk:MortgageLoansOnRealEstateCommercialNonOwnerOccupiedMember 2020-12-31 0001572334 us-gaap:SubstandardMember vabk:MortgageLoansOnRealEstateCommercialNonOwnerOccupiedMember 2020-12-31 0001572334 vabk:RiskLevelExcellentMember vabk:ConsumerRevolvingCreditMember 2020-12-31 0001572334 vabk:RiskLevelGoodMember vabk:ConsumerRevolvingCreditMember 2020-12-31 0001572334 us-gaap:PassMember vabk:ConsumerRevolvingCreditMember 2020-12-31 0001572334 vabk:RiskLevelExcellentMember vabk:ConsumerAllOtherCreditMember 2020-12-31 0001572334 vabk:RiskLevelGoodMember vabk:ConsumerAllOtherCreditMember 2020-12-31 0001572334 us-gaap:PassMember vabk:ConsumerAllOtherCreditMember 2020-12-31 0001572334 us-gaap:SubstandardMember vabk:ConsumerAllOtherCreditMember 2020-12-31 0001572334 us-gaap:PassMember vabk:StudentLoansPurchasedMember 2020-12-31 0001572334 us-gaap:DoubtfulMember vabk:StudentLoansPurchasedMember 2020-12-31 0001572334 us-gaap:SpecialMentionMember vabk:StudentLoansPurchasedMember 2020-12-31 0001572334 us-gaap:SubstandardMember vabk:StudentLoansPurchasedMember 2020-12-31 0001572334 vabk:RiskLevelExcellentMember 2020-12-31 0001572334 vabk:RiskLevelGoodMember 2020-12-31 0001572334 us-gaap:PassMember 2020-12-31 0001572334 us-gaap:DoubtfulMember 2020-12-31 0001572334 us-gaap:SpecialMentionMember 2020-12-31 0001572334 us-gaap:SubstandardMember 2020-12-31 0001572334 us-gaap:CommercialLoanMember 2020-12-31 0001572334 us-gaap:MortgagesMember 2020-12-31 0001572334 us-gaap:ConsumerLoanMember 2020-12-31 0001572334 us-gaap:ConsumerLoanMember 2021-01-01 2021-03-31 0001572334 us-gaap:CommercialLoanMember 2021-01-01 2021-03-31 0001572334 us-gaap:MortgagesMember 2021-01-01 2021-03-31 0001572334 us-gaap:ConstructionLoansMember 2021-01-01 2021-03-31 0001572334 us-gaap:CommercialLoanMember 2021-03-31 0001572334 us-gaap:MortgagesMember 2021-03-31 0001572334 us-gaap:ConsumerLoanMember 2021-03-31 0001572334 us-gaap:CommercialLoanMember 2019-12-31 0001572334 us-gaap:ConstructionLoansMember 2019-12-31 0001572334 us-gaap:MortgagesMember 2019-12-31 0001572334 us-gaap:ConsumerLoanMember 2019-12-31 0001572334 us-gaap:ConsumerLoanMember 2020-01-01 2020-12-31 0001572334 us-gaap:CommercialLoanMember 2020-01-01 2020-12-31 0001572334 us-gaap:MortgagesMember 2020-01-01 2020-12-31 0001572334 us-gaap:ConstructionLoansMember 2020-01-01 2020-12-31 0001572334 vabk:CommercialAndIndustrialGovernmentGuaranteedMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2021-03-31 0001572334 vabk:LandAndLandDevelopmentMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2021-03-31 0001572334 vabk:OneToFourFamilyResidentialPurchasedMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2021-03-31 0001572334 vabk:StudentLoansPurchasedMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2021-03-31 0001572334 us-gaap:FinancingReceivables30To59DaysPastDueMember 2021-03-31 0001572334 vabk:ConsumerAllOtherCreditMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2021-03-31 0001572334 vabk:StudentLoansPurchasedMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2021-03-31 0001572334 us-gaap:FinancingReceivables60To89DaysPastDueMember 2021-03-31 0001572334 vabk:CommercialAndIndustrialGovernmentGuaranteedMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2021-03-31 0001572334 vabk:StudentLoansPurchasedMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2021-03-31 0001572334 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2021-03-31 0001572334 vabk:CommercialAndIndustrialGovernmentGuaranteedMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2020-12-31 0001572334 vabk:OneToFourFamilyResidentialPurchasedMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2020-12-31 0001572334 vabk:MortgageLoansOnRealEstateCommercialNonOwnerOccupiedMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2020-12-31 0001572334 vabk:ConsumerRevolvingCreditMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2020-12-31 0001572334 vabk:ConsumerAllOtherCreditMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2020-12-31 0001572334 vabk:StudentLoansPurchasedMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2020-12-31 0001572334 us-gaap:FinancingReceivables30To59DaysPastDueMember 2020-12-31 0001572334 vabk:CommercialAndIndustrialGovernmentGuaranteedMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2020-12-31 0001572334 vabk:ConsumerAllOtherCreditMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2020-12-31 0001572334 vabk:StudentLoansPurchasedMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2020-12-31 0001572334 us-gaap:FinancingReceivables60To89DaysPastDueMember 2020-12-31 0001572334 vabk:StudentLoansPurchasedMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2020-12-31 0001572334 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2020-12-31 0001572334 us-gaap:StockOptionMember 2021-01-01 2021-03-31 0001572334 us-gaap:StockOptionMember 2020-01-01 2020-03-31 0001572334 vabk:TwoThousandFourteenPlanMember 2014-05-21 0001572334 vabk:TwoThousandFivePlanMember 2014-05-21 0001572334 srt:MaximumMember 2021-01-01 2021-03-31 0001572334 vabk:TwoThousandFivePlanMember 2021-03-31 0001572334 vabk:TwoThousandFourteenPlanMember 2021-03-31 0001572334 vabk:TwoThousandFivePlanMember 2021-01-01 2021-03-31 0001572334 vabk:TwoThousandFourteenPlanMember 2021-01-01 2021-03-31 0001572334 vabk:TwoThousandFivePlanMember vabk:UnrestrictedStockMember 2021-01-01 2021-03-31 0001572334 vabk:TwoThousandFourteenPlanMember vabk:UnrestrictedStockMember 2021-01-01 2021-03-31 0001572334 vabk:TwoThousandFivePlanMember us-gaap:RestrictedStockMember 2021-01-01 2021-03-31 0001572334 vabk:TwoThousandFourteenPlanMember us-gaap:RestrictedStockMember 2021-01-01 2021-03-31 0001572334 vabk:TwoThousandFivePlanMember us-gaap:EmployeeStockOptionMember 2021-03-31 0001572334 vabk:TwoThousandFourteenPlanMember us-gaap:EmployeeStockOptionMember 2021-03-31 0001572334 vabk:TwoThousandFivePlanMember us-gaap:EmployeeStockOptionMember 2021-01-01 2021-03-31 0001572334 vabk:TwoThousandFourteenPlanMember us-gaap:EmployeeStockOptionMember 2021-01-01 2021-03-31 0001572334 vabk:TwoThousandFivePlanMember srt:MinimumMember 2021-03-31 0001572334 vabk:TwoThousandFourteenPlanMember srt:MinimumMember 2021-03-31 0001572334 vabk:TwoThousandFivePlanMember srt:MaximumMember 2021-03-31 0001572334 vabk:TwoThousandFourteenPlanMember srt:MaximumMember 2021-03-31 0001572334 us-gaap:EmployeeStockOptionMember 2020-12-31 0001572334 us-gaap:EmployeeStockOptionMember 2021-01-01 2021-03-31 0001572334 us-gaap:EmployeeStockOptionMember 2021-03-31 0001572334 us-gaap:EmployeeStockOptionMember 2020-01-01 2020-03-31 0001572334 vabk:ExercisePriceRangeOneMember 2021-01-01 2021-03-31 0001572334 vabk:ExercisePriceRangeTwoMember 2021-01-01 2021-03-31 0001572334 vabk:ExercisePriceRangeThreeMember 2021-01-01 2021-03-31 0001572334 vabk:ExercisePriceRangeFourMember 2021-01-01 2021-03-31 0001572334 vabk:ExercisePriceRangeOneMember 2021-03-31 0001572334 vabk:ExercisePriceRangeTwoMember 2021-03-31 0001572334 vabk:ExercisePriceRangeThreeMember 2021-03-31 0001572334 vabk:ExercisePriceRangeFourMember 2021-03-31 0001572334 us-gaap:RestrictedStockMember vabk:NonEmployeeDirectorsMember 2020-03-01 2020-03-31 0001572334 us-gaap:RestrictedStockMember vabk:EmployeeAndNonEmployeeDirectorsMember 2021-02-01 2021-02-28 0001572334 us-gaap:RestrictedStockMember 2021-03-31 0001572334 us-gaap:RestrictedStockMember 2021-01-01 2021-03-31 0001572334 us-gaap:RestrictedStockMember 2020-01-01 2020-03-31 0001572334 us-gaap:RestrictedStockMember 2020-12-31 0001572334 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2021-03-31 0001572334 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2021-03-31 0001572334 us-gaap:MortgageBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2021-03-31 0001572334 us-gaap:MortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2021-03-31 0001572334 us-gaap:FairValueMeasurementsRecurringMember us-gaap:MunicipalBondsMember 2021-03-31 0001572334 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MunicipalBondsMember 2021-03-31 0001572334 us-gaap:FairValueMeasurementsRecurringMember 2021-03-31 0001572334 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2021-03-31 0001572334 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001572334 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001572334 us-gaap:MortgageBackedSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001572334 us-gaap:MortgageBackedSecuritiesMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001572334 us-gaap:FairValueMeasurementsRecurringMember us-gaap:MunicipalBondsMember 2020-12-31 0001572334 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:MunicipalBondsMember 2020-12-31 0001572334 us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001572334 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 vabk:Property 0001572334 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsNonrecurringMember 2021-03-31 0001572334 us-gaap:FairValueInputsLevel1Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsNonrecurringMember 2021-03-31 0001572334 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsNonrecurringMember 2021-03-31 0001572334 us-gaap:FairValueInputsLevel2Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsNonrecurringMember 2021-03-31 0001572334 us-gaap:FairValueInputsLevel3Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsNonrecurringMember 2021-03-31 0001572334 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsNonrecurringMember 2020-12-31 0001572334 us-gaap:FairValueInputsLevel1Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsNonrecurringMember 2020-12-31 0001572334 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsNonrecurringMember 2020-12-31 0001572334 us-gaap:FairValueInputsLevel2Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsNonrecurringMember 2020-12-31 0001572334 us-gaap:FairValueInputsLevel3Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueMeasurementsNonrecurringMember 2020-12-31 0001572334 us-gaap:AllOtherSegmentsMember 2021-01-01 2021-03-31 0001572334 us-gaap:AllOtherSegmentsMember 2020-01-01 2020-03-31 0001572334 us-gaap:CorporateMember 2021-01-01 2021-03-31 0001572334 vabk:SturmanWealthAdvisorsMember 2021-01-01 2021-03-31 0001572334 vabk:VNBTrustAndEstateServicesMember 2021-01-01 2021-03-31 0001572334 vabk:MasonryCapitalMember 2021-01-01 2021-03-31 0001572334 us-gaap:CorporateMember 2020-01-01 2020-03-31 0001572334 vabk:SturmanWealthAdvisorsMember 2020-01-01 2020-03-31 0001572334 vabk:VNBTrustAndEstateServicesMember 2020-01-01 2020-03-31 0001572334 vabk:MasonryCapitalMember 2020-01-01 2020-03-31 0001572334 vabk:FauquierBanksharesIncMember us-gaap:SubsequentEventMember 2021-04-01

 

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 March 31, 2021

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: 001-40305

 

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 

 

The Nasdaq Capital Market

 

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, a 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 May 7, 2021, the registrant had 5,305,270 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 33

Application of Critical Accounting Policies and Estimates

 

Page 35

Financial Condition

 

Page 36

Results of Operations

 

Page 42

 

 

 

Item 3    Quantitative and Qualitative Disclosures About Market Risk

 

Page 47

 

 

 

Item 4    Controls and Procedures

 

Page 48

 

 

 

Part II. Other Information

 

 

Item 1    Legal Proceedings

 

Page 48

Item 1A  Risk Factors

 

Page 48

Item 2    Unregistered Sales of Equity Securities and Use of Proceeds

 

Page 48

Item 3    Defaults Upon Senior Securities

 

Page 48

Item 4    Mine Safety Disclosures

 

Page 48

Item 5    Other Information

 

Page 48

Item 6    Exhibits

 

Page 49

 

 

 

Signatures

 

Page 50

 

 

2


 

 

PART I.  FINANCIAL INFORMATION

ITEM 1.   FINANCIAL STATEMENTS

VIRGINIA NATIONAL BANKSHARES CORPORATION

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except per share data)

 

 

 

March 31, 2021

 

 

December 31, 2020*

 

ASSETS

 

(Unaudited)

 

 

 

 

 

Cash and due from banks

 

$

17,407

 

 

$

8,116

 

Federal funds sold

 

 

77,089

 

 

 

26,579

 

Securities:

 

 

 

 

 

 

 

 

Available for sale, at fair value

 

 

173,088

 

 

 

174,086

 

Restricted securities, at cost

 

 

2,653

 

 

 

3,010

 

Total securities

 

 

175,741

 

 

 

177,096

 

Loans

 

 

621,068

 

 

 

609,406

 

Allowance for loan losses

 

 

(5,615

)

 

 

(5,455

)

Loans, net

 

 

615,453

 

 

 

603,951

 

Premises and equipment, net

 

 

5,104

 

 

 

5,238

 

Bank owned life insurance

 

 

16,956

 

 

 

16,849

 

Goodwill

 

 

372

 

 

 

372

 

Other intangible assets, net

 

 

324

 

 

 

341

 

Accrued interest receivable and other assets

 

 

9,957

 

 

 

9,868

 

Total assets

 

$

918,403

 

 

$

848,410

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Demand deposits:

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

248,212

 

 

$

209,772

 

Interest-bearing

 

 

162,218

 

 

 

148,910

 

Money market and savings deposit accounts

 

 

292,886

 

 

 

272,980

 

Certificates of deposit and other time deposits

 

 

100,844

 

 

 

99,102

 

Total deposits

 

 

804,160

 

 

 

730,764

 

Advances from the FHLB

 

 

30,000

 

 

 

30,000

 

Accrued interest payable and other liabilities

 

 

4,231

 

 

 

5,048

 

Total liabilities

 

 

838,391

 

 

 

765,812

 

 

 

 

 

 

 

 

 

 

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;

   2,728,327 (including 36,179 nonvested) shares issued

   and outstanding as of March 31, 2021 and 2,714,273

   (including 25,268 nonvested) shares issued and outstanding

   as of December 31, 2020

 

 

6,730

 

 

 

6,722

 

Capital surplus

 

 

32,559

 

 

 

32,457

 

Retained earnings

 

 

42,650

 

 

 

41,959

 

Accumulated other comprehensive income (loss)

 

 

(1,927

)

 

 

1,460

 

Total shareholders' equity

 

 

80,012

 

 

 

82,598

 

Total liabilities and shareholders' equity

 

$

918,403

 

 

$

848,410

 

 

*

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

 

 

 

March 31, 2021

 

 

March 31, 2020

 

Interest and dividend income:

 

 

 

 

 

 

 

 

Loans, including fees

 

$

5,938

 

 

$

5,871

 

Federal funds sold

 

 

12

 

 

 

85

 

Investment securities:

 

 

 

 

 

 

 

 

Taxable

 

 

507

 

 

 

509

 

Tax exempt

 

 

176

 

 

 

75

 

Dividends

 

 

34

 

 

 

24

 

Total interest and dividend income

 

 

6,667

 

 

 

6,564

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

Demand and savings deposits

 

 

377

 

 

 

695

 

Certificates and other time deposits

 

 

280

 

 

 

494

 

Repurchase agreements and other borrowings

 

 

36

 

 

-

 

Total interest expense

 

 

693

 

 

 

1,189

 

Net interest income

 

 

5,974

 

 

 

5,375

 

Provision for loan losses

 

 

351

 

 

 

765

 

Net interest income after provision for loan losses

 

 

5,623

 

 

 

4,610

 

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

Wealth management fees

 

 

329

 

 

 

310

 

Advisory and brokerage income

 

 

191

 

 

 

178

 

Royalty income

 

 

5

 

 

 

47

 

Deposit account fees

 

 

160

 

 

 

179

 

Debit/credit card and ATM fees

 

 

154

 

 

 

157

 

Earnings/increase in value of bank owned life insurance

 

 

107

 

 

 

107

 

Fees on mortgage sales

 

 

-

 

 

 

47

 

Gains on sales of securities

 

 

-

 

 

 

53

 

Loan swap fee income

 

 

15

 

 

 

509

 

Other

 

 

78

 

 

 

82

 

Total noninterest income

 

 

1,039

 

 

 

1,669

 

 

 

 

 

 

 

 

 

 

Noninterest expense:

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

2,402

 

 

 

2,424

 

Net occupancy

 

 

495

 

 

 

452

 

Equipment

 

 

116

 

 

 

131

 

Data processing

 

 

289

 

 

 

301

 

Merger expenses

 

 

278

 

 

 

-

 

Other

 

 

1,201

 

 

 

1,235

 

Total noninterest expense

 

 

4,781

 

 

 

4,543

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

1,881

 

 

 

1,736

 

Provision for income taxes

 

 

376

 

 

 

332

 

Net income

 

$

1,505

 

 

$

1,404

 

Net income per common share, basic

 

$

0.55

 

 

$

0.52

 

Net income per common share, diluted

 

$

0.55

 

 

$

0.52

 

 

 

See Notes to Consolidated Financial Statements

4


 

VIRGINIA NATIONAL BANKSHARES CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Dollars in thousands)

(Unaudited)

 

 

 

For the three months ended

 

 

 

March 31, 2021

 

 

March 31, 2020

 

Net income

 

$

1,505

 

 

$

1,404

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized losses on securities, net of tax

   of ($900) for the three months ended

   March 31, 2021; and net of tax of

   ($109) for the three months ended

   March 31, 2020

 

 

(3,387

)

 

 

(406

)

 

 

 

 

 

 

 

 

 

Reclassification adjustment for realized gains

   on sales of securities, net of tax of ($0)

   for the three months ended

   March 31, 2021; and net of tax of ($11)

   for the three months ended

   March 31, 2020

 

 

 

 

 

(42

)

 

 

 

 

 

 

 

 

 

Total other comprehensive loss

 

 

(3,387

)

 

 

(448

)

 

 

 

 

 

 

 

 

 

Total comprehensive (loss) income

 

$

(1,882

)

 

$

956

 

 

See Notes to Consolidated Financial Statements

5


 

VIRGINIA NATIONAL BANKSHARES CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND 2020

(Dollars in thousands, except per share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Common

 

 

Capital

 

 

Retained

 

 

Comprehensive

 

 

 

 

 

 

 

Stock

 

 

Surplus

 

 

Earnings

 

 

Income (Loss)

 

 

Total

 

Balance, December 31, 2019

 

$

6,720

 

 

$

32,195

 

 

$

37,235

 

 

$

(43

)

 

$

76,107

 

Stock option expense

 

 

-

 

 

 

24

 

 

 

-

 

 

 

-

 

 

 

24

 

Restricted stock grant expense

 

 

-

 

 

 

15

 

 

 

-

 

 

 

-

 

 

 

15

 

Cash dividends declared ($0.30 per share)

 

 

-

 

 

 

-

 

 

 

(811

)

 

 

-

 

 

 

(811

)

Net income

 

 

-

 

 

 

-

 

 

 

1,404

 

 

 

-

 

 

 

1,404

 

Other comprehensive loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(448

)

 

 

(448

)

Balance, March 31, 2020

 

$

6,720

 

 

$

32,234

 

 

$

37,828

 

 

$

(491

)

 

$

76,291

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2020

 

$

6,722

 

 

$

32,457

 

 

$

41,959

 

 

$

1,460

 

 

$

82,598

 

Exercise of stock options

 

 

1

 

 

 

14

 

 

 

-

 

 

 

-

 

 

 

15

 

Stock option expense

 

 

-

 

 

 

34

 

 

 

-

 

 

 

-

 

 

 

34

 

Restricted stock grant expense

 

 

-

 

 

 

61

 

 

 

-

 

 

 

-

 

 

 

61

 

Vested stock grants

 

 

7

 

 

 

(7

)

 

 

-

 

 

 

-

 

 

 

-

 

Cash dividends declared ($0.30 per share)

 

 

-

 

 

 

-

 

 

 

(814

)

 

 

-

 

 

 

(814

)

Net income

 

 

-

 

 

 

-

 

 

 

1,505

 

 

 

-

 

 

 

1,505

 

Other comprehensive loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,387

)

 

 

(3,387

)

Balance, March 31, 2021

 

$

6,730

 

 

$

32,559

 

 

$

42,650

 

 

$

(1,927

)

 

$

80,012

 

 

      

See Notes to Consolidated Financial Statements

6


 

VIRGINIA NATIONAL BANKSHARES CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in thousands)

(Unaudited)

 

 

For the three months ended

 

 

 

March 31, 2021

 

 

March 31, 2020

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

$

1,505

 

 

$

1,404

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Provision for loan losses

 

 

351

 

 

 

765

 

Net amortization and accretion of securities

 

 

241

 

 

 

103

 

Net gains on sale of securities

 

 

-

 

 

 

(53

)

Earnings on bank owned life insurance

 

 

(107

)

 

 

(107

)

Amortization of intangible assets

 

 

17

 

 

 

40

 

Deferred tax

 

 

25

 

 

 

-

 

Depreciation and other amortization

 

 

476

 

 

 

518

 

Stock option expense

 

 

34

 

 

 

24

 

Stock grant expense, restricted

 

 

61