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 2020-09-30 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
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 2020-09-30

Balance SheetIncome StatementCash Flow

vabk-10q_20200930.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 September 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

None

 

 

 

 

 

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 November 5, 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 52

 

 

 

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)

 

 

 

September 30, 2020

 

 

December 31, 2019*

 

ASSETS

 

(Unaudited)

 

 

 

 

 

Cash and due from banks

 

$

11,399

 

 

$

14,908

 

Federal funds sold

 

 

273

 

 

 

4,177

 

Securities:

 

 

 

 

 

 

 

 

Available for sale, at fair value

 

 

141,245

 

 

 

114,041

 

Restricted securities, at cost

 

 

3,436

 

 

 

1,683

 

Total securities

 

 

144,681

 

 

 

115,724

 

Loans

 

 

636,935

 

 

 

539,533

 

Allowance for loan losses

 

 

(5,334

)

 

 

(4,209

)

Loans, net

 

 

631,601

 

 

 

535,324

 

Premises and equipment, net

 

 

5,444

 

 

 

6,145

 

Bank owned life insurance

 

 

16,739

 

 

 

16,412

 

Goodwill

 

 

372

 

 

 

372

 

Other intangible assets, net

 

 

357

 

 

 

408

 

Accrued interest receivable and other assets

 

 

10,092

 

 

 

9,157

 

Total assets

 

$

820,958

 

 

$

702,627

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Demand deposits:

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

190,204

 

 

$

166,975

 

Interest-bearing

 

 

135,569

 

 

 

122,994

 

Money market and savings deposit accounts

 

 

270,653

 

 

 

221,964

 

Certificates of deposit and other time deposits

 

 

98,095

 

 

 

109,278

 

Total deposits

 

 

694,521

 

 

 

621,211

 

Advances from the FHLB

 

 

40,000

 

 

 

 

Accrued interest payable and other liabilities

 

 

5,980

 

 

 

5,309

 

Total liabilities

 

 

740,501

 

 

 

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 25,268 nonvested) shares issued

   and outstanding as of September 30, 2020 and 2,692,005

   (including 4,000 nonvested) shares issued and outstanding

   as of December 31, 2019

 

 

6,722

 

 

 

6,720

 

Capital surplus

 

 

32,377

 

 

 

32,195

 

Retained earnings

 

 

40,158

 

 

 

37,235

 

Accumulated other comprehensive income (loss)

 

 

1,200

 

 

 

(43

)

Total shareholders' equity

 

 

80,457

 

 

 

76,107

 

Total liabilities and shareholders' equity

 

$

820,958

 

 

$

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 nine months ended

 

 

 

September 30, 2020

 

 

September 30, 2019

 

 

September 30, 2020

 

 

September 30, 2019

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

6,175

 

 

$

6,021

 

 

$

18,202

 

 

$

18,223

 

Federal funds sold

 

 

3

 

 

 

174

 

 

 

98

 

 

 

267

 

Investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

412

 

 

 

291

 

 

 

1,150

 

 

 

789

 

Tax exempt

 

 

159

 

 

 

64

 

 

 

326

 

 

 

221

 

Dividends

 

 

22

 

 

 

29

 

 

 

70

 

 

 

86

 

Total interest and dividend income

 

 

6,771

 

 

 

6,579

 

 

 

19,846

 

 

 

19,586

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand and savings deposits

 

 

383

 

 

 

531

 

 

 

1,468

 

 

 

1,375

 

Certificates and other time deposits

 

 

306

 

 

 

574

 

 

 

1,166

 

 

 

1,619

 

Repurchase agreements and other borrowings

 

 

35

 

 

 

-

 

 

 

35

 

 

 

89

 

Total interest expense

 

 

724

 

 

 

1,105

 

 

 

2,669

 

 

 

3,083

 

Net interest income

 

 

6,047

 

 

 

5,474

 

 

 

17,177

 

 

 

16,503

 

Provision for (recovery of) loan losses

 

 

224

 

 

 

(120

)

 

 

1,367

 

 

 

500

 

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

 

 

5,823

 

 

 

5,594

 

 

 

15,810

 

 

 

16,003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wealth management fees

 

 

263

 

 

 

377

 

 

 

801

 

 

 

1,126

 

Advisory and brokerage income

 

 

175

 

 

 

159

 

 

 

516

 

 

 

451

 

Royalty income

 

 

16

 

 

 

5

 

 

 

87

 

 

 

13

 

Deposit account fees

 

 

162

 

 

 

192

 

 

 

484

 

 

 

565

 

Debit/credit card and ATM fees

 

 

144

 

 

 

191

 

 

 

435

 

 

 

537

 

Earnings/increase in value of bank owned life insurance

 

 

111

 

 

 

111

 

 

 

327

 

 

 

687

 

Fees on mortgage sales

 

 

-

 

 

 

43

 

 

 

77

 

 

 

129

 

Gains on sales of securities

 

 

91

 

 

 

7

 

 

 

734

 

 

 

71

 

Loan swap fee income

 

 

344

 

 

 

116

 

 

 

977

 

 

 

151

 

Other

 

 

119

 

 

 

126

 

 

 

282

 

 

 

356

 

Total noninterest income

 

 

1,425

 

 

 

1,327

 

 

 

4,720

 

 

 

4,086

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

2,322

 

 

 

2,268

 

 

 

7,004

 

 

 

6,800

 

Net occupancy

 

 

501

 

 

 

450

 

 

 

1,405

 

 

 

1,373

 

Equipment

 

 

134

 

 

 

85

 

 

 

401

 

 

 

316

 

Data processing

 

 

302

 

 

 

341

 

 

 

968

 

 

 

987

 

Merger expenses

 

 

549

 

 

 

-

 

 

 

549

 

 

 

-

 

Settlement of claims

 

 

-

 

 

 

160

 

 

 

-

 

 

 

460

 

Other

 

 

1,127

 

 

 

1,257

 

 

 

3,555

 

 

 

3,721

 

Total noninterest expense

 

 

4,935

 

 

 

4,561

 

 

 

13,882

 

 

 

13,657

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

2,313

 

 

 

2,360

 

 

 

6,648

 

 

 

6,432

 

Provision for income taxes

 

 

443

 

 

 

463

 

 

 

1,286

 

 

 

1,174

 

Net income

 

$

1,870

 

 

$

1,897

 

 

$

5,362

 

 

$

5,258

 

Net income per common share, basic

 

$

0.69

 

 

$

0.71

 

 

$

1.98

 

 

$

1.96

 

Net income per common share, diluted

 

$

0.69

 

 

$

0.71

 

 

$

1.98

 

 

$

1.96

 

 

 

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 nine months ended

 

 

 

September 30, 2020

 

 

September 30, 2019

 

 

September 30, 2020

 

 

September 30, 2019

 

Net income

 

$

1,870

 

 

$

1,897

 

 

$

5,362

 

 

$

5,258

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain on securities, net of tax

   of $81 and $484 for the three and nine months

   ended September 30, 2020; and net of tax of

   $29 and $372 for the three and nine months

   ended September 30, 2019

 

 

309

 

 

 

106

 

 

 

1,823

 

 

 

1,396

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassification adjustment for realized gains

   on sales of securities, net of tax of ($19) and

   ($154) for the three and nine months ended

   September 30, 2020; and net of tax of ($1)

   and ($15) for the three and nine months

   ended September 30, 2019

 

 

(72

)

 

 

(6

)

 

 

(580

)

 

 

(56

)