0001572334false00015723342023-10-202023-10-20
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): October 20, 2023 |
VIRGINIA NATIONAL BANKSHARES CORPORATION
(Exact name of Registrant as Specified in Its Charter)
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Virginia |
001-40305 |
46-2331578 |
(State or Other Jurisdiction
of Incorporation) |
(Commission File Number) |
(IRS Employer
Identification No.) |
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404 People Place |
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Charlottesville, Virginia |
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22911 |
(Address of Principal Executive Offices) |
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(Zip Code) |
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Registrant’s Telephone Number, Including Area Code: (434) 817-8621 |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading
Symbol(s) |
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Name of each exchange on which registered
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Common Stock |
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VABK |
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The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On October 20, 2023, Virginia National Bankshares Corporation (the “Company”) issued a press statement announcing the consolidated earnings for the quarter ended September 30, 2023.
A copy of the press statement is furnished as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.
The information in this Form 8-K, and the exhibit hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description of Exhibit
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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VIRGINIA NATIONAL BANKSHARES CORPORATION |
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Date: |
October 20, 2023 |
By: |
/s/ Tara Y. Harrison |
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Tara Y. Harrison
Executive Vice President and Chief Financial Officer |
Exhibit 99.1
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FOR IMMEDIATE RELEASE |
INVESTOR RELATIONS CONTACT: |
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Tara Y. Harrison (434) 817-8587 |
VIRGINIA NATIONAL BANKSHARES CORPORATION
ANNOUNCES THIRD QUARTER 2023 EARNINGS
Charlottesville, VA – October 20, 2023 - Virginia National Bankshares Corporation (NASDAQ: VABK) (the “Company”) today reported quarterly net income of $4.7 million, or $0.86 per diluted share, for the quarter ended September 30, 2023, compared to $5.8 million, or $1.08 per diluted share, recognized for the quarter ended September 30, 2022. For the nine months ended September 30, 2023, the Company recognized net income of $16.1 million, or $2.99 per diluted share, compared to $16.4 million, or $3.06 per diluted share, for the nine months ended September 30, 2022.
Third Quarter 2023 Highlights
•The Company continued to experience loan growth in the third quarter of 2023, resulting in a 5% increase from the prior quarter.
•Yield on loans elevated to 5.53% for the three months ended September 30, 2023, from 4.56% for the prior year same period.
•Credit performance remains strong with nonperforming assets as a percentage of total assets of 0.13% as of September 30, 2023, and 0.08% as of December 31, 2022 and September 30, 2022, with 92% of past due loan balances as of the current quarter-end being government-guaranteed.
•Noninterest expense for the three months ended September 30, 2023 decreased $1.2 million, or 12%, compared to the three months ended September 30, 2022, due to continued efficiencies gained from the merger, including: reduced headcount resulting in lower salaries and employee benefit costs; lower occupancy costs from right-sizing our branch network; and reduced professional fees.
•The Company had no brokered deposits as of September 30, 2023 or December 31, 2022. The Company utilizes a third-party to offer multi-million-dollar FDIC insurance to customers with balances in excess of single-bank limits through Insured Cash Sweep® (ICS) plans. Deposit balances held in ICS plans amounted to $128.7 million as of September 30, 2023 and $134.6 million as of December 31, 2022.
•Total deposits declined $108.0 million, or 7.3% from December 31, 2022 to September 30, 2023, as many customers moved funds outside of the Bank to earn higher yields while the Bank's strategy was to keep cost of funds low during the first quarter of the year. Deposit balances increased $22.2 million, or 1.6%, from June 30, 2023 to September 30, 2023, as the Bank's strategy shifted to meet customer rate demands.
•Correlated with the year-to-date deposit decline noted above, borrowings increased from December 31, 2022 to September 30, 2023 by $43.0 million. As of September 30, 2023, the Company had unused borrowing facilities in place of approximately $143.4 million and management closely monitors its liquidity position.
•Return on average assets ("ROAA") for the three months ended September 30, 2023 amounted to 1.18% compared to 1.30% realized in the same period in the prior year.
•Return on average equity (“ROAE”) for the three months ended September 30, 2023 was 12.91% compared to 16.50% realized in same period in the prior year. The change is due to the net income declining by $1.1 million, combined with the increase in accumulated other comprehensive loss of $5.4 million period over period related to unrealized losses in the securities portfolio as a result of the increased rate environment.
•The efficiency ratio on a fully tax equivalent basis (“FTE”) (a non-GAAP financial measure)1 was 60.3% for the three months ended September 30, 2023, compared to 57.0% for the same period in the prior year.
__________________________________________________________________
1 See "Reconciliation of Certain Quarterly Non-GAAP Financial Measures" at the end of this release.
Page 1 of 9
Loans and Asset Quality
•Gross loans outstanding as of September 30, 2023 totaled $1.0 billion, an increase of $84.1 million, or 9.0%, compared to December 31, 2022.
•Nonperforming assets amounted to $2.0 million as of September 30, 2023, compared to $1.4 million as of December 31, 2022 and $1.5 million as of September 30, 2022; the Company currently holds no other real estate owned.
oSix loans to five borrowers are in non-accrual status, totaling $1.1 million, as of September 30, 2023, compared to $673 thousand as of December 31, 2022 and $607 thousand as of September 30, 2022. The adoption of CECL altered the manner in which purchased loans that were in non-accrual status are presented, and as a result, two such loans totaling $501 thousand are now included in this figure.
oLoans 90 days or more past due and still accruing interest amounted to $854 thousand as of September 30, 2023, compared to $705 thousand as of December 31, 2022 and $859 thousand as of September 30, 2022. The past due balance as of September 30, 2023 is comprised of two loans totaling $783 thousand which are 100% government-guaranteed, and five student loans totaling $71 thousand.
•The period-end Allowance for Credit Losses (“ACL”) as a percentage of total loans was 0.76% as of September 30, 2023 and 0.58% as of September 30, 2022. The fair value mark that was allocated to the acquired loans was $21.3 million as of April 1, 2021, with a remaining balance of $10.0 million as of September 30, 2023. The total of the ACL and the fair value mark as a percentage of gross loans (a non-GAAP financial measure)1 amounted to 1.74% as of September 30, 2023 and 2.38% as of September 30, 2022.
•For the three months ended September 30, 2023, the Company recorded a recovery of provision for credit losses of $73 thousand, driven by a $75 thousand recovery related to provision for unfunded commitments. The decrease in provision over the prior year is primarily the result of the increase in loan balances originating from the purchase of government-guaranteed loans for which an ACL is not deemed necessary.
Net Interest Income
•Net interest income for the three months ended September 30, 2023 of $11.1 million decreased $3.2 million, or 22%, compared to the three months ended September 30, 2022, due primarily to the increased interest expense on deposit accounts and borrowings.
•Net interest margin (FTE), (a non-GAAP financial measure)1, for the three months ended September 30, 2023 declined to 3.04%, compared to 3.47% for the three months ended September 30, 2022.
•The overall cost of funds, including noninterest-bearing deposits, of 172 bps incurred in the three months ended September 30, 2023 increased 156 bps from 16 bps in the same period in the prior year. Overall, the cost of interest-bearing deposits increased period over period, from a cost of 22 bps to 226 bps.
Noninterest Income
Noninterest income for the three months ended September 30, 2023 increased $344 thousand, or 15%, compared to the three months ended September 30, 2022, primarily due to the receipt of a payout from bank owned life insurance following the death of a former employee. This was partially offset by $213 thousand of income recognized in the third quarter of the prior year related to advisory and brokerage income; this business line was sold in the fourth quarter of 2022, eliminating future income or expense related thereto.
Book Value
Book value per share was $25.29 as of September 30, 2023 and $23.65 as of September 30, 2022, and tangible book value per share (a non-GAAP financial measure)1 was $22.83 as of September 30, 2023 compared to $20.81 as of September 30, 2022. These values increased as the impact of net income outweighed the increase in unrealized losses in the investment portfolio period over period.
Income Taxes
The effective tax rate amounted to 15.0% compared to 18.0% for the three months ended September 30, 2023 and 2022, respectively, which are both lower than the statutory rate, due to the recognition of low-income housing tax credits and the effect of tax-exempt income from municipal bonds and bank owned life insurance policies. The current period effective tax rate was lower than the prior year due primarily to the non-taxability of the death proceeds from bank owned life insurance.
_____________________________________________________________________
1 See "Reconciliation of Certain Quarterly Non-GAAP Financial Measures" at the end of this release.
Page 2 of 9
Dividends
Cash dividends of $1.8 million, or $0.33 per share, were declared and paid during the third quarter of the current year.
About Virginia National Bankshares Corporation
Virginia National Bankshares Corporation, headquartered in Charlottesville, Virginia, is the bank holding company for Virginia National Bank. The Bank has nine banking offices throughout Fauquier and Prince William counties, three banking offices in Charlottesville and Albemarle County, and banking offices in Winchester and Richmond, Virginia. The Bank offers a full range of banking and related financial services to meet the needs of individuals, businesses and charitable organizations, including the fiduciary services of VNB Trust and Estate Services. Investment management services are offered through Masonry Capital Management, LLC, a registered investment adviser and wholly-owned subsidiary of the Company.
The Company’s common stock trades on the Nasdaq Capital Market under the symbol “VABK.” Additional information on the Company is also available at www.vnbcorp.com.
Non-GAAP Financial Measures
The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles (“GAAP”) and prevailing practices in the banking industry. However, management uses certain non-GAAP measures to supplement the evaluation of the Company’s performance. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s core businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of GAAP to non-GAAP measures are included at the end of this release.
Forward-Looking Statements; Other Information
Certain statements in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, statements with respect to the Company’s operations, performance, future strategy and goals, and are often characterized by use of qualified words such as “expect,” “believe,” “estimate,” “project,” “anticipate,” “intend,” “will,” “should,” or words of similar meaning or other statements concerning the opinions or judgement of the Company and its management about future events. While Company management believes such statements to be reasonable, future events and predictions are subject to circumstances that are not within the control of the Company and its management. Actual results may differ materially from those included in the forward-looking statements due to a number of factors, including, without limitation, the effects of and changes in: inflation, interest rates, market and monetary fluctuations; liquidity and capital requirements; market disruptions including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, war and other military conflicts (including the ongoing military conflict between Russia and Ukraine and in the Middle East) or other major events, the governmental and societal responses thereto, or the prospect of these events; changes, particularly declines, in general economic and market conditions in the local economies in which the Company operates, including the effects of declines in real estate values; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; the impact of changes in laws, regulations and guidance related to financial services including, but not limited to, taxes, banking, securities and insurance; changes in accounting principles, policies and guidelines; the financial condition of the Company’s borrowers; the Company's ability to attract, hire, train and retain qualified employees; an increase in unemployment levels; competitive pressures on loan and deposit pricing and demand; fluctuation in asset quality; assumptions that underlie the Company’s ACL; the value of securities held in the Company's investment portfolio; performance of assets under management; cybersecurity threats or attacks and the development and maintenance of reliable electronic systems; changes in technology and their impact on the marketing of new products and services and the acceptance of these products and services by new and existing customers; the willingness of customers to substitute competitors’ products and services for the Company’s products and services; the risks and uncertainties described from time to time in the Company’s press releases and filings with the SEC; and the Company’s performance in managing the risks involved in any of the foregoing. Many of these factors and additional risks and uncertainties are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and other reports filed from time to time by the Company with the Securities and Exchange Commission. These statements speak only as of the date made, and the Company does not undertake to update any forward-looking statements to reflect changes or events that may occur after this release.
Page 3 of 9
VIRGINIA NATIONAL BANKSHARES CORPORATION
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share data)
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September 30, 2023 |
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December 31, 2022* |
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September 30, 2022 |
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(Unaudited) |
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(Unaudited) |
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ASSETS |
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Cash and due from banks |
$ |
7,416 |
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$ |
20,993 |
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$ |
15,773 |
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Interest-bearing deposits in other banks |
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9,959 |
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19,098 |
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|
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76,194 |
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Federal funds sold |
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1,015 |
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45 |
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53,118 |
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Securities: |
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Available for sale (AFS), at fair value |
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390,816 |
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538,186 |
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538,459 |
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Restricted securities, at cost |
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7,269 |
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5,137 |
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5,138 |
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Total securities |
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398,085 |
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543,323 |
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543,597 |
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Loans, net of deferred fees and costs |
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1,020,518 |
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936,415 |
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942,347 |
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Allowance for credit losses |
|
(7,799 |
) |
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(5,552 |
) |
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(5,485 |
) |
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Loans, net |
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1,012,719 |
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930,863 |
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936,862 |
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Premises and equipment, net |
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16,298 |
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17,808 |
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18,817 |
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Assets held for sale |
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- |
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|
965 |
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- |
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Bank owned life insurance |
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38,635 |
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38,552 |
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38,298 |
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Goodwill |
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7,768 |
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7,768 |
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8,140 |
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Core deposit intangible, net |
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5,448 |
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6,586 |
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|
|
6,990 |
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Right of use asset, net |
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7,110 |
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6,536 |
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|
|
6,941 |
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Deferred tax asset, net |
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19,567 |
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|
|
17,315 |
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|
|
17,645 |
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Accrued interest receivable and other assets |
|
38,559 |
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|
|
13,507 |
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|
|
11,381 |
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Total assets |
$ |
1,562,579 |
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|
$ |
1,623,359 |
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$ |
1,733,756 |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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Liabilities: |
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Demand deposits: |
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Noninterest-bearing |
$ |
399,158 |
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$ |
495,649 |
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$ |
539,134 |
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Interest-bearing |
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287,480 |
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|
399,983 |
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417,530 |
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Money market and savings deposit accounts |
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406,189 |
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467,600 |
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505,733 |
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Certificates of deposit and other time deposits |
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277,471 |
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|
|
115,106 |
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|
|
134,250 |
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Total deposits |
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1,370,298 |
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|
|
1,478,338 |
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|
|
1,596,647 |
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Borrowings |
|
43,000 |
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|
|
- |
|
|
|
- |
|
|
Junior subordinated debt, net |
|
3,448 |
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|
|
3,413 |
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|
|
3,401 |
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Lease liability |
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6,824 |
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|
|
6,173 |
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|
|
6,551 |
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Accrued interest payable and other liabilities |
|
3,282 |
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|
|
2,019 |
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|
|
1,183 |
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Total liabilities |
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1,426,852 |
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1,489,943 |
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|
|
1,607,782 |
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Commitments and contingent liabilities |
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Shareholders' equity: |
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|
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Preferred stock, $2.50 par value |
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- |
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|
- |
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|
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- |
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Common stock, $2.50 par value |
|
13,253 |
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|
|
13,214 |
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|
|
13,214 |
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Capital surplus |
|
107,752 |
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|
|
105,344 |
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|
|
105,095 |
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Retained earnings |
|
70,494 |
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|
|
63,482 |
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|
|
58,026 |
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Accumulated other comprehensive loss |
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(55,772 |
) |
|
|
(48,624 |
) |
|
|
(50,361 |
) |
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Total shareholders' equity |
|
135,727 |
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|
|
133,416 |
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|
|
125,974 |
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|
Total liabilities and shareholders' equity |
$ |
1,562,579 |
|
|
$ |
1,623,359 |
|
|
$ |
1,733,756 |
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Common shares outstanding |
|
5,365,982 |
|
|
|
5,337,271 |
|
|
|
5,327,271 |
|
|
Common shares authorized |
|
10,000,000 |
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|
|
10,000,000 |
|
|
|
10,000,000 |
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|
Preferred shares outstanding |
|
- |
|
|
|
- |
|
|
|
- |
|
|
Preferred shares authorized |
|
2,000,000 |
|
|
|
2,000,000 |
|
|
|
2,000,000 |
|
|
* Derived from audited consolidated financial statements
Page 4 of 9
VIRGINIA NATIONAL BANKSHARES CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
(Unaudited)
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For the three months ended |
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For the nine months ended |
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September 30, 2023 |
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|
September 30, 2022 |
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|
September 30, 2023 |
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|
September 30, 2022 |
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
|
$ |
13,748 |
|
|
$ |
11,024 |
|
|
$ |
41,409 |
|
|
$ |
32,403 |
|
Federal funds sold |
|
|
133 |
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|
|
299 |
|
|
|
143 |
|
|
|
662 |
|
Other interest-bearing deposits |
|
|
64 |
|
|
|
618 |
|
|
|
442 |
|
|
|
973 |
|
Investment securities: |
|
|
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|
|
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Taxable |
|
|
2,848 |
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|
|
2,626 |
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|
|
8,674 |
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|
|
5,300 |
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Tax exempt |
|
|
327 |
|
|
|
313 |
|
|
|
983 |
|
|
|
925 |
|
Dividends |
|
|
94 |
|
|
|
66 |
|
|
|
265 |
|
|
|
192 |
|
Total interest and dividend income |
|
|
17,214 |
|
|
|
14,946 |
|
|
|
51,916 |
|
|
|
40,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
78 |
|
|
|
56 |
|
|
|
273 |
|
|
|
175 |
|
Money market and savings deposits |
|
|
2,739 |
|
|
|
415 |
|
|
|
6,709 |
|
|
|
1,470 |
|
Certificates and other time deposits |
|
|
2,685 |
|
|
|
147 |
|
|
|
5,109 |
|
|
|
499 |
|
Borrowings |
|
|
505 |
|
|
|
- |
|
|
|
1,271 |
|
|
|
- |
|
Federal funds purchased |
|
|
21 |
|
|
|
- |
|
|
|
112 |
|
|
|
- |
|
Junior subordinated debt |
|
|
86 |
|
|
|
51 |
|
|
|
226 |
|
|
|
148 |
|
Total interest expense |
|
|
6,114 |
|
|
|
669 |
|
|
|
13,700 |
|
|
|
2,292 |
|
Net interest income |
|
|
11,100 |
|
|
|
14,277 |
|
|
|
38,216 |
|
|
|
38,163 |
|
Provision for (recovery of) credit losses |
|
|
(73 |
) |
|
|
39 |
|
|
|
(60 |
) |
|
|
(30 |
) |
Net interest income after provision for (recovery of) credit losses |
|
|
11,173 |
|
|
|
14,238 |
|
|
|
38,276 |
|
|
|
38,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Wealth management fees |
|
|
419 |
|
|
|
590 |
|
|
|
1,220 |
|
|
|
1,719 |
|
Advisory and brokerage income |
|
|
- |
|
|
|
213 |
|
|
|
- |
|
|
|
639 |
|
Deposit account fees |
|
|
404 |
|
|
|
443 |
|
|
|
1,204 |
|
|
|
1,366 |
|
Debit/credit card and ATM fees |
|
|
535 |
|
|
|
660 |
|
|
|
1,742 |
|
|
|
2,146 |
|
Bank owned life insurance income |
|
|
981 |
|
|
|
252 |
|
|
|
1,494 |
|
|
|
709 |
|
Resolution of commercial dispute |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,400 |
|
Gains on sales of assets |
|
|
132 |
|
|
|
4 |
|
|
|
132 |
|
|
|
1,117 |
|
Gain on termination of interest swap |
|
|
- |
|
|
|
- |
|
|
|
460 |
|
|
|
- |
|
Gains (losses) on sales of AFS, net |
|
|
- |
|
|
|
- |
|
|
|
(206 |
) |
|
|
- |
|
Other |
|
|
173 |
|
|
|
138 |
|
|
|
919 |
|
|
|
637 |
|
Total noninterest income |
|
|
2,644 |
|
|
|
2,300 |
|
|
|
6,965 |
|
|
|
10,733 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
3,936 |
|
|
|
4,252 |
|
|
|
12,049 |
|
|
|
13,069 |
|
Net occupancy |
|
|
991 |
|
|
|
1,318 |
|
|
|
3,099 |
|
|
|
3,797 |
|
Equipment |
|
|
195 |
|
|
|
249 |
|
|
|
589 |
|
|
|
786 |
|
Bank franchise tax |
|
|
292 |
|
|
|
304 |
|
|
|
929 |
|
|
|
912 |
|
Computer software |
|
|
185 |
|
|
|
287 |
|
|
|
590 |
|
|
|
907 |
|
Data processing |
|
|
623 |
|
|
|
712 |
|
|
|
2,171 |
|
|
|
2,149 |
|
FDIC deposit insurance assessment |
|
|
220 |
|
|
|
70 |
|
|
|
540 |
|
|
|
421 |
|
Marketing, advertising and promotion |
|
|
262 |
|
|
|
347 |
|
|
|
912 |
|
|
|
873 |
|
Plastics expense |
|
|
51 |
|
|
|
91 |
|
|
|
129 |
|
|
|
322 |
|
Professional fees |
|
|
202 |
|
|
|
310 |
|
|
|
592 |
|
|
|
1,051 |
|
Core deposit intangible amortization |
|
|
368 |
|
|
|
415 |
|
|
|
1,138 |
|
|
|
1,281 |
|
Other |
|
|
1,015 |
|
|
|
1,148 |
|
|
|
3,027 |
|
|
|
3,472 |
|
Total noninterest expense |
|
|
8,340 |
|
|
|
9,503 |
|
|
|
25,765 |
|
|
|
29,040 |
|
Income before income taxes |
|
|
5,477 |
|
|
|
7,035 |
|
|
|
19,476 |
|
|
|
19,886 |
|
Provision for income taxes |
|
|
824 |
|
|
|
1,263 |
|
|
|
3,381 |
|
|
|
3,505 |
|
Net income |
|
$ |
4,653 |
|
|
$ |
5,772 |
|
|
$ |
16,095 |
|
|
$ |
16,381 |
|
Net income per common share, basic |
|
$ |
0.87 |
|
|
$ |
1.08 |
|
|
$ |
3.00 |
|
|
$ |
3.08 |
|
Net income per common share, diluted |
|
$ |
0.86 |
|
|
$ |
1.08 |
|
|
$ |
2.99 |
|
|
$ |
3.06 |
|
Weighted average common shares outstanding, basic |
|
|
5,365,982 |
|
|
|
5,326,543 |
|
|
|
5,354,086 |
|
|
|
5,321,652 |
|
Weighted average common shares outstanding, diluted |
|
|
5,395,483 |
|
|
|
5,348,900 |
|
|
|
5,382,145 |
|
|
|
5,347,878 |
|
Page 5 of 9
VIRGINIA NATIONAL BANKSHARES CORPORATION
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At or For the Three Months Ended |
|
|
|
September 30, 2023 |
|
|
June 30, 2023 |
|
|
March 31, 2023 |
|
|
December 31,
2022 |
|
|
September 30, 2022 |
|
Common Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per weighted average share, basic |
|
$ |
0.87 |
|
|
$ |
1.05 |
|
|
$ |
1.08 |
|
|
$ |
1.32 |
|
|
$ |
1.08 |
|
Net income per weighted average share, diluted |
|
$ |
0.86 |
|
|
$ |
1.05 |
|
|
$ |
1.08 |
|
|
$ |
1.32 |
|
|
$ |
1.08 |
|
Weighted average shares outstanding, basic |
|
|
5,365,982 |
|
|
|
5,357,873 |
|
|
|
5,338,099 |
|
|
|
5,333,902 |
|
|
|
5,326,543 |
|
Weighted average shares outstanding, diluted |
|
|
5,395,483 |
|
|
|
5,375,073 |
|
|
|
5,375,619 |
|
|
|
5,362,220 |
|
|
|
5,348,900 |
|
Actual shares outstanding |
|
|
5,365,982 |
|
|
|
5,365,982 |
|
|
|
5,338,650 |
|
|
|
5,327,271 |
|
|
|
5,327,271 |
|
Tangible book value per share at period end |
|
$ |
22.83 |
|
|
$ |
24.01 |
|
|
$ |
23.88 |
|
|
$ |
22.31 |
|
|
$ |
20.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets 1 |
|
|
1.18 |
% |
|
|
1.46 |
% |
|
|
1.48 |
% |
|
|
1.65 |
% |
|
|
1.30 |
% |
Return on average equity 1 |
|
|
12.91 |
% |
|
|
15.98 |
% |
|
|
17.57 |
% |
|
|
22.23 |
% |
|
|
16.50 |
% |
Net interest margin (FTE) 2 |
|
|
3.04 |
% |
|
|
3.83 |
% |
|
|
3.71 |
% |
|
|
3.91 |
% |
|
|
3.47 |
% |
Efficiency ratio (FTE) 3 |
|
|
60.3 |
% |
|
|
54.1 |
% |
|
|
56.2 |
% |
|
|
51.7 |
% |
|
|
57.0 |
% |
Loan-to-deposit ratio |
|
|
74.5 |
% |
|
|
72.2 |
% |
|
|
67.3 |
% |
|
|
63.3 |
% |
|
|
59.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage ratio |
|
|
11.26 |
% |
|
|
11.20 |
% |
|
|
10.64 |
% |
|
|
9.77 |
% |
|
|
9.17 |
% |
Total risk-based capital ratio |
|
|
18.76 |
% |
|
|
18.80 |
% |
|
|
18.37 |
% |
|
|
17.64 |
% |
|
|
16.97 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets and Asset Quality: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average earning assets |
|
$ |
1,460,555 |
|
|
$ |
1,443,048 |
|
|
$ |
1,475,617 |
|
|
$ |
1,568,765 |
|
|
$ |
1,644,124 |
|
Average gross loans |
|
$ |
986,480 |
|
|
$ |
940,264 |
|
|
$ |
932,834 |
|
|
$ |
938,740 |
|
|
$ |
959,086 |
|
Paycheck Protection Program loans, end of period |
|
$ |
177 |
|
|
$ |
196 |
|
|
$ |
215 |
|
|
$ |
234 |
|
|
$ |
254 |
|
Fair value mark on acquired loans |
|
$ |
9,965 |
|
|
$ |
10,957 |
|
|
$ |
14,120 |
|
|
$ |
15,887 |
|
|
$ |
17,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
$ |
7,863 |
|
|
$ |
7,772 |
|
|
$ |
5,552 |
|
|
$ |
5,485 |
|
|
$ |
5,503 |
|
Impact of adoption of CECL |
|
|
- |
|
|
$ |
- |
|
|
$ |
2,491 |
|
|
$ |
- |
|
|
$ |
- |
|
Provision for (recovery of) credit losses |
|
|
2 |
|
|
|
216 |
|
|
|
(235 |
) |
|
|
136 |
|
|
|
39 |
|
Charge-offs |
|
|
(199 |
) |
|
|
(180 |
) |
|
|
(136 |
) |
|
|
(472 |
) |
|
|
(119 |
) |
Recoveries |
|
|
133 |
|
|
|
55 |
|
|
|
100 |
|
|
|
403 |
|
|
|
62 |
|
Net charge-offs |
|
|
(66 |
) |
|
|
(125 |
) |
|
|
(36 |
) |
|
|
(69 |
) |
|
|
(57 |
) |
End of period |
|
$ |
7,799 |
|
|
$ |
7,863 |
|
|
$ |
7,772 |
|
|
$ |
5,552 |
|
|
$ |
5,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-accrual loans |
|
$ |
1,143 |
|
|
$ |
1,185 |
|
|
$ |
1,228 |
|
|
$ |
673 |
|
|
$ |
607 |
|
Loans 90 days or more past due and still accruing |
|
|
854 |
|
|
|
107 |
|
|
|
69 |
|
|
|
705 |
|
|
|
859 |
|
Total nonperforming assets (NPA) 4 |
|
$ |
1,997 |
|
|
$ |
1,292 |
|
|
$ |
1,297 |
|
|
$ |
1,378 |
|
|
$ |
1,466 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NPA as a % of total assets |
|
|
0.13 |
% |
|
|
0.08 |
% |
|
|
0.08 |
% |
|
|
0.08 |
% |
|
|
0.08 |
% |
NPA as a % of gross loans |
|
|
0.20 |
% |
|
|
0.13 |
% |
|
|
0.14 |
% |
|
|
0.15 |
% |
|
|
0.16 |
% |
ACL to gross loans |
|
|
0.76 |
% |
|
|
0.81 |
% |
|
|
0.83 |
% |
|
|
0.59 |
% |
|
|
0.58 |
% |
ACL + fair value mark to gross loans (non-GAAP) |
|
|
1.74 |
% |
|
|
1.94 |
% |
|
|
2.33 |
% |
|
|
2.29 |
% |
|
|
2.38 |
% |
Non-accruing loans to gross loans |
|
|
0.11 |
% |
|
|
0.12 |
% |
|
|
0.13 |
% |
|
|
0.07 |
% |
|
|
0.06 |
% |
Net charge-offs to average loans 1 |
|
|
0.03 |
% |
|
|
0.05 |
% |
|
|
0.02 |
% |
|
|
0.03 |
% |
|
|
0.02 |
% |
1 Ratio is computed on an annualized basis.
2 The net interest margin and net interest income are reported on a fully tax-equivalent basis (FTE) basis, using a Federal income tax rate of 21%. This is a non-GAAP financial measure. Refer to the Reconciliation of Certain Non-GAAP Financial (FTE) Measures at the end of this release.
3 The efficiency ratio (FTE) is computed as a percentage of noninterest expense divided by the sum of net interest income (FTE) and noninterest income. This is a non-GAAP financial measure that management believes provides investors with important information regarding operational efficiency. Management believes such financial information is meaningful to the reader in understanding operating performance, but cautions that such information should not be viewed as a substitute for GAAP. Comparison of our efficiency ratio with those of other companies may not be possible because other companies may calculate them differently. Refer to the Reconciliation of Certain Non-GAAP Financial (FTE) Measures at the end of this release.
4 The Bank held no other real estate owned during any of the periods presented.
Page 6 of 9
VIRGINIA NATIONAL BANKSHARES CORPORATION
AVERAGE BALANCES, INCOME AND EXPENSES, YIELDS AND RATES (TAXABLE EQUIVALENT BASIS)
(dollars in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
Average |
|
|
Income/ |
|
|
Average |
|
|
Average |
|
|
Income/ |
|
|
Average |
|
|
|
Balance |
|
|
Expense |
|
|
Yield/Cost |
|
|
Balance |
|
|
Expense |
|
|
Yield/Cost |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable Securities |
|
$ |
387,180 |
|
|
$ |
2,942 |
|
|
|
3.04 |
% |
|
$ |
445,854 |
|
|
$ |
2,692 |
|
|
|
2.42 |
% |
Tax Exempt Securities 1 |
|
|
66,835 |
|
|
|
414 |
|
|
|
2.48 |
% |
|
|
65,836 |
|
|
|
397 |
|
|
|
2.41 |
% |
Total Securities 1 |
|
|
454,015 |
|
|
|
3,356 |
|
|
|
2.96 |
% |
|
|
511,690 |
|
|
|
3,089 |
|
|
|
2.41 |
% |
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate |
|
|
843,381 |
|
|
|
11,612 |
|
|
|
5.46 |
% |
|
|
834,323 |
|
|
|
9,485 |
|
|
|
4.51 |
% |
Commercial |
|
|
103,137 |
|
|
|
1,394 |
|
|
|
5.36 |
% |
|
|
74,970 |
|
|
|
846 |
|
|
|
4.48 |
% |
Consumer |
|
|
39,962 |
|
|
|
742 |
|
|
|
7.37 |
% |
|
|
49,793 |
|
|
|
693 |
|
|
|
5.52 |
% |
Total Loans |
|
|
986,480 |
|
|
|
13,748 |
|
|
|
5.53 |
% |
|
|
959,086 |
|
|
|
11,024 |
|
|
|
4.56 |
% |
Fed Funds Sold |
|
|
9,569 |
|
|
|
133 |
|
|
|
5.51 |
% |
|
|
52,908 |
|
|
|
299 |
|
|
|
2.24 |
% |
Other interest-bearing deposits |
|
|
10,491 |
|
|
|
64 |
|
|
|
2.42 |
% |
|
|
120,440 |
|
|
|
618 |
|
|
|
2.04 |
% |
Total Earning Assets |
|
|
1,460,555 |
|
|
|
17,301 |
|
|
|
4.70 |
% |
|
|
1,644,124 |
|
|
|
15,030 |
|
|
|
3.63 |
% |
Less: Allowance for Credit Losses |
|
|
(7,907 |
) |
|
|
|
|
|
|
|
|
(5,530 |
) |
|
|
|
|
|
|
Total Non-Earning Assets |
|
|
114,792 |
|
|
|
|
|
|
|
|
|
124,247 |
|
|
|
|
|
|
|
Total Assets |
|
$ |
1,567,440 |
|
|
|
|
|
|
|
|
$ |
1,762,841 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Bearing Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Checking |
|
$ |
304,969 |
|
|
$ |
78 |
|
|
|
0.10 |
% |
|
$ |
401,886 |
|
|
$ |
56 |
|
|
|
0.06 |
% |
Money Market and Savings Deposits |
|
|
407,213 |
|
|
|
2,739 |
|
|
|
2.67 |
% |
|
|
547,878 |
|
|
|
415 |
|
|
|
0.30 |
% |
Time Deposits |
|
|
252,917 |
|
|
|
2,685 |
|
|
|
4.21 |
% |
|
|
142,195 |
|
|
|
147 |
|
|
|
0.41 |
% |
Total Interest-Bearing Deposits |
|
|
965,099 |
|
|
|
5,502 |
|
|
|
2.26 |
% |
|
|
1,091,959 |
|
|
|
618 |
|
|
|
0.22 |
% |
Borrowings |
|
|
37,648 |
|
|
|
505 |
|
|
|
5.32 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Federal funds purchased |
|
|
1,300 |
|
|
|
21 |
|
|
|
6.41 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Junior subordinated debt |
|
|
3,443 |
|
|
|
86 |
|
|
|
9.91 |
% |
|
|
3,394 |
|
|
|
51 |
|
|
|
5.96 |
% |
Total Interest-Bearing Liabilities |
|
|
1,007,490 |
|
|
|
6,114 |
|
|
|
2.41 |
% |
|
|
1,095,353 |
|
|
|
669 |
|
|
|
0.24 |
% |
Non-Interest-Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
406,518 |
|
|
|
|
|
|
|
|
|
519,759 |
|
|
|
|
|
|
|
Other liabilities |
|
|
10,422 |
|
|
|
|
|
|
|
|
|
8,932 |
|
|
|
|
|
|
|
Total Liabilities |
|
|
1,424,430 |
|
|
|
|
|
|
|
|
|
1,624,044 |
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
143,010 |
|
|
|
|
|
|
|
|
|
138,797 |
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
|
$ |
1,567,440 |
|
|
|
|
|
|
|
|
$ |
1,762,841 |
|
|
|
|
|
|
|
Net Interest Income (FTE) |
|
|
|
|
$ |
11,187 |
|
|
|
|
|
|
|
|
$ |
14,361 |
|
|
|
|
Interest Rate Spread 2 |
|
|
|
|
|
|
|
|
2.29 |
% |
|
|
|
|
|
|
|
|
3.38 |
% |
Cost of Funds |
|
|
|
|
|
|
|
|
1.72 |
% |
|
|
|
|
|
|
|
|
0.16 |
% |
Interest Expense as a Percentage of
Average Earning Assets |
|
|
|
|
|
|
|
|
1.66 |
% |
|
|
|
|
|
|
|
|
0.16 |
% |
Net Interest Margin (FTE) 3 |
|
|
|
|
|
|
|
|
3.04 |
% |
|
|
|
|
|
|
|
|
3.47 |
% |
1 Tax-exempt income for investment securities has been adjusted to a fully tax-equivalent basis (FTE), using a Federal income tax rate of 21%.
Refer to the Reconcilement of Non-GAAP Measures table at the end of this release.
2 Interest spread is the average yield earned on earning assets less the average rate paid on interest-bearing liabilities.
3 Net interest margin (FTE) is net interest income expressed as a percentage of average earning assets.
Page 7 of 9
VIRGINIA NATIONAL BANKSHARES CORPORATION
AVERAGE BALANCES, INCOME AND EXPENSES, YIELDS AND RATES (TAXABLE EQUIVALENT BASIS)
(dollars in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months ended |
|
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
Average |
|
|
Income/ |
|
|
Average |
|
|
Average |
|
|
Income/ |
|
|
Average |
|
|
|
Balance |
|
|
Expense |
|
|
Yield/Cost |
|
|
Balance |
|
|
Expense |
|
|
Yield/Cost |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable Securities |
|
$ |
418,367 |
|
|
$ |
8,939 |
|
|
|
2.85 |
% |
|
$ |
340,692 |
|
|
$ |
5,492 |
|
|
|
2.15 |
% |
Tax Exempt Securities 1 |
|
|
66,957 |
|
|
|
1,245 |
|
|
|
2.48 |
% |
|
|
65,447 |
|
|
|
1,170 |
|
|
|
2.38 |
% |
Total Securities 1 |
|
|
485,324 |
|
|
|
10,184 |
|
|
|
2.80 |
% |
|
|
406,139 |
|
|
|
6,662 |
|
|
|
2.19 |
% |
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate |
|
|
827,902 |
|
|
|
36,077 |
|
|
|
5.83 |
% |
|
|
855,632 |
|
|
|
27,567 |
|
|
|
4.31 |
% |
Commercial |
|
|
83,393 |
|
|
|
3,103 |
|
|
|
4.97 |
% |
|
|
85,148 |
|
|
|
2,930 |
|
|
|
4.60 |
% |
Consumer |
|
|
42,094 |
|
|
|
2,229 |
|
|
|
7.08 |
% |
|
|
50,808 |
|
|
|
1,906 |
|
|
|
5.02 |
% |
Total Loans |
|
|
953,389 |
|
|
|
41,409 |
|
|
|
5.81 |
% |
|
|
991,588 |
|
|
|
32,403 |
|
|
|
4.37 |
% |
Fed Funds Sold |
|
|
3,527 |
|
|
|
143 |
|
|
|
5.42 |
% |
|
|
118,228 |
|
|
|
662 |
|
|
|
0.75 |
% |
Other interest-bearing deposits |
|
|
17,444 |
|
|
|
442 |
|
|
|
3.39 |
% |
|
|
196,801 |
|
|
|
973 |
|
|
|
0.66 |
% |
Total Earning Assets |
|
|
1,459,684 |
|
|
|
52,178 |
|
|
|
4.78 |
% |
|
|
1,712,756 |
|
|
|
40,700 |
|
|
|
3.18 |
% |
Less: Allowance for Credit Losses |
|
|
(7,933 |
) |
|
|
|
|
|
|
|
|
(5,806 |
) |
|
|
|
|
|
|
Total Non-Earning Assets |
|
|
114,387 |
|
|
|
|
|
|
|
|
|
124,518 |
|
|
|
|
|
|
|
Total Assets |
|
$ |
1,566,138 |
|
|
|
|
|
|
|
|
$ |
1,831,468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Bearing Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Checking |
|
$ |
332,587 |
|
|
$ |
273 |
|
|
|
0.11 |
% |
|
$ |
411,504 |
|
|
$ |
175 |
|
|
|
0.06 |
% |
Money Market and Savings Deposits |
|
|
423,547 |
|
|
|
6,709 |
|
|
|
2.12 |
% |
|
|
584,597 |
|
|
|
1,470 |
|
|
|
0.34 |
% |
Time Deposits |
|
|
192,139 |
|
|
|
5,109 |
|
|
|
3.56 |
% |
|
|
151,045 |
|
|
|
499 |
|
|
|
0.44 |
% |
Total Interest-Bearing Deposits |
|
|
948,273 |
|
|
|
12,091 |
|
|
|
1.70 |
% |
|
|
1,147,146 |
|
|
|
2,144 |
|
|
|
0.25 |
% |
Borrowings |
|
|
33,289 |
|
|
|
1,271 |
|
|
|
5.10 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Federal funds purchased |
|
|
2,927 |
|
|
|
112 |
|
|
|
5.12 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Junior subordinated debt |
|
|
3,430 |
|
|
|
226 |
|
|
|
8.81 |
% |
|
|
3,383 |
|
|
|
148 |
|
|
|
5.85 |
% |
Total Interest-Bearing Liabilities |
|
|
987,919 |
|
|
|
13,700 |
|
|
|
1.85 |
% |
|
|
1,150,529 |
|
|
|
2,292 |
|
|
|
0.27 |
% |
Non-Interest-Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits |
|
|
428,906 |
|
|
|
|
|
|
|
|
|
524,592 |
|
|
|
|
|
|
|
Other liabilities |
|
|
9,760 |
|
|
|
|
|
|
|
|
|
10,107 |
|
|
|
|
|
|
|
Total Liabilities |
|
|
1,426,585 |
|
|
|
|
|
|
|
|
|
1,685,228 |
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
139,553 |
|
|
|
|
|
|
|
|
|
146,240 |
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
|
$ |
1,566,138 |
|
|
|
|
|
|
|
|
$ |
1,831,468 |
|
|
|
|
|
|
|
Net Interest Income (FTE) |
|
|
|
|
$ |
38,478 |
|
|
|
|
|
|
|
|
$ |
38,408 |
|
|
|
|
Interest Rate Spread 2 |
|
|
|
|
|
|
|
|
2.93 |
% |
|
|
|
|
|
|
|
|
2.91 |
% |
Cost of Funds |
|
|
|
|
|
|
|
|
1.29 |
% |
|
|
|
|
|
|
|
|
0.18 |
% |
Interest Expense as a Percentage of
Average Earning Assets |
|
|
|
|
|
|
|
|
1.25 |
% |
|
|
|
|
|
|
|
|
0.18 |
% |
Net Interest Margin (FTE) 3 |
|
|
|
|
|
|
|
|
3.52 |
% |
|
|
|
|
|
|
|
|
3.00 |
% |
1 Tax-exempt income for investment securities has been adjusted to a fully tax-equivalent basis (FTE), using a Federal income tax rate of 21%.
Refer to the Reconcilement of Non-GAAP Measures table at the end of this release.
2 Interest spread is the average yield earned on earning assets less the average rate paid on interest-bearing liabilities.
3 Net interest margin (FTE) is net interest income expressed as a percentage of average earning assets.
Page 8 of 9
VIRGINIA NATIONAL BANKSHARES CORPORATION
RECONCILIATION OF CERTAIN QUARTERLY NON-GAAP FINANCIAL MEASURES
(dollars in thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
|
September 30, 2023 |
|
|
June 30, 2023 |
|
|
March 31, 2023 |
|
|
December 31, 2022 |
|
|
September 30, 2022 |
|
Fully tax-equivalent measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
11,100 |
|
|
$ |
13,703 |
|
|
$ |
13,413 |
|
|
$ |
15,384 |
|
|
$ |
14,277 |
|
Fully tax-equivalent adjustment |
|
|
87 |
|
|
|
86 |
|
|
|
87 |
|
|
|
86 |
|
|
|
84 |
|
Net interest income (FTE) 1 |
|
$ |
11,187 |
|
|
$ |
13,789 |
|
|
$ |
13,500 |
|
|
$ |
15,470 |
|
|
$ |
14,361 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio 2 |
|
|
60.7 |
% |
|
|
54.4 |
% |
|
|
56.5 |
% |
|
|
52.0 |
% |
|
|
57.3 |
% |
Fully tax-equivalent adjustment |
|
|
-0.4 |
% |
|
|
-0.3 |
% |
|
|
-0.3 |
% |
|
|
-0.3 |
% |
|
|
-0.3 |
% |
Efficiency ratio (FTE) 3 |
|
|
60.3 |
% |
|
|
54.1 |
% |
|
|
56.2 |
% |
|
|
51.7 |
% |
|
|
57.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
3.02 |
% |
|
|
3.81 |
% |
|
|
3.69 |
% |
|
|
3.89 |
% |
|
|
3.45 |
% |
Fully tax-equivalent adjustment |
|
|
0.02 |
% |
|
|
0.02 |
% |
|
|
0.02 |
% |
|
|
0.02 |
% |
|
|
0.02 |
% |
Net interest margin (FTE) 1 |
|
|
3.04 |
% |
|
|
3.83 |
% |
|
|
3.71 |
% |
|
|
3.91 |
% |
|
|
3.47 |
% |
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended |
|
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
Fully tax-equivalent measures |
|
|
|
|
|
|
Net interest income |
|
$ |
38,216 |
|
|
$ |
38,163 |
|
Fully tax-equivalent adjustment |
|
|
262 |
|
|
|
245 |
|
Net interest income (FTE) 1 |
|
$ |
38,478 |
|
|
$ |
38,408 |
|
|
|
|
|
|
|
|
Efficiency ratio 2 |
|
|
57.0 |
% |
|
|
59.4 |
% |
Fully tax-equivalent adjustment |
|
|
-0.3 |
% |
|
|
-0.3 |
% |
Efficiency ratio (FTE) 3 |
|
|
56.7 |
% |
|
|
59.1 |
% |
|
|
|
|
|
|
|
Net interest margin |
|
|
3.50 |
% |
|
|
2.98 |
% |
Fully tax-equivalent adjustment |
|
|
0.02 |
% |
|
|
0.02 |
% |
Net interest margin (FTE) 1 |
|
|
3.52 |
% |
|
|
3.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
|
September 30, 2023 |
|
|
June 30, 2023 |
|
|
March 31, 2023 |
|
|
December 31, 2022 |
|
|
September 30, 2022 |
|
Other financial measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACL to gross loans |
|
|
0.76 |
% |
|
|
0.81 |
% |
|
|
0.83 |
% |
|
|
0.59 |
% |
|
|
0.58 |
% |
Fair value mark to gross loans |
|
|
0.98 |
% |
|
|
1.13 |
% |
|
|
1.50 |
% |
|
|
1.70 |
% |
|
|
1.80 |
% |
ACL + fair value mark to gross loans (non-GAAP) |
|
|
1.74 |
% |
|
|
1.94 |
% |
|
|
2.33 |
% |
|
|
2.29 |
% |
|
|
2.38 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share |
|
$ |
25.29 |
|
|
$ |
26.54 |
|
|
$ |
26.50 |
|
|
$ |
25.00 |
|
|
$ |
23.65 |
|
Impact of intangible assets 4 |
|
|
(2.46 |
) |
|
|
(2.53 |
) |
|
|
(2.62 |
) |
|
|
(2.69 |
) |
|
|
(2.84 |
) |
Tangible book value per share (non-GAAP) |
|
$ |
22.83 |
|
|
$ |
24.01 |
|
|
$ |
23.88 |
|
|
$ |
22.31 |
|
|
$ |
20.81 |
|
1 FTE calculations use a Federal income tax rate of 21%.
2 The efficiency ratio, GAAP basis, is computed by dividing noninterest expense by the sum of net interest income and noninterest income.
3 The efficiency ratio, FTE, is computed by dividing noninterest expense by the sum of net interest income (FTE) and noninterest income.
4 Intangible assets include goodwill and core deposit intangible assets, net of accumulated amortization, for all periods presented. As of September 30, 2022, this figure also included other intangible assets related to Sturman Wealth Advisors, also net of accumulated amortization.
Page 9 of 9
v3.23.3
| X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
| Name: |
dei_AmendmentFlag |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
| Name: |
dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:dateItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
| Name: |
dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
| Name: |
dei_EntityAddressAddressLine1 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
| Name: |
dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
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