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VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES 2026 THIRD QUARTER EARNINGS

VABK
  • Virginia National Bankshares Corporation reported third quarter 2026 net income of $6.6 million ($1.20 per diluted share), an increase from $4.6 million ($0.84 per diluted share) in the same period of 2025.
  • The net income growth was driven by a 26 basis point increase in loan yields, a 9 basis point reduction in the cost of funds, and a $421 thousand payout from bank owned life insurance following a former employee's death.
  • Net interest margin (FTE) expanded 30 basis points to 3.73% for the quarter, while the efficiency ratio (FTE) improved to 50.7% from 57.9%.
  • Return on average assets increased to 1.58% from 1.12%, and return on average equity rose to 13.34% from 10.48%.
  • Gross loans outstanding totaled $1.247 billion as of September 30, 2026, representing a 1.0% increase from the prior year period.
  • Total deposits were $1.399 billion, a decrease of $32.2 million from December 31, 2025, but an increase of $14.6 million from September 30, 2025.
  • Nonperforming assets decreased to $5.9 million (0.36% of total assets) from $6.8 million (0.42% of total assets) in the prior year.
  • The allowance for credit losses on loans was $8.17 million, representing 0.66% of total loans as of the quarter end.
  • Noninterest income increased by $0.3 million to $1.68 million, primarily due to the life insurance payout offset by lower debit/credit card fees.
  • Noninterest expense decreased by $134 thousand to $8.27 million, attributed to reduced data processing expenses following a core contract renewal.
  • The effective tax rate for the quarter was 18.7%, compared to 19.5% in the prior year.
  • Cash dividends of $2.0 million ($0.36 per share) were declared and paid in the third quarter, with the remaining 70% of net income retained.
  • Book value per share increased to $35.01, while tangible book value per share rose to $33.21 from $30.90 in the prior year.
  • Outstanding borrowings from the Federal Home Loan Bank of Atlanta stood at $20.0 million, with $227.0 million in unused borrowing facilities available.