Business
VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES 2026 FIRST QUARTER EARNINGS AND QUARTERLY DIVIDEND
CHARLOTTESVILLE, Va., April 23, 2026 /PRNewswire/ -- Virginia National Bankshares Corporation (NASDAQ: VABK) (the "Company") today reported quarterly net
About this update from Virginia National Bankshares Corporation
[{"type":"text","content":"CHARLOTTESVILLE, Va., April 23, 2026 /PRNewswire/ -- Virginia National Bankshares Corporation (NASDAQ: VABK) (the \"Company\") today reported quarterly net income of $5.3 million, or $0.97 per diluted share, for the quarter ended March 31, 2026, compared to $4.5 million, or $0.83 per diluted share, recognized for the quarter ended March 31, 2025. \n \n \n \n \n \n \n \nThe increase in 2026 year-to-date net income as compared to the prior year was primarily due to the cost of funds reduction of 19 basis points and reduced non-interest expense.Dividend DeclarationOn April 22, 2026, the Company's Board of Directors declared a quarterly cash dividend of $0.36 per share of common stock payable on May 29, 2026, to the holders of record at the close of business on May 13, 2026. The quarterly cash dividend implies an annualized dividend yield to shareholders of approximately 3.50% based on the closing price of the Company's common stock on April 21, 2026.President and Chief Executive Officer's comments: \"Our strong performance in the first quarter of 2026 resulted in a 17.2% increase in net income over the first quarter of 2025. We continue to successfully implement financial strategies that enhance our operating efficiency,\" stated Glenn W. Rust, President and Chief Executive Officer. \"Attention to pricing and continued vigilance toward asset quality augment our performance strategies. With our strong capital and liquidity positions, our lending and retail teams are able to work seamlessly to provide exceptional service to the communities we serve.\"Key Performance Indicators First quarter 2026 compared to first quarter 2025Return on average assets improved to 1.30% from 1.12%.Return on average equity improved to 11.34% from 11.05%.Net interest margin (FTE)1 improved to 3.40% from 3.28%.Loan-to-deposit ratio increased to 86.7% from 86.6%.Efficiency ratio (FTE)1 improved to 56.6% from 62.4%.March 31, 2026 Balance Sheet HighlightsGross loans outstanding as of March 31, 2026 totaled $1.2 billion, a decrease of $4.8 million, or 0.4% compared to March 31, 2025. Gross loans outstanding at March 31, 2026 remained flat when compared to December 31, 2025. Securities balances declined $22.5 million from March 31, 2025 to March 31, 2026 as the Company allowed the proceeds from natural maturities and cash flow to fund earning assets with more a...