Virginia National Bankshares Corporation · NASDAQ:VABK
Virginia National Bankshares — Shareholder Meeting (June 2024)
19 slides from Virginia National Bankshares's shareholder meeting presentation, Jun 27, 2024
Slide 1: Annual Shareholders' Meeting
Exhibit 99.1 ANNUAL SHAREHOLDERS’ MEETING June 27, 2024
Slide 2: Disclosures
Disclosures Forward-Looking Statements 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,
Slide 3: Corporate Overview
Corporate Overview VIRGINIA Ky NATIONAL BANKSHARES CORPORATION
Slide 4: Experienced Management
Experienced Management Seasoned Executive Leadership Glenn W. Rust Age: 68 President & CEO of Virginia National Bankshares Corporation Banking Experience: 50 Years and Virginia National Bank Virginia National Experience: 18 Years Age: 55 Tara Y. Harrison Banking Experience: 24 Years Chief Financial
Slide 5: Experienced Board of Directors
Experienced Board of Directors Experienced and Balanced Board Board Member (Age) Board Tenure Experience William D. Dittmar, Jr. (71) 26 Years Corporate executive and investor at Enterprise Properties, LLC Chairman of the Board John B. Adams, Jr. (79) 22 Years * Chairman of Fauquier Bank; CEO of Bow
Slide 6: Dominant Market Share in Core Markets
Dominant Market Share in Core Markets Charlottesville, VA MSA * Historical Growth in Charlottesville Deposits ($B) Deposits Market VABK CAGR: 9.4% Rank Institution ($mm) Share Branches Charlottesville MSA CAGR: 5.1% 1 Bank of America Corp. $1,601 25.27 % 7 10.3% 2 Truist Financial Corp. 1,454 22.95
Slide 7: Shareholder Update
Shareholder Update 4 VIRGINIA ri. NATIONAL li BANKSHARES a CORPORATION
Slide 8: Returning Value to Shareholders
Returning Value to Shareholders $1.32 $1.32 $1.20 $1.20 $1.20 $1.19 Implied ’24 ann. dividend $1.03 $0.58 $0.44 $0.34 $0.33 $0.25 $0.14 (1) (1) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Q1 '24 Cash Dividends Source: S&P Global Market Intelligence (1) Data as of or for the twelve months
Slide 9: Top-Tier Shareholder Value Growth
Top-Tier Shareholder Value Growth 2006 – Q1 ’24: TBVPS CAGR of 4.79% vs. KRX Median of 3.94% vs. Peer Median of 3.97% • Figures above bars represent tangible book value per share adjusted $42.47 $43.17 to exclude AOCI plus cumulative dividends per share $38.98 $8.89 $9.22 $34.80 $31.96 $34.15 $7.5
Slide 10: Financial Highlights
Financial Highlights VIRGINIA NATIONAL BANKSHARES CORPORATION
Slide 11: Overview of Virginia National Bankshares Corporation
Overview of Virginia National Bankshares Corporation Our Story Virginia’s Premier Community Bank • $1.6 billion in assets bank holding company headquartered in Charlottesville, VA $1.6B $1.1B $1.4B Assets Loans Deposits • Seasoned management team with over 225 years of collective banking experience
Slide 12: Core Funded Deposit Portfolio
Core Funded Deposit Portfolio Deposit Composition (%) Historical Deposit Composition ($M) Jumbo Time $1,797 Retail Time 8% 16% $45 Non- $1,480 Interest Bearing $29 $1,409 $1,432 27% $107 $116 Money Market & Savings 29% $1,229 $912 Interest Bearing $885 $903 20% $733 $622 $34 Cost of Deposits Over Ti
Slide 13: Asset Quality
Asset Quality Cumulative losses from the Global Financial Crisis of 0.66%(1) Post-Global Financial Crisis Peak NPAs of $8.7mm, 1.98% of total assets, in 2009 NPAs / Loans + OREO (%) NCOs / Average Loans (%) 0.39% 20-Year Average: 0.09% 0.53% 0.46% 0.19% 0.21% 0.20% 0.19% 0.16% 0.17% 0.06% 0.05%
Slide 14: Consistent Credit Quality and Profitability
Consistent Credit Quality and Profitability Virginia National has been profitable since the first year post-inception Cumulative losses in Global Financial Crisis of 0.66% vs. aggregate banking industry losses of 8.56% (1) Net Charge-Offs / Average Loans VABK 2.5% 2.5% Banking Industry(2) 1.6% 1
Slide 15: VNB Trust & Estate Services
VNB Trust & Estate Services • Corporate trust services, trust and estate administration, IRA administration and custody services, and in-house investment management • Revenue generated from administration, service and custody fees, as well as management fees derived from AUM 14
Slide 16: Operating Expense
Operating Expense Noninterest Expense / Average Assets (%) Noninterest Expense ($M) 2.73% Noninterest Expense Detail 2.58% 2018 2019 2020 2021 2022 2023 '24 YTD 2.51% Compensation & Benefits $8.0 $9.2 $9.5 $16.1 $17.3 $15.9 $4.2 2.35% Occupancy & Equipment 2.3 2.3 2.4 4.5 5.4 4.8 1.1 2.14% 2.16% 2.1
Slide 17: Capital Ratios
Capital Ratios Tangible Common Equity / Tangible Assets (%) CET1 Ratio (%) 10.85% 10.73% 17.41% 17.67% 17.07% 9.66% 8.58% 8.72% 14.18% 14.24% 14.15% 13.47% 7.37% 7.40% 2018 2019 2020 2021 2022 2023 Q1 '24 2018 2019 2020 2021 2022 2023 Q1 '24 Total Capital Ratio (%) Bank CRE / C&D Concentration Ratio
Slide 18: Questions
Questions \Wr VIRGINIA NATIONAL BANKSHARES CORPORATION
Slide 19: Thank You
Thank You \Wr VIRGINIA NATIONAL BANKSHARES CORPORATION
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