VABK

EX-99.1

2 vabk-ex99_1.htm

EX-99.1

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

INVESTOR RELATIONS CONTACT:

Cathy W. Liles (434) 817-8267

VIRGINIA NATIONAL BANKSHARES CORPORATION

ANNOUNCES 2026 THIRD QUARTER EARNINGS

Charlottesville, VA – October 29, 2026 - Virginia National Bankshares Corporation (NASDAQ: VABK) (the “Company”) today reported quarterly net income of $6.6 million, or $1.20 per diluted share, for the quarter ended September 30, 2026, compared to $4.6 million, or $0.84 per diluted share, recognized for the quarter ended September 30, 2025.

The increase in net income for the quarter ended September 30, 2026 as compared to the same period in the prior year was primarily due to a 26 basis point increase in loan yields, a reduction of 9 basis points in cost of funds, and a payout from bank owned life insurance following the death of a former employee.

President and Chief Executive Officer's comments: "We are very pleased with our third quarter 2026 performance, highlighted by a 30-basis point expansion in net interest margin on a fully tax-equivalent basis (FTE)1,2 from the same quarter of 2025," stated Glenn W. Rust, President and Chief Executive Officer. "The improvement reflects our disciplined balance sheet management focused on delivering long-term value to our shareholders."

Key Performance Indicators

Third quarter 2026 compared to Third quarter 2025

• Return on average assets1 improved to 1.58% from 1.12%.

• Return on average equity1 improved to 13.34% from 10.48%.

• Net interest margin (FTE)1,2 improved to 3.73% from 3.43%.

• Loan-to-deposit ratio decreased slightly to 89.1% from 89.2%.

• Efficiency ratio (FTE)2 improved to 50.7% from 57.9%.

September 30, 2026 Balance Sheet Highlights

• Gross loans outstanding as of September 30, 2026 and December 31, 2025 totaled $1.2 billion; this represents an increase of $12.3 million, or 1.0% from September 30, 2025 and $9.7 million, or 0.8% from December 31, 2025 to September 30, 2026.

• Securities balances were $219.9 million at September 30, 2026, and $254.2 million at December 31, 2025. The balance declined $39.7 million from September 30, 2025 to September 30, 2026 and $34.3 million from December 31, 2025 to September 30, 2026 due to normal portfolio runoff from scheduled maturities and issuer calls.

• Deposits at September 30, 2026 were $1.4 billion, a $32.2 million decrease from December 31, 2025, and a $14.6 million increase from September 30, 2025. As a primarily commercial bank, deposit fluctuations between periods are the result of normal seasonal customer behavior.

• Outstanding borrowings from the Federal Home Loan Bank of Atlanta ("FHLB") were $20.0 million as of September 30, 2026 and December 31, 2025, and $30.0 million as of September 30, 2025. As of September 30, 2026, the Company had unused borrowing facilities in place of approximately $227.0 million and held no brokered deposits.

• Book value per share increased to $35.01 as of September 30, 2026, compared to $32.89 as of September 30, 2025, and tangible book value per share (a non-GAAP financial measure)2 was $33.21 as of September 30, 2026 compared to $30.90 as of September 30, 2025. The increases were driven by strong earnings and retained profits that bolstered shareholders' equity.

Page 1 of 10

Loans and Asset Quality

• Credit performance remains strong with nonperforming assets as a percentage of total assets of 0.36% as of September 30, 2026, 0.56% as of December 31, 2025 and 0.42% as of September 30, 2025.

• Nonperforming assets amounted to $5.9 million as of September 30, 2026, compared to $9.2 million as of December 31, 2025, and $6.8 million as of September 30, 2025. The primary changes over the periods were in the 90 or more days past due and still accruing loans, which are government-guaranteed loans serviced by a third party. Timing of the distribution of payments from the servicer can create fluctuations at period ends.

• The period-end allowance for credit losses on loans (“ACL”) as a percentage of total loans was 0.66% as of September 30, 2026, 0.67% as of December 31, 2025 and 0.69% as of September 30, 2025. The consistent ACL ratio to total loans emphasizes our focus on high quality credit relationships and strong underwriting. The government-guaranteed loans category continues to have a significant impact on the reserves year-over-year, as the guaranteed portion of these loans generally does not result in an ACL because expected credit losses are mitigated by the government guarantee.

• For the three months ended September 30, 2026, the Company recorded a provision for credit losses on loans of $91 thousand due to loan growth and a recovery of $205 thousand in the reserve for unfunded commitments for a net recovery of $114 thousand. For the nine months ended September 30, 2026, the Company recognized a recovery of credit losses on loans of $52 thousand and a recovery of $167 thousand in the reserve for unfunded commitments for a ne

EX-99.1

2 vabk-ex99_1.htm

EX-99.1

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

INVESTOR RELATIONS CONTACT:

Cathy W. Liles (434) 817-8267

VIRGINIA NATIONAL BANKSHARES CORPORATION

ANNOUNCES 2026 SECOND QUARTER EARNINGS

AND QUARTERLY DIVIDEND

Charlottesville, VA – July 23, 2026 - Virginia National Bankshares Corporation (NASDAQ: VABK) (the “Company”) today reported quarterly net income of $9.0 million, or $1.65 per diluted share, for the quarter ended June 30, 2026, compared to $4.2 million, or $0.78 per diluted share, recognized for the quarter ended June 30, 2025.

The increase in net income for the quarter ended June 30, 2026 as compared to the same period in the prior year was primarily due to the cost of funds reduction of 13 basis points, reduced non-interest expense and a gain from the sale of a limited investment partnership interest in Bearing Insurance Group, LLC ("Bearing").

Dividend Declaration

On July 22, 2026, the Company's Board of Directors declared a quarterly cash dividend of $0.36 per share of common stock payable on August 28, 2026, to the holders of record at the close of business on August 14, 2026. The quarterly cash dividend implies an annualized dividend yield to shareholders of approximately 3.20% based on the closing price of the Company’s common stock on July 22, 2026.

President and Chief Executive Officer's comments: "Our second quarter results reflected strong core performance and also benefited from the Bearing transaction, which illustrate consistent performance in a dynamic environment," stated Glenn W. Rust, President and Chief Executive Officer. "We are disciplined in our approach, and we continue to focus on optimizing the balance sheet to maximize profitability. Asset quality, liquidity and capital remain strong enabling us to finance creditworthy projects which enhance our communities."

Key Performance Indicators

Second quarter 2026 compared to second quarter 2025

• Return on average assets1 improved to 2.24% from 1.05%.

• Return on average equity1 improved to 18.81% from 10.05%.

• Net interest margin (FTE)1,2 improved to 3.65% from 3.40%.

• Loan-to-deposit ratio decreased slightly to 87.6% from 89.4%.

• Efficiency ratio (FTE)2 improved to 41.6% from 61.2%.

June 30, 2026 Balance Sheet Highlights

• Gross loans outstanding as of June 30, 2026 and December 31, 2025 totaled $1.2 billion; this represents a decrease of $7.7 million, or 0.6% compared to June 30, 2025.

• Securities balances were $241.0 million at June 30, 2026, and $254.2 million at December 31, 2025. The balance declined $22.1 million from June 30, 2025 to June 30, 2026, with the additional liquidity allowing the Company to take advantage of investment opportunities that complement its growth and earnings strategies.

• Deposits at June 30, 2026 were $1.4 billion, a $22.5 million decrease from December 31, 2025, but a $20.1 million increase from June 30, 2025. The changes noted reflect normal customer behavior in the current rate environment as customers continue to optimize their cash holdings.

Page 1 of 10

• Outstanding borrowings from the FHLB were $20.0 million as of June 30, 2026 and December 31, 2025, and $61.0 million as of June 30, 2025. As of June 30, 2026, the Company had unused borrowing facilities in place of approximately $237.0 million and held no brokered deposits.

• Book value per share increased to $35.89 as of June 30, 2026, compared to $31.67 as of June 30, 2025, and tangible book value per share (a non-GAAP financial measure)2 was $34.05 as of June 30, 2026 compared to $29.63 as of June 30, 2025. The increases reflect the consistent earnings performance that the Company posts, and in particular, the gain from the Bearing transaction in the second quarter of 2026.

Loans and Asset Quality

• Credit performance remains strong with nonperforming assets as a percentage of total assets of 0.35% as of June 30, 2026, 0.56% as of December 31, 2025 and 0.48% as of June 30, 2025.

• Nonperforming assets amounted to $5.8 million as of June 30, 2026, compared to $9.2 million as of December 31, 2025, and $7.8 million as of June 30, 2025. The primary changes over the periods were in the 90 or more days past due and still accruing loans, which are government-guaranteed loans and are serviced by a third party. Timing of the distribution of payments from the servicer can create fluctuations at period ends.

• The period-end Allowance for Credit Losses on Loans (“ACL”) as a percentage of total loans was 0.66% as of June 30, 2026, 0.67% as of December 31, 2025 and 0.67% as of June 30, 2025. The portfolio of government-guaranteed loans continues to be a significant driver impacting the recovery of credit losses on loans year-over-year. Balances in such loans are 100% guaranteed and do not require an ACL.

• For the three months ended June 30, 2026, the Company recorded a provision for credit losses of $231 thousand on loans, and a $94 thousand reserve for unfunded commitments, both due to

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