Virginia National Bankshares Corp VABK
The Company was incorporated under the laws of the Commonwealth of Virginia on February 21, 2013 at the direction of the Board of Directors of the Bank for the purpose of acquiring all of the outstanding shares of the Bank and becoming the holding company of the Bank. On June 19, 2013, the shareholders of the Bank approved the Reorganization Agreement and Plan of Share Exchange, dated March 6, 2013, whereby the Bank would reorganize into a holding company structure. On December 16, 2013, when the Reorganization became effective, the Bank became a wholly-owned subsidiary of the Company, and each share of the Bank's common stock was exchanged for one share of the Company's common stock.
The Company is regulated under the BHCA and is subject to inspection, examination and supervision by the Federal Reserve. The Company is also under the jurisdiction of the SEC and is subject to the disclosure and regulatory requirements of the Exchange Act as administered by the SEC.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $77.2M | $75.9M | $70.0M | $56.7M | $48.3M | $27.2M | $26.2M | $25.7M | $22.6M | $19.2M |
| Interest expense | $51.5M | $46.4M | $49.0M | $3.2M | $3.3M | $3.4M | $4.3M | $2.8M | $1.2M | $937.0K |
| Pre-tax income | $24.1M | $20.9M | $23.3M | $28.5M | $11.9M | $10.0M | $8.2M | $10.5M | $11.0M | $8.3M |
| Income tax | $4.8M | $3.9M | $4.0M | $5.1M | $1.8M | $2.1M | $1.5M | $2.1M | $4.4M | $2.6M |
| Net income | $19.3M | $17.0M | $19.3M | $23.4M | $10.1M | $8.0M | $6.7M | $8.5M | $6.6M | $5.7M |
| EPS, basic | 3.57 | 3.16 | 3.60 | 4.40 | 2.16 | 2.95 | 2.49 | 3.18 | 2.61 | 2.43 |
| EPS, diluted | 3.55 | 3.15 | 3.58 | 4.38 | 2.14 | 2.95 | 2.49 | 3.15 | 2.58 | 2.41 |
| Shares, diluted (wtd. avg.) | $5.4M | $5.4M | $5.4M | $5.4M | $4.7M | $2.7M | $2.7M | $2.7M | $2.5M | $2.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $5.8M | $5.3M | $18.1M | $21.0M | $20.3M | $8.1M | $14.9M | $11.7M | $18.3M | $38.5M |
| Property, plant and equipment | $11.7M | $15.4M | $16.2M | $17.8M | $25.1M | $5.2M | $6.1M | $7.0M | $7.4M | $8.0M |
| Goodwill | $7.8M | $7.8M | $7.8M | $7.8M | $8.1M | $7.8M | $372.0K | $372.0K | $372.0K | $372.0K |
| Other intangibles | — | — | — | — | — | $341.0K | $408.0K | $477.0K | $579.0K | $680.0K |
| Total assets | $1.65B | $1.62B | $1.65B | $1.62B | $1.97B | $848.4M | $702.6M | $644.8M | $643.9M | $605.0M |
| Short-term debt | $20.0M | $20.0M | $66.5M | — | — | — | — | — | — | — |
| Total liabilities | $1.47B | $1.46B | $1.49B | $1.49B | $1.81B | $765.8M | $626.5M | $574.1M | $578.8M | $546.0M |
| Retained earnings | $94.2M | $82.5M | $73.8M | $63.5M | $46.4M | $42.0M | $37.2M | $38.6M | $37.9M | $32.8M |
| Total equity | $184.2M | $160.3M | $153.0M | $133.4M | $162.0M | $82.6M | $76.1M | $70.7M | $65.1M | $59.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $21.3M | $15.3M | $13.9M | $22.7M | $13.1M | $9.3M | $9.3M | $11.8M | $8.8M | $5.3M |
| Depreciation and amortisation | $1.3M | $1.3M | $1.5M | $1.6M | $1.6M | $1.9M | $1.1M | — | — | — |
| Capital expenditure | $582.0K | $733.0K | $1.2M | $546.0K | $1.3M | $199.0K | $189.0K | $846.0K | $463.0K | $585.0K |
| Investing cash flow | $31.8M | $15.8M | -$19.8M | -$167.2M | $262.2M | -$129.9M | -$54.8M | -$4.4M | -$61.3M | -$42.9M |
| Financing cash flow | $381.0K | -$42.3M | -$5.9M | -$324.2M | $198.9M | $136.3M | $45.6M | -$6.7M | $32.3M | $32.6M |
| Buybacks | — | $559.0K | — | — | — | — | — | — | — | $1.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-128416.
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