Virginia National Bankshares Corp 2026年季度报告

(Mark One)☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the quarterly period ended March 31, 2026OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the transition period from ___________ to ___________Commission File Number:001-40305 VIRGINIA NATIONAL BANKSHARES CORPORATION (Exact Name of Registrant as Specified in its Charter) 46-2331578(I.R.S. EmployerIdentification No.) Virginia(State or other jurisdiction ofincorporation or organization)404 People PlaceCharlottesville, Virginia(Address of principal executive offices) Registrant’s telephone number, including area code:(434) 817-8621 Securities registered pursuant to Section 12(b) of the Act: Common Stock VABK Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or forsuch shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, asmallerreporting company,or an emerging growth company.See the definitions of“large accelerated filer,”“accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of theExchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ As of May 7, 2026, the registrant had 5,422,513 shares of common stock, $2.50 par value per share, outstanding. VIRGINIA NATIONAL BANKSHARES CORPORATIONFORM 10-QTABLE OF CONTENTS Item 2Management’s Discussion and Analysis of Financial Condition andResults ofOperations Page 25Application of Critical Accounting Policies and EstimatesPage 26Financial ConditionPage 26Results of OperationsPage 32 Part II. Other InformationItem 1Legal ProceedingsPage 37Item 1A Risk FactorsPage 37Item 2Unregistered Sales of Equity Securities and Use of ProceedsPage 38Item 3Defaults Upon Senior SecuritiesPage 38Item 4Mine Safety DisclosuresPage 38Item 5Other InformationPage 38Item 6ExhibitsPage 38 ITEM 1.FINANCIAL STATEMENTS VIRGINIA NATIONAL BANKSHARES CORPORATIONCONSOLIDATED BALANCE SHEETS(Dollars in thousands, except per share data) VIRGINIA NATIONAL BANKSHARES CORPORATIONCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(Dollars in thousands)(Unaudited) VIRGINIA NATIONAL BANKSHARES CORPORATIONCONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITYFOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025(Dollars in thousands, except per share data)(Unaudited) VIRGINIA NATIONAL BANKSHARES CORPORATIONCONSOLIDATED STATEMENTS OF CASH FLOWS(Dollars in thousands)(Unaudited) VIRGINIA NATIONAL BANKSHARES CORPORATION AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Unaudited)March 31, 2026 Note 1. Summary of Significant Accounting Policies Principles of Consolidation:The unaudited consolidated financial statements have been prepared in accordance withaccounting principles generally accepted in the United States of America for interim financial information.Accordingly,the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAPfor complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items)considered necessary for a fair presentation have been included.The statements should be read in conjunction withthe Notes to Consolidated Financial Statements included in the Company’s Form 10-K for the year ended December31, 2025. Nature of Operations:The accompanying unaudited consolidated financial statements include the accounts of theCompany, and its subsidiary Virginia National Bank. The Bank offers a full range of banking and related financialservices to meet the needs of individuals, businesses and charitable organizations, including the fiduciary services ofVNB Trust and Estate Services, a division of the Bank.All significant intercompany balances and transactions havebeen eliminated in consolidation. Basis of Presentation:The preparation of financial statements in conformity with GAAP and the reporting guidelinesprescribed by regulatory authorities requires management to make estimates and assumptions th