Virginia National Bankshares第二季淨利飆升114% 每股派息0.36美元

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. 

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 •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 construction and multifamily project loans originated in the second quarter, which drove increases in provision expense as those pools require higher reserves. For the six months ended June 30, 2026, the Company recognized a $105 thousand recovery of credit losses on loans and a $39 thousand provision for unfunded commitments. 

Net Interest Income
•Net interest income for the three months ended June 30, 2026 of $13.7 million increased $952 thousand, or 7.4%, compared to the three months ended June 30, 2025, predominantly due to decreased interest expense associated with deposit accounts and increased yield on loans. On a year-to-date basis, net interest income at June 30, 2026 was $26.7 million compared to $25.1 million at June 30, 2025. 

•Net interest margin (FTE), (a non-GAAP financial measure)2, for the three months ended June 30, 2026 was 3.65%, compared to 3.40% for the three months ended June 30, 2025. The net interest margin (FTE)2 for the six months ended June 30, 2026 was 3.52% compared to 3.34% for the same period in 2025. 

•The Bank's yield on loans was 5.74% for the three months ended June 30, 2026, compared to 5.60% for the prior year same period. The accretion of the fair value mark related to purchased loans positively impacted interest income by 11 bps in the second quarter of 2026, and 14 bps in the second quarter of 2025. The yield on loans for the six months ended June 30, 2026 was 5.64%, which was 4 bps over the same period for 2025. 

•The overall cost of funds, including noninterest-bearing deposits, of 1.64% incurred in the three months ended June 30, 2026 decreased 13 bps from 1.77% in the same period in the prior year. The cost of interest-bearing deposits decreased period over period by 11 bps, from a cost of 2.23% to 2.12%. The cost of borrowings from the FHLB decreased 85 bps from the second quarter of 2025 to the second quarter of 2026, from 4.74% to 3.89%. On a year-to-date basis, at June 30, 2026, the overall cost of funds decreased 16 bps from 1.82% to 1.66%.

Noninterest Income 
Noninterest income for the three months ended June 30, 2026 increased $4.7 million, or 360.1%, compared to the three months ended June 30, 2025, the result of a gain of $4.7 million on the Bearing transaction. On a year-to-date basis, at June 30, 2026, the $4.5 million increase over June 30, 2025 also reflects the $4.7 million gain on the Bearing transaction. 
Noninterest Expense 
Noninterest expense for the three months ended June 30, 2026 decreased by $412 thousand, or 4.7%, compared to the three months ended June 30, 2025. The 2026 quarter reflected continued lower data processing costs resulting from the 2025 core contract renewals, and a reduction of other expense (which includes legal fees) incurred compared to 2025. The $1.0 million decrease in noninterest expense for the six months ended June 30, 2026 compared to the same period of 2025 is due to reduced depreciation and data processing expenses. 
 

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 Efficiency Ratio
The Company's efficiency ratio (FTE)2 improved to 41.6% for the three months ended June 30, 2026 compared to 61.2% for the three months ended June 30, 2025, as all the components of this ratio improved. 
Income Taxes
The effective tax rates amounted to 20.1% and 21.9% for the three months ended June 30, 2026 and 2025, respectively. For each period, the effective income tax rate differed from the U.S. statutory rate of 21%. The effective tax rate fluctuations are attributable to changes in pretax earnings, low-income housing tax credits and the levels of permanent tax differences. 
Dividends 
Cash dividends of $2.0 million, or $0.36 per share, were declared and paid during the second quarter of 2026. The remaining 78% of net income was retained. 
 
 
_____________________________________________________________________
1 Annualized.
2 See "Reconciliation of Certain Quarterly Non-GAAP Financial Measures" at the end of this release. 
 

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 About Virginia National Bankshares Corporation
Virginia National Bankshares Corporation, headquartered in Charlottesville, Virginia, is the bank holding company for Virginia National Bank. The Bank has seven banking offices throughout Fauquier and Prince William counties, four banking offices in Charlottesville and Albemarle County (including one limited-service banking facility), and banking offices in Winchester and Richmond, Virginia. The Bank offers a full range of banking and related financial services to meet the needs of individuals, businesses and charitable organizations, including the fiduciary services of VNB Trust and Estate Services. The Company’s common stock trades on the Nasdaq Capital Market under the symbol “VABK.” Additional information on the Company is also available at www.vnbcorp.com.
Non-GAAP Financial Measures
The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles (“GAAP”) and prevailing practices in the banking industry. However, management uses certain non-GAAP measures to supplement the evaluation of the Company’s performance. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s core businesses. These non-GAAP disclosures should not be viewed as a substitute for, or more important than, operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of GAAP to non-GAAP measures are included at the end of this release.
Forward-Looking Statements; Other Information
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, future strategy and goals, and are often characterized by use of qualified words such as “expect,” “believe,” “estimate,” “project,” “anticipate,” “intend,” “will,” “should,” or words of similar meaning or other statements concerning the opinions or judgement of the Company and its management about future events. While Company management believes such statements to be reasonable, future events and predictions are subject to circumstances that are not within the control of the Company and its management. Actual results may differ materially from those included in the forward-looking statements due to a number of factors, including, without limitation, the effects of and changes in: inflation, interest rates, market and monetary fluctuations; liquidity and capital requirements; market disruptions including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, war and other military conflicts or other major events, the governmental and societal responses thereto, or the prospect of these events; changes, particularly declines, in general economic and market conditions in the local economies in which the Company operates, including the effects of declines in real estate values; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; the impact of changes in laws, regulations and guidance related to financial services including, but not limited to, taxes, banking, securities and insurance; changes in accounting principles, policies and guidelines; the financial condition of the Company’s borrowers; the Company's ability to attract, hire, train and retain qualified employees; an increase in unemployment levels; competitive pressures on loan and deposit pricing and demand; fluctuation in asset quality; assumptions that underlie the Company’s ACL; the value of securities held in the Company's investment portfolio; performance of assets under management; cybersecurity threats or attacks and the development and maintenance of reliable electronic systems; changes in technology and their impact on the marketing of new products and services and the acceptance of these products and services by new and existing customers; the willingness of customers to substitute competitors’ products and services for the Company’s products and services; the risks and uncertainties described from time to time in the Company’s press releases and filings with the SEC; and the Company’s performance in managing the risks involved in any of the foregoing. Many of these factors and additional risks and uncertainties are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and other reports filed from time to time by the Company with the Securities and Exchange Commission. These statements speak only as of the date made, and the Company does not undertake to update any forward-looking statements to reflect changes or events that may occur after this release. 
 

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 VIRGINIA NATIONAL BANKSHARES CORPORATION
CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share data)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

 June 30, 2026

  

  

 December 31, 2025*

  

  

 June 30, 2025

  

 

 
  

 (Unaudited)

  

  

  

  

  

 (Unaudited)

  

 

 
 ASSETS

  

  

  

  

  

  

  

  

 

 
 Cash and due from banks

 $

 35,705

  

  

 $

 5,798

  

  

 $

 5,999

  

 

 
 Interest-bearing deposits in other banks

  

 9,694

  

  

  

 10,552

  

  

  

 9,840

  

 

 
 Federal funds sold

  

 31,948

  

  

  

 54,264

  

  

  

 22,683

  

 

 
 Securities:

  

  

  

  

  

  

  

  

 

 
 Available-for-sale (AFS), at fair value

  

 234,770

  

  

  

 247,992

  

  

  

 254,909

  

 

 
 Restricted securities, at cost

  

 6,195

  

  

  

 6,172

  

  

  

 8,120

  

 

 
 Total securities

  

 240,965

  

  

  

 254,164

  

  

  

 263,029

  

 

 
 Loans, net of deferred fees and costs

  

 1,233,980

  

  

  

 1,237,577

  

  

  

 1,241,712

  

 

 
 Allowance for credit losses

  

 (8,124

 )

  

  

 (8,270

 )

  

  

 (8,347

 )

 

 
 Loans, net

  

 1,225,856

  

  

  

 1,229,307

  

  

  

 1,233,365

  

 

 
 Premises and equipment, net

  

 11,575

  

  

  

 11,687

  

  

  

 12,204

  

 

 
 Bank owned life insurance

  

 41,953

  

  

  

 41,302

  

  

  

 40,659

  

 

 
 Goodwill

  

 7,768

  

  

  

 7,768

  

  

  

 7,768

  

 

 
 Core deposit intangible, net

  

 2,199

  

  

  

 2,682

  

  

  

 3,213

  

 

 
 Right of use asset, net

  

 5,551

  

  

  

 6,297

  

  

  

 7,032

  

 

 
 Deferred tax asset, net

  

 12,179

  

  

  

 12,079

  

  

  

 14,084

  

 

 
 Accrued interest receivable and other assets

  

 12,803

  

  

  

 13,842

  

  

  

 15,046

  

 

 
 Total assets

 $

 1,638,196

  

  

 $

 1,649,742

  

  

 $

 1,634,922

  

 

 
 LIABILITIES AND SHAREHOLDERS' EQUITY

  

  

  

  

  

  

  

  

 

 
 Liabilities:

  

  

  

  

  

  

  

  

 

 
 Demand deposits:

  

  

  

  

  

  

  

  

 

 
 Noninterest-bearing

 $

 367,348

  

  

 $

 362,322

  

  

 $

 384,538

  

 

 
 Interest-bearing

  

 279,179

  

  

  

 308,295

  

  

  

 266,012

  

 

 
 Money market and savings deposit accounts

  

 481,847

  

  

  

 469,815

  

  

  

 457,077

  

 

 
 Certificates of deposit and other time deposits

  

 280,822

  

  

  

 291,299

  

  

  

 281,438

  

 

 
 Total deposits

  

 1,409,196

  

  

  

 1,431,731

  

  

  

 1,389,065

  

 

 
 Borrowings

  

 20,000

  

  

  

 20,000

  

  

  

 61,000

  

 

 
 Junior subordinated debt, net

  

 3,578

  

  

  

 3,554

  

  

  

 3,530

  

 

 
 Lease liability

  

 5,474

  

  

  

 6,192

  

  

  

 6,888

  

 

 
 Accrued interest payable and other liabilities

  

 5,263

  

  

  

 4,104

  

  

  

 3,667

  

 

 
 Total liabilities

  

 1,443,511

  

  

  

 1,465,581

  

  

  

 1,464,150

  

 

 
 Commitments and contingent liabilities

  

  

  

  

  

  

  

  

 

 
 Shareholders' equity:

  

  

  

  

  

  

  

  

 

 
 Preferred stock, $2.50 par value

  

 -

  

  

  

 -

  

  

  

 -

  

 

 
 Common stock, $2.50 par value

  

 13,416

  

  

  

 13,327

  

  

  

 13,318

  

 

 
 Capital surplus

  

 107,781

  

  

  

 107,337

  

  

  

 106,834

  

 

 
 Retained earnings

  

 104,531

  

  

  

 94,165

  

  

  

 87,514

  

 

 
 Accumulated other comprehensive loss

  

 (31,043

 )

  

  

 (30,668

 )

  

  

 (36,894

 )

 

 
 Total shareholders' equity

  

 194,685

  

  

  

 184,161

  

  

  

 170,772

  

 

 
 Total liabilities and shareholders' equity

 $

 1,638,196

  

  

 $

 1,649,742

  

  

 $

 1,634,922

  

 

 
  

  

  

  

  

  

  

  

  

 

 
 Common shares outstanding

  

 5,424,431

  

  

  

 5,393,140

  

  

  

 5,391,979

  

 

 
 Common shares authorized

  

 10,000,000

  

  

  

 10,000,000

  

  

  

 10,000,000

  

 

 
 Preferred shares outstanding

  

 -

  

  

  

 -

  

  

  

 -

  

 

 
 Preferred shares authorized

  

 2,000,000

  

  

  

 2,000,000

  

  

  

 2,000,000

  

 

  
* Derived from audited consolidated financial statements

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 VIRGINIA NATIONAL BANKSHARES CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
(Unaudited)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 For the three months ended

  

  

 For the six months ended

  

 

 
  

  

 June 30, 2026

  

  

 June 30, 2025

  

  

 June 30, 2026

  

  

 June 30, 2025

  

 

 
 Interest and dividend income:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Loans, including fees

  

 $

 17,688

  

  

 $

 17,330

  

  

 $

 34,521

  

  

 $

 34,363

  

 

 
 Federal funds sold

  

  

 288

  

  

  

 64

  

  

  

 782

  

  

  

 248

  

 

 
 Other interest-bearing deposits

  

  

 47

  

  

  

 45

  

  

  

 82

  

  

  

 87

  

 

 
 Investment securities:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Taxable

  

  

 1,066

  

  

  

 1,265

  

  

  

 2,169

  

  

  

 2,574

  

 

 
 Tax-exempt

  

  

 326

  

  

  

 323

  

  

  

 648

  

  

  

 646

  

 

 
 Dividends

  

  

 83

  

  

  

 109

  

  

  

 173

  

  

  

 224

  

 

 
 Total interest and dividend income

  

  

 19,498

  

  

  

 19,136

  

  

  

 38,375

  

  

  

 38,142

  

 

 
 

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Interest expense:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Demand deposits

  

  

 67

  

  

  

 67

  

  

  

 137

  

  

  

 136

  

 

 
 Money market and savings deposits

  

  

 2,940

  

  

  

 2,927

  

  

  

 5,993

  

  

  

 5,930

  

 

 
 Certificates and other time deposits

  

  

 2,478

  

  

  

 2,670

  

  

  

 5,063

  

  

  

 5,724

  

 

 
 Borrowings

  

  

 194

  

  

  

 582

  

  

  

 386

  

  

  

 1,091

  

 

 
 Federal funds purchased

  

  

 -

  

  

  

 18

  

  

  

 -

  

  

  

 25

  

 

 
 Junior subordinated debt

  

  

 71

  

  

  

 76

  

  

  

 141

  

  

  

 146

  

 

 
 Total interest expense

  

  

 5,750

  

  

  

 6,340

  

  

  

 11,720

  

  

  

 13,052

  

 

 
 Net interest income

  

  

 13,748

  

  

  

 12,796

  

  

  

 26,655

  

  

  

 25,090

  

 

 
 Provision for (recovery of) credit losses

  

  

 231

  

  

  

 3

  

  

  

 (105

 )

  

  

 (157

 )

 

 
 Net interest income after provision for (recovery of) credit losses

  

  

 13,517

  

  

  

 12,793

  

  

  

 26,760

  

  

  

 25,247

  

 

 
 

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Noninterest income:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Wealth management fees

  

  

 214

  

  

  

 206

  

  

  

 434

  

  

  

 435

  

 

 
 Deposit account fees

  

  

 359

  

  

  

 293

  

  

  

 725

  

  

  

 600

  

 

 
 Debit/credit card and ATM fees

  

  

 245

  

  

  

 355

  

  

  

 496

  

  

  

 725

  

 

 
 Bank owned life insurance income

  

  

 332

  

  

  

 307

  

  

  

 651

  

  

  

 600

  

 

 
 Gains on sales of assets, net

  

  

 -

  

  

  

 -

  

  

  

 5

  

  

  

 278

  

 

 
 Gain on sale of limited partnership investment

  

  

 4,662

  

  

  

 -

  

  

  

 4,662

  

  

  

 -

  

 

 
 Other

  

  

 220

  

  

  

 150

  

  

  

 548

  

  

  

 433

  

 

 
 Total noninterest income

  

  

 6,032

  

  

  

 1,311

  

  

  

 7,521

  

  

  

 3,071

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Noninterest expense:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Salaries and employee benefits

  

  

 4,027

  

  

  

 3,863

  

  

  

 8,026

  

  

  

 7,799

  

 

 
 Net occupancy

  

  

 720

  

  

  

 889

  

  

  

 1,499

  

  

  

 1,905

  

 

 
 Equipment

  

  

 212

  

  

  

 202

  

  

  

 398

  

  

  

 388

  

 

 
 Bank franchise tax

  

  

 468

  

  

  

 489

  

  

  

 936

  

  

  

 828

  

 

 
 Computer software

  

  

 214

  

  

  

 266

  

  

  

 428

  

  

  

 522

  

 

 
 Data processing

  

  

 609

  

  

  

 732

  

  

  

 1,159

  

  

  

 1,467

  

 

 
 FDIC deposit insurance assessment

  

  

 187

  

  

  

 145

  

  

  

 362

  

  

  

 290

  

 

 
 Marketing, advertising and promotion

  

  

 254

  

  

  

 179

  

  

  

 521

  

  

  

 433

  

 

 
 Professional fees

  

  

 333

  

  

  

 331

  

  

  

 681

  

  

  

 587

  

 

 
 Core deposit intangible amortization

  

  

 236

  

  

  

 284

  

  

  

 483

  

  

  

 579

  

 

 
 Other

  

  

 1,009

  

  

  

 1,301

  

  

  

 1,975

  

  

  

 2,707

  

 

 
 Total noninterest expense

  

  

 8,269

  

  

  

 8,681

  

  

  

 16,468

  

  

  

 17,505

  

 

 
 Income before income taxes

  

  

 11,280

  

  

  

 5,423

  

  

  

 17,813

  

  

  

 10,813

  

 

 
 Provision for income taxes

  

  

 2,272

  

  

  

 1,185

  

  

  

 3,545

  

  

  

 2,086

  

 

 
 Net income

  

 $

 9,008

  

  

 $

 4,238

  

  

 $

 14,268

  

  

 $

 8,727

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Net income per common share, basic

  

 $

 1.66

  

  

 $

 0.79

  

  

 $

 2.63

  

  

 $

 1.62

  

 

 
 Net income per common share, diluted

  

 $

 1.65

  

  

 $

 0.78

  

  

 $

 2.62

  

  

 $

 1.61

  

 

 
 Weighted average common shares outstanding, basic

  

  

 5,423,642

  

  

  

 5,391,979

  

  

  

 5,416,631

  

  

  

 5,385,461

  

 

 
 Weighted average common shares outstanding, diluted

  

  

 5,455,403

  

  

  

 5,417,900

  

  

  

 5,449,308

  

  

  

 5,410,430

  

 

  

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 VIRGINIA NATIONAL BANKSHARES CORPORATION
FINANCIAL HIGHLIGHTS
(dollars in thousands, except per share data)
(Unaudited)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 At or for the three months ended

  

 

 
  

  

 June 30, 2026

  

  

 March 31, 2026

  

  

 December 31, 2025

  

  

 September 30, 2025

  

  

 June 30, 2025

  

 

 
 Common Share Data:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Net income

  

 $

 9,008

  

  

 $

 5,259

  

  

 $

 5,958

  

  

 $

 4,576

  

  

 $

 4,238

  

 

 
 Net income per weighted average share, basic

  

 $

 1.66

  

  

 $

 0.97

  

  

 $

 1.10

  

  

 $

 0.85

  

  

 $

 0.79

  

 

 
 Net income per weighted average share, diluted

  

 $

 1.65

  

  

 $

 0.97

  

  

 $

 1.10

  

  

 $

 0.84

  

  

 $

 0.78

  

 

 
 Weighted average shares outstanding, basic

  

  

 5,423,642

  

  

  

 5,409,543

  

  

  

 5,392,763

  

  

  

 5,391,979

  

  

  

 5,391,979

  

 

 
 Weighted average shares outstanding, diluted

  

  

 5,455,403

  

  

  

 5,443,437

  

  

  

 5,424,154

  

  

  

 5,424,642

  

  

  

 5,417,900

  

 

 
 Actual shares outstanding

  

  

 5,424,431

  

  

  

 5,422,513

  

  

  

 5,393,140

  

  

  

 5,391,979

  

  

  

 5,391,979

  

 

 
 Tangible book value per share at period end 4

  

 $

 34.05

  

  

 $

 32.51

  

  

 $

 32.21

  

  

 $

 30.90

  

  

 $

 29.63

  

 

 
 Key Ratios:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Return on average assets 1

  

  

 2.24

 %

  

  

 1.30

 %

  

  

 1.45

 %

  

  

 1.12

 %

  

  

 1.05

 %

 

 
 Return on average equity 1

  

  

 18.81

 %

  

  

 11.34

 %

  

  

 13.04

 %

  

  

 10.48

 %

  

  

 10.05

 %

 

 
 Net interest margin (FTE) 1, 2

  

  

 3.65

 %

  

  

 3.40

 %

  

  

 3.50

 %

  

  

 3.43

 %

  

  

 3.40

 %

 

 
 Efficiency ratio (FTE) 3

  

  

 41.6

 %

  

  

 56.6

 %

  

  

 49.5

 %

  

  

 57.9

 %

  

  

 61.2

 %

 

 
 Loan-to-deposit ratio

  

  

 87.6

 %

  

  

 86.7

 %

  

  

 86.4

 %

  

  

 89.2

 %

  

  

 89.4

 %

 

 
 Net Interest Income:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Net interest income

  

 $

 13,748

  

  

 $

 12,906

  

  

 $

 13,348

  

  

 $

 13,072

  

  

 $

 12,796

  

 

 
 Net interest income (FTE) 2

  

 $

 13,835

  

  

 $

 12,991

  

  

 $

 13,433

  

  

 $

 13,158

  

  

 $

 12,881

  

 

 
 Company Capital Ratios:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Tier 1 leverage ratio 5

  

  

 13.38

 %

  

  

 12.70

 %

  

  

 12.52

 %

  

  

 12.26

 %

  

  

 12.12

 %

 

 
 Total risk-based capital ratio 5

  

  

 21.59

 %

  

  

 20.80

 %

  

  

 20.42

 %

  

  

 20.15

 %

  

  

 19.46

 %

 

 
 Assets and Asset Quality:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Average earning assets

  

 $

 1,520,330

  

  

 $

 1,550,030

  

  

 $

 1,521,387

  

  

 $

 1,523,230

  

  

 $

 1,521,345

  

 

 
 Average gross loans

  

 $

 1,235,696

  

  

 $

 1,233,478

  

  

 $

 1,223,703

  

  

 $

 1,230,805

  

  

 $

 1,240,563

  

 

 
 Fair value mark on acquired loans

  

 $

 3,911

  

  

 $

 4,344

  

  

 $

 4,754

  

  

 $

 5,241

  

  

 $

 5,724

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Allowance for credit losses on loans:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Beginning of period

  

 $

 7,981

  

  

 $

 8,270

  

  

 $

 8,510

  

  

 $

 8,347

  

  

 $

 8,328

  

 

 
 Provision for (recovery of) credit losses

  

  

 137

  

  

  

 (281

 )

  

  

 (176

 )

  

  

 253

  

  

  

 90

  

 

 
 Charge-offs

  

  

 (65

 )

  

  

 (93

 )

  

  

 (126

 )

  

  

 (146

 )

  

  

 (111

 )

 

 
 Recoveries

  

  

 71

  

  

  

 85

  

  

  

 62

  

  

  

 56

  

  

  

 40

  

 

 
 End of period

  

 $

 8,124

  

  

 $

 7,981

  

  

 $

 8,270

  

  

 $

 8,510

  

  

 $

 8,347

  

 

 
 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Non-accrual loans

  

 $

 2,099

  

  

 $

 2,147

  

  

 $

 2,198

  

  

 $

 2,568

  

  

 $

 2,614

  

 

 
 Loans 90 days or more past due and still accruing

  

  

 3,692

  

  

  

 3,841

  

  

  

 7,042

  

  

  

 4,201

  

  

  

 5,178

  

 

 
 Total nonperforming assets (NPA)

  

 $

 5,791

  

  

 $

 5,988

  

  

 $

 9,240

  

  

 $

 6,769

  

  

 $

 7,792

  

 

 
 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 NPA as a % of total assets

  

  

 0.35

 %

  

  

 0.36

 %

  

  

 0.56

 %

  

  

 0.42

 %

  

  

 0.48

 %

 

 
 NPA as a % of gross loans

  

  

 0.47

 %

  

  

 0.48

 %

  

  

 0.75

 %

  

  

 0.55

 %

  

  

 0.63

 %

 

 
 ACL to gross loans

  

  

 0.66

 %

  

  

 0.64

 %

  

  

 0.67

 %

  

  

 0.69

 %

  

  

 0.67

 %

 

 
 Non-accruing loans to gross loans

  

  

 0.17

 %

  

  

 0.17

 %

  

  

 0.18

 %

  

  

 0.21

 %

  

  

 0.21

 %

 

 
 Net charge-offs to average loans 1

  

  

 0.00

 %

  

  

 0.00

 %

  

  

 0.02

 %

  

  

 0.03

 %

  

  

 0.02

 %

 

 1 Ratio is computed on an annualized basis.
2 The net interest margin and net interest income are reported on a fully tax-equivalent basis (FTE) basis, using a Federal income tax rate of 21%. This is a non-GAAP financial measure. Refer to the Reconciliation of Certain Non-GAAP Financial (FTE) Measures at the end of this release.
3 The efficiency ratio (FTE) is computed as a percentage of noninterest expense divided by the sum of net interest income (FTE) and noninterest income. This is a non-GAAP financial measure that management believes provides investors with important information regarding operational efficiency. Management believes such financial information is meaningful to the reader in understanding operating performance, but cautions that such information should not be viewed as a substitute for GAAP. Comparison of our efficiency ratio with those of other companies may not be possible because other companies may calculate them differently. Refer to the Reconciliation of Certain Non-GAAP Financial (FTE) Measures at the end of this release.
4 This is a non-GAAP financial measure. Refer to the Reconciliation of Certain Non-GAAP Financial (FTE) Measures at the end of this release.
5 All ratios at June 30, 2026 are estimates and subject to change pending regulatory filings. Ratios for prior periods are presented as filed.

 Page 7 of 10
 

 
  

 VIRGINIA NATIONAL BANKSHARES CORPORATION
AVERAGE BALANCES, INCOME AND EXPENSES, YIELDS AND RATES (TAXABLE EQUIVALENT BASIS)
(dollars in thousands)
(Unaudited)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 For the three months ended

  

 

 
  

  

 June 30, 2026

  

  

 June 30, 2025

  

 

 
  

  

  

  

  

 Interest

  

  

  

  

  

  

  

  

 Interest

  

  

  

  

 

 
  

  

 Average

  

  

 Income/

  

  

 Average

  

  

 Average

  

  

 Income/

  

  

 Average

  

 

 
  

  

 Balance

  

  

 Expense

  

  

 Yield/Cost 4

  

  

 Balance

  

  

 Expense

  

  

 Yield/Cost 4

  

 

 
 ASSETS

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Interest Earning Assets:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Securities:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Taxable Securities and Dividends

  

 $

 179,586

  

  

 $

 1,149

  

  

  

 2.56

 %

  

 $

 201,507

  

  

 $

 1,374

  

  

  

 2.73

 %

 

 
 Tax-Exempt Securities 1

  

  

 64,347

  

  

  

 413

  

  

  

 2.57

 %

  

  

 65,347

  

  

  

 408

  

  

  

 2.50

 %

 

 
 Total Securities 1

  

  

 243,933

  

  

  

 1,562

  

  

  

 2.56

 %

  

  

 266,854

  

  

  

 1,782

  

  

  

 2.67

 %

 

 
 Total Loans

  

  

 1,235,696

  

  

  

 17,688

  

  

  

 5.74

 %

  

  

 1,240,563

  

  

  

 17,330

  

  

  

 5.60

 %

 

 
 Federal funds sold

  

  

 31,554

  

  

  

 288

  

  

  

 3.66

 %

  

  

 5,698

  

  

  

 64

  

  

  

 4.51

 %

 

 
 Other interest-bearing deposits

  

  

 9,147

  

  

  

 47

  

  

  

 2.06

 %

  

  

 8,230

  

  

  

 45

  

  

  

 2.19

 %

 

 
 Total Earning Assets

  

  

 1,520,330

  

  

  

 19,585

  

  

  

 5.17

 %

  

  

 1,521,345

  

  

  

 19,221

  

  

  

 5.07

 %

 

 
 Less: Allowance for Credit Losses

  

  

 (7,996

 )

  

  

  

  

  

  

  

  

 (8,338

 )

  

  

  

  

  

  

 

 
 Total Non-Earning Assets

  

  

 97,395

  

  

  

  

  

  

  

  

  

 102,550

  

  

  

  

  

  

  

 

 
 Total Assets

  

 $

 1,609,729

  

  

  

  

  

  

  

  

 $

 1,615,557

  

  

  

  

  

  

  

 

 
 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 LIABILITIES AND SHAREHOLDERS' EQUITY

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Interest Bearing Liabilities:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Interest Bearing Deposits:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Interest Checking

  

 $

 265,742

  

  

 $

 67

  

  

  

 0.10

 %

  

 $

 268,728

  

  

 $

 67

  

  

  

 0.10

 %

 

 
 Money Market and Savings Deposits

  

  

 489,059

  

  

  

 2,940

  

  

  

 2.41

 %

  

  

 464,058

  

  

  

 2,927

  

  

  

 2.53

 %

 

 
 Time Deposits

  

  

 283,277

  

  

  

 2,478

  

  

  

 3.51

 %

  

  

 286,555

  

  

  

 2,670

  

  

  

 3.74

 %

 

 
 Total Interest-Bearing Deposits

  

  

 1,038,078

  

  

  

 5,485

  

  

  

 2.12

 %

  

  

 1,019,341

  

  

  

 5,664

  

  

  

 2.23

 %

 

 
 Borrowings

  

  

 20,000

  

  

  

 194

  

  

  

 3.89

 %

  

  

 49,275

  

  

  

 582

  

  

  

 4.74

 %

 

 
 Federal funds purchased

  

  

 -

  

  

  

 -

  

  

  

 0.00

 %

  

  

 1,472

  

  

  

 18

  

  

  

 4.90

 %

 

 
 Junior subordinated debt

  

  

 3,570

  

  

  

 71

  

  

  

 7.98

 %

  

  

 3,523

  

  

  

 76

  

  

  

 8.65

 %

 

 
 Total Interest-Bearing Liabilities

  

  

 1,061,648

  

  

  

 5,750

  

  

  

 2.17

 %

  

  

 1,073,611

  

  

  

 6,340

  

  

  

 2.37

 %

 

 
 Non-Interest-Bearing Liabilities:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Demand deposits

  

  

 344,699

  

  

  

  

  

  

  

  

  

 364,033

  

  

  

  

  

  

  

 

 
 Other liabilities

  

  

 11,299

  

  

  

  

  

  

  

  

  

 8,790

  

  

  

  

  

  

  

 

 
 Total Liabilities

  

  

 1,417,646

  

  

  

  

  

  

  

  

  

 1,446,434

  

  

  

  

  

  

  

 

 
 Shareholders' Equity

  

  

 192,083

  

  

  

  

  

  

  

  

  

 169,123

  

  

  

  

  

  

  

 

 
 Total Liabilities & Shareholders' Equity

  

 $

 1,609,729

  

  

  

  

  

  

  

  

 $

 1,615,557

  

  

  

  

  

  

  

 

 
 Net Interest Income (FTE) 3

  

  

  

  

 $

 13,835

  

  

  

  

  

  

  

  

 $

 12,881

  

  

  

  

 

 
 Interest Rate Spread 2

  

  

  

  

  

  

  

  

 3.00

 %

  

  

  

  

  

  

  

  

 2.70

 %

 

 
 Cost of Funds

  

  

  

  

  

  

  

  

 1.64

 %

  

  

  

  

  

  

  

  

 1.77

 %

 

 
 Interest Expense as a Percentage of      Average Earning Assets 4

  

  

  

  

  

  

  

  

 1.52

 %

  

  

  

  

  

  

  

  

 1.67

 %

 

 
 Net Interest Margin (FTE) 3, 4

  

  

  

  

  

  

  

  

 3.65

 %

  

  

  

  

  

  

  

  

 3.40

 %

 

  
1 Tax-exempt income for investment securities has been adjusted to a fully tax-equivalent basis (FTE), using a Federal income tax rate of 21%. 
Refer to the Reconcilement of Certain Non-GAAP Measures table at the end of this release.
2 Interest spread is the average yield earned on earning assets less the average rate paid on interest-bearing liabilities.
3 Net interest margin (FTE) is net interest income expressed as a percentage of average earning assets. This is a non-GAAP financial measure. Refer to the Reconciliation of Certain Non-GAAP Financial (FTE) Measures at the end of this release.
4 Ratio is computed on an annualized basis.
 
 

 Page 8 of 10
 

 
  

 VIRGINIA NATIONAL BANKSHARES CORPORATION
AVERAGE BALANCES, INCOME AND EXPENSES, YIELDS AND RATES (TAXABLE EQUIVALENT BASIS)
(dollars in thousands)
(Unaudited)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 For the six months ended

  

 

 
  

  

 June 30, 2026

  

  

 June 30, 2025

  

 

 
  

  

  

  

  

 Interest

  

  

  

  

  

  

  

  

 Interest

  

  

  

  

 

 
  

  

 Average

  

  

 Income/

  

  

 Average

  

  

 Average

  

  

 Income/

  

  

 Average

  

 

 
  

  

 Balance

  

  

 Expense

  

  

 Yield/Cost 4

  

  

 Balance

  

  

 Expense

  

  

 Yield/Cost 4

  

 

 
 ASSETS

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Interest Earning Assets:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Securities:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Taxable Securities and Dividends

  

 $

 184,352

  

  

 $

 2,342

  

  

  

 2.54

 %

  

 $

 203,584

  

  

 $

 2,798

  

  

  

 2.75

 %

 

 
 Tax Exempt Securities 1

  

  

 64,411

  

  

  

 820

  

  

  

 2.55

 %

  

  

 65,572

  

  

  

 818

  

  

  

 2.49

 %

 

 
 Total Securities 1

  

  

 248,763

  

  

  

 3,162

  

  

  

 2.54

 %

  

  

 269,156

  

  

  

 3,616

  

  

  

 2.69

 %

 

 
 Total Loans

  

  

 1,234,592

  

  

  

 34,521

  

  

  

 5.64

 %

  

  

 1,237,061

  

  

  

 34,363

  

  

  

 5.60

 %

 

 
 Federal funds sold

  

  

 43,046

  

  

  

 782

  

  

  

 3.66

 %

  

  

 11,256

  

  

  

 248

  

  

  

 4.44

 %

 

 
 Other interest-bearing deposits

  

  

 8,696

  

  

  

 82

  

  

  

 1.90

 %

  

  

 8,041

  

  

  

 87

  

  

  

 2.18

 %

 

 
 Total Earning Assets

  

  

 1,535,097

  

  

  

 38,547

  

  

  

 5.06

 %

  

  

 1,525,514

  

  

  

 38,314

  

  

  

 5.06

 %

 

 
 Less: Allowance for Credit Losses

  

  

 (8,135

 )

  

  

  

  

  

  

  

  

 (8,416

 )

  

  

  

  

  

  

 

 
 Total Non-Earning Assets

  

  

 98,624

  

  

  

  

  

  

  

  

  

 105,321

  

  

  

  

  

  

  

 

 
 Total Assets

  

 $

 1,625,586

  

  

  

  

  

  

  

  

 $

 1,622,419

  

  

  

  

  

  

  

 

 
 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 LIABILITIES AND SHAREHOLDERS' EQUITY

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Interest Bearing Liabilities:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Interest Bearing Deposits:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Interest Checking

  

 $

 275,134

  

  

 $

 137

  

  

  

 0.10

 %

  

 $

 271,736

  

  

 $

 136

  

  

  

 0.10

 %

 

 
 Money Market and Savings Deposits

  

  

 488,403

  

  

  

 5,993

  

  

  

 2.47

 %

  

  

 464,231

  

  

  

 5,930

  

  

  

 2.58

 %

 

 
 Time Deposits

  

  

 287,339

  

  

  

 5,063

  

  

  

 3.55

 %

  

  

 296,388

  

  

  

 5,724

  

  

  

 3.89

 %

 

 
 Total Interest-Bearing Deposits

  

  

 1,050,876

  

  

  

 11,193

  

  

  

 2.15

 %

  

  

 1,032,355

  

  

  

 11,790

  

  

  

 2.30

 %

 

 
 Borrowings

  

  

 20,000

  

  

  

 386

  

  

  

 3.89

 %

  

  

 46,038

  

  

  

 1,091

  

  

  

 4.78

 %

 

 
 Federal funds purchased

  

  

 -

  

  

  

 -

  

  

  

 0.00

 %

  

  

 1,017

  

  

  

 25

  

  

  

 4.96

 %

 

 
 Junior subordinated debt

  

  

 3,564

  

  

  

 141

  

  

  

 7.98

 %

  

  

 3,517

  

  

  

 146

  

  

  

 8.37

 %

 

 
 Total Interest-Bearing Liabilities

  

  

 1,074,440

  

  

  

 11,720

  

  

  

 2.20

 %

  

  

 1,082,927

  

  

  

 13,052

  

  

  

 2.43

 %

 

 
 Non-Interest-Bearing Liabilities:

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Demand deposits

  

  

 349,925

  

  

  

  

  

  

  

  

  

 363,198

  

  

  

  

  

  

  

 

 
 Other liabilities

  

  

 11,125

  

  

  

  

  

  

  

  

  

 9,328

  

  

  

  

  

  

  

 

 
 Total Liabilities

  

  

 1,435,490

  

  

  

  

  

  

  

  

  

 1,455,453

  

  

  

  

  

  

  

 

 
 Shareholders' Equity

  

  

 190,096

  

  

  

  

  

  

  

  

  

 166,966

  

  

  

  

  

  

  

 

 
 Total Liabilities & Shareholders' Equity

  

 $

 1,625,586

  

  

  

  

  

  

  

  

 $

 1,622,419

  

  

  

  

  

  

  

 

 
 Net Interest Income (FTE) 3

  

  

  

  

 $

 26,827

  

  

  

  

  

  

  

  

 $

 25,262

  

  

  

  

 

 
 Interest Rate Spread 2

  

  

  

  

  

  

  

  

 2.86

 %

  

  

  

  

  

  

  

  

 2.63

 %

 

 
 Cost of Funds

  

  

  

  

  

  

  

  

 1.66

 %

  

  

  

  

  

  

  

  

 1.82

 %

 

 
 Interest Expense as a Percentage of      Average Earning Assets

  

  

  

  

  

  

  

  

 1.54

 %

  

  

  

  

  

  

  

  

 1.73

 %

 

 
 Net Interest Margin (FTE) 3,4

  

  

  

  

  

  

  

  

 3.52

 %

  

  

  

  

  

  

  

  

 3.34

 %

 

  
1 Tax-exempt income for investment securities has been adjusted to a fully tax-equivalent basis (FTE), using a Federal income tax rate of 21%. 
Refer to the Reconcilement of Certain Non-GAAP Measures table at the end of this release.
2 Interest spread is the average yield earned on earning assets less the average rate paid on interest-bearing liabilities.
3 Net interest margin (FTE) is net interest income expressed as a percentage of average earning assets. This is a non-GAAP financial measure. Refer to the Reconciliation of Certain Non-GAAP Financial (FTE) Measures at the end of this release.
4 Ratio is computed on an annualized basis.
 
 
 
 
 
 
 
 
 
 

 Page 9 of 10
 

 
  

 VIRGINIA NATIONAL BANKSHARES CORPORATION
RECONCILIATION OF CERTAIN QUARTERLY NON-GAAP FINANCIAL MEASURES 
(dollars in thousands, except per share data)
(Unaudited)
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 For the Three Months Ended

  

 

 
  

  

 June 30, 2026

  

  

 March 31, 2026

  

  

 December 31, 2025

  

  

 September 30, 2025

  

  

 June 30, 2025

  

 

 
 Fully tax-equivalent measures

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Net interest income (GAAP)

  

 $

 13,748

  

  

 $

 12,906

  

  

 $

 13,348

  

  

 $

 13,072

  

  

 $

 12,796

  

 

 
 Fully tax-equivalent adjustment

  

  

 87

  

  

  

 85

  

  

  

 85

  

  

  

 86

  

  

  

 85

  

 

 
 Net interest income (FTE) 1 (non-GAAP)

  

 $

 13,835

  

  

 $

 12,991

  

  

 $

 13,433

  

  

 $

 13,158

  

  

 $

 12,881

  

 

 
 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Efficiency ratio 2 (GAAP)

  

  

 41.8

 %

  

  

 57.0

 %

  

  

 49.8

 %

  

  

 58.3

 %

  

  

 61.5

 %

 

 
 Fully tax-equivalent adjustment

  

  

 -0.2

 %

  

  

 -0.4

 %

  

  

 -0.3

 %

  

  

 -0.4

 %

  

  

 -0.3

 %

 

 
 Efficiency ratio (FTE) 3 (non-GAAP)

  

  

 41.6

 %

  

  

 56.6

 %

  

  

 49.5

 %

  

  

 57.9

 %

  

  

 61.2

 %

 

 
 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Net interest margin (GAAP)

  

  

 3.63

 %

  

  

 3.38

 %

  

  

 3.48

 %

  

  

 3.40

 %

  

  

 3.37

 %

 

 
 Fully tax-equivalent adjustment

  

  

 0.02

 %

  

  

 0.02

 %

  

  

 0.02

 %

  

  

 0.03

 %

  

  

 0.03

 %

 

 
 Net interest margin (FTE) 1 (non-GAAP)

  

  

 3.65

 %

  

  

 3.40

 %

  

  

 3.50

 %

  

  

 3.43

 %

  

  

 3.40

 %

 

  
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 As of

  

 

 
  

  

 June 30, 2026

  

  

 March 31, 2026

  

  

 December 31, 2025

  

  

 September 30, 2025

  

  

 June 30, 2025

  

 

 
 Other financial measures

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Book value per share (GAAP)

  

 $

 35.89

  

  

 $

 34.39

  

  

 $

 34.15

  

  

 $

 32.89

  

  

 $

 31.67

  

 

 
 Impact of intangible assets 4

  

  

 (1.84

 )

  

  

 (1.88

 )

  

  

 (1.94

 )

  

  

 (1.99

 )

  

  

 (2.04

 )

 

 
 Tangible book value per share (non-GAAP)

  

 $

 34.05

  

  

 $

 32.51

  

  

 $

 32.21

  

  

 $

 30.90

  

  

 $

 29.63

  

 

  
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 For the Six Months Ended

  

 

 
  

  

 June 30,2026

  

  

 June 30,2025

  

 

 
 Fully tax-equivalent measures

  

  

  

  

  

  

 

 
 Net interest income (GAAP)

  

 $

 26,655

  

  

 $

 25,090

  

 

 
 Fully tax-equivalent adjustment

  

  

 172

  

  

  

 172

  

 

 
 Net interest income (FTE) 1 (non-GAAP)

  

 $

 26,827

  

  

 $

 25,262

  

 

 
 

  

  

  

  

  

  

 

 
 Net interest margin (GAAP)

  

  

 3.50

 %

  

  

 3.32

 %

 

 
 Fully tax-equivalent adjustment

  

  

 0.02

 %

  

  

 0.02

 %

 

 
 Net interest margin (FTE) 1

  

  

 3.52

 %

  

  

 3.34

 %

 

  
1 FTE calculations use a Federal income tax rate of 21%.
2 The efficiency ratio, GAAP basis, is computed by dividing noninterest expense by the sum of net interest income and noninterest income. 
3 The efficiency ratio, FTE, is computed by dividing noninterest expense by the sum of net interest income (FTE) and noninterest income. 
4 Intangible assets include goodwill and core deposit intangible assets, net of accumulated amortization, for all periods presented. 
 

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