# EDGAR Filing Document

**Accession Number:** 0001572334
**File Stem:** 0001193125-26-028308
**Filing Date:** 2026-1
**Character Count:** 48219
**Document Hash:** 652ea6f0bb5aae0a83d7b408565bea4f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-028308.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001193125-26-028308

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20260127

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Virginia National Bankshares Corp
- **CENTRAL INDEX KEY:** 0001572334
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** VA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40305
- **FILM NUMBER:** 26574984

**BUSINESS ADDRESS:**
- **STREET 1:** 404 PEOPLE PLACE
- **CITY:** CHARLOTTESVILLE
- **STATE:** VA
- **ZIP:** 22911
- **BUSINESS PHONE:** 434-817-7676

**MAIL ADDRESS:**
- **STREET 1:** 404 PEOPLE PLACE
- **CITY:** CHARLOTTESVILLE
- **STATE:** VA
- **ZIP:** 22911

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## FORM 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** January 27, 2026<br>

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VIRGINIA NATIONAL BANKSHARES CORPORATION

**(Exact name of Registrant as Specified in Its Charter)**

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---

| | | |
|:---|:---|:---|
| Virginia | 001-40305 | 46-2331578 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 404 People Place |  |  |
| Charlottesville**,** Virginia |  | 22911 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** (434) 817-8621<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock | VABK | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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## Item 2.02 Results of Operations and Financial Condition.
On January 29, 2026, Virginia National Bankshares Corporation (the "Company") issued a press statement announcing the consolidated earnings for the quarter and year ended December 31, 2025.

A copy of the press statement is furnished as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.

The information in this Form 8-K, and the exhibit hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

## Item 8.01. Other Events.
On January 27, 2026, the Company's Board of Directors declared a cash dividend on the Company's outstanding shares of common stock. The dividend of $0.36 per share will be paid on February 27, 2026 to stockholders of record as of the close of business on February 13, 2026.

## Item 9.01 Financial Statements and Exhibits.
(d) *Exhibits.*

**<u>Exhibit No.</u> <u>Description of Exhibit</u>** 

---

| | |
|:---|:---|
| [<u>99.1</u>](vabk-ex99_1.htm) | [<u>Press statement issued by Virginia National Bankshares Corporation on January 29, 2026.</u>](vabk-ex99_1.htm) |
| 104  | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **VIRGINIA NATIONAL BANKSHARES CORPORATION** |
| Date: | January 29, 2026 | By:  | /s/ Cathy W. Liles |
|  |  |  | Cathy W. Liles<br>Executive Vice President and Chief Financial Officer |

---

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## Exhibit 99.1

**Exhibit 99.1**

![img2203825_0.jpg](img2203825_0.jpg)

FOR IMMEDIATE RELEASE INVESTOR RELATIONS CONTACT: <br> Cathy W. Liles (434) 817-8267

**VIRGINIA NATIONAL BANKSHARES CORPORATION** 

**ANNOUNCES 2025 FULL YEAR RESULTS**

**AND QUARTERLY DIVIDEND**

Charlottesville, VA – January 29, 2026 - Virginia National Bankshares Corporation (NASDAQ: VABK) (the "Company") today reported quarterly net income of $6.0 million, or $1.10 per diluted share, for the quarter ended December 31, 2025, compared to the $4.6 million, or $0.85 per diluted share, recognized for the quarter ended December 31, 2024. For the twelve months ended December 31, 2025, the Company recognized net income of $19.3 million, or $3.55 per diluted share, compared to $17.0 million, or $3.15 per diluted share, for the twelve months ended December 31, 2024.

The increase in 2025 year-to-date net income as compared to the prior year was primarily the result of decreased interest expense, as a result of the reduction in cost of funds associated with deposits and borrowings. Cost of funds declined 28 bps year-over-year while yields on earning assets held steady despite several reductions in the prime rate.

***Dividend Declaration***

On January 27, 2026, the Company's Board of Directors declared a quarterly cash dividend of $0.36 per share of common stock payable on February 27, 2026, to the holders of record at the close of business on February 13, 2026. The quarterly cash dividend represents an annual yield to shareholders of approximately 3.57% based on the closing price of the Company's common stock on January 27, 2026.

***President and Chief Executive Officer's comments:*** "Our strong fourth quarter performance demonstrates our continued attention to strategic operating efficiency and sustainable growth, with increased net income of $1.4 million over the prior quarter," stated Glenn W. Rust, President and Chief Executive Officer. "Loan growth was modest for the quarter and the year, but our strong asset quality continues to enhance financial results, and our capital and liquidity positions remain strong."

***Key Performance Indicators***

 ***Fourth quarter 2025 compared to third quarter 2025***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Return on average assets improved to 1.45%. from 1.12%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Return on average equity improved to 13.04% from 10.48%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net interest margin (FTE)<sup>1</sup> improved to 3.50% from 3.43%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Loan-to-deposit ratio decreased to 86% from 89%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Efficiency ratio (FTE)<sup>1</sup> improved to 49.5% from 57.9%.

***December 31, 2025 Balance Sheet Highlights***

• Gross loans outstanding as of December 31, 2025 totaled $1.2 billion, an increase of $1.6 million, or 0.1% compared to December 31, 2024. The Company experienced modest loan growth in the fourth quarter of 2025, with gross loan balances increasing $2.6 million from September 30, 2025.

• Deposit balances at December 31, 2025 increased $46.8 million or 3.4% from September 30, 2025, and increased $8.2 million since December 31, 2024. This fourth quarter increase is the combined result of the Company's choice to maintain interest rates despite prime decreases and normal corporate deposit behavior at the end of the calendar cycle.

_____________________________________________________________________

<sup>1</sup>See "Reconciliation of Certain Quarterly Non-GAAP Financial Measures" at the end of this release.

Page 1 of 10

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• Securities balances declined $5.4 million from September 30, 2025 to December 31, 2025 as the Company allowed the proceeds from natural maturities and cash flow to fund earning assets with more attractive yields.

• The Company utilizes a third-party to offer multi-million-dollar FDIC insurance to customers with balances in excess of single-bank limits through reciprocal Insured Cash Sweep<sup>®</sup> (ICS) plans. Deposit balances held in ICS plans amounted to $200.4 million as of December 31, 2025, $166.6 million as of December 31, 2024 and $145.2 million as of September 30, 2025.

• Outstanding borrowings from the FHLB as of December 31, 2025 were $20.0 million, a decrease of $10.0 million from September 30, 2025. The balance at December 31, 2024 was $20.0 million.

• As of December 31, 2025, the Company had unused borrowing facilities in place of approximately $233.0 million and held no brokered deposits.

***Loans and Asset Quality***

• Credit performance remains strong with nonperforming assets as a percentage of total assets of 0.56% as of December 31, 2025, 0.42% as of September 30, 2025 and 0.19% as of December 31, 2024.

• Nonperforming assets amounted to $9.2 million as of December 31, 2025, compared to $6.8 million as of September 30, 2025 and $3.0 million as of December 31, 2024;

oFourteen loans to thirteen borrowers are in non-accrual status, totaling $2.2 million, as of December 31, 2025, compared to $2.6 million as of September 30, 2025 and $2.3 million as of December 31, 2024.

oLoans 90 days or more past due and still accruing interest amounted to $7.0 million as of December 31, 2025, compared to $4.2 million at September 30, 2025 and $754 thousand as of December 31, 2024. The past due balance as of December 31, 2025 is comprised of seven loans totaling $6.6 million which are 100% government-guaranteed, one loan secured by residential real estate totaling $391 thousand and three student loans totaling $86 thousand.

oThe Company currently holds no other real estate owned.

• The period-end Allowance for Credit Losses on Loans ("ACL") as a percentage of total loans was 0.67% as of December 31, 2025, 0.69% as of September 30, 2025 and 0.68% as of December 31, 2024. The individual differences in the balances of various pools as well as changing loss rates have resulted in only nominal changes to the overall ACL ratio. The proportionate increase in government-guaranteed loans over the respective periods is also a main driver holding the ACL as a percentage of total loans fairly steady year-over-year. Balances in such loans are 100% government-guaranteed and do not require an ACL.

• The fair value mark that was allocated to the acquired loans was $21.3 million as of April 1, 2021, with a remaining balance of $4.8 million as of December 31, 2025.

• For the three months ended December 31, 2025, the Company recorded a net recovery to the provision for credit losses of $36 thousand, due primarily to updated analysis performed on the Company's loans secured by marketable securities and cash, netted against additional provision for loan growth and unfunded commitments. The reserve for unfunded commitments increased by $140 thousand.

***Net Interest Income - Quarterly Comparison***

• Net interest income for the three months ended December 31, 2025 of $13.3 million increased $1.1 million, or 9.1%, compared to the three months ended December 31, 2024, predominantly due to decreased interest expense associated with deposit accounts, coupled with increased interest income earned on loans and federal funds sold driving an additional net increase.

• Net interest margin (FTE), (a non-GAAP financial measure)<sup>1</sup>, for the three months ended December 31, 2025 was 3.50%, compared to 3.21% for the three months ended December 31, 2024. The increase as compared to the fourth quarter of 2024 was primarily due to the decrease in cost of funds, as described below.

• The Bank's yield on loans was 5.74% for the three months ended December 31, 2025, compared to 5.63% for the prior year same period. The accretion of the fair value mark related to purchased loans positively impacted interest income by 13 bps in the fourth quarter of 2025, and 13 bps in the fourth quarter of 2024.

__________________________________________________________________

<sup>1</sup>See "Reconciliation of Certain Quarterly Non-GAAP Financial Measures" at the end of this release.

Page 2 of 10

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• The overall cost of funds, including noninterest-bearing deposits, of 173 bps incurred in the three months ended December 31, 2025 decreased 21 bps from 194 bps in the same period in the prior year. Overall, the cost of interest-bearing deposits decreased period over period by 24 bps, from a cost of 2.51% to 2.27%. The cost of borrowings from the FHLB decreased 35 bps from the fourth quarter of 2024 to the fourth quarter of 2025, from 4.33% to 3.98%.

***Noninterest Income - Quarterly Comparison***

Noninterest income for the three months ended December 31, 2025 decreased $595 thousand, or 26.2%, compared to the three months ended December 31, 2024, primarily as a combined result of lower fee income from debit card usage in 2025 and early extinguishment of debt in 2024.

***Noninterest Expense - Quarterly Comparison***

Noninterest expense for the three months ended December 31, 2025 decreased by $1.3 million, or 14.9%, compared to the three months ended December 31, 2024. The 2025 quarter reflected service refunds and credits within data processing expense received as a result of negotiations with the Company's core processing provider.

***Efficiency Ratio - Quarterly Comparison***

The Company's efficiency ratio (FTE)<sup>1</sup> improved to 49.5% for the three months ended December 31, 2025 compared to 60.2% for the three months ended December 31, 2024, as the impact of increased net interest income (FTE)<sup>1</sup>and decreased noninterest expense more than offset the decrease in noninterest income. On a year-to-date basis, the efficiency ratio (FTE)<sup>1</sup> improved to 57.6% in 2025 compared to 62.0% in 2024, also because of increased net interest income (FTE)<sup>1</sup>.

***Income Taxes - Quarterly Comparison***

The effective tax rates amounted to 21.4% and 22.0% for the three months ended December 31, 2025 and 2024, respectively. For each period, the effective income tax rate differed from the U.S. statutory rate of 21% due to the adoption of the proportional amortization method for accounting for low-income housing tax credits, which increased tax expense, net of the recognition of low-income housing tax credits and the effect of tax-exempt income from municipal bonds and income from bank owned life insurance policies.

***Book Value*** 

Book value per share increased to $34.15 as of December 31, 2025, compared to $29.85 as of December 31, 2024, and tangible book value per share (a non-GAAP financial measure)<sup>1</sup> was $32.21 as of December 31, 2025 compared to $27.70 as of December 31, 2024. These values increased as net retained income increased, the impact of intangible assets declined due to the ongoing amortization of the Company's core deposit intangible asset, and the reduction in accumulated other comprehensive income.

***Dividends*** 

Cash dividends of $1.9 million, or $0.36 per share, were declared and paid during the fourth quarter of 2025. The remaining 67% of net income was retained.

_____________________________________________________________________

<sup>1</sup>See "Reconciliation of Certain Quarterly Non-GAAP Financial Measures" at the end of this release.

Page 3 of 10

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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, 2024 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)**

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| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024\*** |
|  | **(Unaudited)** |  |
| ASSETS |  |  |
| Cash and due from banks | $**5798** | $5311 |
| Interest-bearing deposits in other banks | **10552** | 11792 |
| Federal funds sold | **54264** | - |
| Securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Available for sale (AFS), at fair value | **247992** | 263537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted securities, at cost | **6172** | 6193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total securities | **254164** | 269730 |
| Loans, net of deferred fees and costs | **1237577** | 1235969 |
| Allowance for credit losses | **(8270)** | (8455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans, net | **1229307** | 1227514 |
| Premises and equipment, net | **11687** | 15383 |
| Bank owned life insurance | **41302** | 40059 |
| Goodwill | **7768** | 7768 |
| Core deposit intangible, net | **2682** | 3792 |
| Right of use asset, net | **6297** | 5551 |
| Deferred tax asset, net | **12079** | 15407 |
| Accrued interest receivable and other assets | **13842** | 14519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**1649742** | $1616826 |
| LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;Demand deposits: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing | $**362322** | $374079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing | **308295** | 303405 |
| &nbsp;&nbsp;Money market and savings deposit accounts | **469815** | 437619 |
| &nbsp;&nbsp;Certificates of deposit and other time deposits | **291299** | 308443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **1431731** | 1423546 |
| &nbsp;&nbsp;Federal funds purchased | **-** | 236 |
| &nbsp;&nbsp;Borrowings | **20000** | 20000 |
| &nbsp;&nbsp;Junior subordinated debt, net | **3554** | 3506 |
| &nbsp;&nbsp;Lease liability | **6192** | 5389 |
| &nbsp;&nbsp;Accrued interest payable and other liabilities | **4104** | 3847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | **1465581** | 1456524 |
| Commitments and contingent liabilities |  |  |
| Shareholders' equity: |  |  |
| Preferred stock, $2.50 par value | **-** | - |
| Common stock, $2.50 par value | **13327** | 13263 |
| Capital surplus | **107337** | 106394 |
| Retained earnings | **94165** | 82507 |
| Accumulated other comprehensive loss | **(30668)** | (41862) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | **184161** | 160302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $**1649742** | $1616826 |
| Common shares outstanding | **5393140** | 5370912 |
| Common shares authorized | **10000000** | 10000000 |
| Preferred shares outstanding | **-** | - |
| Preferred shares authorized | **2000000** | 2000000 |

---

\* Derived from audited consolidated financial statements

Page 5 of 10

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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 three months ended** | **For the twelve months ended** | **For the twelve months ended** |
|  | **December 31, 2025** | **December 31, 2024** | **December 31, 2025** | **December 31, 2024** |
| Interest and dividend income: |  |  |  |  |
| &nbsp;&nbsp;Loans, including fees | $**17706** | $17253 | $**69571** | $66534 |
| &nbsp;&nbsp;Federal funds sold | **304** | 230 | **835** | 765 |
| &nbsp;&nbsp;Other interest-bearing deposits | **33** | 41 | **174** | 206 |
| &nbsp;&nbsp;Investment securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxable | **1154** | 1340 | **4929** | 6689 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax exempt | **320** | 323 | **1287** | 1302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | **114** | 111 | **450** | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest and dividend income | **19631** | 19298 | **77246** | 75927 |
| Interest expense: |  |  |  |  |
| &nbsp;&nbsp;Demand deposits | **67** | 67 | **270** | 272 |
| &nbsp;&nbsp;Money market and savings deposits | **3057** | 2939 | **12014** | 11803 |
| &nbsp;&nbsp;Certificates and other time deposits | **2827** | 3463 | **11264** | 15410 |
| &nbsp;&nbsp;Borrowings | **255** | 504 | **1860** | 1691 |
| &nbsp;&nbsp;Federal funds purchased | **-** | 4 | **28** | 29 |
| &nbsp;&nbsp;Junior subordinated debt | **77** | 86 | **301** | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | **6283** | 7063 | **25737** | 29551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income | **13348** | 12235 | **51509** | 46376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for (recovery of) credit losses | **(36)** | (126) | **137** | (600) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for (recovery of) credit losses | **13384** | 12361 | **51372** | 46976 |
| Noninterest income: |  |  |  |  |
| &nbsp;&nbsp;Wealth management fees | **236** | 247 | **894** | 1152 |
| &nbsp;&nbsp;Deposit account fees | **338** | 321 | **1261** | 1363 |
| &nbsp;&nbsp;Debit/credit card and ATM fees | **319** | 429 | **1383** | 1914 |
| &nbsp;&nbsp;Bank owned life insurance income | **324** | 297 | **1242** | 1155 |
| &nbsp;&nbsp;Gains on sales of assets, net | **-** | - | **278** | 36 |
| &nbsp;&nbsp;Gain on early redemption of debt | **-** | 525 | **-** | 904 |
| &nbsp;&nbsp;Losses on sales of AFS, net | **-** | - | **-** | (4) |
| &nbsp;&nbsp;Other | **456** | 449 | **1036** | 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | **1673** | 2268 | **6094** | 7589 |
| Noninterest expense: |  |  |  |  |
| &nbsp;&nbsp;Salaries and employee benefits | **3983** | 4162 | **15692** | 15933 |
| &nbsp;&nbsp;Net occupancy | **739** | 906 | **3516** | 3662 |
| &nbsp;&nbsp;Equipment | **186** | 206 | **755** | 720 |
| &nbsp;&nbsp;Bank franchise tax | **439** | 401 | **1706** | 1452 |
| &nbsp;&nbsp;Computer software | **271** | 214 | **1096** | 917 |
| &nbsp;&nbsp;Data processing | **(63)** | 622 | **1981** | 2647 |
| &nbsp;&nbsp;FDIC deposit insurance assessment | **240** | 200 | **785** | 700 |
| &nbsp;&nbsp;Marketing, advertising and promotion | **157** | 159 | **761** | 730 |
| &nbsp;&nbsp;Professional fees | **303** | 303 | **1146** | 934 |
| &nbsp;&nbsp;Core deposit intangible amortization | **259** | 307 | **1110** | 1301 |
| &nbsp;&nbsp;Other | **962** | 1302 | **4836** | 4670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | **7476** | 8782 | **33384** | 33666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | **7581** | 5847 | **24082** | 20899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | **1623** | 1286 | **4821** | 3933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $**5958** | $4561 | $**19261** | $16966 |
| &nbsp;&nbsp;Net income per common share, basic | $**1.10** | $0.85 | $**3.57** | $3.16 |
| &nbsp;&nbsp;Net income per common share, diluted | $**1.10** | $0.85 | $**3.55** | $3.15 |
| &nbsp;&nbsp;Weighted average common shares outstanding, basic | **5392763** | 5370912 | **5388926** | 5371439 |
| &nbsp;&nbsp;Weighted average common shares outstanding, diluted | **5424154** | 5407489 | **5418399** | 5392114 |

---

Page 6 of 10

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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** | **At or For the Three Months Ended** | **At or For the Three Months Ended** | **At or For the Three Months Ended** | **At or For the Three Months Ended** |
|  | **December 31, 2025** | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** |
| **Common Share Data:** |  |  |  |  |  |
| Net income | $**5958** | $4576 | $4238 | $4489 | $4561 |
| Net income per weighted average share, basic | $**1.10** | $0.85 | $0.79 | $0.83 | $0.85 |
| Net income per weighted average share, diluted | $**1.10** | $0.84 | $0.78 | $0.83 | $0.85 |
| Weighted average shares outstanding, basic | **5392763** | 5391979 | 5391979 | 5378871 | 5370912 |
| Weighted average shares outstanding, diluted | **5424154** | 5424642 | 5417900 | 5402936 | 5407489 |
| Actual shares outstanding | **5393140** | 5391979 | 5391979 | 5391979 | 5370912 |
| Tangible book value per share at period end <sup>5</sup> | $**32.21** | $30.90 | $29.63 | $28.84 | $27.70 |
| **Key Ratios:** |  |  |  |  |  |
| Return on average assets <sup>1</sup> | **1.45%** | 1.12% | 1.05% | 1.12% | 1.12% |
| Return on average equity <sup>1</sup> | **13.04%** | 10.48% | 10.05% | 11.05% | 10.98% |
| Net interest margin (FTE) <sup>1,</sup> <sup>2</sup> | **3.50%** | 3.43% | 3.40% | 3.28% | 3.21% |
| Efficiency ratio (FTE) <sup>3</sup> | **49.5%** | 57.9% | 61.2% | 62.4% | 60.2% |
| Loan-to-deposit ratio | **86.4%** | 89.2% | 89.4% | 86.6% | 86.8% |
| **Net Interest Income:** |  |  |  |  |  |
| Net interest income | $**13348** | $13072 | $12796 | $12295 | $12235 |
| Net interest income (FTE) <sup>2</sup> | $**13433** | $13158 | $12881 | $12381 | $12321 |
| **Company Capital Ratios:** |  |  |  |  |  |
| Tier 1 leverage ratio <sup>6</sup> | **12.52%** | 12.26% | 12.12% | 11.83% | 11.34% |
| Total risk-based capital ratio <sup>6</sup> | **20.42%** | 20.15% | 19.46% | 18.92% | 18.77% |
| **Assets and Asset Quality:** |  |  |  |  |  |
| Average earning assets | $**1521387** | $1523230 | $1521345 | $1529575 | $1526464 |
| Average gross loans | $**1223703** | $1230805 | $1240563 | $1233520 | $1218460 |
| Fair value mark on acquired loans | $**4754** | $5241 | $5724 | $6242 | $6785 |
| Allowance for credit losses on loans: |  |  |  |  |  |
| Beginning of period | $**8510** | $8347 | $8328 | $8455 | $8523 |
| Provision for (recovery of) credit losses | **(176)** | 253 | 90 | (105) | (208) |
| Charge-offs | **(126)** | (146) | (111) | (70) | (127) |
| Recoveries | **62** | 56 | 40 | 48 | 267 |
| Net (charge-offs) recoveries | **(64)** | (90) | (71) | (22) | 140 |
| End of period | $**8270** | $8510 | $8347 | $8328 | $8455 |
| Non-accrual loans | $**2198** | $2568 | $2614 | $2764 | $2267 |
| Loans 90 days or more past due and still accruing | **7042** | 4201 | 5178 | 2274 | 754 |
| Total nonperforming assets (NPA) <sup>4</sup> | $**9240** | $6769 | $7792 | $5038 | $3021 |
| NPA as a % of total assets | **0.56%** | 0.42% | 0.48% | 0.31% | 0.19% |
| NPA as a % of gross loans | **0.75%** | 0.55% | 0.63% | 0.41% | 0.24% |
| ACL to gross loans | **0.67%** | 0.69% | 0.67% | 0.67% | 0.68% |
| Non-accruing loans to gross loans | **0.18%** | 0.21% | 0.21% | 0.22% | 0.18% |
| Net charge-offs (recoveries) to average loans <sup>1</sup> | **0.02%** | 0.03% | 0.02% | 0.01% | -0.05% |

---

<sup>1</sup>Ratio is computed on an annualized basis.

<sup>2</sup>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.

<sup>3</sup>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.

<sup>4</sup> The Bank held no other real estate owned during any of the periods presented.

<sup>5</sup>This is a non-GAAP financial measure. Refer to the Reconciliation of Certain Non-GAAP Financial (FTE) Measures at the end of this release.

<sup>6</sup> All ratios at December 31, 2025 are estimates and subject to change pending regulatory filings. Ratios for prior periods are presented as filed.

Page 7 of 10

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**VIRGINIA NATIONAL BANKSHARES CORPORATION**

**AVERAGE BALANCES, INCOME AND EXPENSES, YIELDS AND RATES (TAXABLE EQUIVALENT BASIS)**

**(dollars in thousands)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** | **For the three months ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | **Interest** |  |  | **Interest** |  |
|  | **Average** | **Income/** | **Average** | **Average** | **Income/** | **Average** |
|  | **Balance** | **Expense** | **Yield/Cost** <sup>4</sup> | **Balance** | **Expense** | **Yield/Cost** <sup>4</sup> |
| ASSETS |  |  |  |  |  |  |
| Interest Earning Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable Securities and Dividends | $192797 | $1268 | 2.63% | $213609 | $1451 | 2.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Exempt Securities <sup>1</sup> | 65096 | 405 | 2.49% | 66211 | 409 | 2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Securities <sup>1</sup> | 257893 | 1673 | 2.59% | 279820 | 1860 | 2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 933710 | 14166 | 6.02% | 921967 | 13159 | 5.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial | 263382 | 3100 | 4.67% | 261544 | 3507 | 5.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer | 26611 | 440 | 6.56% | 34949 | 587 | 6.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Loans | 1223703 | 17706 | 5.74% | 1218460 | 17253 | 5.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds sold | 31551 | 304 | 3.82% | 19313 | 230 | 4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other interest-bearing deposits | 8240 | 33 | 1.59% | 8871 | 41 | 1.84% |
| Total Earning Assets | 1521387 | 19716 | 5.14% | 1526464 | 19384 | 5.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Allowance for Credit Losses | (8868) |  |  | (8555) |  |  |
| Total Non-Earning Assets | 119007 |  |  | 109030 |  |  |
| Total Assets | $1631526 |  |  | $1626939 |  |  |
| LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |
| Interest Bearing Liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Bearing Deposits: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Checking | $265346 | $67 | 0.10% | $263281 | $67 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market and Savings Deposits | 473389 | 3057 | 2.56% | 442660 | 2939 | 2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time Deposits | 301856 | 2827 | 3.72% | 318203 | 3463 | 4.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Interest-Bearing Deposits | 1040591 | 5951 | 2.27% | 1024144 | 6469 | 2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | 25435 | 255 | 3.98% | 46253 | 504 | 4.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds purchased | 4 | 0 | 4.07% | 284 | 4 | 5.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Junior subordinated debt | 3547 | 77 | 8.61% | 3499 | 86 | 9.78% |
| Total Interest-Bearing Liabilities | 1069577 | 6283 | 2.33% | 1074180 | 7063 | 2.62% |
| Non-Interest-Bearing Liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Demand deposits | 369880 |  |  | 377596 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 10860 |  |  | 9965 |  |  |
| Total Liabilities | 1450317 |  |  | 1461741 |  |  |
| Shareholders' Equity | 181209 |  |  | 165198 |  |  |
| Total Liabilities & Shareholders' Equity | $1631526 |  |  | $1626939 |  |  |
| Net Interest Income (FTE) <sup>3</sup> |  | $13433 |  |  | $12321 |  |
| Interest Rate Spread <sup>2</sup> |  |  | 2.81% |  |  | 2.43% |
| Cost of Funds |  |  | 1.73% |  |  | 1.94% |
| Interest Expense as a Percentage of <br>&nbsp;&nbsp;&nbsp;&nbsp; Average Earning Assets <sup>4</sup> |  |  | 1.64% |  |  | 1.84% |
| Net Interest Margin (FTE) <sup>3,4</sup> |  |  | 3.50% |  |  | 3.21% |

---

<sup>1</sup> 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 Non-GAAP Measures table at the end of this release.

<sup>2</sup> Interest spread is the average yield earned on earning assets less the average rate paid on interest-bearing liabilities.

<sup>3</sup> 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.

<sup>4</sup> Ratio is computed on an annualized basis.

Page 8 of 10

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**VIRGINIA NATIONAL BANKSHARES CORPORATION**

**AVERAGE BALANCES, INCOME AND EXPENSES, YIELDS AND RATES (TAXABLE EQUIVALENT BASIS)**

**(dollars in thousands)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the twelve months ended** | **For the twelve months ended** | **For the twelve months ended** | **For the twelve months ended** | **For the twelve months ended** | **For the twelve months ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  | **Interest** |  |  | **Interest** |  |
|  | **Average** | **Income/** | **Average** | **Average** | **Income/** | **Average** |
|  | **Balance** | **Expense** | **Yield/Cost** | **Balance** | **Expense** | **Yield/Cost** |
| ASSETS |  |  |  |  |  |  |
| Interest Earning Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable Securities and Dividends | $198401 | $5377 | 2.71% | $249858 | $7120 | 2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Exempt Securities <sup>1</sup> | 65364 | 1631 | 2.50% | 66399 | 1649 | 2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Securities <sup>1</sup> | 263765 | 7008 | 2.66% | 316257 | 8769 | 2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 943389 | 55119 | 5.84% | 908356 | 51532 | 5.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial | 258713 | 12418 | 4.80% | 220276 | 12430 | 5.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer | 30015 | 2034 | 6.78% | 37013 | 2572 | 6.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Loans | 1232117 | 69571 | 5.65% | 1165645 | 66534 | 5.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds sold | 19957 | 835 | 4.18% | 14663 | 765 | 5.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other interest-bearing deposits | 8099 | 174 | 2.15% | 8220 | 206 | 2.51% |
| Total Earning Assets | 1523938 | 77588 | 5.09% | 1504785 | 76274 | 5.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Allowance for Credit Losses | (8516) |  |  | (8350) |  |  |
| Total Non-Earning Assets | 109084 |  |  | 109503 |  |  |
| Total Assets | $1624506 |  |  | $1605938 |  |  |
| LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |
| Interest Bearing Liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Bearing Deposits: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Checking | $267222 | $270 | 0.10% | $269136 | $272 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market and Savings Deposits | 467612 | 12014 | 2.57% | 425386 | 11803 | 2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time Deposits | 296218 | 11264 | 3.80% | 333139 | 15410 | 4.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Interest-Bearing Deposits | 1031052 | 23548 | 2.28% | 1027661 | 27485 | 2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings | 40005 | 1860 | 4.65% | 36111 | 1691 | 4.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds purchased | 569 | 28 | 4.92% | 489 | 29 | 5.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Junior subordinated debt | 3529 | 301 | 8.53% | 3482 | 346 | 9.94% |
| Total Interest-Bearing Liabilities | 1075155 | 25737 | 2.39% | 1067743 | 29551 | 2.77% |
| Non-Interest-Bearing Liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Demand deposits | 367066 |  |  | 370178 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 10134 |  |  | 10597 |  |  |
| Total Liabilities | 1452355 |  |  | 1448518 |  |  |
| Shareholders' Equity | 172151 |  |  | 157420 |  |  |
| Total Liabilities & Shareholders' Equity | $1624506 |  |  | $1605938 |  |  |
| Net Interest Income (FTE) <sup>3</sup> |  | $51851 |  |  | $46723 |  |
| Interest Rate Spread <sup>2</sup> |  |  | 2.70% |  |  | 2.30% |
| Cost of Funds |  |  | 1.78% |  |  | 2.06% |
| Interest Expense as a Percentage of <br>&nbsp;&nbsp;&nbsp;&nbsp; Average Earning Assets |  |  | 1.69% |  |  | 1.96% |
| Net Interest Margin (FTE) <sup>3</sup> |  |  | 3.40% |  |  | 3.10% |

---

<sup>1</sup> 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 Non-GAAP Measures table at the end of this release.

<sup>2</sup> Interest spread is the average yield earned on earning assets less the average rate paid on interest-bearing liabilities.

<sup>3</sup> 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.

Page 9 of 10

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**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** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **December 31, 2025** | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** |
| **Fully tax-equivalent measures** |  |  |  |  |  |
| Net interest income | $13348 | $13072 | $12796 | $12295 | $12235 |
| Fully tax-equivalent adjustment | 85 | 86 | 85 | 86 | 86 |
| Net interest income (FTE) <sup>1</sup> | $13433 | $13158 | $12881 | $12381 | $12321 |
| Efficiency ratio <sup>2</sup> | 49.8% | 58.3% | 61.5% | 62.8% | 60.6% |
| Fully tax-equivalent adjustment | -0.3% | -0.4% | -0.3% | -0.4% | -0.4% |
| Efficiency ratio (FTE) <sup>3</sup> | 49.5% | 57.9% | 61.2% | 62.4% | 60.2% |
| Net interest margin | 3.48% | 3.40% | 3.37% | 3.26% | 3.19% |
| Fully tax-equivalent adjustment | 0.02% | 0.03% | 0.03% | 0.02% | 0.02% |
| Net interest margin (FTE) <sup>1</sup> | 3.50% | 3.43% | 3.40% | 3.28% | 3.21% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **December 31, 2025** | **September 30, 2025** | **June 30, 2025** | **March 31, 2025** | **December 31, 2024** |
| **Other financial measures** |  |  |  |  |  |
| Book value per share | $34.15 | $32.89 | $31.67 | $30.93 | $29.85 |
| Impact of intangible assets <sup>4</sup> | (1.94) | (1.99) | (2.04) | (2.09) | (2.15) |
| Tangible book value per share (non-GAAP) | $32.21 | $30.90 | $29.63 | $28.84 | $27.70 |

---

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** |
|  | **December 31,<br>2025** | **December 31,<br>2024** |
| **Fully tax-equivalent measures** |  |  |
| Net interest income | $**51509** | $46376 |
| Fully tax-equivalent adjustment | **342** | 347 |
| Net interest income (FTE) <sup>1</sup> | $**51851** | $46723 |
| Efficiency ratio <sup>2</sup> | **58.0%** | 62.4% |
| Fully tax-equivalent adjustment | **-0.4%** | -0.4% |
| Efficiency ratio (FTE) <sup>3</sup> | **57.6%** | 62.0% |
| Net interest margin | **3.38%** | 3.08% |
| Fully tax-equivalent adjustment | **0.02%** | 0.02% |
| Net interest margin (FTE) <sup>1</sup> | **3.40%** | 3.10% |

---

<sup>1</sup>FTE calculations use a Federal income tax rate of 21%.

<sup>2</sup>The efficiency ratio, GAAP basis, is computed by dividing noninterest expense by the sum of net interest income and noninterest income.

<sup>3</sup>The efficiency ratio, FTE, is computed by dividing noninterest expense by the sum of net interest income (FTE) and noninterest income.

<sup>4</sup>Intangible assets include goodwill and core deposit intangible assets, net of accumulated amortization, for all periods presented.

Page 10 of 10

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