Key Metrics

Market Cap	191.53M
Total Shares Outstanding	5.37M
Book Value	29.85
PE Ratio	11.32

PS Ratio	3.57
PB Ratio	1.2
Forward PE Ratio	-
ROIC	-

Return on Aseets	1.04
Return on Equity	10.83
Dividend	1.32
Dividend Yield	3.68%

Balancesheet Metrics

Total Assets	1.61B
Total Liability	1.45B
Assets-to-Libability Ratio	1.11

Total Current Assets	19.16M
Total Current Liability	621.45M
Current Ratio	0.03

Quick Ratio	-
Debt to Equity Ratio	0.36

Income Statement Metrics

Net Income	10.01M
EPS	3.15
EBITA	15.20M

Gross Profit	55.45M
Gross Profit Margin	31.62%
Operating Margin	41.33%

Net Profit Margin

18.05%

Price Metrics

5 Days MA	35.8
10 Days MA	35.92
20 Days MA	36.11
50 Days MA	36.17
200 Days MA	37.4

52 Weeks High	44
52 Weeks low	24.06
All Time High	44

RSI	43.18
MACD	-

Share Stats

Shares Float	4.68M
Shares Short	9.60K

% Short	0.002%
% Insider	12.877%

% Institutions	44.393%

% Institutions

44.393%

News

10 Dividend Stocks to Buy According to Fred Cummings’ Elizabeth Park Capital ManagementIn this article, we discuss the 10 dividend stocks to buy according to Fred Cummings’ Elizabeth Park Capital Management based on Q3 holdings of the fund. If you want to skip our detailed analysis of Cummings’ history, investment philosophy, and hedge fund performance, go directly to the 5 Dividend S...
In this article, we discuss the 10 dividend stocks to buy according to Fred Cummings’ Elizabeth Park Capital Management based on Q3 holdings of the fund. If you want to skip our detailed analysis of Cummings’ history, investment philosophy, and hedge fund performance, go directly to the 5 Dividend Stocks to Buy According to Fred Cummings’ Elizabeth Park Capital Management. Fred Cummings is the founder and portfolio manager of Elizabeth Park Capital Management, an Ohio-based asset management firm. The hedge fund's 13F public stock portfolio was valued at $284.21 million in the third quarter of 2021, with a top 10 holdings concentration of 32.92%. Citizens Financial Group, Inc. (NYSE:CFG), KeyCorp (NYSE:KEY), and Signature Bank (NASDAQ:SBNY) are among Fred Cummings’ most significant stock holdings as of the third quarter. 10 Dividend Stocks to Buy According to Fred Cummings’ Elizabeth Park Capital Management Fred Cummings of Elizabeth Park Capital Let’s start our list of 10 dividend stocks to buy according to Fred Cummings’ Elizabeth Park Capital Management. We used Cummings’ 13F portfolio for Q3 2021 for this analysis. Dividend Stocks to Buy According to Fred Cummings’ Elizabeth Park Capital Management 10. Brookline Bancorp, Inc. (NASDAQ:BRKL) Elizabeth Park Capital Stake Value: $3,865,000 Percentage of Elizabeth Park Capital Management’s 13F Portfolio: 1.35% Number of Hedge Fund Holders: 9 Dividend Yield: 3.02% Brookline Bancorp, Inc. (NASDAQ:BRKL) is a bank holding corporation based in Brookline, Massachusetts. Polaris Capital Management is the most significant stakeholder in the company, with 1.24 million shares worth $18.86 million. Brookline Bancorp, Inc. (NASDAQ:BRKL) posted its Q3 results in October. EPS in the period totaled $0.37, beating estimates by $0.04. Revenue for Q3 totaled $76.29 million, surpassing estimated revenue by $4.33 million. A quarterly dividend of $0.125 per share was also announced by the company in October, up 4.2% from the previous dividend of $0.120. Elizabeth Park Capital Management holds 253,278 shares in Brookline Bancorp, Inc. (NASDAQ:BRKL) worth over $3.87 million, representing 1.35% of its investment portfolio. In the third quarter of 2021, the hedge fund has trimmed its stake in the company by 9%. As of the third quarter of 2021, 9 hedge funds in the database of Insider Monkey were bullish on Brookline Bancorp, Inc. (NASDAQ:BRKL), with stakes worth over $41.80 million. Story continues Citizens Financial Group, Inc. (NYSE:CFG), KeyCorp (NYSE:KEY), and Signature Bank (NASDAQ:SBNY) are some of the dividend stocks to buy according to Fred Cummings’ Elizabeth Park Capital Management, along with Brookline Bancorp, Inc. (NASDAQ:BRKL). 9. Citizens Financial Group, Inc. (NYSE:CFG) Elizabeth Park Capital Management Stake Value: $7,528,000 Percentage of Elizabeth Park Capital Management’s 13F Portfolio: 2.64% Number of Hedge Fund Holders: 34 Dividend Yield: 3.06% Citizens Financial Group, Inc. (NYSE:CFG) is a bank holding company in the United States that offers retail and commercial banking services. In November, Citizens Financial Group, Inc. (NYSE:CFG) declared a special dividend of $0.248 per share. In the third quarter of 2021, Citizens Financial Group, Inc. (NYSE:CFG) had an EPS of $1.22, beating estimates by $0.07. In addition, the company's revenue was $1.65 billion, surpassing the analysts' expectations by $10 million. As of the third quarter, 34 hedge funds in Insider Monkey’s database of 867 funds held stakes in Citizens Financial Group, Inc. (NYSE:CFG) compared to 36 funds in the previous quarter. Ian Simm’s Impax Asset Management is Citizens Financial Group, Inc.'s (NYSE:CFG) most significant stakeholder, with 798,611 shares worth $37.52 million. 8. KeyCorp (NYSE:KEY) Elizabeth Park Capital Management Stake Value: $5,124,000 Percentage of Elizabeth Park Capital Management’s 13F Portfolio: 1.8% Number of Hedge Fund Holders: 36 Dividend Yield: 3.26% KeyCorp (NYSE:KEY) is a holding company for banks. The company operates through its subsidiary, KeyBank National Association, which is a bank-based financial services company. In November, KeyBank National Association, a subsidiary of KeyCorp (NYSE:KEY), bought XUP Payments, a B2B digital platform that enables quick and easy client onboarding and support. In November, KeyCorp (NYSE:KEY) announced a quarterly dividend of $0.195 per share, up 5.4% from the previous payout of $0.185. In addition, the company had an EPS of $0.65 in the third quarter of 2021, which was $0.09 higher than expected. KeyCorp's (NYSE:KEY) revenue was $1.82 billion, up 7.7% year over year. KeyCorp (NYSE:KEY) has also gained 38% in the past twelve months. The company saw a decrease in hedge fund sentiment recently. The number of long hedge fund positions in the company declined to 36 in the third quarter compared to 40 positions in the previous quarter. 7. Virginia National Bankshares Corporation (NASDAQ:VABK) Elizabeth Park Capital Stake Value: $3,544,000 Percentage of Elizabeth Park Capital’s 13F Portfolio: 1.24% Number of Hedge Fund Holders: 4 Dividend Yield: 3.27% Virginia National Bankshares Corporation (NASDAQ:VABK) is the holding company for Virginia National Bank, a commercial bank that provides various services. The hedge fund chaired by Fred Cummings holds close to 98,076 shares in Virginia National Bankshares Corporation (NASDAQ:VABK) worth over $3.54 million. In August, Virginia National Bankshares Corporation (NASDAQ:VABK) declared a quarterly dividend of $0.30 per share, consistent with previous years. There were 4 hedge funds in our database that held stakes in Virginia National Bankshares Corporation (NASDAQ:VABK) in the third quarter of 2021, compared to 5 funds in the previous quarter. 6. Flushing Financial Corporation (NASDAQ:FFIC) Elizabeth Park Capital Management Stake Value: $3,261,000 Percentage of Elizabeth Park Capital Management’s 13F Portfolio: 1.14% Number of Hedge Fund Holders: 11 Dividend Yield: 3.42% Flushing Financial Corporation (NASDAQ:FFIC) is a bank holding company for Flushing Savings Bank, a bank and financial services provider. The stock is a new arrival on Fred Cummings’ portfolio, as his hedge fund bought about 144,287 shares of the company, worth $3.26 million. In addition, Elizabeth Park Capital Management's stake of Flushing Financial Corporation (NASDAQ:FFIC) is paying off, as the company stock is up by 63.01% over the last twelve months. On November 23, Flushing Financial Corporation (NASDAQ:FFIC) declared a quarterly dividend of $0.21 per share, in line with the previous. In October, the firm announced EPS of $0.88 for the third quarter, exceeding analyst forecasts by $0.23. Furthermore, Flushing Financial Corporation's (NASDAQ:FFIC) sales of $64.23 million topped consensus estimates by $0.36 million. Mario Gabelli’s GAMCO Investors is the most significant stakeholder in Flushing Financial Corporation (NASDAQ:FFIC), with 935,150 shares worth $21.13 million. The company was in 11 hedge funds' portfolios in the third quarter of 2021. Just like Citizens Financial Group, Inc. (NYSE:CFG), KeyCorp (NYSE:KEY), and Signature Bank (NASDAQ:SBNY), Flushing Financial Corporation (NASDAQ:FFIC) is one of the dividend stocks in Fred Cummings’ Elizabeth Park Capital Management 13F portfolio in Q3. Click to continue reading and see 5 Dividend Stocks to Buy According to Fred Cummings’ Elizabeth Park Capital Management. Suggested articles: 10 Best Blue Chip Dividend Stocks 11 Cheap High Dividend Stocks to Buy Right Now 10 Canadian Dividend Stocks with Over 3% Yield Disclosure: None. 10 Dividend Stocks to Buy According to Fred Cummings’ Elizabeth Park Capital is originally published on Insider Monkey.
BRKL CFG-PD CFG FFIC KEY-PI KEY-PJ KEY-PK KEY SBNY | finance.yahoo | about 4 years ago | Neutral

Virginia National Bankshares Corporation Completes Merger with Fauquier Bankshares, Inc.CHARLOTTESVILLE, Va., April 01, 2021 (GLOBE NEWSWIRE) -- Virginia National Bankshares Corporation (“Virginia National”) (OTCQX: VABK), parent company of Virginia National Bank, announced today the completion of its merger of equals transaction with Fauquier Bankshares, Inc. (“Fauquier”), parent co...
CHARLOTTESVILLE, Va., April 01, 2021 (GLOBE NEWSWIRE) -- Virginia National Bankshares Corporation (“Virginia National”) (OTCQX: VABK), parent company of Virginia National Bank, announced today the completion of its merger of equals transaction with Fauquier Bankshares, Inc. (“Fauquier”), parent company of The Fauquier Bank. Following the completion of the merger and based on financial information as of December 31, 2020, Virginia National has approximately $1.7 billion in total assets and approximately $1.5 billion in total deposits. “This is an exciting moment in the history of Virginia National as we increase our ability to better serve the financial needs of our customers, while also providing the opportunity to enhance profitability and increase shareholder value,” said Glenn W. Rust, President and Chief Executive Officer of Virginia National. Under the terms of the merger agreement, shareholders of Fauquier are entitled to receive 0.6750 shares of Virginia National common stock for each share of Fauquier common stock. Virginia National’s common stock has been approved for listing on the Nasdaq Capital Market and will begin trading on April 5, 2021 under the ticker symbol “VABK.” Immediately following completion of the holding company merger, The Fauquier Bank was merged with and into Virginia National Bank. The former branches of The Fauquier Bank assumed in the merger will operate as The Fauquier Bank, a division of Virginia National Bank, until systems are converted in July 2021. Former President and Chief Executive Officer of Fauquier, Marc J. Bogan, who has been appointed President and Chief Executive Officer of Virginia National Bank, added, “We are excited to continue Fauquier’s legacy of excellence in customer service and community-focused approach as we join forces with Virginia National. Our combined resources and enhanced branch network will allow us to better serve the needs of our customers and community.” About Virginia National Virginia National, headquartered in Charlottesville, Virginia, is the bank holding company for Virginia National Bank. Virginia National Bank offers a full range of banking and related financial services to meet the needs of individuals, businesses and charitable organizations, including fiduciary, trust and estate administration services under the name VNB Trust and Estate Services, and wealth and investment advisory services, including financial planning, under the name Sturman Wealth Advisors. Investment management services are also offered through Masonry Capital Management, LLC, a registered investment advisor and wholly-owned subsidiary of Virginia National. Additional information about Virginia National is also available at www.vnbcorp.com. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by words such as “may,” “assumes,” “approximately,” “will,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” or words of similar meaning. These forward-looking statements are based upon the current beliefs and expectations of management of Virginia National and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of Virginia National. In addition, these forward-looking statements are subject to various risks, uncertainties and assumptions with respect to future business strategies and decisions that are subject to change and difficult to predict with regard to timing, extent, likelihood and degree of occurrence. As a result, actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) the businesses of Virginia National and Fauquier may not be combined successfully, or such combination may take longer, be more difficult, time-consuming or costly to accomplish than expected; (2) the expected growth opportunities or cost savings from the merger may not be fully realized or may take longer to realize than expected; (3) deposit attrition, operating costs, customer losses and business disruption following the merger, including adverse effects on relationships with employees and customers, may be greater than expected; (4) economic, legislative or regulatory changes, including changes in accounting standards, may adversely affect the businesses in which Virginia National is engaged; (5) the interest rate environment may further compress margins and adversely affect net interest income; (6) results may be adversely affected by continued adverse changes to credit quality; (7) competition from other financial services companies in Virginia National’s markets could adversely affect operations; (8) an economic slowdown could adversely affect credit quality and loan originations; (9) the COVID-19 pandemic is adversely affecting Virginia National and its customers, employees and third-party service providers; the adverse impacts of the pandemic on their respective business, financial position, operations and prospects have been material, and it is not possible to accurately predict the extent, severity or duration of the pandemic or when normal economic and operation conditions will return; and (10) other factors that may affect future results of Virginia National. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in Virginia National’s reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the Securities and Exchange Commission (the “SEC”) and available on the SEC’s Internet site (http://www.sec.gov). For more information, contact: Glenn W. Rust, President and Chief Executive Officer Virginia National Bankshares Corporation (434) 817-8649
VABK | globenewswire | about 4 years ago | Neutral

Shareholders of Virginia National Bankshares Corporation and Fauquier Bankshares, Inc. Approve MergerCHARLOTTESVILLE, Va. and WARRENTON, Va., March 26, 2021 (GLOBE NEWSWIRE) -- At separate shareholder meetings yesterday, shareholders of both Virginia National Bankshares Corporation (OTCQX: VABK) (“Virginia National”), the parent holding company of Virginia National Bank (the “Bank”), and Fauquier...
CHARLOTTESVILLE, Va. and WARRENTON, Va., March 26, 2021 (GLOBE NEWSWIRE) -- At separate shareholder meetings yesterday, shareholders of both Virginia National Bankshares Corporation (OTCQX: VABK) (“Virginia National”), the parent holding company of Virginia National Bank (the “Bank”), and Fauquier Bankshares, Inc. (NASDAQ: FBSS) (“Fauquier”), the parent holding company of The Fauquier Bank, approved the previously announced merger of Fauquier into Virginia National (the “Merger”). The parties expect the Merger to be effective on April 1, 2021. Based on financial information as of December 31, 2020, the combined company would have approximately $1.7 billion in assets, $1.5 billion in deposits, $1.2 billion in loans and $1.1 billion in assets under management. About Virginia National Virginia National, headquartered in Charlottesville, Virginia, is the bank holding company for Virginia National Bank. The Bank has four banking offices in Charlottesville and one in Winchester, and offers loan, deposit and treasury management services in Richmond, Virginia. The Bank has entered into a lease for branch and office space in Richmond, Virginia and plans to open the office in the second quarter of 2021. Virginia National Bank offers a full range of banking and related financial services to meet the needs of individuals, businesses and charitable organizations, including fiduciary, trust and estate administration services under the name VNB Trust and Estate Services, and wealth and investment advisory services, including financial planning, under the name Sturman Wealth Advisors. Investment management services are also offered through Masonry Capital Management, LLC, a registered investment advisor and wholly-owned subsidiary of Virginia National. Virginia National’s stock trades on the OTC Markets Group’s OTCQX Market under the symbol “VABK.” Additional information about Virginia National is also available at www.vnbcorp.com. About Fauquier Fauquier Bankshares, Inc. and its principal subsidiary, The Fauquier Bank, had combined assets of $867.2 million and total shareholders' equity of $72.5 million at December 31, 2020. The Fauquier Bank is an independent community bank offering a full range of financial services, including internet banking, mobile banking, commercial, retail, insurance, wealth management, and financial planning services through eleven banking offices throughout Fauquier and Prince William counties in Virginia. Additional information about Fauquier is available at www.TFB.bank or by calling: (800) 638-3798. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by words such as “may,” “assumes,” “approximately,” “will,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” or words of similar meaning. These forward-looking statements are based upon the current beliefs and expectations of the respective management of Virginia National and Fauquier and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of Virginia National and Fauquier. In addition, these forward-looking statements are subject to various risks, uncertainties and assumptions with respect to future business strategies and decisions that are subject to change and difficult to predict with regard to timing, extent, likelihood and degree of occurrence. As a result, actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) the businesses of Virginia National and Fauquier may not be combined successfully, or such combination may take longer, be more difficult, time-consuming or costly to accomplish than expected; (2) the expected growth opportunities or cost savings from the Merger may not be fully realized or may take longer to realize than expected; (3) deposit attrition, operating costs, customer losses and business disruption following the Merger, including adverse effects on relationships with employees and customers, may be greater than expected; (4) economic, legislative or regulatory changes, including changes in accounting standards, may adversely affect the businesses in which Virginia National and Fauquier are engaged; (5) the interest rate environment may further compress margins and adversely affect net interest income; (6) results may be adversely affected by continued adverse changes to credit quality; (7) competition from other financial services companies in Virginia National’s and Fauquier’s markets could adversely affect operations; (8) an economic slowdown could adversely affect credit quality and loan originations; (9) the COVID-19 pandemic is adversely affecting Virginia National, Fauquier, and their respective customers, employees and third-party service providers; the adverse impacts of the pandemic on their respective business, financial position, operations and prospects have been material, and it is not possible to accurately predict the extent, severity or duration of the pandemic or when normal economic and operation conditions will return; and (10) other factors that may affect future results of Virginia National and Fauquier. Additional factors, that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in Virginia National’s and Fauquier’s reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the Securities and Exchange Commission (the “SEC”) and available on the SEC’s Internet site (http://www.sec.gov). Contacts: Virginia National Bankshares Corporation Glenn Rust, President and Chief Executive Officer (434) 817-8649 Fauquier Bankshares, Inc. Marc Bogan, President and Chief Executive Officer (540) 347-6742
FBSS VABK | globenewswire | about 4 years ago | Neutral

Virginia National Bankshares Corporation Announces Cash DividendCHARLOTTESVILLE, Va., March 02, 2021 (GLOBE NEWSWIRE) -- Virginia National Bankshares Corporation (the “Company”) (OTCQX: VABK) announced today that, on February 24, 2021, its Board of Directors declared a quarterly cash dividend of $0.30 per share to be paid on March 26, 2021 to shareholders of r...

VABK | globenewswire | about 5 years ago | Neutral

Virginia National Bankshares Corporation Announces Full Year and Fourth Quarter Financial ResultsCHARLOTTESVILLE, Va., Jan. 22, 2021 (GLOBE NEWSWIRE) -- Virginia National Bankshares Corporation (OTCQX: VABK) (the “Company”) today reported net income of $8.0 million, or $2.94 per diluted share, for the year ended December 31, 2020, which is a 19.3% increase compared to net income of $6.7 milli...
CHARLOTTESVILLE, Va., Jan. 22, 2021 (GLOBE NEWSWIRE) -- Virginia National Bankshares Corporation (OTCQX: VABK) (the “Company”) today reported net income of $8.0 million, or $2.94 per diluted share, for the year ended December 31, 2020, which is a 19.3% increase compared to net income of $6.7 million, or $2.49 per diluted share, recognized for the year ended December 31, 2019. Fourth quarter 2020 net income of $2.6 million, or $0.96 per diluted share, represents an increase of 82.8% compared to net income of $1.4 million, or $0.53 per diluted share, recognized during the fourth quarter of 2019. “I am pleased to announce that our subsidiary bank posted the highest net income in the history of our franchise,” said Glenn W. Rust, President and Chief Executive Officer. “During the COVID-19 recession, we increased organic loan growth while maintaining strict asset quality standards, as evidenced by the low number and dollar amount of deferrals, non-accruals and past dues that remain on our books. Despite incurring nearly $1 million in merger-related expenses, we are proud to achieve $8.0 million in net income at the consolidated level. Through enhanced automation of processes and structured control of other expenses, we were able to continue to increase the value of our organization for our shareholders and our employees.” Update on Our Response to COVID-19 Paycheck Protection Program – During 2020, Virginia National Bank (the “Bank”) assisted nonprofit organizations and local businesses by funding $86.9 million of Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans, which were designed to provide economic relief to small businesses adversely impacted by COVID-19. The loans carry a 1% annual interest rate. As of December 31, 2020, 37% of the total dollars of PPP loans had been forgiven by the SBA, with $55.1 million outstanding. The Company recognized $2.1 million in PPP loan origination fees in 2020.Loan Deferments – Also to assist our customers whose businesses were impacted by COVID-19, we processed a total of $59.0 million in loan deferments since the beginning of the pandemic, of which $28.7 million, or 48.6%, were principal-only deferments; $20.0 million, or 33.9%, were principal and interest deferments; $8.6 million, or 14.5%, were government-guaranteed loans; and $1.8 million, or 3.0%, were student loans. As of December 31, 2020, $55.7 million in loan balances, or 94.3% of the total loan deferments approved, have returned to normal payment schedules and are now current, leaving a remaining balance of deferments of $3.3 million. Of this remaining balance, $2.8 million, or 83.9%, are 100% government-guaranteed loans for which the deferrals were approved by the United States Department of Agriculture; and $540 thousand, or 16.1%, are student loans, which are private student loans not subject to potential federal forgiveness. All organic, portfolio loans have come out of deferment and are now current. 2020 Full-Year and Selected Balance Sheet Financial Highlights Gross loans outstanding at December 31, 2020 totaled $609.4 million, an increase of $69.9 million, or 13.0% compared to December 31, 2019. The increase is due to the origination of PPP loans as noted above, of which $55.1 million remain outstanding as of December 31, 2020, as well as $14.8 million in net organic, non-PPP loan growth. Strategic decisions made in 2019 to expand the lending teams and add new products put us in a better position to increase organic loan growth without having to supplement the portfolio with purchased loans. The balance of loans in non-accrual status decreased to $8 thousand as of December 31, 2020, from $299 thousand as of December 31, 2019.Loans 90 days or more past due and still accruing interest amounted to $137 thousand as of December 31, 2020, compared to $771 thousand as of December 31, 2019. The December 2019 balance included a government guaranteed loan of approximately $548 thousand, which was brought current in 2020.The period-end allowance for loan losses (“ALLL”) as a percentage of total loans was 0.90% as of December 31, 2020, and 0.78% as of December 31, 2019. Note that the ALLL a percentage of total loans, excluding PPP loans, (a non-GAAP financial measure) would have been 0.98% as of December 31, 2020. (See “Reconciliation of Certain Non-GAAP Financial Measures” at the end of this release.)Return on average assets (“ROAA”) for 2020 was 1.00% compared to 1.02% realized in the prior year.Return on average equity (“ROAE”) for 2020 was 10.01% compared to 8.99% realized in 2019.A provision for loan losses of $1.6 million was recognized during 2020, compared to $1.4 million recognized in the prior year.The Company incurred $988 thousand in merger-related expenses during 2020 related to the combination with Fauquier Bankshares, Inc. (“Fauquier”), which is anticipated to close in the first half of 2021.The efficiency ratio on a fully tax equivalent basis (“FTE”) (a non-GAAP financial measure) was 61.4% for 2020, compared to 64.9% for 2019. (See “Reconciliation of Certain Non-GAAP Financial Measures” at the end of this release.)The loan-to-deposit ratio was 83.4% at December 31, 2020, compared to 86.9% at December 31, 2019.Net interest income for 2020 of $23.9 million increased $2.0 million or 8.9%, compared to 2019. The higher net interest income was driven by the increase in interest and fees on loans of $765 thousand period-over-period, and the increase in interest on investment securities of $623 thousand, as well as the decline in interest expense of $922 thousand.The cost of funds of 47 basis points (“bps”) incurred in 2020 decreased 27 bps from 74 bps in 2019, due to lower rates paid on deposit accounts. Low-cost deposits, which include noninterest checking accounts and interest-bearing checking, savings and money market accounts, remained in excess of 82% of total deposits at the end of 2020 and 2019.Noninterest income for 2020 increased $1.0 million, or 18.3%, compared to 2019, primarily due to the increase in loan swap fee income of $1.1 million. Gains on sales of securities increased $669 thousand over the same period. Also, in 2020 the Company realized a partial recovery of $401 thousand of unearned insurance premiums related to the loss of insurance on the student loan portfolio. The Company expects to receive the balance of unearned premiums of approximately $400 thousand in 2021. These increases in 2020 were offset by declines in wealth management fee income of $565 thousand, bank-owned life insurance earnings related to a death benefit of $361 thousand received in 2019, and fees on mortgage sales of $112 thousand due to elimination of the department.Noninterest expense for 2020 increased $895 thousand, or 5.0%, compared to 2019, largely due to $988 thousand of merger-related expenses. Salaries and employee benefits increased $217 thousand, or 2.4%, and the Company incurred $183 thousand in expenses in 2020 directly related to COVID-19. In 2019, the Company incurred an expense of $460 thousand related to the settlement of a claim.Tangible book value per share as of December 31, 2020 was $30.17, compared to $27.98 as of December 31, 2019.The effective tax rate for 2020 amounts to 20.6%, compared to 18.6% for 2019. The non-deductibility of certain merger-related expenses for tax purposes in 2020 caused the effective rate to increase while the tax-exempt bank-owned life insurance death benefit in 2019 caused the effective rate to decline in that year.Capital ratios continue to be well in excess of regulatory requirements for well-capitalized banks. Fourth Quarter 2020 Selected Financial Highlights A provision for loan losses of $255 thousand was recognized during the fourth quarter of 2020, compared to a provision of $875 thousand during the fourth quarter of 2019.Fourth quarter 2020 net interest income increased $1.3 million, or 23.6%, compared to the amount recognized in the fourth quarter of 2019. The increase in fees on loans of $736 thousand and the decline in interest expense of $508 thousand contributed to this overall increase period-over-period.The cost of funds incurred in the fourth quarter of 2020 was 36 bps, an improvement of 40 bps over the 76 bps incurred during the same period in the prior year, primarily due to the decline in interest paid on deposits.Net interest margin (FTE) (a non-GAAP financial measure) for the fourth quarter of 2020 increased 1 basis point to 3.32% compared to 3.31% for the fourth quarter of 2019. (See “Reconciliation of Certain Non-GAAP Financial Measures” at the end of this release.)Noninterest income for the fourth quarter of 2020 increased $380 thousand, or 25.9%, to $1.8 million, compared to $1.5 million for the fourth quarter of 2019, due to fluctuations in several categories. As noted above, the Company realized a partial recovery of $401 thousand in 2020 of unearned insurance premiums related to the student loan portfolio. Loan swap fee income increased $286 thousand, however wealth management fees declined $240 thousand and fees on mortgage sales declined $60 thousand.Noninterest expense for the fourth quarter of 2020 increased $670 thousand, or 15.9%, compared to the fourth quarter of 2019 due largely to $439 thousand in merger-related expenses. In addition, marketing expense increased $105 thousand from the fourth quarter of 2019 to the same period in 2020 due to the timing of expenses, and FDIC assessment expense increased $99 thousand period-over-period due to the expiration of credits. The Company also incurred $46 thousand in expenses in the fourth quarter of 2020 directly related to COVID-19.Cash dividends of $814 thousand were declared during the fourth quarter of 2020, while the remaining net income of $1.8 million, or 68.9%, was retained. 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 four banking offices in Charlottesville and one in Winchester, and offers loan, deposit and treasury management services in Mechanicsville 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 Bank offers investment advisory services under the name of Sturman Wealth Advisors. Investment management services are offered through Masonry Capital Management, LLC, a registered investment adviser and wholly-owned subsidiary of the Company. The Company’s stock trades on the OTC Markets Group’s OTCQX 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 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: general economic and market conditions, including the effects of declines in real estate values, an increase in unemployment levels and general economic contraction as a result of COVID-19 or other pandemics; fluctuations in interest rates, deposits, loan demand, and asset quality; assumptions that underlie the Company’s allowance for loan losses; the potential adverse effects of unusual and infrequently occurring events, such as weather-related disasters, terrorist acts or public health events (e.g., COVID-19 or other pandemics), and of governmental and societal responses thereto; the performance of vendors or other parties with which the Company does business; competition; technology; laws, regulations and guidance; accounting principles or guidelines; performance of assets under management; expenses related to the Company’s proposed merger with Fauquier, unexpected delays related to the merger, or the inability to obtain regulatory and shareholder approvals or satisfy other closing conditions required to complete the merger; and other factors impacting financial services businesses. 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, 2019 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. INVESTOR RELATIONS CONTACT Tara Y. Harrison (434) 817-8587 VIRGINIA NATIONAL BANKSHARES CORPORATION CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share data) December 31, 2020 December 31, 2019 * (Unaudited) ASSETS Cash and due from banks $8,116 $14,908 Federal funds sold 26,579 4,177 Securities: Available for sale, at fair value 174,086 114,041 Restricted securities, at cost 3,010 1,683 Total securities 177,096 115,724 Loans 609,406 539,533 Allowance for loan losses (5,455) (4,209)Loans, net 603,951 535,324 Premises and equipment, net 5,238 6,145 Bank owned life insurance 16,849 16,412 Goodwill 372 372 Other intangible assets, net 341 408 Accrued interest receivable and other assets 9,868 9,157 Total assets $848,410 $702,627 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Demand deposits: Noninterest-bearing $209,772 $166,975 Interest-bearing 148,910 122,994 Money market and savings deposit accounts 270,369 221,964 Certificates of deposit and other time deposits 101,713 109,278 Total deposits 730,764 621,211 Advances from the FHLB 30,000 - Accrued interest payable and other liabilities 5,048 5,309 Total liabilities 765,812 626,520 Commitments and contingent liabilities Shareholders' equity: Preferred stock, $2.50 par value, 2,000,000 shares authorized, no shares outstanding - - Common stock, $2.50 par value, 10,000,000 shares authorized; 2,714,273 (including 25,268 nonvested) shares issued and outstanding as of December 31, 2020 and 2,692,005 (including 4,000 nonvested) shares issued and outstanding as of December 31, 2019 6,722 6,720 Capital surplus 32,457 32,195 Retained earnings 41,959 37,235 Accumulated other comprehensive income (loss) 1,460 (43)Total shareholders' equity 82,598 76,107 Total liabilities and shareholders' equity $848,410 $702,627 * Derived from audited consolidated financial statements VIRGINIA NATIONAL BANKSHARES CORPORATION CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data) (Unaudited) For the three months ended For the twelve months ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Interest and dividend income: Loans, including fees $6,743 $5,957 $24,945 $24,180 Federal funds sold 6 192 104 459 Investment securities: Taxable 452 369 1,602 1,158 Tax exempt 149 69 475 290 Dividends 34 24 104 110 Total interest and dividend income 7,384 6,611 27,230 26,197 Interest expense: Demand and savings deposits 356 663 1,824 2,038 Certificates and other time deposits 288 527 1,454 2,146 Repurchase agreements and other borrowings 38 - 73 89 Total interest expense 682 1,190 3,351 4,273 Net interest income 6,702 5,421 23,879 21,924 Provision for loan losses 255 875 1,622 1,375 Net interest income after provision for loan losses 6,447 4,546 22,257 20,549 Noninterest income: Wealth management fees 332 572 1,133 1,698 Advisory and brokerage income 184 154 700 605 Royalty income 16 4 103 17 Deposit account fees 167 201 651 766 Debit/credit card and ATM fees 177 186 612 723 Earnings/increase in value of bank owned life insurance 110 111 437 798 Fees on mortgage sales - 60 77 189 Gains on sales of securities 9 3 743 74 Loan swap fee income 336 50 1,313 214 Other 514 124 796 467 Total noninterest income 1,845 1,465 6,565 5,551 Noninterest expense: Salaries and employee benefits 2,462 2,449 9,466 9,249 Net occupancy 503 451 1,908 1,824 Equipment 62 114 463 430 Data processing 266 331 1,234 1,236 Merger expenses 439 - 988 - Settlement of claims - - - 460 Other 1,165 882 4,720 4,685 Total noninterest expense 4,897 4,227 18,779 17,884 Income before income taxes 3,395 1,784 10,043 8,216 Provision for income taxes 779 353 2,065 1,527 Net income $2,616 $1,431 $7,978 $6,689 Net income per common share, basic $0.96 $0.53 $2.94 $2.49 Net income per common share, diluted $0.96 $0.53 $2.94 $2.49 Weighted average common shares outstanding, basic 2,714,273 2,692,005 2,707,877 2,686,866 Weighted average common shares outstanding, diluted 2,714,905 2,693,437 2,708,567 2,689,977 VIRGINIA NATIONAL BANKSHARES CORPORATION FINANCIAL HIGHLIGHTS (dollars in thousands, except per share data) (Unaudited) At or For the Three Months Ended December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 December 31, 2019 Common Share Data: Net income per weighted average share, basic $0.96 $0.69 $0.77 $0.52 $0.53 Net income per weighted average share, diluted $0.96 $0.69 $0.77 $0.52 $0.53 Weighted average shares outstanding, basic 2,714,273 2,714,273 2,710,019 2,692,803 2,692,005 Weighted average shares outstanding, diluted 2,714,905 2,716,710 2,711,017 2,694,090 2,693,437 Actual shares outstanding 2,714,273 2,714,273 2,714,273 2,702,373 2,692,005 Tangible book value per share at period end $30.17 $29.37 $28.86 $27.95 $27.98 Key Ratios: Return on average assets 1 1.23% 0.89% 1.07% 0.78% 0.81%Return on average equity 1 12.75% 9.18% 10.64% 7.28% 7.43%Net interest margin (FTE) 2 3.32% 3.05% 3.12% 3.20% 3.31%Efficiency ratio (FTE) 3 57.03% 65.68% 59.47% 64.31% 61.22%Loan-to-deposit ratio 83.39% 91.71% 88.55% 87.22% 86.85% Net Interest Income: Net interest income $6,702 $6,047 $5,755 $5,375 $5,421 Net interest income (FTE) 2,3 $6,741 $6,089 $5,780 $5,395 $5,440 Capital Ratios: Tier 1 leverage ratio 9.54% 9.41% 9.84% 10.59% 10.81%Total risk-based capital ratio 15.35% 15.41% 15.56% 14.04% 15.08% Assets and Asset Quality: Average Earning Assets $807,414 $793,712 $744,760 $678,941 $653,195 Average Gross Loans $618,296 $630,704 $618,096 $535,824 $526,249 Paycheck Protection Program Loans, end of period $55,120 $86,883 $86,859 $- $- Loan Deferrals, Pandemic Related $3,346 $9,439 $39,800 $- $- Allowance for loan losses: Beginning of period $5,334 $4,917 $4,704 $4,209 $3,983 Provision for loan losses 255 224 378 765 875 Charge-offs (162) (62) (193) (388) (689)Recoveries 28 255 28 118 40 Net recoveries (charge-offs) (134) 193 (165) (270) (649)End of period $5,455 $5,334 $4,917 $4,704 $4,209 Non-accrual loans $8 $9 $11 $273 $299 Loans 90 days or more past due and still accruing 137 61 1,076 733 771 OREO - - - - - Total nonperforming assets (NPA) $145 $70 $1,087 $1,006 $1,070 NPA as a % of total assets 0.02% 0.01% 0.14% 0.14% 0.15%NPA as a % of total loans plus OREO 0.02% 0.01% 0.17% 0.18% 0.20%ALLL to total loans 0.90% 0.84% 0.78% 0.85% 0.78%ALLL to total loans, excluding PPP loans (non-GAAP) 0.98% 0.97% 0.90% 0.85% 0.78%Non-accruing loans to total loans 0.00% 0.00% 0.00% 0.05% 0.06%Net charge-offs (recoveries) to average loans 1 0.09% -0.12% 0.11% 0.20% 0.49% 1 Ratio is computed on an annualized basis. 2 The net interest margin and net interest income are reported on a FTE basis, using a Federal income tax rate of 21%. 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 on the following page. VIRGINIA NATIONAL BANKSHARES CORPORATION RECONCILIATION OF CERTAIN NON-GAAP FINANCIAL MEASURES (dollars in thousands) (Unaudited) Three Months Ended December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 December 31, 2019 Fully tax-equivalent measures Net interest income $6,702 $6,047 $5,755 $5,375 $5,421 Fully tax-equivalent adjustment 39 42 25 20 19 Net interest income (FTE) 1 $6,741 $6,089 $5,780 $5,395 $5,440 Efficiency ratio 2 57.3% 66.0% 59.7% 64.5% 61.4%Fully tax-equivalent adjustment -0.3% -0.3% -0.2% -0.2% -0.2%Efficiency ratio (FTE) 3 57.0% 65.7% 59.5% 64.3% 61.2% Net interest margin 3.30% 3.03% 3.11% 3.18% 3.30%Fully tax-equivalent adjustment 0.02% 0.02% 0.01% 0.02% 0.01%Net interest margin (FTE) 1 3.32% 3.05% 3.12% 3.20% 3.31% Performance measures Return on average assets ("ROAA") 1.23% 0.89% 1.07% 0.78% 0.81%Impact of merger expenses 0.05% 0.07% — — — Operating ROAA (non-GAAP) 1.28% 0.96% 1.07% 0.78% 0.81% Return on average equity ("ROAE") 12.75% 9.18% 10.64% 7.28% 7.43%Impact of merger expenses 0.54% 0.68% — — — Operating ROAE (non-GAAP) 13.29% 9.86% 10.64% 7.28% 7.43% Allowance for loan loss measures ALLL to total loans 0.90% 0.84% 0.78% 0.85% 0.78%Impact of PPP loans 0.08% 0.13% 0.12% — — ALLL to total loans, excluding PPP loans (non-GAAP) 0.98% 0.97% 0.90% 0.85% 0.78% 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 or non-GAAP basis, is computed by dividing noninterest expense by the sum of net interest income (FTE) and noninterest income.
VABK | globenewswire | about 5 years ago | Neutral

Virginia National Bankshares Corporation Announces Cash DividendCHARLOTTESVILLE, Va., Dec. 15, 2020 (GLOBE NEWSWIRE) -- Virginia National Bankshares Corporation (the “Company”) (OTCQX: VABK) announced today that on December 10, 2020, its Board of Directors declared a quarterly cash dividend of $0.30 per share to be paid on January 5, 2021 to shareholders of re...

VABK | globenewswire | about 5 years ago | Neutral

Lifshitz Law Firm, P.C. Announces Investigation of AMAG Pharmaceuticals, Inc., Contango Oil & Gas Company, Eaton Vance Corp., MobileIron, Inc., Seacoast Commerce Banc Holdings, Perceptron, Inc., Standard AVB Financial Corp., Virginia National Bankshares Corporation and Virtusa CorporationNEW YORK, Nov. 4, 2020 /PRNewswire/ -- AMAG Pharmaceuticals, Inc. (NASDAQ:AMAG) Lifshitz Law Firm, P.C. announces investigation into possible breach of fiduciary duties in connection with the sale of AMAG to Covis Group S.à r.l. for $13.75 per share. If you are a AMAG investor, and would like add...
NEW YORK, Nov. 4, 2020 /PRNewswire/ -- AMAG Pharmaceuticals, Inc. (NASDAQ:AMAG) Lifshitz Law Firm, P.C. announces investigation into possible breach of fiduciary duties in connection with the sale of AMAG to Covis Group S.à r.l. for $13.75 per share. If you are a AMAG investor, and would like additional information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or e-mail at info@jlclasslaw.com. Contango Oil & Gas Company (NYSE: MCF) Lifshitz Law Firm, P.C. announces investigation into possible breach of fiduciary duties in connection with the sale of MCEP to MCF. If you are a MCEP or MCF investor, and would like additional information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or e-mail at info@jlclasslaw.com. Eaton Vance Corp. (NYSE:EV) - Morgan Stanley (NYSE: MS) Lifshitz Law Firm, P.C. announces investigation into possible breach of fiduciary duties in connection with the sale of EV to Morgan Stanley. If you are a EV or MS investor, and would like additional information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or e-mail at info@jlclasslaw.com. MobileIron, Inc. (NASDAQ GS: MOBL) Lifshitz Law Firm, P.C. announces investigation into possible breach of fiduciary duties in connection with the sale of MOBL to Ivanti, Inc. If you are a MOBL investor, and would like additional information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or e-mail at info@jlclasslaw.com. Perceptron, Inc. (NASDAQ GS: PRCP) Lifshitz Law Firm, P.C. announces investigation into possible breach of fiduciary duties in connection with the sale of PRCP to Atlas Copco North America LLC. If you are a PRCP investor, and would like additional information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or e-mail at info@jlclasslaw.com. Story continues Standard AVB Financial Corp. (NASDAQ GS: STND) Lifshitz Law Firm, P.C. announces investigation into possible breach of fiduciary duties in connection with the sale of STND to Dollar Mutual Bancorp. If you are a STND investor, and would like additional information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780 or e-mail at info@jlclasslaw.com. Virginia National Bankshares Corporation (OTCQX:VABK) Lifshitz Law Firm, P.C. announces investigation into possible breach of fiduciary duties in connection with the merger of equals of VABK with FBSS. If you are a VABK or FBSS investor, and would like additional information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780. Virtusa Corporation (NASDAQ: VRTU) Lifshitz Law Firm, P.C. announces investigation into possible breach of fiduciary duties in connection with the sale of VRTU to Baring Private Equity Asia. If you are a VRTU investor, and would like additional information about our investigation, please complete the Information Request Form or contact Joshua Lifshitz, Esq. by telephone at (516)493-9780. ATTORNEY ADVERTISING.© 2020 Lifshitz Law Firm, P.C. The law firm responsible for this advertisement is Lifshitz Law Firm, P.C., 821 Franklin Avenue, Suite 209, Garden City, New York 11530, Tel: (516)493-9780. Prior results do not guarantee or predict a similar outcome with respect to any future matter. Contact: Joshua M. Lifshitz, Esq. Lifshitz Law Firm, P.C. Phone: 516-493-9780 Facsimile: 516-280-7376 Email: info@jlclasslaw.com Cision View original content:http://www.prnewswire.com/news-releases/lifshitz-law-firm-pc-announces-investigation-of-amag-pharmaceuticals-inc-contango-oil--gas-company-eaton-vance-corp-mobileiron-inc-seacoast-commerce-banc-holdings-perceptron-inc-standard-avb-financial-corp-virgi-301166776.html SOURCE Lifshitz & Miller Law Firm
AMAG EV MCF MOBL MS-PA MS-PE MS-PF MS-PI MS-PK MS-PL MS MSDY PRCP STND VABK | finance.yahoo | about 5 years ago | Neutral

Virginia National Bankshares Corporation Announces Third Quarter Financial ResultsCHARLOTTESVILLE, Va., Oct. 26, 2020 (GLOBE NEWSWIRE) -- Virginia National Bankshares Corporation (OTCQX: VABK) (the “Company”) today reported third quarter net income of $1.87 million, or $0.69 per diluted share, a slight decrease compared to net income of $1.90 million, or $0.71 per diluted share...
CHARLOTTESVILLE, Va., Oct. 26, 2020 (GLOBE NEWSWIRE) -- Virginia National Bankshares Corporation (OTCQX: VABK) (the “Company”) today reported third quarter net income of $1.87 million, or $0.69 per diluted share, a slight decrease compared to net income of $1.90 million, or $0.71 per diluted share, recognized during the third quarter of 2019. In the first nine months of 2020, net income was $5.36 million, or $1.98 per diluted share, which is a 2% increase over net income of $5.26 million, or $1.96 per diluted share, posted for the first nine months of 2019. “As we expected, we posted strong third quarter and year-to-date results, despite running through $549 thousand of merger expenses in connection with our announcement earlier this month,” said Glenn W. Rust, President and Chief Executive Officer. “We are honored to be entering into a partnership with The Fauquier Bank and Fauquier Bankshares, Inc., to combine the two banks and companies, joining forces to improve the experiences of clients and employees and accelerate the returns of our shareholders.” Update on Our Response to COVID-19 Paycheck Protection Program – Through September 30, 2020, Virginia National Bank has assisted nonprofits and local businesses by funding $86.9 million of Small Business Administration Paycheck Protection Program (“PPP”) loans, which were designed to provide economic relief to small businesses adversely impacted by COVID-19. The loans carry a 1% annual interest rate. The Company recorded PPP loan origination fees of approximately $3.0 million and deferred $95 thousand in loan origination costs that are being recognized as an adjustment to yield over the contractual life of the underlying loans, most of which are over a 24-month period. Upon repayment or forgiveness of each loan, the remaining unamortized fees and costs allocated to that loan will be recorded as income and expensed, respectively. The PPP loans generated pre-tax income of $645 thousand, from interest income and fee amortization, net of cost accretion, in the third quarter of 2020, with an effective yield of 2.95%.Loan Deferments - Also to assist our customers whose businesses were impacted by COVID-19, we processed a total of $58.4 million in loan deferments since the beginning of the pandemic, of which $28.7 million, or 49.1% were principal-only deferments; $20.0 million, or 34.3%, were principal and interest deferments; $7.9 million, or 13.6%, were government-guaranteed loans; and $1.8 million, or 3.0%, were student loans. As of September 30, 2020, $48.9 million in loan balances, or 83.8% of the total loan deferments approved, have returned to normal payment schedules and are now current, leaving a remaining balance of deferments of $9.4 million. Of this remaining balance, $3.8 million, or 40.9%, are principal-only deferments; $5.0 million, or 52.9%, are government-guaranteed loans; and $581 thousand, or 6.2%, are student loans. Third Quarter 2020 Select Financial Highlights Gross loans outstanding at September 30, 2020 totaled $636.9 million, an increase of $97.4 million, or 18.1% compared to December 31, 2019, and an increase of $114.8 million, or 22.0%, compared to September 30, 2019. The increases are largely due to the origination of $86.9 million in PPP loans as noted above, as well as $10.5 million in net non-PPP loan growth in the first nine months of 2020 and the purchase of a $17.4 million 1-4 family residential mortgage package in the fourth quarter of 2019. The balance of loans in non-accrual status decreased to $9 thousand as of September 30, 2020, from $299 thousand as of December 31, 2019 and $337 thousand at September 30, 2019. Loans 90 days or more past due and still accruing interest amounted to $61 thousand as of September 30, 2020, $771 thousand as of December 31, 2019, and $199 thousand as of September 30, 2019.A provision for loan losses of $224 thousand was recognized during the third quarter of 2020, compared to a recovery of $120 thousand during the third quarter of 2019. For the first nine months of 2020, a provision for loan losses of $1.4 million was recognized, compared to $500 thousand for the first nine months of the prior year. The primary reason for the increase is an escalation in economic qualitative factors in the allowance for loan losses incurred loss model as a result of the economic impact of COVID-19.The period-end allowance for loan losses as a percentage of total loans was 0.84% as of September 30, 2020, 0.78% as of December 31, 2019, and 0.76% as of September 30, 2019. Note that the allowance for loan losses as a percentage of total loans, excluding PPP loans, would have been 0.97% as of September 30, 2020.Annualized return on average assets for the third quarter of 2020 was 0.89% compared to 1.07% realized in the second quarter of 2020 and 1.15% realized in the third quarter of 2019.Third quarter 2020 net interest income increased $573 thousand, or 10.5%, compared to the amount recognized in the third quarter of 2019. Net interest income for the first nine months of 2020 increased $674 thousand, or 4.1% over the same period in the prior year. These increases were primarily the result of lower cost of funds period-over-period.The cost of funds incurred in the third quarter of 2020 was 38 basis points, an improvement over the 76 basis points incurred during the third quarter of 2019, primarily due to the decline in interest paid on deposits. Low-cost deposits, which include noninterest checking accounts and interest-bearing checking, savings, and money market accounts, remained in excess of 78% of total deposits at the end of the third quarters of 2020 and 2019, as well as the end of the year in 2019.Net interest margin on a fully tax equivalent basis (“FTE”) (a non-GAAP financial measure) for the third quarter of 2020 declined 26 basis points to 3.05% from 3.12% for the second quarter of 2020 and declined 49 basis points from 3.54% for the third quarter of 2019. Net interest margin (FTE) would have been 3.09% for the third quarter of 2020, without the interest and fees associated with the PPP loans, which had an average balance of $86.9 million during the quarter.Noninterest income for the third quarter of 2020 increased $98 thousand, or 7.4%, to $1.4 million, compared to $1.3 million for the third quarter of 2019, due to fluctuations in several categories. Loan swap fee income increased $228 thousand, however wealth management fees declined $114 thousand. Noninterest income for the first nine months of 2020 increased $634 thousand, or 15.5%, to $4.7 million, compared to $4.1 million in the first nine months of 2019, primarily due to the increase in loan swap fee income of $826 thousand and the increase in gain on sale of securities of $663 thousand, offset by declines in bank owned life insurance income of $360 thousand and wealth management fees of $325 thousand. The Company anticipates receiving approximately $800 thousand from the return of unearned insurance premiums related to the student loan portfolio, although the timing of the payment remains uncertain at this time.Noninterest expense for the third quarter of 2020 increased $374 thousand, or 8.2%, compared to the third quarter of 2019 due largely to $549 thousand in due diligence and other expenses in connection with the pending merger with Fauquier Bankshares, Inc., offset by a decline of $160 thousand of settlement of claims incurred in the third quarter of 2019. Noninterest expense for the first nine months of 2020 increased $225 thousand, or 1.7%, as compared to the same period in the prior year, also a result of merger expenses noted above, coupled with a $204 thousand increase in personnel expense, primarily for Richmond lenders’ salaries and incentive compensation, offset by a decline of $460 thousand of settlement of claims incurred in the first nine months of 2019. Third Quarter 2020 Select Financial Highlights, continued The efficiency ratio (FTE) (a non-GAAP financial measure) was 65.7% for the third quarter of 2020, compared to 61.2% for the fourth quarter of 2019 and 66.9% for the third quarter of 2019. (See footnote 3 on the Financial Highlights page for an explanation of the efficiency ratio (FTE) calculation.) The efficiency ratio (FTE) is elevated due to merger-related expenses, as noted above.The loan-to-deposit ratio was 91.7% at September 30, 2020, compared to 86.9% at December 31, 2019 and 90.1% at September 30, 2019.Tangible book value per share as of September 30, 2020 was $29.37, compared to $27.98 as of December 31, 2019 and $27.77 as of September 30, 2019.Capital ratios continue to be well in excess of regulatory requirements for well-capitalized banks.Cash dividends of $814 thousand were declared during the third quarter of 2020, while the remaining net income of $1.1 million, or 56.5%, was retained. About Virginia National Bankshares Corporation Virginia National Bankshares Corporation, headquartered in Charlottesville, Virginia, is the bank holding company for Virginia National Bank (the “Bank”). The Bank has four banking offices in Charlottesville and one in Winchester, and offers loan, deposit and treasury management services in Mechanicsville 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 Bank offers investment advisory services under the name of Sturman Wealth Advisors. Investment management services are offered through Masonry Capital Management, LLC, a registered investment adviser and wholly-owned subsidiary of the Company. The Company’s stock trades on the OTC Markets Group’s OTCQX 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 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: general economic and market conditions, including the effects of declines in real estate values, an increase in unemployment levels and general economic contraction as a result of COVID-19 or other pandemics; fluctuations in interest rates, deposits, loan demand, and asset quality; assumptions that underlie the Company’s allowance for loan losses; the potential adverse effects of unusual and infrequently occurring events, such as weather-related disasters, terrorist acts or public health events (e.g., COVID-19 or other pandemics), and of governmental and societal responses thereto; the performance of vendors or other parties with which the Company does business; competition; technology; laws, regulations and guidance; accounting principles or guidelines; performance of assets under management; expenses related to the Company’s proposed merger with Fauquier Bankshares, Inc., unexpected delays related to the merger, or the inability to obtain regulatory and shareholder approvals or satisfy other closing conditions required to complete the merger; and other factors impacting financial services businesses. 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, 2019 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. INVESTOR RELATIONS CONTACT:Tara Y. Harrison (434) 817-8587 VIRGINIA NATIONAL BANKSHARES CORPORATION CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share data) September 30, 2020 December 31, 2019 * September 30, 2019 (Unaudited) (Unaudited) ASSETS Cash and due from banks $11,399 $14,908 $13,870 Federal funds sold 273 4,177 13,985 Securities: Available for sale, at fair value 141,245 114,041 77,930 Restricted securities, at cost 3,436 1,683 1,684 Total securities 144,681 115,724 79,614 Loans 636,935 539,533 522,104 Allowance for loan losses (5,334) (4,209) (3,983)Loans, net 631,601 535,324 518,121 Premises and equipment, net 5,444 6,145 6,354 Bank owned life insurance 16,739 16,412 16,301 Goodwill 372 372 372 Other intangible assets, net 357 408 424 Accrued interest receivable and other assets 10,092 9,157 11,749 Total assets $820,958 $702,627 $660,790 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Demand deposits: Noninterest-bearing $190,204 $166,975 $155,134 Interest-bearing 135,569 122,994 110,152 Money market and savings deposit accounts 270,653 221,964 190,568 Certificates of deposit and other time deposits 98,095 109,278 123,592 Total deposits 694,521 621,211 579,446 Advances from the FHLB 40,000 - - Accrued interest payable and other liabilities 5,980 5,309 5,790 Total liabilities 740,501 626,520 585,236 Commitments and contingent liabilities Shareholders' equity: Preferred stock, $2.50 par value, 2,000,000 shares authorized, no shares outstanding - - - Common stock, $2.50 par value, 10,000,000 shares authorized; 2,714,273 (including 25,268 nonvested) shares issued and outstanding as of September 30, 2020 and 2,692,005 (including 4,000 nonvested) shares issued and outstanding as of December 31, 2019 and September 30, 2019 6,722 6,720 6,720 Capital surplus 32,377 32,195 32,160 Retained earnings 40,158 37,235 36,611 Accumulated other comprehensive income (loss) 1,200 (43) 63 Total shareholders' equity 80,457 76,107 75,554 Total liabilities and shareholders' equity $820,958 $702,627 $660,790 * Derived from audited consolidated financial statements VIRGINIA NATIONAL BANKSHARES CORPORATION CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data) (Unaudited) For the three months ended For the nine months ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Interest and dividend income: Loans, including fees $6,175 $6,021 $18,202 $18,223 Federal funds sold 3 174 98 267 Investment securities: Taxable 412 291 1,150 789 Tax exempt 159 64 326 221 Dividends 22 29 70 86 Total interest and dividend income 6,771 6,579 19,846 19,586 Interest expense: Demand and savings deposits 383 531 1,468 1,375 Certificates and other time deposits 306 574 1,166 1,619 Repurchase agreements and other borrowings 35 - 35 89 Total interest expense 724 1,105 2,669 3,083 Net interest income 6,047 5,474 17,177 16,503 Provision for (recovery of) loan losses 224 (120) 1,367 500 Net interest income after provision for (recovery of) loan losses 5,823 5,594 15,810 16,003 Noninterest income: Wealth management fees 263 377 801 1,126 Advisory and brokerage income 175 159 516 451 Royalty income 16 5 87 13 Deposit account fees 162 192 484 565 Debit/credit card and ATM fees 144 191 435 537 Earnings/increase in value of bank owned life insurance 111 111 327 687 Fees on mortgage sales - 43 77 129 Gains on sales of securities 91 7 734 71 Loan swap fee income 344 116 977 151 Other 119 126 282 356 Total noninterest income 1,425 1,327 4,720 4,086 Noninterest expense: Salaries and employee benefits 2,322 2,268 7,004 6,800 Net occupancy 501 450 1,405 1,373 Equipment 134 85 401 316 Data processing 302 341 968 987 Merger expenses 549 - 549 - Settlement of claims - 160 - 460 Other 1,127 1,257 3,555 3,721 Total noninterest expense 4,935 4,561 13,882 13,657 Income before income taxes 2,313 2,360 6,648 6,432 Provision for income taxes 443 463 1,286 1,174 Net income $1,870 $1,897 $5,362 $5,258 Net income per common share, basic $0.69 $0.71 $1.98 $1.96 Net income per common share, diluted $0.69 $0.71 $1.98 $1.96 Weighted average common shares outstanding, basic 2,714,273 2,689,092 2,705,730 2,685,134 Weighted average common shares outstanding, diluted 2,716,710 2,690,142 2,707,104 2,688,813 VIRGINIA NATIONAL BANKSHARES CORPORATION FINANCIAL HIGHLIGHTS (dollars in thousands, except per share data) (Unaudited) At or For the Three Months Ended September 30, 2020 June 30, 2020 March 31, 2020 December 31, 2019 September 30, 2019 Common Share Data: Net income per weighted average share, basic $0.69 $0.77 $0.52 $0.53 $0.71 Net income per weighted average share, diluted $0.69 $0.77 $0.52 $0.53 $0.71 Weighted average shares outstanding, basic 2,714,273 2,710,019 2,692,803 2,692,005 2,689,092 Weighted average shares outstanding, diluted 2,716,710 2,711,017 2,694,090 2,693,437 2,690,142 Actual shares outstanding 2,714,273 2,714,273 2,702,373 2,692,005 2,692,005 Tangible book value per share at period end $29.37 $28.86 $27.95 $27.98 $27.77 Key Ratios: Return on average assets 1 0.89% 1.07% 0.78% 0.81% 1.15%Return on average equity 1 9.18% 10.64% 7.28% 7.43% 9.96%Net interest margin (FTE) 2 3.05% 3.12% 3.20% 3.31% 3.54%Efficiency ratio (FTE) 3 65.7% 59.5% 64.3% 61.2% 66.9%Loan-to-deposit ratio 91.7% 88.5% 87.2% 86.9% 90.1% Net Interest Income: Net interest income $6,047 $5,755 $5,375 $5,421 $5,474 Net interest income (FTE) 2,3 $6,089 $5,780 $5,395 $5,440 $5,491 Capital Ratios: Tier 1 leverage ratio 9.41% 9.84% 10.59% 10.81% 11.42%Total risk-based capital ratio 15.41% 15.56% 14.04% 15.08% 15.55% Assets and Asset Quality: Average Earning Assets $793,712 $744,760 $678,941 $653,195 $616,306 Average Gross Loans $630,704 $618,096 $535,824 $526,249 $516,637 Paycheck Protection Program Loans $86,883 $86,859 $- $- $- Loan Deferrals, Pandemic Related $9,439 $39,800 $- $- $- Allowance for loan losses: Beginning of period $4,917 $4,704 $4,209 $3,983 $4,817 Provision for (recovery of) loan losses 224 378 765 875 (120)Charge-offs (62) (193) (388) (689) (747)Recoveries 255 28 118 40 33 Net recoveries (charge-offs) 193 (165) (270) (649) (714)End of period $5,334 $4,917 $4,704 $4,209 $3,983 Non-accrual loans $9 $11 $273 $299 $337 Loans 90 days or more past due and still accruing 61 1,076 733 771 199 OREO - - - - - Total nonperforming assets (NPA) $70 $1,087 $1,006 $1,070 $536 NPA as a % of total assets 0.01% 0.14% 0.14% 0.15% 0.08%NPA as a % of total loans plus OREO 0.01% 0.17% 0.18% 0.20% 0.10%Allowance for loan losses to total loans 0.84% 0.78% 0.85% 0.78% 0.76%Non-accruing loans to total loans 0.00% 0.00% 0.05% 0.06% 0.06%Net charge-offs (recoveries) to average loans 1 -0.12% 0.11% 0.20% 0.49% 0.55% 1 Ratio is computed on an annualized basis. 2 The net interest margin and net interest income are reported on a FTE basis, using a Federal income tax rate of 21%. 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 on the following page. VIRGINIA NATIONAL BANKSHARES CORPORATION RECONCILIATION OF CERTAIN NON-GAAP FINANCIAL (FTE) MEASURES (dollars in thousands) (Unaudited) Three Months Ended September 30, 2020 June 30, 2020 March 31, 2020 December 31, 2019 September 30, 2019 Net interest income $6,047 $5,755 $5,375 $5,421 $5,474 Fully tax-equivalent adjustment 42 25 20 19 17 Net interest income (FTE) 1 $6,089 $5,780 $5,395 $5,440 $5,491 Efficiency ratio 2 66.0% 59.7% 64.5% 61.4% 67.1%Fully tax-equivalent adjustment -0.3% -0.2% -0.2% -0.2% -0.2%Efficiency ratio (FTE) 3 65.7% 59.5% 64.3% 61.2% 66.9% Net interest margin 3.03% 3.11% 3.18% 3.30% 3.52%Fully tax-equivalent adjustment 0.02% 0.01% 0.02% 0.01% 0.02%Net interest margin (FTE) 1 3.05% 3.12% 3.20% 3.31% 3.54% 1 FTE calculations use a Federal income tax rate of 21%. 2 The efficiency ratio, GAAP basis, is computed by dividing nonterest expense by the sum of net interest income and noninterest income. 3 The efficiency ratio, FTE or non-GAAP basis, is computed by dividing noninterest expense by the sum of net interest income (FTE) and noninterest income.
VABK | globenewswire | about 5 years ago | Neutral

Profile

Virginia National Bankshares Corp (VABK)

Virginia National Bankshares Corporation operates as the holding company for Virginia National Bank that provides a range of commercial and retail banking services. The company operates through Bank, Sturman Wealth Advisors, VNB Trust and Estate Services, and Masonry Capital segments. It provides checking accounts, demand deposits, NOW accounts, money market deposit accounts, time deposits, certificates of deposit, individual retirement accounts, and other depository services. In addition, the company offers commercial and industrial loans, real estate construction and land loans, commercial real estate loans, and 1-4 family residential mortgages, as well as consumer loans comprising student loans, revolving credit, and other fixed payment loans. Further, it provides automated teller machines, internet banking, treasury, and cash management services; merchant and debit card services; and wealth and investment advisory, and brokerage services. Additionally, the company offers investment management, corporate trustee, trust and estate administration, IRA administration, house investment management, and custody services. It serves individuals, businesses, and charitable organizations in the Charlottesville/Albemarle County, Fauquier County, Manassas, Prince William County, Richmond, and Winchester market areas in Virginia. Virginia National Bankshares Corporation was founded in 1998 and is headquartered in Charlottesville, Virginia.

Exchange: NASDAQ

IPO Date: 11/16/1998

Sector: Financial Services

Industry: Banks - Regional

Employees: 0

Address: 404 People Place, Charlottesville, VA, United States, 22911

https://www.vnb.com

Quarterly Yearly

&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;	09/30/2024	06/30/2024	03/31/2024	12/31/2023	09/30/2023	06/30/2023	03/31/2023	12/31/2022	09/30/2022	06/30/2022	Totals
	09/30/2024	06/30/2024	03/31/2024	12/31/2023	09/30/2023	06/30/2023	03/31/2023	12/31/2022	09/30/2022	06/30/2022	Totals
Assets	1.61M	1.57M	1.62M	1.65M	1.56M	1.58M	1.57M	1.62M	1.73M	1.74M	41.37M
Current Assets	19.16K	23.88K	52.09K	34.57K	446.75K	517.36K	48.04K	53.60K	659.23K	190.10K	16.34M
Cash And Short Term Investments	19.16K	8.79K	34.85K	-18.07K	408.19K	503.81K	35.27K	578.28K	630.43K	624.68K	8.17M
Net Receivables	-	1.15M	-	14.29K	38.56K	13.55K	12.77K	13.15K	28.80K	27.25K	1.58M
Inventory	-	-1.16M	-	3.79K	-	-	-40.00K	-	-	-	-1.18M
Other Current Assets	19.16K	23.88K	52.09K	34.57K	-	-	40.00K	-537.83K	28.80K	-461.83K	8.71M
Non Current Assets	46.90K	1.55M	1.57M	1.61M	427.44K	511.65K	54.10K	56.01K	579.57K	504.15K	13.29M
Property Plant Equipment	-	-	-	-	-	-	17.68K	-	25.76K	26.54K	443.27K
Long Term Investments	279.32K	284.70K	341.86K	420.60K	390.82K	473.87K	492.76K	538.19K	538.46K	461.83K	15.34M
Non Currrent Assets Other	-33.43K	1.48M	1.50M	1.54M	-19.57K	-16.96K	-492.76K	-538.19K	-579.57K	72.64K	3.66M
Liabilities	1.45M	1.42M	1.47M	1.49M	1.43M	1.44M	1.43M	1.49M	1.61M	1.61M	38.30M
Current Liabilities	621.45K	816.35K	821.13K	791.46K	3.28K	3.67K	5.97K	6.17K	1.18K	6.92K	16.97M
Accounts Payable	-	-	-	3.95K	3.28K	3.67K	4.23K	1.51K	1.18K	1.51K	843.33K
Short Long Term Debt	-	-	-	-	-	59.67K	-	-	-	-	215.28K
Other Current Liabilities	621.45K	783.11K	799.94K	783.16K	-3.28K	-3.67K	-4.23K	-1.51K	-1.18K	-1.51K	20.25M
Non Current Liabilities	827.42K	603.31K	645.78K	701.52K	53.27K	69.40K	1.42M	1.48M	1.18K	10.31K	6.34M
Long Term Debt	-	-	-	-	-	-	3.42K	-	3.40K	3.39K	23.66K
Other Liabilities	-	-	-	-	-	-	-	-	1.60K	1.69K	65.02K
Stockholder Equity	165.91K	154.16K	152.58K	153.04K	135.73K	142.44K	141.52K	133.42K	125.97K	134.22K	3.99M
Preferred Stock Equity	-	-	-	-	-	-	-	-	-	-	-
Liabilities And Stockholders Equity	1.61M	1.57M	1.62M	1.65M	1.56M	1.58M	1.57M	1.62M	1.73M	1.74M	42.29M
Common Equity	-	-	-	-	-	-	13.24K	-	13.21K	13.20K	276.83K
Retained Earnings	-	-	-	-	-	-	65.62K	-	58.03K	53.85K	1.21M
Totals		7.26M	10.29M	10.67M	10.86M	6.44M	6.89M	6.40M	6.52M	7.19M	6.77M	9.69M	7.29M	11.43M	9.06M	6.55M	4.23M	3.66M	4.78M	4.91M	4.46M	4.52M	4.33M	4.81M	4.89M	4.74M	4.91M	4.74M	4.88M	4.61M	4.62M	4.81M	4.58M	4.25M	4.08M	2.72M	3.88M	3.75M	3.63M	3.70M	3.66M	1.71M	1.70M	3.65M	238.50M

&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014	Totals
	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014	Totals
Assets	1.65M	1.62M	1.97M	848.41K	703.28K	644.80K	643.89K	605.03K	537.05K	537.05K	9.76M
Current Assets	28.39K	53.60K	678.68K	192.07K	138.76K	575.52K	635.94K	596.30K	120.01K	197.49K	3.22M
Cash And Short Term Investments	28.39K	578.28K	660.19K	182.20K	128.95K	73.13K	78.89K	66.71K	154.65K	156.22K	2.11M
Net Receivables	14.29K	13.15K	18.48K	9.87K	9.81K	5.87K	6.42K	6.70K	5.80K	5.80K	96.18K
Inventory	3.79K	-	-513.23K	-37.60K	-	-	-	-	-	2.11K	-544.93K
Other Current Assets	34.57K	-537.83K	513.23K	37.60K	443.56K	496.51K	550.63K	522.90K	29.33K	41.27K	2.13M
Non Current Assets	1.61M	56.01K	353.18K	180.04K	120.97K	69.28K	7.95K	8.73K	447.48K	339.56K	3.19M
Property Plant Equipment	-	24.34K	32.68K	8.77K	9.72K	7.04K	7.37K	8.05K	8.67K	9.46K	116.10K
Long Term Investments	420.60K	538.19K	303.82K	174.09K	114.04K	61.39K	67.50K	56.66K	420.10K	310.09K	2.47M
Non Currrent Assets Other	1.55M	-538.19K	-353.18K	-180.04K	-120.97K	-61.76K	-67.87K	-57.03K	18.72K	20.01K	214.23K
Liabilities	1.49M	1.49M	1.81M	765.81K	5.96K	574.06K	578.78K	545.98K	476.42K	476.42K	8.22M
Current Liabilities	2.14K	6.17K	3.96K	5.05K	5.96K	572.78K	577.16K	544.46K	488.04K	458.43K	2.66M
Accounts Payable	3.95K	2.02K	3.55K	1.46K	5.96K	1.52K	1.73K	1.63K	1.71K	1.71K	25.24K
Short Long Term Debt	-	-	-	-	-	-	-	-	-	18.05K	18.05K
Other Current Liabilities	-1.81K	-2.02K	-5.97K	4.37K	-5.96K	572.53K	542.96K	524.65K	486.47K	456.72K	2.57M
Non Current Liabilities	1.49M	1.48M	10.47K	30.00K	5.96K	-	34.09K	19.70K	23.16K	18.00K	3.12M
Long Term Debt	-	-	3.37K	-	-	-	-	-	-	-	3.37K
Other Liabilities	-	1.86K	3.37K	1.30K	1.41K	1.28K	1.62K	1.52K	1.47K	1.71K	15.53K
Stockholder Equity	153.04K	133.42K	161.93K	82.60K	76.11K	70.74K	65.11K	59.05K	60.63K	60.63K	923.25K
Preferred Stock Equity	-	-	-	-	-	-	-	-	-	-	-
Liabilities And Stockholders Equity	1.65M	1.62M	1.97M	848.41K	703.28K	644.80K	643.89K	605.03K	537.05K	537.05K	9.76M
Common Equity	-	-	13.18K	6.72K	6.72K	6.36K	6.03K	5.92K	6.72K	6.72K	58.37K
Retained Earnings	-	-	46.44K	-	37.23K	38.65K	37.92K	32.76K	28.17K	25.98K	247.15K
Totals		10.13M	6.55M	7.69M	3.16M	2.39M	4.35M	4.42M	4.15M	3.85M	3.68M	50.38M

&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;	06/30/2022	03/31/2022	12/31/2021	09/30/2021	06/30/2021	03/31/2021	12/31/2020	09/30/2020	06/30/2020	03/31/2020	Totals
	06/30/2022	03/31/2022	12/31/2021	09/30/2021	06/30/2021	03/31/2021	12/31/2020	09/30/2020	06/30/2020	03/31/2020	Totals
Revenue	16.11K	13.81K	15.39K	16.77K	15.85K	7.01K	8.73K	7.36K	7.27K	6.90K	261.71K
Cost Of Revenue	-	-	-	-	-	-	-	-	-	-	5.76K
Gross Profit	16.32K	16.06K	15.39K	16.71K	16.21K	8.73K	8.73K	7.25K	7.00K	6.28K	229.90K
Operating Expenses	663	604	2.04K	523	232	8.72K	8.72K	4.93K	4.40K	4.54K	108.89K
Selling General Administrative	5.27K	5.96K	5.58K	6.39K	6.13K	2.69K	2.51K	2.69K	2.62K	2.75K	102.01K
Research Development	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	1.19K	1.24K	1.37K	2.11K	232	1.20K	1.22K	1.07K	1.08K	1.07K	24.31K
Operating Income	6.88K	5.97K	5.93K	3.89K	219	10.043	10.043	2.31K	2.60K	1.74K	81.90K
Net Interest Income	12.40K	11.36K	12.31K	13.45K	13.12K	5.94K	6.67K	6.03K	5.73K	5.35K	114.17K
Interest Income	13.10K	12.28K	13.29K	14.08K	14.10K	6.63K	7.35K	6.75K	6.49K	6.54K	126.70K
Interest Expense	704	919	981	630	980	693	682	724	756	1.19K	19.39K
Other Income Expense Net	-	-	-	-	-	3.38K	-3.38K	-	-	-	-460
Income Before Tax	6.88K	5.97K	5.93K	3.89K	219	1.88K	3.40K	2.31K	2.60K	1.74K	79.55K
Tax Provision	1.20K	1.04K	707	753	72	376	779	443	511	332	7.74K
NetIncome	5.68K	4.92K	5.22K	3.14K	147	1.50K	2.62K	1.87K	2.09K	1.40K	61.08K
NetIncome Applicable To Common Shares	5.68K	4.92K	5.22K	3.14K	147	1.50K	2.62K	1.87K	2.09K	1.40K	61.08K
Ebit	7.59K	6.89K	6.91K	4.52K	1.20K	2.57K	10.043	3.04K	3.35K	2.92K	94.87K
Basic EPS	-	0.92	0.98	0.59	0.59	0.03	0.55	0.96	0.69	0.77	18.490000000000002
Totals		99.67K	91.97K	96.26K	89.99K	68.86K	52.86K	50.66K	48.64K	48.60K	44.16K	43.58K	47.33K	48.75K	41.78K	31.01K	35.73K	32.86K	39.45K	37.82K	32.54K	33.29K	30.20K	21.53K	27.23K	27.32K	17.71K	17.43K	23.04K	22.29K	19.46K	15.13K	10.98K	11.25K	19.23K	1.38M

&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014	Totals
	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014	Totals
Revenue	55.45K	30.26K	27.29K	28.22K	26.97K	23.45K	19.70K	19.70K	231.05K
Cost Of Revenue	-	-	-	-	-	-	-	1.23K	1.23K
Gross Profit	55.45K	27.23K	26.10K	26.55K	26.84K	23.65K	20.72K	19.75K	226.28K
Operating Expenses	2.04K	17.19K	17.42K	16.01K	15.88K	15.30K	16.40K	17.39K	117.63K
Selling General Administrative	21.02K	10.57K	10.48K	9.12K	9.59K	9.22K	10.60K	10.60K	91.21K
Research Development	-	-	-	-	-	-	-	-	-
Other Operating Expenses	5.13K	4.44K	4.15K	3.84K	3.74K	4.65K	4.53K	4.83K	35.30K
Operating Income	11.92K	10.04K	8.68K	10.54K	10.96K	8.35K	4.32K	2.35K	67.15K
Net Interest Income	44.82K	23.77K	21.81K	22.75K	21.28K	18.18K	-	-	152.62K
Interest Income	48.10K	27.13K	26.09K	25.54K	22.52K	19.12K	-	-	168.49K
Interest Expense	3.28K	3.35K	4.27K	2.79K	1.23K	937	928	928	17.73K
Other Income Expense Net	-	-	-460	-	-	-	-	-	-460
Income Before Tax	11.92K	10.04K	8.22K	10.54K	10.96K	8.35K	2.35K	2.35K	64.73K
Tax Provision	1.91K	2.06K	1.53K	2.07K	4.40K	2.60K	-	-	14.57K
NetIncome	10.01K	7.98K	6.69K	8.47K	6.55K	5.75K	1.90K	1.90K	49.24K
NetIncome Applicable To Common Shares	10.01K	7.98K	6.69K	8.47K	6.55K	5.75K	3.12K	1.90K	50.47K
Ebit	15.20K	13.39K	12.49K	13.33K	12.19K	8.35K	4.32K	2.35K	81.63K
Basic EPS	2.18	2.97	2.54	2.57	2.84	2.33	1.5	0.6	17.53
Totals		296.26K	195.45K	181.44K	188.25K	179.67K	153.66K	88.89K	85.28K	1.37M

&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;	09/30/2024	06/30/2024	03/31/2024	12/31/2023	09/30/2023	06/30/2023	03/31/2023	12/31/2022	09/30/2022	06/30/2022	Totals
	09/30/2024	06/30/2024	03/31/2024	12/31/2023	09/30/2023	06/30/2023	03/31/2023	12/31/2022	09/30/2022	06/30/2022	Totals
Cash From Operating Activities	15.18K	-6.37K	3.12K	3.21K	580	3.52K	6.60K	5.23K	7.79K	280	119.28K
Net Income	4.60K	4.16K	3.65K	3.17K	4.65K	5.65K	5.79K	7.06K	5.77K	5.68K	105.57K
Depreciation	1.06K	1.07K	1.08K	1.10K	1.24K	1.15K	1.27K	878	1.39K	1.40K	23.74K
Extraordinary Items	-	-	-	-	-	-	-	-	-	-	-
Change Receivables	-	-	-	-	-	-	-200	-	1.42K	-2.65K	11.23K
Change To Inventory	-	-	-	-783	2.43K	-	-	-	-	-	1.65K
Change To Liabilities	-	-	-	-	-	-	2.38K	-	-80	-2.41K	-6.42K
Change To Net Income	-	-	-	-	-	-3.10K	-553	-1.72K	9	-1.41K	-996
ChangeToOperatingActivities	-	-	-	-	-	-732	-732	776	-80	-2.41K	-3.06K
Cash flows From Investing Activities	-	-	-	-	-	-18.85K	51.65K	9.76K	-74.55K	-88.19K	-192.19K
Capital Expenditures	-428	-397	-31	-301	-369	-265	-236	-36	-176	-180	-7.34K
Other Cashflows From Investing Activities	-56.72K	-475	2.19K	1	-	-1.69K	962	-1	5	6.00K	84.46K
Cash From Financing Activities	27.46K	-48.00K	-28.88K	63.99K	-16.75K	9.98K	-63.11K	-119.94K	-3.81K	-177.03K	114.30K
Net Borrowings	-	-	-	-	-	60.92K	60.92K	60.92K	-	-	275.20K
Sale Purchase Of Stock	559	-533	-26	19.27K	-	-	18	-	24	-	13.51K
Dividends Paid	1.77K	1.77K	1.77K	1.77K	-1.77K	1.77K	1.76K	1.60K	-1.60K	-1.60K	-905
Other Cashflows From Financing Activities	6.74K	-55.69K	-27.09K	42.26K	22.19K	11.76K	-61.34K	-118.34K	-2.22K	-175.44K	97.73K
Cash And Cash Equivalents Changes	-	-	-	-	-	-	-4.86K	-	-70.58K	-264.94K	70.86K
Totals		229	-104.46K	-44.22K	133.69K	12.20K	70.12K	329	-153.82K	-136.70K	-702.89K	-75.64K	224.58K	246.90K	595.82K	200.07K	9.99K	22.92K	131.47K	87.06K	59.04K	34.52K	17.78K	-20.62K	19.53K	-95.26K	86.21K	-39.90K	38.98K	11.99K	-113.50K	58.82K	40.39K	48.21K	-16.13K	-22.10K	39.37K	26.26K	-49.27K	-55.02K	58.13K	6.00K	-47.16K	102.73K	706.63K

&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014	Totals
	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014	Totals
Cash From Operating Activities	13.90K	22.68K	13.06K	9.25K	9.35K	11.76K	8.79K	5.29K	7.71K	7.71K	109.52K
Net Income	19.26K	23.44K	10.07K	7.98K	6.69K	8.47K	6.55K	5.75K	1.90K	1.90K	92.01K
Depreciation	4.77K	5.08K	4.40K	1.96K	1.20K	1.23K	1.25K	1.27K	1.15K	1.15K	23.46K
Extraordinary Items	-	-	-	-	-	-	-	-	-	-	-
Change Receivables	-	-	-2.60K	-	545	910	-509	-1.31K	194	10.33K	7.55K
Change To Inventory	863	-	-	-	-	-	-	-	-	-	863
Change To Liabilities	-	-	1.57K	-	-504	-415	-	-	-174	-6.50K	-6.02K
Change To Net Income	-	-4.26K	1.46K	1.22K	1.20K	1.29K	1.26K	39	512	94	2.82K
ChangeToOperatingActivities	-	-1.34K	1.57K	-951	-504	-415	241	-458	-174	-6.57K	-8.59K
Cash flows From Investing Activities	-	-167.20K	262.19K	-129.95K	-54.77K	-4.44K	-61.32K	-42.87K	-43.82K	-20.81K	-262.98K
Capital Expenditures	-1.17K	-546	-1.29K	-199	-189	-846	-463	-585	-803	-803	-6.90K
Other Cashflows From Investing Activities	-149.83K	-6.54K	153.31K	-1.38K	-3.87K	-100	-2.88K	-728	985	1.15K	-9.88K
Cash From Financing Activities	-5.88K	-324.19K	198.89K	136.31K	45.63K	-6.72K	32.30K	32.55K	27.13K	27.13K	163.15K
Net Borrowings	-	-	-42.58K	30.00K	30.00K	-34.09K	14.39K	-3.46K	5.16K	1.70K	1.12K
Sale Purchase Of Stock	-69.25K	-	30	-	-5	268	-	-1.26K	-262	-262	-70.74K
Dividends Paid	7.07K	6.39K	6.41K	3.25K	-3.14K	-2.47K	-1.39K	-1.09K	-742	-742	13.55K
Other Cashflows From Financing Activities	-65.31K	-317.80K	205.30K	139.55K	48.78K	-4.25K	33.68K	34.91K	28.14K	-20.81K	82.19K
Cash And Cash Equivalents Changes	-	-	474.14K	-	211	597	-20.22K	-5.03K	-10.58K	14.04K	453.16K
Totals		-245.56K	-764.27K	1.29M	197.03K	80.62K	-29.23K	11.70K	23.02K	16.33K	8.70K	584.29K

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