VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES 2026 FIRST QUARTER EARNINGS AND QUARTERLY DIVIDEND

VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES 2026 FIRST QUARTER EARNINGS AND QUARTERLY DIVIDEND , /PRNewswire/ -- Virginia National Bankshares Corporation (NASDAQ: VABK) (the "Company") today reported quarterly net income of $5.3 million, or $0.97 per diluted share, for the quarter ended March 31, 2026, compared to $4.5 million, or $0.83 per diluted share, recognized for the quarter ended March 31, 2025. The increase in 2026 year-to-date net income as compared to the prior year was primarily due to the cost of funds reduction of 19 basis points and reduced non-interest expense. Dividend Declaration On April 22, 2026, the Company's Board of Directors declared a quarterly cash dividend of $0.36 per share of common stock payable on May 29, 2026, to the holders of record at the close of business on May 13, 2026. The quarterly cash dividend implies an annualized dividend yield to shareholders of approximately 3.50% based on the closing price of the Company's common stock on April 21, 2026. President and Chief Executive Officer's comments: "Our strong performance in the first quarter of 2026 resulted in a 17.2% increase in net income over the first quarter of 2025. We continue to successfully implement financial strategies that enhance our operating efficiency," stated Glenn W. Rust, President and Chief Executive Officer. "Attention to pricing and continued vigilance toward asset quality augment our performance strategies. With our strong capital and liquidity positions, our lending and retail teams are able to work seamlessly to provide exceptional service to the communities we serve." Key Performance Indicators First quarter 2026 compared to first quarter 2025 Return on average assets improved to 1.30% from 1.12%.Return on average equity improved to 11.34% from 11.05%.Net interest margin (FTE)1 improved to 3.40% from 3.28%.Loan-to-deposit ratio increased to 86.7% from 86.6%.Efficiency ratio (FTE)1 improved to 56.6% from 62.4%. March 31, 2026 Balance Sheet Highlights Gross loans outstanding as of March 31, 2026 totaled $1.2 billion, a decrease of $4.8 million, or 0.4% compared to March 31, 2025. Gross loans outstanding at March 31, 2026 remained flat when compared to December 31, 2025. Securities balances declined $22.5 million from March 31, 2025 to March 31, 2026 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® (ICS) plans. Deposit balances held in ICS plans amounted to $187.3 million as of March 31, 2026, $200.4 million as of December 31, 2025 and $177.6 million as of March 31, 2025. Outstanding borrowings from the FHLB were $20.0 million as of March 31, 2026, December 31, 2025, and March 31, 2025.As of March 31, 2026, the Company had unused borrowing facilities in place of approximately $225.1 million and held no brokered deposits. 1 See "Reconciliation of Certain Quarterly Non-GAAP Financial Measures" at the end of this release. Loans and Asset Quality Credit performance remains strong with nonperforming assets as a percentage of total assets of 0.36% as of March 31, 2026, 0.56% as of December 31, 2025 and 0.31% as of March 31, 2025.Nonperforming assets amounted to $6.0 million as of March 31, 2026, compared to $9.2 million as of December 31, 2025, and $5.0 million as of March 31, 2025;Fourteen loans to twelve borrowers are in non-accrual status, totaling $2.1 million, as of March 31, 2026, compared to $2.2 million as of December 31, 2025 and $2.8 million as of March 31, 2025. Loans 90 days or more past due and still accruing interest amounted to $3.8 million as of March 31, 2026, compared to $7.0 million at December 31, 2025 and $2.3 million as of March 31, 2025. The past due balance as of March 31, 2026 is comprised of four loans totaling $3.7 million which are 100% government-guaranteed, and seven student loans totaling $92 thousand. The 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 0.64% as of March 31, 2026, and 0.67% as of December 31, 2025 and March 31, 2025. The change was primarily driven by an improvement in the economic forecast at March 31, 2026, compared to March 31, 2025, and December 31, 2025, as well as the migration of loans to pools requiring lower reserve rates such as loans moving from the construction pool to the permanent loan pools. The portfolio of government-guaranteed loans continues to be a significant driver controlling the ACL year-over-year. Balances in such loans are 100% government-guaranteed and do not require an ACL. For the three months ended March 31, 2026, the Company recorded a net recovery to the provision for credit losses of $336 thousand, primarily due to the aforementioned pool migrations. The reserve for unfunded commitments decreased by $55 thousand.  Net Interest Income - Quarterly Comparison Net interest income for the three months ended March 31, 2026 of $12.9 million increased $611 thousand, or 5.0%, compared to the three months ended March 31, 2025, predominantly due to decreased interest expense associated with deposit accounts and borrowings which offset decreased interest income earned on loans and federal funds sold. Net interest margin (FTE), (a non-GAAP financial measure)1, for the three months ended March 31, 2026 was 3.40%, compared to 3.28% for the three months ended March 31, 2025.The Bank's yield on loans was 5.53% for the three months ended March 31, 2026, compared to 5.60% for the prior year same period. The accretion of the fair value mark related to purchased loans positively impacted interest income by 11 bps in the first quarter of 2026, and 15 bps in the first quarter of 2025. The overall cost of funds, including noninterest-bearing deposits, of 1.68% incurred in the three months ended March 31, 2026 decreased 19 bps from 1.87% in the same period in the prior year. The cost of interest-bearing deposits decreased period over period by 20 bps, from a cost of 2.38% to 2.18%. The cost of borrowings from the FHLB decreased 94 bps from the first quarter of 2025 to the first quarter of 2026, from 4.83% to 3.89%. 1 See "Reconciliation of Certain Quarterly Non-GAAP Financial Measures" at the end of this release. Noninterest Income - Quarterly Comparison Noninterest income for the three months ended March 31, 2026 decreased $271 thousand, or 15.4%, compared to the three months ended March 31, 2025, primarily as a result of lower debit/credit card and ATM fees due to lower usage and reduced income from a gain on the sale of assets in 2025 compared to 2026. Noninterest Expense - Quarterly Comparison Noninterest expense for the three months ended March 31, 2026 decreased by $626 thousand, or 7.1%, compared to the three months ended March 31, 2025. The 2026 quarter reflected lower data processing costs resulting from the contract renewal negotiations which occurred in the fourth quarter of 2025.  Efficiency Ratio - Quarterly Comparison The Company's efficiency ratio (FTE)1 improved to 56.6% for the three months ended March 31, 2026 compared to 62.4% for the three months ended March 31, 2025, as the impact of increased net interest income (FTE)1 and decreased noninterest expense offset the decrease in noninterest income. Income Taxes - Quarterly Comparison The effective tax rates amounted to 19.5% and 16.7% for the three months ended March 31, 2026 and 2025, respectively. For each period, the effective income tax rate differed from the U.S. statutory rate of 21%. The effective tax rate fluctuations are attributable to changes in pretax earnings, low-income housing tax credits and the levels of permanent tax differences.  Book Value Book value per share increased to $34.39 as of March 31, 2026, compared to $30.93 as of March 31, 2025, and tangible book value per share (a non-GAAP financial measure)1 was $32.51 as of March 31, 2026 compared to $28.84 as of March 31, 2025. These values increased as net retained income increased and the impact of intangible assets declined due to the ongoing amortization of the Company's core deposit intangible asset. Dividends Cash dividends of $1.9 million, or $0.36 per share, were declared and paid during the first quarter of 2026. The remaining 63% of net income was retained. _____________________________________________________________________ 1 See "Reconciliation of Certain Quarterly Non-GAAP Financial Measures" at the end of this release. About Virginia National Bankshares Corporation Virginia National Bankshares Corporation, headquartered in Charlottesville, Virginia, is the bank holding company for Virginia National Bank. The Bank has seven banking offices throughout Fauquier and Prince William counties, four banking offices in Charlottesville and Albemarle County (including one limited-service banking facility), and banking offices in Winchester and Richmond, Virginia. The Bank offers a full range of banking and related financial services to meet the needs of individuals, businesses and charitable organizations, including the fiduciary services of VNB Trust and Estate Services. The Company's common stock trades on the Nasdaq Capital Market under the symbol "VABK." Additional information on the Company is also available at www.vnbcorp.com. Non-GAAP Financial Measures The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles ("GAAP") and prevailing practices in the banking industry. However, management uses certain non-GAAP measures to supplement the evaluation of the Company's performance. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company's core businesses. These non-GAAP disclosures should not be viewed as a substitute for, or more important than, operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of GAAP to non-GAAP measures are included at the end of this release. Forward-Looking Statements; Other Information Certain statements in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, statements with respect to the Company's operations, performance, future strategy and goals, and are often characterized by use of qualified words such as "expect," "believe," "estimate," "project," "anticipate," "intend," "will," "should," or words of similar meaning or other statements concerning the opinions or judgement of the Company and its management about future events. While Company management believes such statements to be reasonable, future events and predictions are subject to circumstances that are not within the control of the Company and its management. Actual results may differ materially from those included in the forward-looking statements due to a number of factors, including, without limitation, the effects of and changes in: inflation, interest rates, market and monetary fluctuations; liquidity and capital requirements; market disruptions including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, war and other military conflicts or other major events, the governmental and societal responses thereto, or the prospect of these events; changes, particularly declines, in general economic and market conditions in the local economies in which the Company operates, including the effects of declines in real estate values; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; the impact of changes in laws, regulations and guidance related to financial services including, but not limited to, taxes, banking, securities and insurance; changes in accounting principles, policies and guidelines; the financial condition of the Company's borrowers; the Company's ability to attract, hire, train and retain qualified employees; an increase in unemployment levels; competitive pressures on loan and deposit pricing and demand; fluctuation in asset quality; assumptions that underlie the Company's ACL; the value of securities held in the Company's investment portfolio; performance of assets under management; cybersecurity threats or attacks and the development and maintenance of reliable electronic systems; changes in technology and their impact on the marketing of new products and services and the acceptance of these products and services by new and existing customers; the willingness of customers to substitute competitors' products and services for the Company's products and services; the risks and uncertainties described from time to time in the Company's press releases and filings with the SEC; and the Company's performance in managing the risks involved in any of the foregoing. Many of these factors and additional risks and uncertainties are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and other reports filed from time to time by the Company with the Securities and Exchange Commission. These statements speak only as of the date made, and the Company does not undertake to update any forward-looking statements to reflect changes or events that may occur after this release. VIRGINIA NATIONAL BANKSHARES CORPORATION CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share data) March 31, 2026 December 31, 2025* (Unaudited) ASSETS Cash and due from banks $ 8,500 $ 5,798 Interest-bearing deposits in other banks 10,608 10,552 Federal funds sold 57,758 54,264 Securities: Available-for-sale (AFS), at fair value 240,424 247,992 Restricted securities, at cost 6,195 6,172 Total securities 246,619 254,164 Loans, net of deferred fees and costs 1,237,669 1,237,577 Allowance for credit losses (7,981) (8,270) Loans, net 1,229,688 1,229,307 Premises and equipment, net 11,660 11,687 Bank owned life insurance 41,621 41,302 Goodwill 7,768 7,768 Core deposit intangible, net 2,435 2,682 Right of use asset, net 5,925 6,297 Deferred tax asset, net 12,419 12,079 Accrued interest receivable and other assets 13,163 13,842 Total assets $ 1,648,164 $ 1,649,742 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Demand deposits: Noninterest-bearing $ 355,475 $ 362,322 Interest-bearing 279,470 308,295 Money market and savings deposit accounts 505,291 469,815 Certificates of deposit and other time deposits 286,492 291,299 Total deposits 1,426,728 1,431,731 Federal funds purchased - - Borrowings 20,000 20,000 Junior subordinated debt, net 3,566 3,554 Lease liability 5,835 6,192 Accrued interest payable and other liabilities 5,538 4,104 Total liabilities 1,461,667 1,465,581 Commitments and contingent liabilities Shareholders' equity: Preferred stock, $2.50 par value - - Common stock, $2.50 par value 13,393 13,327 Capital surplus 107,573 107,337 Retained earnings 97,475 94,165 Accumulated other comprehensive loss (31,944) (30,668) Total shareholders' equity 186,497 184,161 Total liabilities and shareholders' equity $ 1,648,164 $ 1,649,742 Common shares outstanding 5,422,513 5,393,140 Common shares authorized 10,000,000 10,000,000 Preferred shares outstanding - - Preferred shares authorized 2,000,000 2,000,000 * 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 March 31, 2026 March 31, 2025 Interest and dividend income: Loans, including fees $ 16,833 $ 17,033 Federal funds sold 494 184 Other interest-bearing deposits 35 43 Investment securities: Taxable 1,103 1,309 Tax exempt 322 323 Dividends 90 115 Total interest and dividend income 18,877 19,007 Interest expense: Demand deposits 71 69 Money market and savings deposits 3,053 3,003 Certificates and other time deposits 2,585 3,054 Borrowings 192 509 Federal funds purchased - 7 Junior subordinated debt 70 70 Total interest expense 5,971 6,712 Net interest income 12,906 12,295 Recovery of credit losses (336) (160) Net interest income after recovery of credit losses 13,242 12,455 Noninterest income: Wealth management fees 220 229 Deposit account fees 366 307 Debit/credit card and ATM fees 251 370 Bank owned life insurance income 319 293 Gains on sales of assets, net 5 278 Other 328 283 Total noninterest income 1,489 1,760 Noninterest expense: Salaries and employee benefits 3,999 3,936 Net occupancy 779 1,016 Equipment 186 186 Bank franchise tax 468 339 Computer software 214 256 Data processing 550 735 FDIC deposit insurance assessment 175 145 Marketing, advertising and promotion 267 254 Professional fees 348 256 Core deposit intangible amortization 247 295 Other 966 1,407 Total noninterest expense 8,199 8,825 Income before income taxes 6,532 5,390 Provision for income taxes 1,273 901 Net income $ 5,259 $ 4,489 Net income per common share, basic $ 0.97 $ 0.83 Net income per common share, diluted $ 0.97 $ 0.83 Weighted average common shares outstanding, basic 5,409,543 5,378,871 Weighted average common shares outstanding, diluted 5,443,437 5,402,936 VIRGINIA NATIONAL BANKSHARES CORPORATION FINANCIAL HIGHLIGHTS (dollars in thousands, except per share data) (Unaudited) At or for the three months ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Common Share Data: Net income $ 5,259 $ 5,958 $ 4,576 $ 4,238 $ 4,489 Net income per weighted average share, basic $ 0.97 $ 1.10 $ 0.85 $ 0.79 $ 0.83 Net income per weighted average share, diluted $ 0.97 $ 1.10 $ 0.84 $ 0.78 $ 0.83 Weighted average shares outstanding, basic 5,409,543 5,392,763 5,391,979 5,391,979 5,378,871 Weighted average shares outstanding, diluted 5,443,437 5,424,154 5,424,642 5,417,900 5,402,936 Actual shares outstanding 5,422,513 5,393,140 5,391,979 5,391,979 5,391,979 Tangible book value per share at period end 5 $ 32.51 $ 32.21 $ 30.90 $ 29.63 $ 28.84 Key Ratios: Return on average assets 1 1.30 % 1.45 % 1.12 % 1.05 % 1.12 % Return on average equity 1 11.34 % 13.04 % 10.48 % 10.05 % 11.05 % Net interest margin (FTE) 1, 2 3.40 % 3.50 % 3.43 % 3.40 % 3.28 % Efficiency ratio (FTE) 3 56.6 % 49.5 % 57.9 % 61.2 % 62.4 % Loan-to-deposit ratio 86.7 % 86.4 % 89.2 % 89.4 % 86.6 % Net Interest Income: Net interest income $ 12,906 $ 13,348 $ 13,072 $ 12,796 $ 12,295 Net interest income (FTE) 2 $ 12,991 $ 13,433 $ 13,158 $ 12,881 $ 12,381 Company Capital Ratios: Tier 1 leverage ratio 6 12.70 % 12.52 % 12.26 % 12.12 % 11.83 % Total risk-based capital ratio 6 20.80 % 20.42 % 20.15 % 19.46 % 18.92 % Assets and Asset Quality: Average earning assets $ 1,550,030 $ 1,521,387 $ 1,523,230 $ 1,521,345 $ 1,529,575 Average gross loans $ 1,233,478 $ 1,223,703 $ 1,230,805 $ 1,240,563 $ 1,233,520 Fair value mark on acquired loans $ 4,344 $ 4,754 $ 5,241 $ 5,724 $ 6,242 Allowance for credit losses on loans: Beginning of period $ 8,270 $ 8,510 $ 8,347 $ 8,328 $ 8,455 (Recovery of) provision for credit losses (281) (176) 253 90 (105) Charge-offs (93) (126) (146) (111) (70) Recoveries 85 62 56 40 48 Net recoveries (8) (64) (90) (71) (22) End of period $ 7,981 $ 8,270 $ 8,510 $ 8,347 $ 8,328 Non-accrual loans $ 2,147 $ 2,198 $ 2,568 $ 2,614 $ 2,764 Loans 90 days or more past due and still accruing 3,841 7,042 4,201 5,178 2,274 Total nonperforming assets (NPA)4 $ 5,988 $ 9,240 $ 6,769 $ 7,792 $ 5,038 NPA as a % of total assets 0.36 % 0.56 % 0.42 % 0.48 % 0.31 % NPA as a % of gross loans 0.48 % 0.75 % 0.55 % 0.63 % 0.41 % ACL to gross loans 0.64 % 0.67 % 0.69 % 0.67 % 0.67 % Non-accruing loans to gross loans 0.17 % 0.18 % 0.21 % 0.21 % 0.22 % Net charge-offs (recoveries) to average loans 1 0.00 % 0.02 % 0.03 % 0.02 % 0.01 % 1 Ratio is computed on an annualized basis. 2 The net interest margin and net interest income are reported on a fully tax-equivalent basis (FTE) basis, using a Federal income tax rate of 21%. This is a non-GAAP financial measure. Refer to the Reconciliation of Certain Non-GAAP Financial (FTE) Measures at the end of this release. 3 The efficiency ratio (FTE) is computed as a percentage of noninterest expense divided by the sum of net interest income (FTE) and noninterest income. This is a non-GAAP financial measure that management believes provides investors with important information regarding operational efficiency. Management believes such financial information is meaningful to the reader in understanding operating performance, but cautions that such information should not be viewed as a substitute for GAAP. Comparison of our efficiency ratio with those of other companies may not be possible because other companies may calculate them differently. Refer to the Reconciliation of Certain Non-GAAP Financial (FTE) Measures at the end of this release. 4 The Bank held no other real estate owned during any of the periods presented. 5 This is a non-GAAP financial measure. Refer to the Reconciliation of Certain Non-GAAP Financial (FTE) Measures at the end of this release. 6 All ratios at March 31, 2026 are estimates and subject to change pending regulatory filings. Ratios for prior periods are presented as filed. VIRGINIA NATIONAL BANKSHARES CORPORATION AVERAGE BALANCES, INCOME AND EXPENSES, YIELDS AND RATES (TAXABLE EQUIVALENT BASIS) (dollars in thousands) (Unaudited) For the three months ended March 31, 2026 March 31, 2025 Interest Interest Average Income/ Average Average Income/ Average Balance Expense Yield/Cost 4 Balance Expense Yield/Cost 4 ASSETS Interest Earning Assets: Securities: Taxable Securities and Dividends $ 189,171 $ 1,155 2.44 % $ 205,705 $ 1,424 2.77 % Tax Exempt Securities1 64,476 445 2.76 % 65,780 409 2.49 % Total Securities1 253,647 1,600 2.52 % 271,485 1,833 2.70 % Loans: Real Estate 943,746 13,920 5.98 % 946,762 13,386 5.73 % Commercial 264,065 2,502 3.84 % 253,559 3,091 4.94 % Consumer 25,667 411 6.49 % 33,199 556 6.79 % Total Loans 1,233,478 16,833 5.53 % 1,233,520 17,033 5.60 % Federal funds sold 54,666 494 3.66 % 16,876 184 4.42 % Other interest-bearing deposits 8,239 35 1.72 % 7,694 43 2.27 % Total Earning Assets 1,550,030 18,962 4.96 % 1,529,575 19,093 5.06 % Less: Allowance for Credit Losses (8,276) (8,494) Total Non-Earning Assets 99,865 108,278 Total Assets $ 1,641,619 $ 1,629,359 LIABILITIES AND SHAREHOLDERS' EQUITY Interest Bearing Liabilities: Interest Bearing Deposits: Interest Checking $ 284,630 $ 71 0.10 % $ 274,777 $ 69 0.10 % Money Market and Savings Deposits 487,740 3,053 2.54 % 464,405 3,003 2.62 % Time Deposits 291,446 2,585 3.60 % 306,331 3,054 4.04 % Total Interest-Bearing Deposits 1,063,816 5,709 2.18 % 1,045,513 6,126 2.38 % Borrowings 20,000 192 3.89 % 42,765 509 4.83 % Federal funds purchased - - 0.00 % 558 7 5.09 % Junior subordinated debt 3,558 70 7.98 % 3,511 70 8.09 % Total Interest-Bearing Liabilities 1,087,374 5,971 2.23 % 1,092,347 6,712 2.49 % Non-Interest-Bearing Liabilities: Demand deposits 355,209 362,354 Other liabilities 10,949 9,872 Total Liabilities 1,453,532 1,464,573 Shareholders' Equity 188,087 164,786 Total Liabilities & Shareholders' Equity $ 1,641,619 $ 1,629,359 Net Interest Income (FTE)3 $ 12,991 $ 12,381 Interest Rate Spread2 2.73 % 2.57 % Cost of Funds 1.68 % 1.87 % Interest Expense as a Percentage of Average Earning Assets4 1.56 % 1.78 % Net Interest Margin (FTE) 3, 4 3.40 % 3.28 % 1 Tax-exempt income for investment securities has been adjusted to a fully tax-equivalent basis (FTE), using a Federal income tax rate of 21%. Refer to the Reconcilement of Certain Non-GAAP Measures table at the end of this release. 2 Interest spread is the average yield earned on earning assets less the average rate paid on interest-bearing liabilities. 3 Net interest margin (FTE) is net interest income expressed as a percentage of average earning assets. This is a non-GAAP financial measure. Refer to the Reconciliation of Certain Non-GAAP Financial (FTE) Measures at the end of this release. 4 Ratio is computed on an annualized basis. 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 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Fully tax-equivalent measures Net interest income $ 12,906 $ 13,348 $ 13,072 $ 12,796 $ 12,295 Fully tax-equivalent adjustment 85 85 86 85 86 Net interest income (FTE)1 $ 12,991 $ 13,433 $ 13,158 $ 12,881 $ 12,381 Efficiency ratio2 57.0 % 49.8 % 58.3 % 61.5 % 62.8 % Fully tax-equivalent adjustment (0.4) -0.3 % -0.4 % -0.3 % -0.4 % Efficiency ratio (FTE) 3 56.6 % 49.5 % 57.9 % 61.2 % 62.4 % Net interest margin 3.38 % 3.48 % 3.40 % 3.37 % 3.26 % Fully tax-equivalent adjustment 0.02 % 0.02 % 0.03 % 0.03 % 0.02 % Net interest margin (FTE)1 3.40 % 3.50 % 3.43 % 3.40 % 3.28 % As of March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Other financial measures Book value per share $ 34.39 $ 34.15 $ 32.89 $ 31.67 $ 30.93 Impact of intangible assets4 (1.88) (1.94) (1.99) (2.04) (2.09) Tangible book value per share (non- GAAP) $ 32.51 $ 32.21 $ 30.90 $ 29.63 $ 28.84 1 FTE calculations use a Federal income tax rate of 21%. 2 The efficiency ratio, GAAP basis, is computed by dividing noninterest expense by the sum of net interest income and noninterest income. 3 The efficiency ratio, FTE, is computed by dividing noninterest expense by the sum of net interest income (FTE) and noninterest income. 4 Intangible assets include goodwill and core deposit intangible assets, net of accumulated amortization, for all periods presented. View original content to download multimedia:https://www.prnewswire.com/news-releases/virginia-national-bankshares-corporation-announces-2026-first-quarter-earnings-and-quarterly-dividend-302751038.html SOURCE Virginia National Bankshares Corporation