---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-013179"
form_type: "8-K"
ticker: "VABK"
cik: "0001572334"
company_name: "Virginia National Bankshares Corp"
filed_at: "2023-04-18T23:59:59+00:00"
generated_at: "2026-06-17T00:43:37.890854+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Virginia National Bank posts Q1 net income $5.8M, EPS $1.08, up 18% YoY

## Summary
- Net income $5.8M ($1.08 diluted) vs $4.9M ($0.92) prior year; ROAA 1.48% vs 1.03%.
- Efficiency ratio improved to 56.2% from 62.0%; cost synergies from Fauquier merger continue.
- Adopted CECL Jan 1, 2023: retained earnings reduced $1.9M, ACL up $2.5M; recorded $248K recovery in Q1.
- No brokered deposits; ICS deposits $126.4M, stable from Q4 2022.
- Headcount reduced from 215 (post-merger) to 154; two branches closed in Q4 2022.

## SEC filing metadata
- accession: 0000950170-23-013179
- form_type: 8-K
- ticker: VABK
- cik: 0001572334
- company_name: Virginia National Bankshares Corp
- filed_at: 2023-04-18T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1572334/000095017023013179/0000950170-23-013179-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1572334/000095017023013179/vabk-20230418.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-013179
- JSON: https://secwatch.observer/filing/0000950170-23-013179.json
- Plain text: https://secwatch.observer/filing/0000950170-23-013179.txt

## Key facts
- Earnings Releases
  Virginia National Bankshares Corp reported the quarter ended March 31, 2023 results: net income $5.8 million, EPS $1.08 per diluted share.
  - Period: the quarter ended March 31, 2023
  - Net income: $5.8 million
  - EPS: $1.08 per diluted share
  - Result: reported results
  source text: Virginia National Bankshares Corporation (NASDAQ: VABK) (the “Company”) today reported quarterly net income of $5.8 million, or $1.08 per diluted share, for the quarter ended March 31, 2023
  evidence_url: https://www.sec.gov/Archives/edgar/data/1572334/000095017023013179/0000950170-23-013179-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.