secwatch.observer — SEC 8-K summary
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Issuer:     Virginia National Bankshares Corp (VABK)
CIK:        0001572334
Form:       8-K
Filed at:   2023-04-18T23:59:59+00:00
Accession:  0000950170-23-013179
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1572334/000095017023013179/0000950170-23-013179-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1572334/000095017023013179/vabk-20230418.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-013179

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