Exhibit 99.1 FOR IMMEDIATE RELEASE INVESTOR RELATIONS CONTACT: Tara Y. Harrison (434) 817-8587 VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES 2024 FIRST QUARTER EARNINGS Charlottesville, VA – April 23, 2024 - Virginia National Bankshares Corporation (NASDAQ: VABK) (the "Company") today reported quarterly net income of $3.6 million, or $0.68 per diluted share, for the quarter ended March 31, 2024, compared to $3.2 million, or $0.59 per diluted share, recognized for the quarter ended December 31, 2023 and ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-40305 VIRGINIA NATIONAL BANKSHARES CORPORATION (Exact name of Registrant as specified in its Charter) Virginia 46-2331578 (State or o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 001-40305 FORM 10-Q VIRGINIA NATIONAL BANKSHARES CORPORATION (Exact Name of Registrant as Specified in its Charter) Virginia 46-2331578 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended S ...

[Part I. Financial Information](index=4&type=section&id=Part%20I.%20Financial%20Information) [Item 1. Financial Statements](index=4&type=section&id=Item%201%20Financial%20Statements) The unaudited statements present the company's financial position, operations, and cash flows, reflecting the adoption of the CECL accounting standard - The company adopted the new **CECL accounting standard (ASC 326)** on January 1, 2023, replacing the incurred loss methodology with an expected loss model[30](index=30&type=chunk) - The adoption of CECL increased the Allowance for Credit Losses (ACL) by **$2.5 million** and resulted in a net decrease to opening retained earnings of **$1.9 million**[32](index=32&type=chunk) [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased to $1.58 billion as of June 30, 2023, driven by a reduction in deposits, while net loans and shareholders' equity increased Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$1,584,088** | **$1,623,359** | | Loans, net | $965,485 | $930,863 | | Securities Available for Sale | $473,868 | $538,186 | | **Total Liabilities** | **$1,441,649** | **$1,489,943** | | Total Deposits | $1,348,076 | $1,478,338 | | Short-term borrowings | $59,666 | $0 | | **Total Shareholders' Equity** | **$142,439** | **$133,416** | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Net income for Q2 2023 remained stable at $5.7 million, as higher net interest income was offset by lower noninterest income Quarterly Income Statement Highlights (in thousands) | Metric | Q2 2023 | Q2 2022 | | :--- | :--- | :--- | | Net Interest Income | $13,703 | $12,461 | | Provision for Credit Losses | $261 | ($217) | | Noninterest Income | $2,045 | $3,646 | | Noninterest Expense | $8,564 | $9,442 | | **Net Income** | **$5,651** | **$5,685** | | **Diluted EPS** | **$1.05** | **$1.06** | Six-Month Income Statement Highlights (in thousands) | Metric | H1 2023 | H1 2022 | | :--- | :--- | :--- | | Net Interest Income | $27,116 | $23,886 | | Provision for Credit Losses | $13 | ($69) | | Noninterest Income | $4,321 | $8,433 | | Noninterest Expense | $17,425 | $19,537 | | **Net Income** | **$11,442** | **$10,609** | | **Diluted EPS** | **$2.13** | **$1.98** | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash and cash equivalents decreased by $10.2 million in H1 2023, as cash used in financing outpaced cash provided by operations and investments Six-Month Cash Flow Summary (in thousands) | Activity | H1 2023 | H1 2022 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $10,117 | $9,666 | | Net Cash from Investing Activities | $32,808 | ($102,406) | | Net Cash from Financing Activities | ($53,122) | ($200,433) | | **Net Decrease in Cash** | **($10,197)** | **($293,173)** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the adoption of CECL, the composition of the securities and loan portfolios, and confirm the Bank segment as the primary profit driver - The company's reportable segments are Bank, VNB Trust & Estate Services, and Masonry Capital, with the Bank segment being the primary source of income[131](index=131&type=chunk) - The fair value of the Available-for-Sale securities portfolio was **$473.9 million**, with gross unrealized losses of **$58.2 million** deemed temporary and not credit-related[49](index=49&type=chunk)[53](index=53&type=chunk) - Total loans stood at **$973.3 million** with strong credit quality, as nonaccrual loans were **$1.2 million**, or 0.12% of total loans[61](index=61&type=chunk)[63](index=63&type=chunk)[156](index=156&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%202%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Total assets declined to $1.6 billion due to a strategic deposit decrease, while the loan portfolio grew, net interest margin expanded, and expenses fell Key Performance Ratios | Metric | Q2 2023 | Q2 2022 | | :--- | :--- | :--- | | ROAA | 1.46% | 1.27% | | ROAE | 15.98% | 16.20% | | Net Income per Diluted Share | $1.05 | $1.06 | - Total assets decreased by **2.4%** from year-end 2022, a result of an expected decline in deposit balances following a strategic decision on deposit rates[144](index=144&type=chunk) - The company's capital ratios as of June 30, 2023, significantly exceed "well capitalized" minimums, with a Common Equity Tier 1 ratio of **17.97%** and a Total Capital ratio of **18.80%**[185](index=185&type=chunk) [Financial Condition](index=39&type=section&id=Financial%20Condition) Assets stood at $1.6 billion, down 2.4% from year-end due to deposit outflows, which were used to fund loan growth while maintaining strong asset quality - Total loans increased by **$36.9 million (3.9%)** since December 31, 2022, reaching **$973.3 million**[153](index=153&type=chunk) - Total deposits decreased by **$130.3 million** to **$1.3 billion**, an expected result of a strategic decision to lag increases in deposit rates[171](index=171&type=chunk) - As of June 30, 2023, estimated uninsured deposits were **$311.6 million**, representing **23.1%** of total deposits[175](index=175&type=chunk) Allowance for Credit Losses (ACL) Ratios | Ratio | June 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | ACL to total loans | 0.81% | 0.59% | | Nonaccrual loans to total loans | 0.12% | 0.07% | | ACL to nonaccrual loans | 663.54% | 824.96% | [Results of Operations](index=46&type=section&id=Results%20of%20Operations) Q2 2023 net income was stable at $5.7 million, as a significant expansion in net interest margin was offset by lower noninterest income Net Interest Margin (FTE) Analysis | Metric | Q2 2023 | Q2 2022 | | :--- | :--- | :--- | | Net Interest Income (FTE) | $13,789 | $12,543 | | Average Earning Assets | $1,443,048 | $1,668,471 | | **Net Interest Margin (FTE)** | **3.83%** | **3.02%** | - Noninterest income for Q2 2023 was **$2.0 million**, a **43.9% decrease** from Q2 2022, primarily due to prior-year gains on property sales[209](index=209&type=chunk) - Noninterest expense for Q2 2023 decreased by **9.3%** to **$8.6 million** compared to Q2 2022, mainly due to efficiencies gained from the prior merger[211](index=211&type=chunk) - The efficiency ratio (FTE) improved to **54.1%** for Q2 2023 from 58.3% in Q2 2022, reflecting higher net interest income and lower noninterest expenses[214](index=214&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company has indicated that this section is not required for this filing - Disclosure for this item is not required[217](index=217&type=chunk) [Controls and Procedures](index=53&type=section&id=Item%204%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of June 30, 2023[219](index=219&type=chunk) - No changes occurred in the company's internal control over financial reporting during the second quarter of 2023 that have materially affected these controls[219](index=219&type=chunk) [Part II. Other Information](index=53&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=53&type=section&id=Item%201%20Legal%20Proceedings) The company reported no legal proceedings during the period - There are no legal proceedings to report[221](index=221&type=chunk) [Risk Factors](index=53&type=section&id=Item%201A%20Risk%20Factors) No material changes were reported to the risk factors previously disclosed in the company's 2022 Annual Report on Form 10-K - No material changes have occurred in the risk factors described in the Company's Form 10-K for the year ended December 31, 2022[221](index=221&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=53&type=section&id=Item%202%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds during the period - There were no unregistered sales of equity securities and use of proceeds to report[222](index=222&type=chunk) [Other Information](index=54&type=section&id=Item%205%20Other%20Information) The company reported no other significant information required to be disclosed under this item - There were no disclosures required under Item 5 for the period[223](index=223&type=chunk) [Exhibits](index=54&type=section&id=Item%206%20Exhibits) The report lists filed exhibits, including CEO/CFO certifications and financial statements formatted in Inline XBRL - Filed exhibits include Section 302 and 906 certifications by the Principal Executive Officer and Principal Financial Officer[224](index=224&type=chunk)[225](index=225&type=chunk) - Financial statements and notes are provided in Inline eXtensible Business Reporting Language (iXBRL) format as Exhibit 101[226](index=226&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 001-40305 VIRGINIA NATIONAL BANKSHARES CORPORATION (Exact Name of Registrant as Specified in its Charter) Vir ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-40305 VIRGINIA NATIONAL BANKSHARES CORPORATION (Exact name of Registrant as specified in its Charter) | Virginia | 46-2331578 | | --- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q VIRGINIA NATIONAL BANKSHARES CORPORATION (Exact Name of Registrant as Specified in its Charter) Virginia 46-2331578 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 404 People Place Charlottesville, Virginia 22911 (Address of principal executive offices) (Zip Code) (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarte ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 001-40305 VIRGINIA NATIONAL BANKSHARES CORPORATION (Exact Name of Registrant as Specified in its Charter) Virg ...

Part I. Financial Information [Financial Statements](index=4&type=section&id=Item%201%20Financial%20Statements) This section presents the unaudited Consolidated Financial Statements for Q1 2022, including Balance Sheets, Income, Comprehensive Loss, Equity, and Cash Flows, with detailed notes on accounting policies and the Fauquier merger [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased slightly to **$1.94 billion** as of March 31, 2022, from **$1.97 billion** at year-end 2021, primarily due to reduced net loans, while shareholders' equity declined to **$146.0 million** due to increased comprehensive loss Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2022 (Unaudited) | December 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$1,935,207** | **$1,972,184** | | Loans, net | $1,001,128 | $1,055,227 | | Securities | $346,498 | $308,767 | | Total Deposits | $1,774,348 | $1,796,170 | | **Total Liabilities** | **$1,789,188** | **$1,810,197** | | **Total Shareholders' Equity** | **$146,019** | **$161,987** | | Accumulated other comprehensive loss | ($21,641) | ($2,211) | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Net income for Q1 2022 significantly increased to **$4.9 million** from **$1.5 million** year-over-year, driven by higher net interest income and a **$2.4 million** one-time payment from a commercial dispute resolution Quarterly Income Statement Highlights (in thousands, except per share data) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net Interest Income | $11,425 | $5,974 | | Provision for loan losses | $148 | $351 | | Total Noninterest Income | $4,787 | $1,039 | | - Resolution of commercial dispute | $2,400 | - | | Total Noninterest Expense | $10,095 | $4,781 | | **Net Income** | **$4,924** | **$1,505** | | **Net Income per common share, diluted** | **$0.92** | **$0.55** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes detail significant accounting policies, the **April 2021 merger with Fauquier Bankshares, Inc.**, and specifics on securities, loan portfolios, ALLL methodology, goodwill, intangible assets, and fair value measurements - On April 1, 2021, the Company completed its merger with Fauquier Bankshares, Inc. for **$78.0 million**, recording **$7.8 million** in goodwill and **$9.7 million** in core deposit intangibles[20](index=20&type=chunk)[31](index=31&type=chunk)[35](index=35&type=chunk) - The Company will adopt the new Current Expected Credit Losses (CECL) standard on **January 1, 2023**, expecting significant changes to financial statements, including the allowance for credit losses (ACL)[25](index=25&type=chunk) - The company is assessing the impact of ASU 2020-04 to facilitate the transition away from LIBOR for impacted loans[28](index=28&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2022 financial performance, highlighting significant year-over-year growth driven by the **April 2021 Fauquier merger**, covering changes in financial condition, results of operations, and the impact of COVID-19 - The **April 1, 2021, merger with Fauquier Bankshares, Inc.** is the primary driver of year-over-year changes in financial condition and results of operations[151](index=151&type=chunk) - Key financial performance measures significantly improved in Q1 2022: **ROAA increased to 1.03% from 0.68%**, **ROAE rose to 12.53% from 7.40%**, and **diluted EPS grew to $0.92 from $0.55**[161](index=161&type=chunk) - While economic recovery signs are encouraging post-COVID-19, risks from inflation, labor markets, and supply chain disruptions persist, with negligible pandemic-related loan deferrals as of March 31, 2022[157](index=157&type=chunk)[159](index=159&type=chunk) [Financial Condition](index=37&type=section&id=Financial%20Condition) Total assets were **$1.9 billion** as of March 31, 2022, a **110.7% increase** year-over-year due to the Fauquier acquisition, while total loans decreased to **$1.0 billion**, and the company maintained strong capital ratios exceeding 'well capitalized' minimums Loan Portfolio Composition (in thousands) | Loan Type | March 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Commercial loans | $88,858 | $96,696 | | Real estate mortgage | $867,422 | $911,111 | | Consumer | $50,682 | $53,404 | | **Total loans** | **$1,006,962** | **$1,061,211** | Allowance for Loan Losses (ALLL) Ratios | Ratio | March 31, 2022 | Dec 31, 2021 | March 31, 2021 | | :--- | :--- | :--- | :--- | | ALLL to total loans | 0.58% | 0.56% | 0.90% | | Nonaccrual loans to total loans | 0.05% | 0.05% | 0.00% | - The ALLL to total loans ratio decreased from **0.90% to 0.58%** year-over-year, as Fauquier acquisition loans were recorded at fair value without carrying over Fauquier's existing ALLL[184](index=184&type=chunk) - The company's capital ratios significantly exceeded minimum requirements as of March 31, 2022, with a **Common Equity Tier 1 ratio of 15.09%** and a **Total Capital ratio of 15.66%**[204](index=204&type=chunk) [Results of Operations](index=44&type=section&id=Results%20of%20Operations) Net income for Q1 2022 surged to **$4.9 million**, a **227% increase** year-over-year, driven by a **$5.5 million** rise in net interest income and a **$2.4 million** one-time payment, despite a **111.1%** increase in noninterest expense Noninterest Income Breakdown (in thousands) | Category | Q1 2022 | Q1 2021 | Variance % | | :--- | :--- | :--- | :--- | | Wealth management fees | $557 | $329 | 69.3% | | Deposit account fees | $465 | $160 | 190.6% | | Debit/credit card and ATM fees | $707 | $154 | 359.1% | | Resolution of commercial dispute | $2,400 | $0 | N/A | | **Total Noninterest Income** | **$4,787** | **$1,039** | **360.7%** | Noninterest Expense Breakdown (in thousands) | Category | Q1 2022 | Q1 2021 | Variance % | | :--- | :--- | :--- | :--- | | Salaries and employee benefits | $4,731 | $2,402 | 97.0% | | Net occupancy | $1,197 | $495 | 141.8% | | Data processing | $738 | $289 | 155.4% | | Core deposit intangible amortization | $439 | $0 | N/A | | **Total Noninterest Expense** | **$10,095** | **$4,781** | **111.1%** | - Net interest margin (FTE) decreased by **24 basis points** to **2.59%** for Q1 2022 from **2.83%** in Q1 2021[211](index=211&type=chunk) - A provision for loan losses of **$148 thousand** was recorded in Q1 2022, compared to **$351 thousand** in Q1 2021[218](index=218&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=48&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not required for the registrant's filing - Quantitative and Qualitative Disclosures About Market Risk are not required for this report[225](index=225&type=chunk) [Controls and Procedures](index=49&type=section&id=Item%204%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of **March 31, 2022**[228](index=228&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter[228](index=228&type=chunk) Part II. Other Information [Legal Proceedings](index=49&type=section&id=Item%201%20Legal%20Proceedings) The company reports no legal proceedings for the period - There are no legal proceedings to report[229](index=229&type=chunk) [Risk Factors](index=49&type=section&id=Item%201A%20Risk%20Factors) No material changes to risk factors have occurred since the 2021 Form 10-K filing - No material changes to risk factors have occurred since the filing of the **2021 Form 10-K**[229](index=229&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=49&type=section&id=Item%202%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities or use of proceeds for the period - None reported[230](index=230&type=chunk) [Exhibits](index=50&type=section&id=Item%206%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL financial statements - Exhibits filed include **CEO and CFO certifications** under Sarbanes-Oxley Sections 302 and 906, and financial data in **Inline XBRL format**[231](index=231&type=chunk)[232](index=232&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-40305 VIRGINIA NATIONAL BANKSHARES CORPORATION (Exact name of Registrant as specified in its Charter) Virginia 46-2331578 (State or o ...