Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 ☐ 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: 0-50765 VILLAGE BANK AND TRUST FINANCIAL CORP. (Exact name of registrant as specified in its charter) (State or ot ...

Part I – Financial Information [**Financial Statements**](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for Village Bank and Trust Financial Corp. for Q1 2022, covering Balance Sheets, Income, Comprehensive Income, Equity, and Cash Flows [**Consolidated Balance Sheets**](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to **$764.4 million**, liabilities to **$702.9 million**, and equity decreased to **$61.5 million** in Q1 2022 Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$764,417** | **$748,401** | | Total cash and cash equivalents | $68,484 | $92,616 | | Investment securities available for sale | $139,866 | $94,699 | | Total loans, net | $515,361 | $522,601 | | **Total Liabilities** | **$702,937** | **$685,000** | | Total deposits | $683,673 | $664,048 | | **Total Shareholders' Equity** | **$61,480** | **$63,401** | [**Consolidated Statements of Income**](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Net income for Q1 2022 decreased to **$1.8 million** from **$3.9 million** in Q1 2021, primarily due to a **$2.6 million** drop in mortgage banking income Q1 2022 vs Q1 2021 Income Statement (in thousands, except per share data) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net Interest Income | $5,861 | $6,376 | | Provision for (recovery of) loan losses | ($400) | $0 | | Total Noninterest Income | $1,628 | $4,170 | | *Mortgage banking income, net* | *$878* | *$3,491* | | Total Noninterest Expense | $5,682 | $5,513 | | **Net Income** | **$1,800** | **$3,897** | | **Earnings per share, diluted** | **$1.24** | **$2.66** | [**Consolidated Statements of Comprehensive Income (Loss)**](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) The company experienced a total comprehensive loss of **$1.8 million** for Q1 2022, primarily due to a **$3.6 million** net change in unrealized holding losses on securities Comprehensive Income (Loss) Summary (in thousands) | Item | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net Income | $1,800 | $3,897 | | Total other comprehensive loss | ($3,605) | ($440) | | **Total comprehensive income (loss)** | **($1,805)** | **$3,457** | [**Consolidated Statements of Shareholders' Equity**](index=6&type=section&id=Consolidated%20Statements%20of%20Shareholders'%20Equity) Shareholders' equity decreased to **$61.5 million** at March 31, 2022, mainly due to a **$3.6 million** other comprehensive loss offsetting net income - Key changes in shareholders' equity for Q1 2022 include net income of **$1.8 million**, other comprehensive loss of **$3.6 million**, and cash dividends of **$206,000**[18](index=18&type=chunk) [**Consolidated Statements of Cash Flows**](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was **$1.3 million** in Q1 2022, a significant shift from **$20.8 million** provided in Q1 2021, largely due to lower proceeds from mortgage loan sales Cash Flow Summary (in thousands) | Activity | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | ($1,339) | $20,757 | | Net cash used in investing activities | ($42,212) | ($36,567) | | Net cash provided by financing activities | $19,419 | $7,281 | | **Net decrease in cash and cash equivalents** | **($24,132)** | **($8,529)** | [**Notes to Consolidated Financial Statements**](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed disclosures supporting the financial statements, covering investment securities, loan portfolio, deposits, borrowings, fair value, segments, and regulatory capital - Investment securities available for sale increased to **$139.9 million** at March 31, 2022, from **$94.7 million** at year-end 2021. Gross unrealized losses increased significantly to **$5.6 million** from **$1.3 million**, attributed to rising interest rates[29](index=29&type=chunk) - Total loans decreased slightly to **$518.6 million**. PPP loans, included in commercial and industrial loans, decreased to **$17.0 million** from **$32.6 million** at year-end 2021[34](index=34&type=chunk)[35](index=35&type=chunk) - The company has two reportable segments: Commercial Banking and Mortgage Banking. For Q1 2022, the Commercial Banking segment reported net income of **$2.0 million**, while the Mortgage Banking segment reported a net loss of **$199,000**[87](index=87&type=chunk)[90](index=90&type=chunk) - As of March 31, 2022, the Bank exceeded all minimum capital ratios to be classified as well capitalized under regulatory standards, with a Total capital to risk-weighted assets ratio of **14.69%**[95](index=95&type=chunk)[99](index=99&type=chunk) [**Management's Discussion and Analysis of Financial Condition and Results of Operations**](index=39&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2022 financial performance, highlighting a decrease in net income to **$1.8 million** due to lower mortgage banking income and compressed net interest margin [**Results of Operations**](index=40&type=section&id=Results%20of%20operations) Q1 2022 net income was **$1.8 million**, down from **$3.9 million** in Q1 2021, primarily due to a **$2.6 million** drop in mortgage banking income and compressed net interest margin Key Performance Indicators - Q1 2022 vs Q1 2021 | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net Income (in thousands) | $1,800 | $3,897 | | Diluted EPS | $1.24 | $2.66 | | Net Interest Margin (NIM) | 3.36% | 3.92% | | Mortgage Banking Income, net (in thousands) | $878 | $3,491 | | Provision for (recovery of) loan losses (in thousands) | ($400) | $0 | - The compression in Net Interest Margin (NIM) was driven by reduced SBA PPP fee income (**$0.54 million** in Q1 2022 vs. **$1.89 million** in Q1 2021) and an increase in lower-yielding liquid assets on the balance sheet[129](index=129&type=chunk) - The decrease in noninterest income was almost entirely due to a **$2.6 million** decline in mortgage banking income, resulting from decreased loan originations and sales amid rising mortgage rates and low housing inventory[139](index=139&type=chunk) [**Balance Sheet Analysis**](index=44&type=section&id=Balance%20Sheet%20Analysis) Total assets grew to **$764.4 million**, with stable loan portfolio composition, strong asset quality, and a **3.0%** increase in total deposits since year-end 2021 - Approximately **78.9%** of all loans are secured by real property, primarily in Virginia. The commercial and industrial loan portfolio represents **15.6%** of all loans[146](index=146&type=chunk) Asset Quality Metrics | Metric | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Nonperforming assets | $1,307 | $1,359 | | Nonperforming assets to total assets | 0.17% | 0.18% | | Allowance for loan losses to Loans | 0.66% | 0.65% | - Total deposits increased by **$19.6 million** (**3.0%**) from Dec 31, 2021, with noninterest bearing demand accounts growing by **$11.0 million** and now representing **40.9%** of total deposits[156](index=156&type=chunk)[159](index=159&type=chunk) [**Capital Resources**](index=53&type=section&id=Capital%20resources) Shareholders' equity decreased to **$61.5 million** due to unrealized losses on securities, but the Bank remains well-capitalized with strong regulatory capital ratios - The **$1.9 million** decrease in shareholders' equity was primarily due to a **$3.6 million** increase in accumulated other comprehensive loss from unrealized holding losses on securities, which was partially offset by **$1.8 million** in net income[164](index=164&type=chunk) Bank Regulatory Capital Ratios | Ratio | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Leverage ratio | 10.13% | 9.86% | | Common equity tier 1 capital ratio | 14.07% | 14.01% | | Total capital to risk-weighted assets | 14.69% | 14.66% | [**Liquidity**](index=54&type=section&id=Liquidity) The company maintains a strong liquidity position with **$208.4 million** in liquid assets and access to additional funding sources like FHLB and federal funds lines - Liquid assets totaled **$208.4 million**, or **27.3%** of total assets, at March 31, 2022[169](index=169&type=chunk) - The company has unused borrowing capacity of **$23.4 million** from the FHLB and maintains two federal funds lines of credit totaling **$15 million**[170](index=170&type=chunk)[171](index=171&type=chunk) - Commitments to originate loans totaled **$122.3 million** as of March 31, 2022[173](index=173&type=chunk) [**Quantitative and Qualitative Disclosures About Market Risk**](index=58&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This item is not applicable for this reporting period - Not Applicable[180](index=180&type=chunk) [**Controls and Procedures**](index=58&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of March 31, 2022, with no material changes in internal control - The CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of March 31, 2022[181](index=181&type=chunk) - No changes in internal control over financial reporting occurred during the last fiscal quarter that materially affected, or are reasonably likely to materially affect, these controls[182](index=182&type=chunk) Part II – Other Information This section covers other information including legal proceedings, risk factors, and exhibits [**Legal Proceedings**](index=59&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no material pending legal proceedings to which it is a party or to which its property is subject - There are no material pending legal proceedings involving the Company[185](index=185&type=chunk) [**Risk Factors**](index=59&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the Company's Annual Report on Form 10-K for 2021 - No material changes to risk factors from the 2021 Form 10-K have been reported[186](index=186&type=chunk) [**Unregistered Sales of Equity Securities and Use of Proceeds**](index=59&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This item is not applicable for this reporting period - Not applicable[187](index=187&type=chunk) [**Defaults Upon Senior Securities**](index=59&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable for this reporting period - Not applicable[188](index=188&type=chunk) [**Mine Safety Disclosures**](index=59&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company reports no mine safety disclosures to be made - None[189](index=189&type=chunk) [**Other Information**](index=59&type=section&id=Item%205.%20Other%20Information) This item is not applicable for this reporting period - Not applicable[190](index=190&type=chunk) [**Exhibits**](index=59&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL documents - Exhibits filed include CEO/CFO certifications and XBRL data files[192](index=192&type=chunk)

Part I [Business](index=3&type=section&id=Item%201.%20Business) Village Bank and Trust Financial Corp. provides commercial and mortgage banking services in Virginia, focusing on local relationships and risk management within a highly regulated and competitive market - The company operates through traditional commercial banking and mortgage banking segments, with the Bank generating **$30.0 million** and the Mortgage Company **$13.0 million** in revenue in 2021[15](index=15&type=chunk)[16](index=16&type=chunk) - The business strategy focuses on building full-service banking relationships, growing mortgage profitability, maintaining a strong balance sheet, achieving risk management excellence, and being an employer of choice[17](index=17&type=chunk)[19](index=19&type=chunk) - Headquartered in Chesterfield County, the company serves Central Virginia via nine full-service branches and one mortgage loan production office[22](index=22&type=chunk) - As a bank holding company, it is regulated by the Federal Reserve and the Virginia Bureau of Financial Institutions (BFI), with the Bank also regulated by the FDIC[32](index=32&type=chunk) Deposit Market Share (as of June 30, 2021) | County/Area | Deposit Market Share | | :--- | :--- | | Chesterfield County | 4.75% | | Hanover County | 4.98% | | Powhatan County | 10.20% | | Richmond MSA | 0.49% | | Henrico County | 1.89% | | James City County | 0.69% | [Risk Factors](index=25&type=section&id=Item%201A.%20Risk%20Factors) The company faces key risks including COVID-19 impacts, credit concentration in real estate, interest rate fluctuations, operational challenges from competition and technology, regulatory compliance costs, and common stock-related issues - Lending risks are significant, with **75.43%** of all loans as of December 31, 2021, secured by real estate, making the business vulnerable to a local real estate market downturn[107](index=107&type=chunk) - The company faces substantial competition from national, regional, and community banks, alongside non-bank entities such as fintech companies[121](index=121&type=chunk) - Mortgage banking income, representing approximately **77.14%** of total noninterest income in 2021, is cyclical and sensitive to interest rates and economic conditions[129](index=129&type=chunk) - The largest shareholder, Kenneth R. Lehman, owns approximately **52.15%** of outstanding common stock, granting significant influence over shareholder matters[161](index=161&type=chunk) - The transition from LIBOR to alternative rates like SOFR may incur considerable costs, additional risk, and potential mismatches in financial instruments[116](index=116&type=chunk)[120](index=120&type=chunk) [Unresolved Staff Comments](index=50&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - Not applicable[170](index=170&type=chunk) [Properties](index=50&type=section&id=Item%202.%20Properties) The company's executive offices and six owned branches, along with three leased branches, are deemed suitable and adequate for current operations in Virginia - The main executive offices are located at 13319 Midlothian Turnpike, Midlothian, Virginia[170](index=170&type=chunk) - The Bank owns six branch buildings and leases three additional branches across various Virginia counties[171](index=171&type=chunk) [Legal Proceedings](index=50&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, none of which are expected to materially affect its business, financial position, or results of operations - There are no pending or threatened legal proceedings expected to have a material effect on the company[173](index=173&type=chunk) [Mine Safety Disclosures](index=50&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[174](index=174&type=chunk) Part II [Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities](index=52&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Shareholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on Nasdaq under "VBFC", with a **$0.14** quarterly dividend declared in Q4 2021, **1,474,323** shares outstanding as of March 1, 2022, and no repurchases in 2021 or 2020 - The company's common stock trades on the Nasdaq Capital Market under the symbol **"VBFC"**[177](index=177&type=chunk) - A quarterly cash dividend of **$0.14** per common share was declared in the fourth quarter of 2021[178](index=178&type=chunk) - As of March 1, 2022, **1,474,323** shares of common stock were outstanding[181](index=181&type=chunk) - The company did not repurchase any of its common stock during 2021 or 2020[181](index=181&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=52&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Net income significantly increased in 2021 to **$12.5 million** from **$8.6 million**, driven by net interest margin expansion and loan loss recovery, alongside strong low-cost deposit growth and a well-capitalized position despite PPP loan forgiveness [Response to COVID-19](index=55&type=section&id=Response%20to%20COVID-19) The company observed economic recovery with all deferred loans returning to contractual payments, funded over **2,300** PPP businesses, and saw PPP loan balances decrease by **$104.1 million** due to forgiveness by year-end 2021 - All loans on deferral as of December 31, 2020, returned to contractual payment terms by September 30, 2021[191](index=191&type=chunk) - By December 31, 2021, approximately **$182.4 million** in PPP round one loans and **$46.5 million** in PPP round two loans received SBA forgiveness approval[192](index=192&type=chunk) - PPP loan balances decreased by **$104.1 million (76.15%)** from December 31, 2020[192](index=192&type=chunk) [Results of Operations](index=57&type=section&id=Results%20of%20Operations) Net income increased to **$12.5 million** in 2021, driven by a **35 basis point** net interest margin expansion to **3.76%** and a **$500,000** recovery of loan loss provision, while noninterest income remained stable and expenses modestly rose Key Performance Indicators (2021 vs. 2020) | Metric | 2021 | 2020 | | :--- | :--- | :--- | | Net Income | $12,453,000 | $8,554,000 | | Diluted EPS | $8.48 | $5.86 | | Net Interest Income | $25,495,000 | $21,393,000 | | Net Interest Margin | 3.76% | 3.41% | | Provision for (Recovery of) Loan Losses | ($500,000) | $950,000 | - The Net Interest Margin (NIM) expansion was driven by a **51 basis point** drop in the cost of interest-bearing liabilities, offsetting a **4 basis point** compression in earning asset yield[199](index=199&type=chunk) - Recognition of **$6.0 million** in PPP-related income positively impacted the yield of average earning assets by **39 basis points** in 2021[202](index=202&type=chunk) - Mortgage banking income, the largest noninterest income component, slightly decreased by **2.2%** to **$9.5 million** due to rising mortgage rates impacting the refinance market[215](index=215&type=chunk)[216](index=216&type=chunk) [Balance Sheet Analysis](index=66&type=section&id=Balance%20Sheet%20Analysis) Total assets grew to **$748.4 million** in 2021, while total loans decreased due to PPP forgiveness, deposits increased significantly, and asset quality improved with nonperforming assets declining to **0.18%** of total assets Balance Sheet Highlights (December 31, 2021 vs. 2020) | Metric | 2021 | 2020 | | :--- | :--- | :--- | | Total Assets | $748.4 M | $706.2 M | | Total Loans, net | $522.6 M | $555.0 M | | PPP Loans (included in total) | $32.6 M | $136.7 M | | Total Deposits | $664.0 M | $588.4 M | | Shareholders' Equity | $63.4 M | $52.0 M | - Nonperforming assets decreased to **$1.4 million (0.18% of total assets)** at year-end 2021, down from **$1.9 million (0.27% of total assets)** at year-end 2020[233](index=233&type=chunk)[234](index=234&type=chunk) - Low-cost relationship deposits grew by **$70.5 million (27.0%)**, while time deposits decreased by **$41.3 million (39.4%)**[245](index=245&type=chunk) - The allowance for loan losses as a percentage of total loans (excluding guaranteed loans) decreased to **0.69%** from **1.02%**, reflecting improved economic factors and credit metrics[233](index=233&type=chunk) [Capital Resources and Liquidity](index=75&type=section&id=Capital%20Resources%20and%20Liquidity) The company maintained strong capital and liquidity in 2021, with shareholders' equity increasing to **$63.4 million**, the Bank exceeding all regulatory capital requirements, and liquid assets significantly rising to **$187.3 million** Bank Regulatory Capital Ratios (December 31, 2021) | Ratio | Actual | Well Capitalized Minimum | | :--- | :--- | :--- | | Leverage Ratio | 9.86% | 5.00% | | Common Equity Tier 1 Ratio | 14.01% | 6.50% | | Tier 1 Capital Ratio | 14.01% | 8.00% | | Total Capital Ratio | 14.66% | 10.00% | - Shareholders' equity increased by **$11.4 million** during 2021, primarily driven by **$12.5 million** in net income[253](index=253&type=chunk) - Liquid assets, including cash and available-for-sale securities, totaled **$187.3 million**, representing **25.03%** of total assets at year-end 2021[256](index=256&type=chunk) - The company had unused borrowing capacity of **$22.5 million** from the FHLB as of December 31, 2021[260](index=260&type=chunk) [Financial Statements and Supplementary Data](index=81&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for 2021 and 2020, including the independent auditor's report, balance sheets, income statements, comprehensive income, equity, and cash flow statements, with explanatory notes - The independent auditor, Yount, Hyde & Barbour, P.C., issued an unqualified opinion on the consolidated financial statements, affirming fair presentation of financial position and results of operations in conformity with U.S. GAAP[285](index=285&type=chunk) - The auditor identified the assessment of qualitative factors in the Allowance for Loan Losses as a critical audit matter due to significant and subjective management judgment[291](index=291&type=chunk) Consolidated Statement of Income Highlights (in thousands) | Line Item | 2021 | 2020 | | :--- | :--- | :--- | | Net Interest Income | $25,495 | $21,393 | | Provision for (recovery of) loan losses | ($500) | $950 | | Noninterest Income | $12,343 | $12,245 | | Noninterest Expense | $22,465 | $21,649 | | Net Income | $12,453 | $8,554 | Consolidated Balance Sheet Highlights (in thousands) | Line Item | Dec 31, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Total Assets | $748,401 | $706,236 | | Total Loans, net | $522,601 | $554,985 | | Total Deposits | $664,048 | $588,382 | | Total Shareholders' Equity | $63,401 | $51,996 | [Controls and Procedures](index=148&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2021, with no material changes reported during the fourth quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of December 31, 2021[473](index=473&type=chunk) - Management assessed internal control over financial reporting using the 2013 COSO framework and concluded it was effective as of December 31, 2021[476](index=476&type=chunk) - No material changes were made to the company's internal control over financial reporting during the fourth quarter of 2021[477](index=477&type=chunk) Part III [Directors, Executive Officers, Corporate Governance, Compensation, and Principal Accountant Fees](index=150&type=section&id=Items%2010-14) Information for Items 10 through 14, covering directors, executive officers, corporate governance, compensation, security ownership, related transactions, and accountant fees, is incorporated by reference from the 2022 Proxy Statement - Information for Item 10 (Directors, Executive Officers, and Corporate Governance) is incorporated by reference from the 2022 Proxy Statement[483](index=483&type=chunk) - Information for Item 11 (Executive Compensation) is incorporated by reference from the 2022 Proxy Statement[484](index=484&type=chunk) - Information for Items 12, 13, and 14 is also incorporated by reference from the 2022 Proxy Statement[485](index=485&type=chunk)[486](index=486&type=chunk)[487](index=487&type=chunk) Part IV [Exhibit and Financial Statement Schedules](index=151&type=section&id=Item%2015.%20Exhibit%20and%20Financial%20Statement%20Schedules) This section lists financial statements, schedules, and exhibits filed with the Form 10-K, noting consolidated financial statements are in Item 8, schedules are omitted, and exhibits include corporate governance documents, contracts, and certifications - The consolidated financial statements and the Report of Independent Registered Public Accounting Firm are included in Part II, Item 8 of the report[489](index=489&type=chunk)[490](index=490&type=chunk) - All financial statement schedules have been omitted as they are not required or applicable[491](index=491&type=chunk) - Exhibits filed include Articles of Incorporation, Bylaws, employment agreements, stock incentive plans, and certifications by the CEO and CFO[493](index=493&type=chunk)[495](index=495&type=chunk)[496](index=496&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 ☐ 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: 0-50765 VILLAGE BANK AND TRUST FINANCIAL CORP. (Exact name of registrant as specified in its charter) (State ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 ☐ 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: 0-50765 VILLAGE BANK AND TRUST FINANCIAL CORP. (Exact name of registrant as specified in its charter) (State or ot ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 ¨ 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: 0-50765 VILLAGE BANK AND TRUST FINANCIAL CORP. (Exact name of registrant as specified in its charter) (State or other jurisdiction o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 Commission file number 0-50765 VILLAGE BANK AND TRUST FINANCIAL CORP. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Virginia 16-1694602 13319 Midlothian Turnpike, Midlothian, Virginia 23113 (A ...

FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the quarterly period ended September 30, 2020 ¨ 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: 0-50765 VILLAGE BANK AND TRUST FINANCIAL CORP. (Exact name of registrant as specified in its charter) Virginia 16-1694602 (Stat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 ¨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: 0-50765 VILLAGE BANK AND TRUST FINANCIAL CORP. (Exact name of registrant as specified in its charter) (State or other jurisdiction of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 ¨ 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: 0-50765 VILLAGE BANK AND TRUST FINANCIAL CORP. (Exact name of registrant as specified in its charter) (State or other jurisdiction ...