VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES INCREASE IN QUARTERLY CASH DIVIDEND

Rhea-AI Summary

Virginia National Bankshares Corporation (NASDAQ: VABK) declared a quarterly cash dividend of $0.33 per share on February 22, 2023, marking a 10% increase from the previous dividend. The dividend is set for payment on March 24, 2023, to shareholders of record by March 10, 2023. This increase reflects the company's commitment to returning capital after achieving record results in 2022 and aligns with its two-year anniversary of the merger with Fauquier Bankshares, slated for April 1, 2023. At a closing price of $10.00 on February 23, 2023, the annual yield stands at approximately 3.33%.

Positive

• Quarterly cash dividend increased by 10% to $0.33 per share.
• Annual yield of approximately 3.33% based on recent stock price.
• Record financial performance in 2022, indicating strong company health.
• Commitment to returning capital to shareholders post-merger.

Negative

• None.

CHARLOTTESVILLE, Va., Feb. 24, 2023 /PRNewswire/ -- Virginia National Bankshares Corporation (the "Company") (NASDAQ: VABK) announced today that on February 22, 2023 its Board of Directors declared a quarterly cash dividend of $0.33 per share to be paid on March 24, 2023 to shareholders of record as of March 10, 2023.  The quarterly cash dividend represents a 10% increase in the quarterly dividend and an annual yield to shareholders of approximately 3.33% based on the closing price of the Company's common stock on February 23, 2023.

VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES  INCREASE IN QUARTERLY CASH DIVIDEND

"After delivering record results in 2022, we are pleased to return a larger portion of capital to our shareholders," commented President and Chief Executive Officer, Glenn W. Rust.  "The action taken by our Board of Directors to increase the quarterly dividend reinforces their determination to properly allocate capital subsequent to the merger with Fauquier Bankshares, which will mark its two-year anniversary on April 1, 2023."

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 nine banking offices throughout Fauquier and Prince William counties, three banking offices in Charlottesville and Albemarle County, 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. Investment management services are offered through Masonry Capital Management, LLC, a registered investment adviser and wholly-owned subsidiary of the Company.

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.

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SOURCE Virginia National Bankshares

FAQ

What is the new dividend amount for VABK?

The new quarterly cash dividend for Virginia National Bankshares Corporation (VABK) is $0.33 per share.

When will the dividend for VABK be paid?

The dividend will be paid on March 24, 2023.

What is the record date for the VABK dividend?

The record date for the dividend is March 10, 2023.

What is the annual yield of VABK's dividend?

The annual yield is approximately 3.33%, based on the closing stock price on February 23, 2023.

How much has VABK increased its dividend?

Virginia National Bankshares Corporation has increased its dividend by 10%.