Liquidity is primarily managed through the liquidation of investment securities, such as the $56.4 million divestment in 2024Q2, rather than traditional loan-funded growth.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Cash from Operations | 26.49M | 21.33M | 15.29M | 13.9M | 22.68M | 13.06M | 9.25M | 9.35M | 11.76M | 8.79M | 5.29M | 5.54M | 7.64M | 8.63M | 5.56M | 4.97M | 7.89M | 293K | -1.84M | 4.19M | 3.31M | 3.6M | 3.22M | 2.76M | 1.62M | 1.45M |
| Operating CF Growth % | 484.89% | 39.53% | 9.97% | -38.71% | 73.63% | 41.2% | -1% | -20.51% | 33.68% | 66.19% | -4.48% | -27.53% | -11.37% | 55.14% | 11.87% | -37.02% | 2593.17% | 115.91% | -143.99% | 26.34% | -8% | 11.76% | 16.69% | 70.18% | 12.09% | - |
| Net Income | 20.03M | 19.26M | 16.97M | 19.26M | 23.44M | 10.07M | 7.98M | 6.69M | 8.47M | 6.55M | 5.75M | 3.12M | 1.9M | 6.9M | 5.48M | 2.34M | 4.03M | 1.95M | 112K | 1.48M | 2.67M | 3.09M | 1.94M | 1.37M | 770K | 743K |
| Depreciation & Amortization | 583K | 3.99M | 4.26M | 4.77M | 5.08M | 4.4M | 1.96M | 1.2M | 1.23M | 1.25M | 1.27M | 1.16M | 1.15M | 1.27M | 1.44M | 1.55M | 1.67M | 1.66M | 1.38M | 869K | 893K | 793K | 980K | 1.12M | 1.17M | 1.03M |
| Deferred Taxes | 0 | 352K | -10K | -473K | -138K | 702K | -214K | 91K | -234K | 768K | 77K | 373K | -61K | -292K | -216K | 780K | 0 | 0 | 0 | 0 | -251K | -175K | -225K | 0 | 0 | 0 |
| Other Non-Cash Items | 4.91M | -2.56M | -4.73M | -9.57M | -4.22M | -1.6M | 1.17M | 794K | 1.74M | 481K | -66K | 832K | 842K | 354K | 1.2M | 3.6M | 1.14M | 2M | 1.19M | 1.14M | 370K | 198K | 442K | 830K | 370K | 162K |
| Working Capital Changes | 907K | -678K | -2.16M | -811K | -2.16M | -1.03M | -1.9M | 41K | 495K | -268K | -1.77M | 20K | 3.76M | 288K | -2.45M | -3.3M | 1.05M | -5.31M | -4.53M | 702K | -364K | -300K | 86K | -560K | -687K | -487K |
| Cash from Investing | 36.03M | 31.8M | 15.75M | -19.77M | -167.2M | 262.19M | -129.95M | -54.77M | -4.44M | -61.32M | -42.87M | -43.82M | -20.81M | -37.27M | -25.76M | -26.45M | -12.04M | -45.82M | -46.97M | -19.27M | -350K | -34.88M | -32.42M | -42.14M | -37.75M | -28.31M |
| Purchase of Investments | 0 | 0 | 0 | -83.16M | -316.35M | -74.43M | -167.36M | -79.75M | 0 | -45.29M | -18.98M | -26.77M | -44.28M | -66.61M | -58.95M | 0 | -30.37M | -17.69M | -634K | -16.44M | -5.08M | -23.34M | -9.9M | -15.93M | -13.25M | -14.24M |
| Sale/Maturity of Investments | 29.8M | 28.91M | 154.22M | 214.39M | 22.72M | 31.72M | 109.23M | 28.44M | 5.94M | 34.02M | 35.87M | 92.92M | 37.01M | 45.75M | 30.69M | 0 | 2M | 11M | 15.05M | 10.33M | 33.5M | 5M | 7.75M | 10.96M | 5.13M | 3.25M |
| Net Investment Activity | 29.8M | 28.91M | 154.22M | 131.23M | -293.63M | -42.71M | -58.12M | -51.3M | 5.94M | -11.27M | 16.89M | 66.15M | -7.27M | -20.86M | -28.26M | 0 | -28.37M | -6.69M | 14.42M | -6.12M | 28.42M | -18.34M | -2.15M | -4.98M | -8.12M | -10.98M |
| Acquisitions | 222K | 0 | 0 | 0 | 0 | 153.28M | -50K | -50K | -100K | -300K | -700K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 6.32M | 3.47M | -137.74M | -149.83M | 126.98M | 152.91M | -71.58M | -3.22M | -9.43M | -49.29M | -58.48M | -109.6M | -12.74M | -15.94M | 4.03M | -25.99M | 16.62M | -37.87M | -56.35M | -6.24M | -27M | -16.01M | -30.02M | -36.32M | -28.75M | -16.58M |
| Cash from Financing | -15.22M | 381K | -42.33M | -5.88M | -324.19M | 198.89M | 136.31M | 45.63M | -6.72M | 32.3M | 32.55M | 27.7M | 27.2M | -3.07M | 34.93M | 5M | 11.71M | 37.07M | 49.89M | 44.28M | 13.89M | 5.52M | 61.27M | 41.74M | 27.26M | 29.6M |
| Dividends Paid | -7.77M | -7.6M | -7.09M | -7.07M | -6.39M | -6.41M | -3.25M | -3.14M | -2.47M | -1.39M | -1.09M | -891K | -674K | -403K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -559K | 0 | 0 | 0 | 0 | -5K | 0 | 0 | -1.26M | -6.34M | -262K | 0 | 0 | -7K | -9K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 35K | 35K | 0 | 18K | 23K | 30K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25K | 796K | 2.27M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | 35K | 35K | -559K | 18K | 23K | 30K | 0 | -5K | 0 | 0 | -1.26M | -6.34M | -262K | 0 | 0 | -7K | -9K | 25K | 796K | 2.27M | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | -1000K | -236K | -1000K | 1000K | 0 | -1000K | 1000K | 0 | -1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 822K | -1000K | 768K | -1000K | 1000K | 245K | 1000K | -303K | 219K | -1000K | 943K |
| Other Financing | -7.49M | 8.19M | 14.45M | -68.79M | -317.82M | 247.85M | 109.55M | 48.78M | 10.75M | 18.68M | 34.91M | 34.93M | 28.14M | -2.66M | 34.93M | 4.18M | 13.53M | 36.28M | 57.36M | 40.46M | 12.71M | 1.45M | 61.58M | 40.69M | 28.29M | 28.65M |
| Net Change in Cash | 47.29M | 53.51M | -11.29M | -11.75M | -468.7M | 474.14M | 15.61M | 211K | 597K | -20.22M | -5.03M | -10.58M | 14.04M | -31.71M | 14.73M | -16.48M | 0 | 0 | 0 | 0 | 16.85M | -25.76M | 32.07M | 2.36M | -8.87M | 2.73M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 70.61M | 17.1M | 28.39M | 40.14M | 508.84M | 34.7M | 19.09M | 18.87M | 18.28M | 38.5M | 43.53M | 54.11M | 40.07M | 71.78M | 57.04M | 0 | 0 | 0 | 0 | 0 | 27.29M | 53.05M | 20.98M | 18.62M | 27.49M | 24.76M |
| Cash at End | 76.87M | 70.61M | 17.1M | 28.39M | 40.14M | 508.84M | 34.7M | 19.09M | 18.87M | 18.28M | 38.5M | 43.53M | 54.11M | 40.07M | 71.78M | -16.48M | 0 | 0 | 0 | 0 | 44.14M | 27.29M | 53.05M | 20.98M | 18.62M | 27.49M |
| Interest Paid | 25.31M | 26.14M | 29.77M | 22.15M | 3.2M | 3.27M | 3.49M | 4.22M | 2.66M | 1.23M | 936K | 985K | 936K | 1.03M | 1.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 2.34M | 4.43M | 3.58M | 3.81M | 4.45M | 1.22M | 2.75M | 1.93M | 2.46M | 3.77M | 2.69M | 904K | 2.49M | 2.78M | 870K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 26.17M | 20.75M | 14.56M | 12.73M | 22.14M | 11.77M | 9.05M | 9.16M | 10.91M | 8.33M | 4.71M | 5.17M | 6.84M | 8.16M | 4.04M | 4.51M | 7.6M | -973K | -6.88M | -2.72M | 1.54M | 3.07M | 2.98M | 1.92M | 746K | 699K |
| FCF Growth % | 97.52% | 42.56% | 14.32% | -42.49% | 88.06% | 30.02% | -1.12% | -16.08% | 30.95% | 77.01% | -9.01% | -24.39% | -16.19% | 102.28% | -10.51% | -40.69% | 881.5% | 85.87% | -152.72% | -276.31% | -49.67% | 3.19% | 55.27% | 156.84% | 6.72% | - |
Regional Real Estate Concentration
Based on reported quarterly figures, VABK has consistently generated positive net income, with earnings reaching $5.3 million in 2026Q1, which suggests a stable capacity for organic capital retention despite the bank's relatively low debt-to-equity profile and the ongoing overhead requirements of its multi-boutique advisory model.
The bank's ability to maintain positive net income across all ten reported quarters indicates a resilient core earnings power. This consistent profitability provides a reliable foundation for regulatory capital buffers, though investors should monitor whether the current retention rate is sufficient to support future growth initiatives without further leveraging the balance sheet.
As reported in financial statements, VABK has consistently realized cash through the sale of investment securities, including a significant $56.4 million divestment in 2024Q2, which appears to be a primary mechanism for managing liquidity rather than relying on traditional deposit-funded asset growth.
The recurring pattern of securities sales suggests that management may be actively pruning the investment portfolio to manage duration risk or to provide liquidity for other balance sheet needs. This strategy warrants further investigation into whether these sales are opportunistic or a response to tightening liquidity conditions within the bank's specific regional footprint.
According to recent SEC filings, VABK has maintained a steady dividend payout of approximately $1.8 million to $1.9 million per quarter, demonstrating a commitment to shareholder returns that remains well-supported by the bank's consistent quarterly net income generation over the observed ten-quarter period.
The stability of the dividend payout suggests that management prioritizes consistent returns to shareholders, even during periods of fluctuating operating cash flows. While buyback activity has been minimal, the current dividend policy appears sustainable provided that the bank's core earnings remain insulated from localized credit deterioration in the Virginia market.
Based on the provided data, VABK's provision for credit losses has shifted from a $794,000 expense in 2023Q4 to net recoveries in several subsequent quarters, which may indicate a conservative initial reserve build followed by a more stable assessment of the underlying loan portfolio's credit quality.
The transition from significant provisioning to net recoveries suggests that the bank's credit risk management is highly responsive to current economic conditions. Analysts should monitor whether these recoveries are sustainable or if they reflect a temporary improvement in the credit environment that could reverse if regional real estate valuations soften.
Quick answers to the most common questions about buying VABK stock.
Virginia National Bankshares Corporation (VABK) generated $21.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Virginia National Bankshares Corporation (VABK) generated $20.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Virginia National Bankshares Corporation (VABK) spent $0.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Virginia National Bankshares Corporation (VABK) returned $7.6M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.