Exhibit 99.1

FOR IMMEDIATE RELEASE

VIRGINIA NATIONAL BANKSHARES CORPORATION
ANNOUNCES SECOND QUARTER FINANCIAL RESULTS

Charlottesville, VA – July 21, 2017 – Virginia National Bankshares Corporation (OTCQX: VABK) (the “Company”) today reported second quarter 2017 net income of $1.9 million or $0.80 per diluted share, a 27% increase compared to net income of $1.5 million or $0.63 per diluted share recognized during the second quarter of 2016.

“Our focus on operating efficiently continues to reap benefits for our Company,” stated Glenn W. Rust, President and Chief Executive Officer. “We realized an efficiency ratio of 55.5% for the second quarter and again earned a solid return on our assets, achieving a 1.19% return on average assets for the quarter. We remain diligent on attracting high quality loans and maintaining strong credit quality. These actions have allowed us to maintain a strong capital position and increase our dividend to our shareholders by 23%. Our ongoing efforts to achieve an effective mix of earning assets and low cost of funds have positioned us for success in the current credit and interest rate environment.”

Second Quarter 2017 Financial Highlights

The annualized return on average assets increased to 1.19% from 1.14% recorded in the prior quarter and 1.11% realized during the second quarter of 2016.
 

The efficiency ratio fell to 55.5%, improving 15.5% from 65.7% for the second quarter of 2016.
 

Average gross loans totaled $489.8 million, up $70.4 million or 16.8% from the $419.4 million averaged during the second quarter of 2016.
 

The allowance for loan losses as a percentage of total loans was 0.75% as of June 30, 2017 and June 30, 2016, compared to 0.77% at December 31, 2016. A provision for loan losses of $115 thousand was recognized in the second quarter of 2017.
 

Total assets increased 12.6% to $614.5 million from the June 30, 2016 balance of $545.7 million. The year-over-year net growth in assets was funded by expansion in core and time deposits.
 

Low-cost deposits, which include both noninterest and interest-bearing checking accounts as well as money market accounts, remained in excess of 76% of total deposits.
 

The loan-to-deposit ratio was 92.9%, compared to 91.9% at year-end and 90.3% at June 30, 2016. This improvement is in line with our strategy to achieve an effective mix of earnings assets and liabilities on our balance sheet.
 

The tax-equivalent net interest margin of 3.50% fell slightly compared to the prior quarter level of 3.54% and remained consistent compared to the second quarter of 2016.
 

Net interest income of $5.3 million increased $897 thousand or 20.2% compared to $4.4 million for the second quarter of 2016.


The following information was filed by Virginia National Bankshares Corp (VABK) on Friday, July 21, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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