Exhibit 99.1

FOR IMMEDIATE RELEASE

VIRGINIA NATIONAL BANKSHARES CORPORATION
ANNOUNCES THIRD QUARTER FINANCIAL RESULTS

Charlottesville, VA – October 20, 2017 – Virginia National Bankshares Corporation (OTCQX: VABK) (the “Company”) today reported third quarter 2017 net income of $1.7 million or $0.72 per diluted share, a 25.0% increase compared to net income of $1.4 million or $0.59 per diluted share recognized during the third quarter of 2016.

“We continue to generate solid earnings in this sustained low interest rate environment,” stated Glenn W. Rust, President and Chief Executive Officer. “Our efficiency ratio remains low at 58.6% for the third quarter and 58.1% year-to-date. Our return on average assets was 1.11% for the quarter and 1.15% for the first nine months of the year. Our dedication to strong credit quality remains, as represented by our significantly low level of non-performing assets. Our ongoing efforts to attain an effective mix of earning assets, including restructuring the securities portfolio to earn higher yields, and prolonged low cost of funds continue to place us in a position for success.”

Third Quarter 2017 Financial Highlights

The annualized return on average assets of 1.11% increased from 0.98% for the third quarter of 2016.
The efficiency ratio was 58.6%, improving from 63.8% for the third quarter of 2016.
Average gross loans totaled $497.0 million, up $74.4 million or 17.6% from the $422.6 million averaged during the third quarter of 2016.
The allowance for loan losses as a percentage of total loans was 0.76% as of September 30, 2017 and September 30, 2016, compared to 0.77% at December 31, 2016. A provision for loan losses of $168 thousand was recognized in the third quarter of 2017.
Total assets of $610.3 million were 7.2% higher than the September 30, 2016 balance of $569.5 million. The year-over-year net growth in assets was funded by expansion in core deposits and short-term borrowings.
Low-cost deposits, which include both noninterest and interest-bearing checking accounts as well as money market accounts, remained in excess of 77% of total deposits.
The loan-to-deposit ratio was 98.8%, compared to 91.9% at December 31, 2016 and 87.0% at September 30, 2016. This increase is in line with our strategy to achieve an effective mix of earning assets and liabilities on our balance sheet.
The tax-equivalent net interest margin (NIM) of 3.70% improved 20 basis points as compared to the prior quarter level of 3.50% and improved 29 basis points as compared to the prior third quarter NIM of 3.41%.
Net interest income of $5.5 million increased $946 thousand or 20.9% compared to $4.5 million for the third quarter of 2016.


The following information was filed by Virginia National Bankshares Corp (VABK) on Friday, October 20, 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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