{"product_id":"vabk-vrio-analysis","title":"Virginia National Bankshares Corporation (VABK): VRIO Analysis [Mar-2026 Updated]","description":"\u003cbr\u003e\u003cp\u003eUnlocking the sustainable competitive advantage of Virginia National Bankshares Corporation (VABK) hinges on a rigorous VRIO analysis. Discover immediately whether its core resources are truly Valuable, Rare, Inimitable, and Organized to exploit - the four pillars determining long-term market success. Dive into the findings below to see the strategic implications for Virginia National Bankshares Corporation (VABK)'s future.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eVirginia National Bankshares Corporation (VABK) - VRIO Analysis: 1. Disciplined Credit Culture \u0026amp; Asset Quality\n\u003c\/h2\u003e\n\u003cp\u003eYou're looking at Virginia National Bankshares Corporation (VABK) and wondering how their asset quality holds up, especially when the credit environment is tricky. Honestly, their disciplined credit culture is a major asset right now, directly translating to better bottom-line performance.\u003c\/p\u003e\n\u003cp\u003eThe proof is in the numbers: as of September 30, 2025, their Nonperforming Assets (NPA) as a percentage of total assets sat at a very clean \u003cstrong\u003e0.42%\u003c\/strong\u003e. That low level means they aren't setting aside huge chunks of capital for loan losses, which helps profitability. This is supported by their Allowance for Credit Losses (ACL) on loans being \u003cstrong\u003e0.69%\u003c\/strong\u003e of total loans at that same date.\u003c\/p\u003e\n\u003cp\u003eHere’s the quick math on their asset quality snapshot for the third quarter of 2025:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue as of 9\/30\/2025\u003c\/th\u003e\n\u003cth\u003eValue as of 12\/31\/2024\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eGross Loans Outstanding\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.2 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eData not directly comparable for this metric in this table format\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNonperforming Assets (% of Total Assets)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0.42%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0.19%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAllowance for Credit Losses (% of Total Loans)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0.69%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e0.68%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eMaintaining this level of quality while growing the loan book to \u003cstrong\u003e$1.2 billion\u003c\/strong\u003e by September 30, 2025, is less common for smaller regional players. It suggests that the underwriting discipline is deeply embedded, not just a temporary policy tweak. To be fair, the NPA ratio did tick up from the year-end 2024 low of \u003cstrong\u003e0.19%\u003c\/strong\u003e, but \u003cstrong\u003e0.42%\u003c\/strong\u003e is still excellent contextually.\u003c\/p\u003e\n\u003cp\u003eThe organization clearly values this strength. CEO Glenn W. Rust explicitly mentioned the continued focus on strong credit standards in their October 2025 release. This isn't just talk; it’s a monitored priority that defines their risk appetite. If onboarding takes 14+ days, churn risk rises, and similarly, if credit review standards slip, asset quality will follow.\u003c\/p\u003e\n\u003cp\u003eWhat this culture enables:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eMinimizes unexpected credit provisions.\u003c\/li\u003e\n\u003cli\u003eSupports a stable net interest margin, which was \u003cstrong\u003e3.43%\u003c\/strong\u003e for Q3 2025.\u003c\/li\u003e\n\u003cli\u003eProvides a foundation for sustained competitive advantage.\u003c\/li\u003e\n\u003cli\u003eKeeps the loan portfolio relatively clean, with non-accruals at \u003cstrong\u003e$6.8 million\u003c\/strong\u003e as of the reporting date.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eThis discipline is a \u003cem\u003esustained\u003c\/em\u003e advantage, provided the leadership - even with the planned transition noted in November 2025 - keeps this underwriting rigor front and center. Defintely keep an eye on the first quarter 2026 NPA figures.\u003c\/p\u003e\n\u003cp\u003eFinance: draft 13-week cash view by Friday.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eVirginia National Bankshares Corporation (VABK) - VRIO Analysis: 2. Low-Cost, Stable Regional Deposit Base\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e: This is the engine room; a lower cost of funds, which declined \u003cstrong\u003e30 bps\u003c\/strong\u003e year-over-year, directly boosts the Net Interest Margin (NIM) to \u003cstrong\u003e3.43%\u003c\/strong\u003e in Q3 2025. The overall cost of funds, including noninterest-bearing deposits, was \u003cstrong\u003e177 bps\u003c\/strong\u003e for the three months ended September 30, 2025, a decrease from \u003cstrong\u003e207 bps\u003c\/strong\u003e in the same period in the prior year. The yield on loans was \u003cstrong\u003e5.64%\u003c\/strong\u003e for the three months ended September 30, 2025.\u003c\/p\u003e\n\n\u003cp\u003eThe impact of managing the cost of funds is quantified below:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eQ3 2025\u003c\/th\u003e\n\u003cth\u003eQ3 2024\u003c\/th\u003e\n\u003cth\u003eChange\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Interest Margin (NIM) (FTE)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.43%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.24%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e+19 bps\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOverall Cost of Funds\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e1.77%\u003c\/strong\u003e (177 bps)\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e2.07%\u003c\/strong\u003e (207 bps)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e-30 bps\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCost of Interest-Bearing Deposits\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e2.26%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e2.71%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e-45 bps\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGross Loans Outstanding\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.2 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$1.1805 billion\u003c\/strong\u003e (Implied from $1.2B total and $19.5M increase YoY)\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e+1.6%\u003c\/strong\u003e (YoY)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLoan-to-Deposit Ratio\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e89%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003eStable\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e: Moderately rare; deep community roots in specific Virginia markets (Fauquier, Prince William, Charlottesville) create stickier, cheaper deposits than national competitors can easily replicate. Deposit balances increased \u003cstrong\u003e$5.0 million\u003c\/strong\u003e or \u003cstrong\u003e0.4%\u003c\/strong\u003e from September 30, 2024, to September 30, 2025.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e: Costly and slow; requires years of local relationship building and branch presence. Building a comparable deposit base takes significant time and local investment.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e: High; the strategic deposit mix shift in Q3 2025 shows management actively managing the cost of funds. This is evidenced by the reduction in higher-cost funding sources.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eDeposit balances decreased \u003cstrong\u003e$38.7 million\u003c\/strong\u003e since December 31, 2024, which facilitated efforts to stabilize the overall cost of funds through changes in the mix of cost components.\u003c\/li\u003e\n\u003cli\u003eDeposit balances held in Insured Cash Sweep® (ICS) plans amounted to \u003cstrong\u003e$145.2 million\u003c\/strong\u003e as of September 30, 2025.\u003c\/li\u003e\n\u003cli\u003eOutstanding borrowings from the Federal Home Loan Bank (FHLB) decreased \u003cstrong\u003e$22.5 million\u003c\/strong\u003e from \u003cstrong\u003e$52.5 million\u003c\/strong\u003e at September 30, 2024.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e: Sustained, tied to their physical footprint and community trust.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eVirginia National Bankshares Corporation (VABK) - VRIO Analysis: 3. Operational Efficiency Focus\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Translates directly to better returns; the Efficiency Ratio improved to \u003cstrong\u003e57.9%\u003c\/strong\u003e in Q3 2025, meaning less overhead eats into revenue.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderate; many banks chase this, but VABK is demonstrably achieving it better than their recent past (Q3 2024 efficiency was \u003cstrong\u003e58.6%\u003c\/strong\u003e).\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Temporary; processes and technology can be copied, but sustained efficiency requires ongoing management commitment.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High; the improvement shows management is organized to control noninterest expense relative to income.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary, as peers will try to match this level of cost control.\u003c\/p\u003e\n\u003cp\u003eThe improvement in the Efficiency Ratio (FTE) from \u003cstrong\u003e58.6%\u003c\/strong\u003e in Q3 2024 to \u003cstrong\u003e57.9%\u003c\/strong\u003e in Q3 2025, and from \u003cstrong\u003e61.2%\u003c\/strong\u003e in Q2 2025, reflects successful cost management relative to income generation.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003ctd\u003eQ3 2024\u003c\/td\u003e\n\u003ctd\u003eChange (Q3 '25 vs Q3 '24)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eEfficiency Ratio (FTE)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e57.9%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e58.6%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eImprovement of 0.7 percentage points\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNoninterest Expense\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003eIncreased by \u003cstrong\u003e$461 thousand\u003c\/strong\u003e (\u003cstrong\u003e5.8%\u003c\/strong\u003e)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Interest Income (NII)\u003c\/td\u003e\n\u003ctd\u003e$13.1 million\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003eIncreased by \u003cstrong\u003e$1.0 million\u003c\/strong\u003e (\u003cstrong\u003e8.7%\u003c\/strong\u003e)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCost of Funds (bps)\u003c\/td\u003e\n\u003ctd\u003e177 bps\u003c\/td\u003e\n\u003ctd\u003e207 bps\u003c\/td\u003e\n\u003ctd\u003eDecreased by \u003cstrong\u003e30 bps\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eFurther detail on cost of funds components contributing to efficiency gains:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eCost of interest-bearing deposits decreased period over period by \u003cstrong\u003e45 bps\u003c\/strong\u003e, from a cost of \u003cstrong\u003e2.71%\u003c\/strong\u003e to \u003cstrong\u003e2.26%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe cost of borrowings from the FHLB decreased \u003cstrong\u003e9 bps\u003c\/strong\u003e from the third quarter of 2024 to the third quarter of 2025, from \u003cstrong\u003e4.86%\u003c\/strong\u003e to \u003cstrong\u003e4.77%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eOther related performance indicators for Q3 2025:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eNet Interest Margin (FTE) was \u003cstrong\u003e3.43%\u003c\/strong\u003e, compared to \u003cstrong\u003e3.24%\u003c\/strong\u003e for Q3 2024.\u003c\/li\u003e\n\u003cli\u003eReturn on average assets improved to \u003cstrong\u003e1.12%\u003c\/strong\u003e from \u003cstrong\u003e1.05%\u003c\/strong\u003e (Q2 2025).\u003c\/li\u003e\n\u003cli\u003eReturn on average equity improved to \u003cstrong\u003e10.48%\u003c\/strong\u003e from \u003cstrong\u003e10.05%\u003c\/strong\u003e (Q2 2025).\u003c\/li\u003e\n\u003cli\u003eGross loans outstanding totaled \u003cstrong\u003e$1.2 billion\u003c\/strong\u003e as of September 30, 2025.\u003c\/li\u003e\n\u003cli\u003eThe quarterly cash dividend declared was \u003cstrong\u003e$0.36\u003c\/strong\u003e per share.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eVirginia National Bankshares Corporation (VABK) - VRIO Analysis: 4. Specialized Fiduciary and Wealth Management Services\n\u003c\/h2\u003e\n\u003cp\u003eThe Specialized Fiduciary and Wealth Management Services are delivered through VNB Trust and Estate Services and Sturman Wealth Advisors segments.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Provides a non-interest income stream and deepens client relationships, offering services through VNB Trust and Estate Services.\u003c\/p\u003e\n\u003cp\u003eFor the twelve months ended December 31, 2024, Noninterest income totaled \u003cstrong\u003e$7.6 million\u003c\/strong\u003e. The sale of the Masonry Capital business line contributed to a decrease in investment management and performance fees in that period.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderate; many banks have wealth arms, but a specialized, well-regarded local trust service can be a differentiator in smaller markets.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Moderately difficult; requires specialized talent and regulatory compliance expertise that is not easily poached.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Moderate; the service exists and is offered, but its scale relative to total assets needs constant monitoring.\u003c\/p\u003e\n\n\u003cp\u003eThe fiduciary and wealth management segments contribute to the overall financial structure, which includes total assets of \u003cstrong\u003e$1.6 billion\u003c\/strong\u003e as of December 31, 2024, and net income of \u003cstrong\u003e$17 million\u003c\/strong\u003e for the same period. As of the third quarter of 2025, total assets were reported at \u003cstrong\u003e$1.61 billion\u003c\/strong\u003e.\u003c\/p\u003e\n\n\u003cp\u003eThe services offered by VNB Trust and Estate Services include:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eCorporate trustee services.\u003c\/li\u003e\n\u003cli\u003eTrust and estate administration.\u003c\/li\u003e\n\u003cli\u003eIRA administration and custody services.\u003c\/li\u003e\n\u003cli\u003eIn-house investment management services.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003eKey financial indicators for the overall corporation, which supports the environment for these services, as of recent periods:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eValue\u003c\/td\u003e\n\u003ctd\u003eDate\/Period\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Assets\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.61 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Assets\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.6 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDecember 31, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Income\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$4.6 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Income\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$17 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFull Year 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eReturn on Average Assets (ROAA)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1.12%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eReturn on Average Equity (ROAE)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e10.48%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary, unless they achieve superior client retention in this segment.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eVirginia National Bankshares Corporation (VABK) - VRIO Analysis: 5. Proven Crisis Management and Asset Growth Track Record\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Demonstrates management’s ability to navigate severe economic stress, growing assets from a stated \u003cstrong\u003e$800 million\u003c\/strong\u003e to \u003cstrong\u003e$1.6 billion\u003c\/strong\u003e through crises like Covid and regulatory shifts. This track record is evidenced by the following asset progression:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eDate\u003c\/th\u003e\n\u003cth\u003eTotal Assets (USD)\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003e2019-12-31\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$700 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e2020-12-31\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$840 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e2021-12-31\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.97 Billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e2022-12-31\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.62 Billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e2024-12-31\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.61 Billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e2025-06-30\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.63 Billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe growth through the COVID-19 year (2020) saw Net Income increase by \u003cstrong\u003e19.3%\u003c\/strong\u003e year-over-year, reaching \u003cstrong\u003e$8.0 million\u003c\/strong\u003e for the year ended December 31, 2020, compared to \u003cstrong\u003e$6.7 million\u003c\/strong\u003e in 2019, despite incurring \u003cstrong\u003e$988 thousand\u003c\/strong\u003e in merger-related expenses.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Rare; many banks fail or stagnate during major shocks; this track record is a form of institutional memory. The ability to achieve \u003cstrong\u003e20.75%\u003c\/strong\u003e asset growth in 2020 (from $700M to $840M) while managing a merger integration is statistically uncommon for community banks during periods of high economic uncertainty.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Very difficult; this is built on experience, not a manual. The successful navigation included managing the origination of \u003cstrong\u003e$86.9 million\u003c\/strong\u003e in Paycheck Protection Program (“PPP”) loans in 2020 and maintaining a low allowance for loan losses as a percentage of total loans at \u003cstrong\u003e0.90%\u003c\/strong\u003e as of December 31, 2020.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High; the smooth CFO transition announced in November 2025 suggests a focus on orderly succession planning. The transition involves the retirement of Tara Y. Harrison, who served through 'a merger, several industry sector crises, Covid, and a ton of new bank regulations and laws,' with Cathy W. Liles assuming the role effective \u003cstrong\u003eNovember 21, 2025\u003c\/strong\u003e. The outgoing CFO will serve as a Senior Advisor indefinitely to ensure an orderly handover.\u003c\/p\u003e\n\u003cp\u003eThe financial leadership has also overseen consistent shareholder returns:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eMaintained dividend payments for \u003cstrong\u003e13 consecutive years\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eCurrent dividend yield of \u003cstrong\u003e3.71%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eDividend growth in the last year of \u003cstrong\u003e9.09%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained, as it builds investor confidence in management’s judgment.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eVirginia National Bankshares Corporation (VABK) - VRIO Analysis: 6. Strong Profitability Metrics\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e: High returns signal effective capital deployment.\u003c\/p\u003e\n\u003cp\u003eReturn on Average Assets (ROAA) for the quarter ended September 30, 2025, was reported at \u003cstrong\u003e1.12%\u003c\/strong\u003e, an improvement from \u003cstrong\u003e1.05%\u003c\/strong\u003e in the second quarter of 2025. Return on Average Equity (ROAE) reached \u003cstrong\u003e10.48%\u003c\/strong\u003e for the third quarter of 2025, up from \u003cstrong\u003e10.05%\u003c\/strong\u003e in the preceding quarter. Quarterly net income for the period ending September 30, 2025, was \u003cstrong\u003e$4.6 million\u003c\/strong\u003e, or \u003cstrong\u003e$0.84 per diluted share\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e: Moderate; while good, these figures are not outliers in a strong banking environment, but they are better than their prior year performance.\u003c\/p\u003e\n\u003cp\u003eThe Net Interest Margin (FTE) for the third quarter of 2025 was \u003cstrong\u003e3.43%\u003c\/strong\u003e, compared to \u003cstrong\u003e3.24%\u003c\/strong\u003e for the third quarter of 2024. The Efficiency Ratio (FTE) improved to \u003cstrong\u003e57.9%\u003c\/strong\u003e for the three months ended September 30, 2025, from \u003cstrong\u003e58.6%\u003c\/strong\u003e for the same period in 2024.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e: Temporary; these metrics are a function of current interest rates and asset quality, which can change.\u003c\/p\u003e\n\u003cp\u003eThe yield on loans for the three months ended September 30, 2025, was \u003cstrong\u003e5.64%\u003c\/strong\u003e, compared to \u003cstrong\u003e5.85%\u003c\/strong\u003e for the same period in the prior year. Cost of funds declined \u003cstrong\u003e30 bps\u003c\/strong\u003e year-over-year for the nine months ended September 30, 2025.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e: High; the company is clearly organized to generate these results under current conditions.\u003c\/p\u003e\n\u003cp\u003eThe company's organization is evidenced by the sequential improvement in key performance indicators and the maintenance of strong credit standards.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e: Temporary, as it is highly dependent on the macro rate environment.\u003c\/p\u003e\n\u003cp\u003eThe ability to improve NIM while loan yields decreased suggests organizational effectiveness in managing the cost side of the balance sheet, which is sensitive to the macro rate environment.\u003c\/p\u003e\n\u003cp\u003eKey Profitability and Operational Metrics Comparison:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric (Q3 Period)\u003c\/td\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003ctd\u003eQ2 2025\u003c\/td\u003e\n\u003ctd\u003eQ3 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eReturn on Average Assets (ROAA)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1.12%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1.05%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eNot explicitly stated as annualized for Q3 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eReturn on Average Equity (ROAE)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e10.48%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e10.05%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eNot explicitly stated\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Interest Margin (FTE)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.43%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.40%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.24%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEfficiency Ratio (FTE)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e57.9%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e61.2%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e58.6%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eAdditional Financial Data Points:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eGross loans outstanding as of September 30, 2025, totaled \u003cstrong\u003e$1.2 billion\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eFor the nine months ended September 30, 2025, net income was \u003cstrong\u003e$13.3 million\u003c\/strong\u003e, or \u003cstrong\u003e$2.45 per diluted share\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eDeposit balances increased \u003cstrong\u003e$5.0 million\u003c\/strong\u003e or \u003cstrong\u003e0.4%\u003c\/strong\u003e from September 30, 2024.\u003c\/li\u003e\n\u003cli\u003eThe quarterly cash dividend declared on October 22, 2025, was \u003cstrong\u003e$0.36 per share\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe effective tax rate for the three months ended September 30, 2025, was \u003cstrong\u003e19.5%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eVirginia National Bankshares Corporation (VABK) - VRIO Analysis: 7. Deep, Concentrated Virginia Market Penetration\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Provides superior local market intelligence for underwriting commercial loans and relationship banking, which is key for deposit gathering.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eCommercial loan portfolio totaled \u003cstrong\u003e$1.2 billion\u003c\/strong\u003e as of December 31, 2024, and also as of June 30, 2025.\u003c\/li\u003e\n\u003cli\u003eTotal deposits reached \u003cstrong\u003e$1.4 billion\u003c\/strong\u003e as of December 31, 2024.\u003c\/li\u003e\n\u003cli\u003eDeposit balances increased by \u003cstrong\u003e3.2%\u003c\/strong\u003e, or \u003cstrong\u003e$43.6 million\u003c\/strong\u003e, between September 30, 2024, and December 31, 2024.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Rare for a publicly traded entity; their footprint is tightly focused on specific, affluent\/growing Virginia corridors.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eThe predominant market area for loans includes \u003cstrong\u003eCharlottesville, Albemarle County, Fauquier County, Prince William County, Winchester, Frederick County, and Manassas\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe bank was founded and remains headquartered in \u003cstrong\u003eCharlottesville, Virginia\u003c\/strong\u003e, receiving its federal banking charter in \u003cstrong\u003eJuly 1998\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe geographic focus extends within a \u003cstrong\u003e100-mile radius\u003c\/strong\u003e of any Virginia National Bank location, encompassing areas in the State of Maryland and the District of Columbia.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Difficult; requires significant capital investment and time to build local trust in these specific sub-markets.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High; the branch network supports the community-focused strategy mentioned by leadership.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eVirginia National Bank operates \u003cstrong\u003e16 branches\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eBranch locations include multiple offices in \u003cstrong\u003eCharlottesville\u003c\/strong\u003e (e.g., Pantops, Downtown Mall, Barracks Road) and other areas such as \u003cstrong\u003eWarrenton, The Plains, New Baltimore, Catlett, and Bealeton\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe corporate office is located in \u003cstrong\u003eCharlottesville, VA\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained, as hyper-local knowledge is hard to import.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eKey Metric\u003c\/td\u003e\n\u003ctd\u003eFinancial Number\/Statistic\u003c\/td\u003e\n\u003ctd\u003eReference Date\/Period\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eGross Loans Outstanding\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.2 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDecember 31, 2024 and June 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Deposits\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.4 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDecember 31, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Assets\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.6 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDecember 31, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBranch Network Size\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e16\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eCurrent\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCharter Year (Core Entity)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e1998\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eJuly 29, 1998\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cbr\u003e\u003ch2\u003eVirginia National Bankshares Corporation (VABK) - VRIO Analysis: 8. Robust Digital Banking Infrastructure\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Allows for efficient service delivery and customer convenience, supporting account management and check deposits remotely, which is essential for modern banking.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Low; most banks offer this now, but VABK’s platform is noted as robust.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Easy; technology stacks are widely available and can be purchased or licensed.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Moderate; the platform is in place, but its integration with the high-touch service model needs continuous effort.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e None, it is a necessary parity feature.\u003c\/p\u003e\n\u003cp\u003eThe digital infrastructure supports operational metrics that align with or exceed industry expectations for efficiency:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eVABK (Q4 2024)\u003c\/th\u003e\n\u003cth\u003eIndustry Context (General Benchmarks)\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eEfficiency Ratio (FTE)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e60.2%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eBanks typically aim for lower ratios; median expected for 2024 was not explicitly stated for efficiency.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Interest Margin (FTE)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.21%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFinancial services IT spending as % of Revenue ranges up to 11.4% (75th percentile).\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGross Loans Outstanding\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$1.2 billion\u003c\/strong\u003e (As of 12\/31\/2024)\u003c\/td\u003e\n\u003ctd\u003eMobile banking users drive more than \u003cstrong\u003e39%\u003c\/strong\u003e of total POS spend in some studies.\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eKey digital banking capabilities offered by VABK include:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eAccount balance inquiries.\u003c\/li\u003e\n\u003cli\u003eTransaction history review.\u003c\/li\u003e\n\u003cli\u003eFund transfers.\u003c\/li\u003e\n\u003cli\u003eOnline bill payment.\u003c\/li\u003e\n\u003cli\u003eMobile check deposit.\u003c\/li\u003e\n\u003cli\u003eAbility to set up account alerts.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eIndustry adoption statistics highlight the necessity of this infrastructure:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003e77%\u003c\/strong\u003e of banking interactions happen via digital channels across the industry.\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e55%\u003c\/strong\u003e of U.S. bank customers use mobile apps as their top choice for banking.\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e96%\u003c\/strong\u003e of consumers rate their bank's online and mobile app experience as “good” or better.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eVirginia National Bankshares Corporation (VABK) - VRIO Analysis: 9. Consistent Shareholder Return Policy\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Provides a clear incentive for long-term holders; the quarterly dividend was set at \u003cstrong\u003e$0.36\u003c\/strong\u003e per share in Q3 2025, representing an annual yield of about \u003cstrong\u003e3.63%\u003c\/strong\u003e at the time of declaration on October 22, 2025.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Low; many banks pay dividends, but consistency through cycles is what matters. The dividend has seen increases, such as the move from $0.33 per share in Q1 2025 to $0.36 per share in Q3 2025.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Easy; the policy itself is a decision, though funding it requires financial health, evidenced by Q3 2025 net income of \u003cstrong\u003e$4.6 million\u003c\/strong\u003e.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High; the Board declared the dividend promptly following the Q3 results on October 22, 2025.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary, as dividend policy can shift based on capital needs or economic outlook. The payout ratio for the dividend was \u003cstrong\u003e58%\u003c\/strong\u003e of net income for Q3 2025.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eFinance:\u003c\/strong\u003e Draft 13-week cash view by Friday. Key financial metrics supporting the policy include:\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eQ3 2025 Value\u003c\/td\u003e\n\u003ctd\u003ePrior Period Value\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eQuarterly Net Income (USD)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$4.6 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e$4.6 million (Q3 2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDiluted Earnings Per Share (USD)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$0.84\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e$0.85 (Q3 2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Interest Margin (FTE)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.43%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDeclined 30 bps year-over-year in cost of funds\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEfficiency Ratio (FTE)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e57.9%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eImproved over the last quarter\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBook Value Per Share (USD)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$32.89\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e$30.89 (September 30, 2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eHistorical dividend consistency data:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eAnnualized Dividend (as of Dec 3, 2025 estimate): \u003cstrong\u003e$1.44\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eAnnual Dividend Yield (as of Dec 3, 2025 estimate): \u003cstrong\u003e3.50%\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003ePayout Ratio (Trailing): \u003cstrong\u003e42.73%\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eDividend Growth (1 Year): \u003cstrong\u003e6.82%\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003eRecent Quarterly Dividend Declarations:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003ePeriod\u003c\/td\u003e\n\u003ctd\u003eDeclaration Date\u003c\/td\u003e\n\u003ctd\u003eQuarterly Dividend (USD)\u003c\/td\u003e\n\u003ctd\u003eYield at Declaration\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eQ3 2025\u003c\/td\u003e\n\u003ctd\u003eOctober 22, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$0.36\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3.63%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eQ1 2025\u003c\/td\u003e\n\u003ctd\u003eFebruary 26, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$0.33\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e3.66% (based on Feb 26, 2025 close)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eQ3 2024\u003c\/td\u003e\n\u003ctd\u003eJuly 24, 2024\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$0.33\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e3.45% (based on July 24, 2024 close)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e","brand":"dcf.fm","offers":[{"title":"Default Title","offer_id":45516274106517,"sku":"vabk-vrio-analysis","price":7.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0630\/5189\/0837\/files\/vabk-vrio-analysis.png?v=1740229561","url":"https:\/\/dcf-model.com\/fr\/products\/vabk-vrio-analysis","provider":"AI-Powered Discounted Cash Flow Model Templates","version":"1.0","type":"link"}