2014 Form 10-K Financial Statement

#000120677415001068 Filed on March 30, 2015

View on sec.gov

Income Statement

Concept 2014 2013 Q4 2013
Revenue $15.38M $15.45M
YoY Change -0.41%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.150M $290.0K $1.270M
YoY Change -9.45% -11.81%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $928.0K $997.0K
YoY Change -6.92%
% of Operating Profit
Other Income/Expense, Net $5.601M $5.499M
YoY Change 1.85%
Pretax Income $2.354M $6.980M $10.11M
YoY Change -76.71% 24.94%
Income Tax $456.0K $2.370M $3.212M
% Of Pretax Income 19.37% 33.95% 31.78%
Net Earnings $1.898M $4.620M $6.896M
YoY Change -72.48% 25.84%
Net Earnings / Revenue 12.34% 44.65%
Basic Earnings Per Share $0.70 $2.56
Diluted Earnings Per Share $0.70 $1.556M $2.56
COMMON SHARES
Basic Shares Outstanding 2.695M shares 2.690M shares
Diluted Shares Outstanding 2.707M shares 2.690M shares

Balance Sheet

Concept 2014 2013 Q4 2013
SHORT-TERM ASSETS
Cash & Short-Term Investments $174.7M
YoY Change
Cash & Equivalents $40.07M
Short-Term Investments $134.7M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $9.500M $9.824M $9.800M
YoY Change -3.06% -8.41%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $537.1M $513.0M $513.0M
YoY Change 4.7% 1.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.700M $8.300M
YoY Change -79.52% 97.62%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $18.00M $16.30M
YoY Change 10.43% 307.5%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.700M $8.300M
YoY Change -79.52% 97.62%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.700M $8.300M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $476.4M $455.0M $455.0M
YoY Change 4.7% 0.29%
SHAREHOLDERS EQUITY
Retained Earnings $24.82M
YoY Change
Common Stock $6.725M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $60.60M $58.03M $58.00M
YoY Change
Total Liabilities & Shareholders Equity $537.1M $513.0M $513.0M
YoY Change 4.7% 1.06%

Cashflow Statement

Concept 2014 2013 Q4 2013
OPERATING ACTIVITIES
Net Income $1.898M $4.620M $6.896M
YoY Change -72.48% 25.84%
Depreciation, Depletion And Amortization $1.150M $290.0K $1.270M
YoY Change -9.45% -11.81%
Cash From Operating Activities $7.713M $760.0K $8.626M
YoY Change -10.58% 55.14%
INVESTING ACTIVITIES
Capital Expenditures $803.0K -$160.0K $462.0K
YoY Change 73.81% -130.39%
Acquisitions
YoY Change
Other Investing Activities -$20.01M -$10.77M -$36.80M
YoY Change -45.63% 51.88%
Cash From Investing Activities -$20.81M -$10.94M -$37.27M
YoY Change -44.15% 44.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $262.0K $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $27.13M 17.37M -$3.067M
YoY Change -984.68% -108.78%
NET CHANGE
Cash From Operating Activities $7.713M 760.0K $8.626M
Cash From Investing Activities -$20.81M -10.94M -$37.27M
Cash From Financing Activities $27.13M 17.37M -$3.067M
Net Change In Cash $14.04M 7.190M -$31.71M
YoY Change -144.27% -315.25%
FREE CASH FLOW
Cash From Operating Activities $7.713M $760.0K $8.626M
Capital Expenditures $803.0K -$160.0K $462.0K
Free Cash Flow $6.910M $920.0K $8.164M
YoY Change -15.36% 15.31%

Facts In Submission

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CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
2.50
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2013Q4 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
2.50
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
10000000 shares
CY2014Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2688336 shares
CY2013Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2690320 shares
CY2013Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
288 shares
CY2014Q4 us-gaap Common Stock Value
CommonStockValue
6721000 USD
CY2013Q4 us-gaap Common Stock Value
CommonStockValue
6725000 USD
CY2014Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
27889000 USD
CY2013Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
27915000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
25978000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
24822000 USD
CY2014Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
44000 USD
CY2013Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-1431000 USD
CY2014Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
537053000 USD
CY2013Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
512994000 USD
CY2013Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2013Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
10000000 shares
CY2013Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2013Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
2.50
CY2013Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
2.50
CY2013Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2690320 shares
CY2014Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2688336 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
shares
CY2014Q2 dei Entity Public Float
EntityPublicFloat
58831849000 USD
CY2015Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
2688781 shares
CY2014Q4 us-gaap Financing Receivable Recorded Investment30 To59 Days Past Due
FinancingReceivableRecordedInvestment30To59DaysPastDue
19000 USD
CY2013Q4 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
299225000 USD
CY2013Q4 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
178000 USD
CY2014Q4 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
USD
CY2014Q4 us-gaap Impaired Financing Receivable With Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithRelatedAllowanceUnpaidPrincipalBalance
USD
CY2014Q4 vabk Impaired Financing Receivable With Related Allowance Related Allowance
ImpairedFinancingReceivableWithRelatedAllowanceRelatedAllowance
USD
CY2014 us-gaap Impaired Financing Receivable With Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceAverageRecordedInvestment
USD
CY2014 us-gaap Impaired Financing Receivable With Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithRelatedAllowanceInterestIncomeAccrualMethod
USD
CY2014Q4 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
1697000 USD
CY2014Q4 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
1757000 USD
CY2013 us-gaap Labor And Related Expense
LaborAndRelatedExpense
13746000 USD
CY2014 us-gaap Other Noninterest Expense
OtherNoninterestExpense
5601000 USD
CY2013 us-gaap Financing Receivable Modifications Number Of Contracts2
FinancingReceivableModificationsNumberOfContracts2
item
CY2013 us-gaap Financing Receivable Modifications Pre Modification Recorded Investment2
FinancingReceivableModificationsPreModificationRecordedInvestment2
USD
CY2013 us-gaap Financing Receivable Modifications Post Modification Recorded Investment2
FinancingReceivableModificationsPostModificationRecordedInvestment2
USD
CY2014 vabk Financing Receivable Troubled Debt Restructurings Subsequent Defaults Number Of Contracts
FinancingReceivableTroubledDebtRestructuringsSubsequentDefaultsNumberOfContracts
item
CY2014 us-gaap Financing Receivable Modifications Subsequent Default Recorded Investment1
FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1
USD
CY2013 vabk Financing Receivable Troubled Debt Restructurings Subsequent Defaults Number Of Contracts
FinancingReceivableTroubledDebtRestructuringsSubsequentDefaultsNumberOfContracts
2 item
CY2013 us-gaap Financing Receivable Modifications Subsequent Default Recorded Investment1
FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1
248000 USD
CY2014Q4 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
USD
CY2014 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
1736000 USD
CY2014 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
80000 USD
CY2013Q4 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
USD
CY2013Q4 us-gaap Impaired Financing Receivable With Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithRelatedAllowanceUnpaidPrincipalBalance
USD
CY2013Q4 vabk Impaired Financing Receivable With Related Allowance Related Allowance
ImpairedFinancingReceivableWithRelatedAllowanceRelatedAllowance
USD
CY2013 us-gaap Impaired Financing Receivable With Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceAverageRecordedInvestment
USD
CY2013 us-gaap Impaired Financing Receivable With Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithRelatedAllowanceInterestIncomeAccrualMethod
USD
CY2013Q4 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
1736000 USD
CY2013Q4 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
1908000 USD
CY2013Q4 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
USD
CY2013 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
1990000 USD
CY2013 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
61000 USD
CY2014Q4 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
218000 USD
CY2013Q4 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
367000 USD
CY2014Q4 vabk Financing Receivable Number Of Contracts Modifications Recorded Investment
FinancingReceivableNumberOfContractsModificationsRecordedInvestment
4 item
CY2014Q4 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
1518000 USD
CY2013Q4 vabk Financing Receivable Number Of Contracts Modifications Recorded Investment
FinancingReceivableNumberOfContractsModificationsRecordedInvestment
2 item
CY2013Q4 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
1369000 USD
CY2014 us-gaap Financing Receivable Modifications Number Of Contracts2
FinancingReceivableModificationsNumberOfContracts2
2 item
CY2014 us-gaap Financing Receivable Modifications Pre Modification Recorded Investment2
FinancingReceivableModificationsPreModificationRecordedInvestment2
196000 USD
CY2014 us-gaap Financing Receivable Modifications Post Modification Recorded Investment2
FinancingReceivableModificationsPostModificationRecordedInvestment2
194000 USD
CY2014 vabk Number Of Securities Designated As Available For Sale Securities Having Unrealized Loss
NumberOfSecuritiesDesignatedAsAvailableForSaleSecuritiesHavingUnrealizedLoss
74 item
CY2013Q4 vabk Financing Receivable Number Of Loans Equal To Greater Than90 Days Past Due
FinancingReceivableNumberOfLoansEqualToGreaterThan90DaysPastDue
2 item
CY2014Q4 vabk Financing Receivable Number Of Loans Equal To Greater Than90 Days Past Due
FinancingReceivableNumberOfLoansEqualToGreaterThan90DaysPastDue
0 item
CY2014Q4 vabk Deposit Account Overdrafts
DepositAccountOverdrafts
53000 USD
CY2013Q4 vabk Deposit Account Overdrafts
DepositAccountOverdrafts
51000 USD
CY2013Q4 us-gaap Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
6526000 USD
CY2012Q4 us-gaap Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
6401000 USD
CY2014 us-gaap Loans And Leases Receivable Related Parties Additions
LoansAndLeasesReceivableRelatedPartiesAdditions
8043000 USD
CY2013 us-gaap Loans And Leases Receivable Related Parties Additions
LoansAndLeasesReceivableRelatedPartiesAdditions
4574000 USD
CY2014 us-gaap Loans And Leases Receivable Related Parties Collections
LoansAndLeasesReceivableRelatedPartiesCollections
3728000 USD
CY2013 us-gaap Loans And Leases Receivable Related Parties Collections
LoansAndLeasesReceivableRelatedPartiesCollections
4449000 USD
CY2014Q4 us-gaap Loans And Leases Receivable Related Parties
LoansAndLeasesReceivableRelatedParties
10841000 USD
CY2014Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
141749000 USD
CY2014 us-gaap Available For Sale Securities Gross Unrealized Gains
AvailableForSaleSecuritiesGrossUnrealizedGains
-870000 USD
CY2014 us-gaap Available For Sale Securities Gross Unrealized Loss
AvailableForSaleSecuritiesGrossUnrealizedLoss
-803000 USD
CY2013Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
135196000 USD
CY2013 us-gaap Available For Sale Securities Gross Unrealized Gains
AvailableForSaleSecuritiesGrossUnrealizedGains
-904000 USD
CY2013 us-gaap Available For Sale Securities Gross Unrealized Loss
AvailableForSaleSecuritiesGrossUnrealizedLoss
-3073000 USD
CY2014 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
7498000 USD
CY2013 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
16854000 USD
CY2013Q2 vabk Number Of Securites Designated As Held To Maturity
NumberOfSecuritesDesignatedAsHeldToMaturity
3 item
CY2013Q2 us-gaap Held To Maturity Securities Amortized Cost Before Other Than Temporary Impairment
HeldToMaturitySecuritiesAmortizedCostBeforeOtherThanTemporaryImpairment
2699000 USD
CY2013Q2 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
2733000 USD
CY2013Q2 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Gain
HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain
34000 USD
CY2014Q4 us-gaap Pledged Financial Instruments Not Separately Reported Securities Pledged
PledgedFinancialInstrumentsNotSeparatelyReportedSecuritiesPledged
23799000 USD
CY2013Q4 us-gaap Pledged Financial Instruments Not Separately Reported Securities Pledged
PledgedFinancialInstrumentsNotSeparatelyReportedSecuritiesPledged
17547000 USD
CY2014Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
27731000 USD
CY2014 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses
-177000 USD
CY2014Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
41416000 USD
CY2014 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses
-626000 USD
CY2014Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
69147000 USD
CY2014 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAggregateLosses
-803000 USD
CY2013Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
66359000 USD
CY2013 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses
-2655000 USD
CY2013Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
12977000 USD
CY2013 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses
-418000 USD
CY2013Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
79336000 USD
CY2013 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAggregateLosses
-3073000 USD
CY2014Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
141749000 USD
CY2014Q4 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate
141816000 USD
CY2014Q4 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
0 USD
CY2013Q4 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
0 USD
CY2014Q3 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
400000 shares
CY2012 vabk Increase Decrease In Reserve For Accrued And Unpaid Expenses
IncreaseDecreaseInReserveForAccruedAndUnpaidExpenses
113000 USD
CY2012 us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
38000 USD
CY2014 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
551000 USD
CY2013 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
161000 USD
CY2014 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
49000 USD
CY2014 us-gaap Use Of Estimates
UseOfEstimates
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p align="justify" style="margin-bottom: 0pt;"><font style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><b>Use of estimates &#150;</b> The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, deferred tax assets, valuation of other real estate owned, and fair value measurements.</font></p> </div>
CY2014 us-gaap Occupancy Net
OccupancyNet
1954000 USD
CY2014 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p align="justify"><font style="font-family: arial, helvetica, sans-serif; font-size: 10pt;"><b>Reclassifications &#150;</b> Certain reclassifications have been made to prior periods to conform to current year presentation. The results of the reclassifications are not considered material.</font></p> <p align="justify"><font style="font-family: arial, helvetica, sans-serif; font-size: 10pt;">In 2014, the Company elected to change its method for recording audit fees. Prior to 2014, the Bank accrued, in the current year, costs related to audit engagements for the current year, even if the remaining audit work was performed the following year. Management decided to change to an equally acceptable methodology that calls for recording audit expenses in the year the services are performed.&#160;The retrospective application of this change in methodology is reflected in the consolidated financial statements.&#160;The change in accounting method required a $<font>75</font> thousand increase to retained earnings as of January 1, 2013. The offsetting decrease to other liabilities for the years ended December 31, 2013 and December 31, 2014 consisted of a decrease of approximately $<font>113</font> thousand in reserve for accrued and unpaid expenses, netted against an increase in income tax payable of $<font>38</font> thousand.&#160;The new method is preferable to the old method as audit fee expense would be recognized in the period in which the expense was incurred.</font></p> </div>
CY2013 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
94000 USD
CY2014 vabk Financing Receivable Allowance For Credit Losses Net Charge Offs
FinancingReceivableAllowanceForCreditLossesNetChargeOffs
502000 USD
CY2013 vabk Financing Receivable Allowance For Credit Losses Net Charge Offs
FinancingReceivableAllowanceForCreditLossesNetChargeOffs
67000 USD
CY2014 us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
-306000 USD
CY2013 us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
-160000 USD
CY2014Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
3164000 USD
CY2013Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
3360000 USD
CY2012Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
3267000 USD
CY2014Q4 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
USD
CY2014Q4 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
3164000 USD
CY2014Q4 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
1697000 USD
CY2014Q4 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
311557000 USD
CY2013Q4 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
USD
CY2013Q4 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
3360000 USD
CY2013Q4 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
1736000 USD
CY2013Q4 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
298298000 USD
CY2014Q4 us-gaap Assets Fair Value Disclosure Recurring
AssetsFairValueDisclosureRecurring
141816000 USD
CY2013Q4 us-gaap Assets Fair Value Disclosure Recurring
AssetsFairValueDisclosureRecurring
133027000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
834000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
772000 USD
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
24586000 USD
CY2013Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
23865000 USD
CY2014Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
15121000 USD
CY2013Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
14041000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
705000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
619000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
425000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
2626000 USD
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
5981000 USD
CY2014Q4 us-gaap Time Deposits100000 Or More
TimeDeposits100000OrMore
38959000 USD
CY2013Q4 us-gaap Time Deposits100000 Or More
TimeDeposits100000OrMore
32738000 USD
CY2014Q4 us-gaap Interest Bearing Domestic Deposit Brokered
InterestBearingDomesticDepositBrokered
18693000 USD
CY2013Q4 us-gaap Interest Bearing Domestic Deposit Brokered
InterestBearingDomesticDepositBrokered
25045000 USD
CY2014Q4 us-gaap Time Deposit Maturities Year One
TimeDepositMaturitiesYearOne
107199000 USD
CY2014Q4 us-gaap Time Deposit Maturities Year Two
TimeDepositMaturitiesYearTwo
5341000 USD
CY2014 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
940000 USD
CY2013 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1010000 USD
CY2014Q4 us-gaap Time Deposit Maturities Year Three
TimeDepositMaturitiesYearThree
2787000 USD
CY2014Q4 us-gaap Time Deposit Maturities Year Four
TimeDepositMaturitiesYearFour
927000 USD
CY2014Q4 us-gaap Time Deposit Maturities Year Five
TimeDepositMaturitiesYearFive
840000 USD
CY2014 us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
12548000 USD
CY2013 us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
12998000 USD
CY2014 us-gaap Interest Income Federal Funds Sold
InterestIncomeFederalFundsSold
90000 USD
CY2013 us-gaap Interest Income Federal Funds Sold
InterestIncomeFederalFundsSold
74000 USD
CY2014 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
2165000 USD
CY2013 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
1836000 USD
CY2014 us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
477000 USD
CY2013 us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
447000 USD
CY2013 us-gaap Noninterest Income
NoninterestIncome
17854000 USD
CY2014 us-gaap Labor And Related Expense
LaborAndRelatedExpense
9305000 USD
CY2013 us-gaap Occupancy Net
OccupancyNet
2104000 USD
CY2014 us-gaap Equipment Expense
EquipmentExpense
531000 USD
CY2013 us-gaap Equipment Expense
EquipmentExpense
686000 USD
CY2014 us-gaap Dividend Income Operating
DividendIncomeOperating
83000 USD
CY2013 us-gaap Dividend Income Operating
DividendIncomeOperating
78000 USD
CY2014 us-gaap Interest And Dividend Income Securities Other
InterestAndDividendIncomeSecuritiesOther
19000 USD
CY2013 us-gaap Interest And Dividend Income Securities Other
InterestAndDividendIncomeSecuritiesOther
13000 USD
CY2014 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
15382000 USD
CY2013 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
15446000 USD
CY2014 vabk Interest Expense Demand And Savings Deposits
InterestExpenseDemandAndSavingsDeposits
205000 USD
CY2013 vabk Interest Expense Demand And Savings Deposits
InterestExpenseDemandAndSavingsDeposits
222000 USD
CY2014 us-gaap Interest Expense Time Deposits
InterestExpenseTimeDeposits
686000 USD
CY2013 us-gaap Interest Expense Time Deposits
InterestExpenseTimeDeposits
758000 USD
CY2014 us-gaap Interest Expense Federal Funds Purchased And Securities Sold Under Agreements To Repurchase
InterestExpenseFederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchase
37000 USD
CY2013 us-gaap Interest Expense Federal Funds Purchased And Securities Sold Under Agreements To Repurchase
InterestExpenseFederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchase
17000 USD
CY2014 us-gaap Interest Expense
InterestExpense
928000 USD
CY2013 us-gaap Interest Expense
InterestExpense
997000 USD
CY2014 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
14454000 USD
CY2013 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
14449000 USD
CY2014 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
14148000 USD
CY2013 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
14289000 USD
CY2014 us-gaap Fees And Commissions Fiduciary And Trust Activities
FeesAndCommissionsFiduciaryAndTrustActivities
2367000 USD
CY2013 us-gaap Fees And Commissions Fiduciary And Trust Activities
FeesAndCommissionsFiduciaryAndTrustActivities
14981000 USD
CY2014 us-gaap Fees And Commissions Depositor Accounts
FeesAndCommissionsDepositorAccounts
894000 USD
CY2013 us-gaap Fees And Commissions Depositor Accounts
FeesAndCommissionsDepositorAccounts
921000 USD
CY2014 us-gaap Fees And Commissions Credit And Debit Cards
FeesAndCommissionsCreditAndDebitCards
742000 USD
CY2013 us-gaap Fees And Commissions Credit And Debit Cards
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"><font style="font-size: 10pt;">Notwithstanding the regulatory limitations on cash dividends, the Bank's Board of Directors approved a cash dividend payment policy that, once combined with any previous cash dividends paid within the last 12 months, the total of which will not exceed 50% of the Bank's after-tax earnings, excluding any extraordinary items, for the preceding 12 months. If the previous 3 quarterly dividends are not within the preceding 12 months, then only the amounts of dividends paid in the previous 12 months, plus the proposed dividend, in total will not exceed 60% of the Bank's after-tax earnings.</font></div>
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12000 USD
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737000 USD
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3501000 USD
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EntityRegistrantName
Virginia National Bankshares Corp
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0001572334
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DocumentType
10-K
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2014-12-31
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EntityFilerCategory
Smaller Reporting Company
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2014
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false
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EntityWellKnownSeasonedIssuer
No
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EntityVoluntaryFilers
No
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FederalReserveDailyAverageRequiredBalances
0 USD
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24000 USD
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50000 USD
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8000 USD
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33000 USD
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2 item
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CashDividendsPaidToParentCompany
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CashDividendsPaidToParentCompany
135000 USD
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ATMDebitAndCreditCardExpense
349000 USD
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ATMDebitAndCreditCardExpense
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InformationTechnologyAndDataProcessing
1025000 USD
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InformationTechnologyAndDataProcessing
949000 USD
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FederalDepositInsuranceCorporationInsuranceAssessmentExpenses
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FederalDepositInsuranceCorporationInsuranceAssessmentExpenses
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MarketingAndAdvertisingExpense
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MarketingAndAdvertisingExpense
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345000 USD
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696000 USD
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1683000 USD
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5601000 USD
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5499000 USD
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BankFranchiseTax
328000 USD
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BankFranchiseTax
253000 USD
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ComputerSoftwareExpense
330000 USD
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ComputerSoftwareExpense
319000 USD
CY2014 vabk Minimum Age Of Employees For Benefit Plans
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P18Y
CY2013 vabk Defined Contribution Plan Employer Matching Contribution Percent Of Match First Three Percent Of Employee Contributions
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1.00 pure
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0.50 pure
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5000 shares
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0.2920 pure
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255 shares
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2690492 shares

Files In Submission

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