Virginia National Bankshares Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported net income of $1.2 million or $0.49 per diluted share. This represents a 41.6% increase compared to net income of $839,000 or $0.34 per diluted share recognized during the previous quarter. The book value per share at December 31, 2015 was $23.37, compared to $23.15 at September 30, 2015 and $22.55 at December 31, 2014. Income before income taxes was $1,703,000 compared to $752,000 a year ago. Return on average assets was 0.84% compared to 0.42% a year ago. Return on average equity was 8.29% compared to 3.68% a year ago. Net interest income was $4.379 million against $3.657 million a year ago.

For the full year, the company's net income was $3.2 million, or $1.26 per diluted share, which was 68.4% higher compared to $1.9 million, or $0.70 per share, for the year ended December 31, 2014. Net interest income was $16.3 million was recognized, an improvement of $1.8 million or 12.4% over the same period in 2014. Income before income taxes was $4,451,000 compared to $2,354,000 a year ago.

Net loan charge-offs for the fourth quarter of 2015 totaled $4,000 comprised of charge-offs of $12,000 against recoveries of $8,000.