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Virginia National Bankshares Raises Quarterly Dividend to 38 Cents

Virginia National Bankshares will increase its quarterly cash dividend by 2 cents to 38 cents a share and distribute an 8% stock dividend, the company said. The cash payment is scheduled for Dec. 15, while the stock dividend is due at the end of November.

Virginia National Bankshares Raises Quarterly Dividend to 38 Cents

Shareholders must be on the books at the close of business Dec. 1 to receive the cash dividend. The stock distribution will give each shareholder 0.08 of a share for every share held.

The higher quarterly payment represents an annualized yield of about 2.9%, based on the stock’s last closing price.

The company reported third-quarter net income of $6.6 million, or $1.20 a share, up from $4.6 million, or 84 cents a share, a year earlier. The increase reflected higher loan yields, lower funding costs and a payout from bank-owned life insurance after the death of a former employee.

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