Stock Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2014

Stock Compensation Plans [Abstract]

Schedule of Shares Issued and Available Under Stock Compensation Plans

	1998 Plan (1)		2003 Plan (2)		2005 Plan (3)
Aggregate shares issuable	430,100		128,369		230,000
Options issued, net of forfeited and
expired options	(381,089	)	(119,478	)	(153,776	)
Cancelled due to Plan expiration	(49,011	)	(8,891	)	-
Remaining available for grant	-		-		76,224
Grants issued and outstanding:
Total vested and unvested shares	7,216		45,088		152,383
Fully vested shares	7,216		43,650		141,907
Exercise price range	$18.61 to		$15.65 to		$11.74 to
	$23.30		$22.17		$36.74

(1)	At the Annual Meeting of Shareholders of Virginia National Bank, held on May 17, 1999, shareholders approved the 1998 Plan. No new grants can be issued under this plan, since the plan is expired.
(2)	At the Annual Meeting of Shareholders of Virginia National Bank, held on May 21, 2003, shareholders approved the 2003 Plan. No new grants can be issued under this plan, since the plan is expired.
(3)	At the Annual Meeting of Shareholders of Virginia National Bank, held on May 16, 2005, shareholders approved the Virginia National Bank 2005 Stock Incentive Plan, and the Amended and Restated 2005 Stock Incentive Plan (as amended, "2005 Plan") was approved by shareholders at the annual meeting held on May 15, 2006.

Summary of Stock Option Payment Activity

	March 31, 2014
(dollars in thousands, except per share data)			Weighted Average		Aggregate
	Number of Options		Exercise Price		Intrinsic Value
Outstanding at January 1, 2014	226,424		$	26.35	$	44
Granted	5,000			18.10
Exercised	-			-
Forfeited	(26,737	)		31.03
Outstanding at March 31, 2014	204,687		$	25.54	$	260
Options exercisable at March 31, 2014	192,772		$	26.10	$	193

Schedule of Assumptions Used to Determine Fair Value of Options Granted

	For the three months ended
	March 31, 2014
Expected volatility1	29.20	%
Expected dividends2	1.10	%
Expected term (in years)3	6.25
Risk-free rate4	2.15	%

1	Based on the monthly historical volatility of the Company's stock price over the expected life of the options.
2	Calculated as the ratio of historical dividends paid per share of common stock to the stock price on the date of grant.
3	Based on the average of the contractual life and vesting period for the respective option.
4	Based upon an interpolated US Treasury yield curve interest rate that corresponds to the contractual life of the option, in effect at the time of the grant.

Schedule of Options Outstanding and Exercisable, by Exercise Price Range

		Options Outstanding				Options Exercisable
			Weighted-	Weighted-			Weighted-
		Number of	Average	Average		Number of	Average
		Options	Remaining	Exercise		Options	Exercise
Exercise Price		Outstanding	Contractual Life	Price		Exercisable	Price
	$11.74 to 20.00	55,304	5.6 Years	$	17.39	43,390	$	17.65
	$20.01 to 30.00	76,818	3.3 Years		24.29	76,817		24.29
	$30.01 to 36.74	72,565	2.1 Years		33.07	72,565		33.07
	Total	204,687	3.5 Years	$	25.54	192,772	$	26.10

Schedule of Changes in Restricted Stock Activity

	March 31, 2014
(dollars in thousands, except per share data)						Weighted Average
	Number of	Grant Date		Aggregate		Remaining
	Shares	Fair Value		Intrinsic Value		Contractual Life
Outstanding at January 1, 2014	288	$	12.18
Issued	-		-
Vested	-		-
Non-vested at March 31, 2014	288	$	12.18	$	6	0.6 Years