Business
VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES 2024 FIRST QUARTER EARNINGS
CHARLOTTESVILLE, Va., April 23, 2024 /PRNewswire/ -- Virginia National Bankshares Corporation (NASDAQ: VABK) (the "Company") today reported quarterly net
About this update from Virginia National Bankshares Corporation
[{"type":"text","content":"CHARLOTTESVILLE, Va., April 23, 2024 /PRNewswire/ -- Virginia National Bankshares Corporation (NASDAQ: VABK) (the \"Company\") today reported quarterly net income of $3.6 million, or $0.68 per diluted share, for the quarter ended March 31, 2024, compared to $3.2 million, or $0.59 per diluted share, recognized for the quarter ended December 31, 2023 and $5.8 million, or $1.08 per diluted share, recognized for the quarter ended March 31, 2023. \n\n \n \n \n \n \n \n\n \n\"The Company achieved solid first quarter results,\" stated Glenn W. Rust, President and Chief Executive Officer. \"We increased our loan balances 20% year-over-year and our credit quality metrics remain strong. During the first quarter, we increased deposit balances, refrained from utilizing brokered funds and reduced our level of debt, which stabilized our cost of funds. During the same period, we maintained solid capital and liquidity positions.\"\n2024 First Quarter Highlights\nThe Company continued to experience loan growth in the first quarter of 2024. Gross loans outstanding as of March 31, 2024 totaled $1.1 billion, an increase of $35.5 million, or 3.2%, compared to December 31, 2023 and an increase of $188.2 million, or 20.0%, compared to March 31, 2023.Yield on loans elevated to 5.64% for the three months ended March 31, 2024, from 5.55% for the prior year same period.Credit performance remains strong with nonperforming assets as a percentage of total assets of 0.19% as of March 31, 2024, 0.17% as of December 31, 2023 and 0.08% as of March 31, 2023.The Company utilizes a third-party to offer multi-million-dollar FDIC insurance to customers with balances in excess of single-bank limits through Insured Cash Sweep® (ICS) plans. Deposit balances held in ICS plans amounted to $144.0 million as of March 31, 2024, $134.6 million as of December 31, 2023 and $126.4 million as of March 31, 2023.Total deposits increased $22.9 million, or 1.6% from December 31, 2023 to March 31, 2024 and increased $34.7 million, or 2.5% year-over-year. Management believes that the Bank's cost of funds has stabilized during the first quarter of 2024.Correlated with the year-over-year deposit increase noted above, and in an effort to stabilize overall cost of funds, borrowings decreased from December 31, 2023 to March 31, 2024 by $46.5 million. As of March 31, 2024, the Company had un...