Business
VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES 2024 FOURTH QUARTER AND FULL YEAR EARNINGS
CHARLOTTESVILLE, Va., Jan. 23, 2025 /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., Jan. 23, 2025 /PRNewswire/ -- Virginia National Bankshares Corporation (NASDAQ: VABK) (the \"Company\") today reported quarterly net income of $4.6 million, or $0.85 per diluted share, for the quarter ended December 31, 2024, compared to $3.2 million, or $0.59 per diluted share, recognized for the quarter ended December 31, 2023. For the twelve months ended December 31, 2024, the Company recognized net income of $17.0 million, or $3.15 per diluted share, compared to $19.3 million, or $3.58 per diluted share, for the twelve months ended December 31, 2023. \n\n \n \n \n \n \n \n\n \nThe increase in net income from the fourth quarter of 2023 to the same quarter in 2024 was primarily the result of increased interest income from increased average balances of loans at higher rates than the prior period, combined with decreased interest expense, as we reduced our borrowing expense and overall cost of funds. The decline in full year 2024 net income compared to 2023 was primarily the result of increased cost of funds year-over-year.\nPresident and Chief Executive Officer's comments: \"During 2024, we focused on loan growth and reducing ongoing operating expenses,\" stated Glenn W. Rust, President and Chief Executive Officer. \"I am proud to announce that we succeeded in both of these endeavors. We increased loan balances 13% over the prior year while decreasing our overhead costs. Our credit quality metrics continue to be strong, along with our capital and liquidity positions.\"\nKey Performance IndicatorsFourth Quarter 2024 Compared to Fourth Quarter 2023\nReturn on average assets increased to 1.12% from 0.79%Return on average equity increased to 10.98% from 9.03%Net interest margin (FTE)1 improved to 3.21% from 2.89%Loan-to-deposit ratio increased to 86.8% from 77.5%Efficiency ratio (FTE)1 improved to 60.2% from 64.0%December 2024 Balance Sheet Highlights\nThe Company continued to experience loan growth in the fourth quarter of 2024. Gross loans outstanding as of December 31, 2024 totaled $1.2 billion, an increase of $20.5 million, or 1.7%, compared to September 30, 2024, and an increase of $143.3 million, or 13.1% compared to December 31, 2023.Outstanding borrowing from the FHLB declined from the prior quarter by $32.5 million and declined from the prior year-end by $46.5 million, as management made a concerted e...