Business
VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES 2024 SECOND QUARTER EARNINGS
CHARLOTTESVILLE, Va., July 19, 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., July 19, 2024 /PRNewswire/ -- Virginia National Bankshares Corporation (NASDAQ: VABK) (the \"Company\") today reported quarterly net income of $4.2 million, or $0.77 per diluted share, for the quarter ended June 30, 2024, compared to $5.7 million, or $1.05 per diluted share, recognized for the quarter ended June 30, 2023. For the six months ended June 30, 2024, the Company recognized net income of $7.8 million, or $1.45 per diluted share, compared to $11.4 million, or $2.13 per diluted share, for the six months ended June 30, 2023. \n\n \n \n \n \n \n \n\n \nThe declines in 2024 net income compared to 2023 for the quarterly and year-to-date periods are the result of 1) increased cost of funds and 2) the accretion of the credit mark related to purchased loans when satisfied by the borrower, which was significantly larger in the second quarter of 2023 when compared to the same period of 2024.\nPresident and Chief Executive Officer's comments: \"Loan balances continued to increase during the second quarter of this year, with organic growth and continued purchases of the government-guaranteed portions of USDA and SBA loans,\" stated Glenn W. Rust, President and Chief Executive Officer. \"We increased our loan balances 6% during the first half of the year, 19% year-over-year and our credit quality metrics remain solid. Our capital and liquidity positions continue to be strong and stable. We are also pleased to report that Virginia National Bankshares Corporation has been included again in the Russell 2000, which reconstituted at the end of the second quarter. Inclusion will likely enhance stock liquidity through trading by index funds and benchmarked investment strategies.\"\nKey Performance IndicatorsSecond quarter 2024 compared to fourth quarter 2023\nReturn on average assets increased to 1.05% from 0.79%Return on average equity increased to 11.07% from 9.03%Net interest margin (FTE)1 improved to 3.04% from 2.89%Loan-to-deposit ratio increased to 84.3% from 77.5%Efficiency ratio (FTE)1 improved to 62.7% from 64.0%June 2024 Balance Sheet Highlights\nThe Company continued to experience loan growth in the second quarter of 2024. Gross loans outstanding as of June 30, 2024 totaled $1.2 billion, an increase of $65.5 million, or 6.0%, compared to December 31, 2023 and an increase of $184.9 million, or 19.0%, compare...