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VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES 2024 THIRD QUARTER EARNINGS
CHARLOTTESVILLE, Va., Oct. 17, 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., Oct. 17, 2024 /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 September 30, 2024, compared to $4.7 million, or $0.86 per diluted share, recognized for the quarter ended September 30, 2023. For the nine months ended September 30, 2024, the Company recognized net income of $12.4 million, or $2.30 per diluted share, compared to $16.1 million, or $2.99 per diluted share, for the nine months ended September 30, 2023. \n\n \n \n \n \n \n \n\n \nThe decline in year-to-date 2024 net income compared to 2023 is primarily the result of 1) increased cost of funds and 2) the receipt in the prior year of bank-owned life insurance proceeds as a result of the death of a former employee, which was offset by an increase in interest income and a decline in operating expenses. \nPresident and Chief Executive Officer's comments: \"Our measures to reduce ongoing overhead costs are paying off for us as evidenced through reduced noninterest expenses,\" stated Glenn W. Rust, President and Chief Executive Officer. \"In addition, we continue to put new loans on the books, increasing loan balances 11% during 2024 and 19% year-over-year, and our credit quality metrics remain strong. Our capital and liquidity positions continue to be solid and stable.\"\nKey Performance IndicatorsThird Quarter 2024 Compared to Second Quarter 2024\nReturn on average assets increased to 1.15% from 1.05%Return on average equity increased to 11.44% from 11.07%Net interest margin (FTE)1 improved to 3.24% from 3.04%Loan-to-deposit ratio increased to 88.1% from 84.3%Efficiency ratio (FTE)1 improved to 58.6% from 62.7%September 2024 Balance Sheet Highlights\nThe Company continued to experience loan growth in the third quarter of 2024. Gross loans outstanding as of September 30, 2024 totaled $1.2 billion, an increase of $122.8 million, or 11.2%, compared to December 31, 2023 and an increase of $195.0 million, or 19.1%, compared to September 30, 2023.As of September 30, 2024, the Company had unused borrowing facilities in place of approximately $160.4 million and held no brokered deposits.Securities balances declined $141.9 million from December 31, 2023 to September 30, 2024; funds from the maturities of investments wer...