Business
VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES SECOND QUARTER 2023 EARNINGS
CHARLOTTESVILLE, Va., July 17, 2023 /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 17, 2023 /PRNewswire/ -- Virginia National Bankshares Corporation (NASDAQ: VABK) (the \"Company\") today reported quarterly net income of $5.7 million, or $1.05 per diluted share, for the quarter ended June 30, 2023, evenly balanced with net income of $5.7 million, or $1.06 per diluted share, recognized for the quarter ended June 30, 2022. For the six months ended June 30, 2023, the Company recognized net income of $11.4 million, or $2.13 per diluted share, compared to $10.6 million, or $1.98 per diluted share, for the six months ended June 30, 2022. \nOur return on average assets set a record for the Company in the first half of 2023, as we achieved 1.47% year-to-date.\"Virginia National Bank remains committed to our customers and our community, and continues to proactively lend as indicated by our loan growth in the second quarter,\" commented President and Chief Executive Officer, Glenn W. Rust. \"We have not been forced to tighten our credit quality standards as many banks have, since our standards were established with a high bar from the onset, as evidenced by our solid credit quality metrics. Our return on average assets set a record for the Company in the first half of 2023, as we achieved 1.47% year-to-date.\"\nSecond Quarter 2023 Highlights\nReturn on average assets (\"ROAA\") for the three months ended June 30, 2023 increased to 1.46% compared to 1.27% realized in the same period in the prior year.Return on average equity (\"ROAE\") for the three months ended June 30, 2023 decreased to 15.98% compared to 16.16% realized in same period in the prior year, primarily due to the increase in accumulated other comprehensive loss of $8.3 million period over period related to unrealized losses in the securities portfolio.The efficiency ratio on a fully tax equivalent basis (\"FTE\") (a non-GAAP financial measure)1 was 54.1% for the three months ended June 30, 2023, an improvement over 58.3% for the same period in the prior year.Net interest margin (FTE), (a non-GAAP financial measure)1, for the three months ended June 30, 2023 rose to 3.83%, compared to 3.02% for the three months ended June 30, 2022. Yield on loans elevated to 6.35% for the three months ended June 30, 2023, from 4.32% for the same period in the prior year. The accretion of the credit mark related to purchased loans positively impacte...