Virginia National Bankshares Corporation ( (VABK) ) has released its Q4 earnings. Here is a breakdown of the information Virginia National Bankshares Corporation presented to its investors.
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Virginia National Bankshares Corporation, headquartered in Charlottesville, Virginia, is a bank holding company that offers a comprehensive range of banking and financial services, including fiduciary services through VNB Trust and Estate Services. The company’s common stock is traded on the Nasdaq Capital Market under the symbol ‘VABK’.
Virginia National Bankshares Corporation reported an increase in quarterly net income to $4.6 million for the fourth quarter of 2024, a significant rise from the previous year’s $3.2 million. However, the full-year net income for 2024 decreased to $17.0 million from $19.3 million in 2023, primarily due to increased costs of funds.
The company experienced a strong performance in the fourth quarter, with a 13% growth in loan balances and an improvement in key performance metrics. Notably, the return on average assets increased to 1.12%, and the return on average equity rose to 10.98%. The net interest margin also improved to 3.21%, driven by higher loan yields and reduced borrowing costs.
Despite the yearly decline in net income, the company maintained strong credit quality and capital positions, with nonperforming assets at 0.19% of total assets. Total deposits increased by 3.2% in the last quarter, and the loan-to-deposit ratio rose to 86.8%.
Looking ahead, the management remains focused on sustaining loan growth and efficient cost management, positioning the company to capitalize on favorable economic conditions and maintain its strong financial standing.
