Virginia Natl Bankshares Corp - VABK STOCK NEWS

Virginia National Bankshares (VABK) reported Q4 2024 net income of $4.6 million ($0.85 per diluted share), up from $3.2 million ($0.59 per diluted share) in Q4 2023. However, full-year 2024 net income decreased to $17.0 million ($3.15 per diluted share) from $19.3 million ($3.58 per diluted share) in 2023.

The company achieved significant loan growth of 13.1% year-over-year, with gross loans reaching $1.2 billion. Key performance metrics improved in Q4 2024 compared to Q4 2023, including return on average assets (1.12% from 0.79%), net interest margin (3.21% from 2.89%), and efficiency ratio (60.2% from 64.0%). Credit quality remained strong with nonperforming assets at 0.19% of total assets.

The bank successfully reduced borrowing costs and overall cost of funds, while maintaining strong capital and liquidity positions. Total deposits increased by $43.6 million (3.2%) quarter-over-quarter and $14.4 million (1.0%) year-over-year.

Virginia National Bankshares (NASDAQ: VABK) has declared a quarterly cash dividend of $0.33 per share, to be paid on December 20, 2024, to shareholders of record as of December 6, 2024. Based on the company's closing stock price on October 24, 2024, this dividend represents an approximate annual yield of 3.25% to shareholders.

Virginia National Bankshares (NASDAQ: VABK) reported Q3 2024 net income of $4.6 million, or $0.85 per diluted share, compared to $4.7 million, or $0.86 per diluted share, in Q3 2023. Year-to-date net income for 2024 was $12.4 million, down from $16.1 million in 2023, primarily due to increased cost of funds.

Key highlights include:

• Loan growth of 11% in 2024 and 19% year-over-year
• Net interest margin improved to 3.24% from 3.04% in Q2 2024
• Efficiency ratio improved to 58.6% from 62.7% in Q2 2024
• Gross loans outstanding totaled $1.2 billion as of September 30, 2024
• Nonperforming assets as a percentage of total assets was 0.33%
• Book value per share increased to $30.89 from $25.29 year-over-year

The company continues to focus on reducing overhead costs and maintaining strong credit quality metrics.

Virginia National Bankshares (NASDAQ: VABK) has announced a quarterly cash dividend of $0.33 per share. The dividend will be paid on September 20, 2024 to shareholders of record as of September 6, 2024. This dividend represents an annual yield of approximately 3.45% based on the closing price of the Company's common stock on July 24, 2024. The decision was made by the Board of Directors on July 24, 2024, demonstrating the company's commitment to providing returns to its shareholders.

Virginia National Bankshares (NASDAQ: VABK) reported Q2 2024 net income of $4.2 million, or $0.77 per diluted share, down from $5.7 million, or $1.05 per diluted share, in Q2 2023. The decline was attributed to increased cost of funds and lower accretion of credit mark on purchased loans. Despite this, the company experienced 6% loan growth in the first half of 2024 and 19% year-over-year. Key highlights include:

- Improved net interest margin to 3.04% from 2.89% in Q4 2023
- Increased loan-to-deposit ratio to 84.3% from 77.5% in Q4 2023
- Strong credit quality with nonperforming assets at 0.25% of total assets
- Book value per share increased to $28.70 from $26.54 year-over-year
- Continued share repurchase plan, buying back 19,476 shares in Q2 2024

Virginia National Bankshares (NASDAQ: VABK) announced a quarterly cash dividend of $0.33 per share, declared by its Board of Directors on May 22, 2024.

The dividend will be paid on June 28, 2024, to shareholders of record as of June 14, 2024.

This quarterly dividend translates to an annual yield of approximately 4.37%, based on the stock's closing price on May 23, 2024.

Virginia National Bankshares (NASDAQ: VABK) reported first quarter 2024 net income of $3.6 million, achieving solid results with 20% year-over-year loan growth and stable credit quality metrics. The company increased deposit balances, reduced debt, and maintained solid capital and liquidity positions. Gross loans outstanding reached $1.1 billion, yielding 5.64%. Nonperforming assets stood at 0.19% of total assets. The company sold membership interests in Masonry Capital Management, , with no expenses incurred post-sale. Net interest income decreased by 18.5% due to rising interest expenses. Noninterest income declined by 4.3%, while noninterest expenses decreased by 0.5%. Book value per share increased to $28.31, and tangible book value per share was $25.99. Effective tax rates were 15.5% and 18.2% for the first quarters of 2024 and 2023 respectively, lower than the statutory rate. Cash dividends of $1.8 million were declared and paid during the first quarter, with a share repurchase plan in place, repurchasing 874 shares at an average price of $29.60 per share.

Virginia National Bankshares Corporation (VABK) declares a quarterly cash dividend of $0.33 per share, offering shareholders a 4.42% annual yield based on the closing stock price on February 28, 2024.

Virginia National Bankshares Corporation (NASDAQ: VABK) reported quarterly net income of $3.2 million for Q4 2023, compared to $7.1 million in Q4 2022. Gross loans outstanding increased by 16.7% to $1.1 billion. Nonperforming assets amounted to $2.7 million, with a 16.7% increase in loans. Net interest income decreased by 30.1% for Q4 2023 compared to Q4 2022.