Welcome to our dedicated page for Virginia National Bankshares Corporation news (Ticker: VABK), a resource for investors and traders seeking the latest updates and insights on Virginia National Bankshares Corporation stock.
Virginia National Bankshares Corp, headquartered in Charlottesville, Virginia, was established in July 1998 with over 900 local shareholders. As a community bank, it offers a wide range of banking and financial services, including checking accounts, money market deposit accounts, and certificates of deposit. The bank focuses on commercial and retail banking, providing loans, deposit services, and more to individuals, businesses, and charitable organizations.
The company's segments include the Bank, VNB Trust and Estate Services, Sturman Wealth Advisors, and Masonry Capital. Virginia National Bankshares emphasizes exceptional service, recognizing that people are at the core of their success. With a commitment to customers and the community, the bank has maintained strong credit quality metrics and record returns on average assets.
Virginia National Bankshares Corporation (NASDAQ: VABK) reported significant growth in Q1 2023, achieving net income of $5.8 million or $1.08 per diluted share, up 18% from $4.9 million or $0.92 in Q1 2022. The return on average assets (ROAA) increased to 1.48% from 1.03% year-over-year, while return on average equity (ROAE) rose to 17.57% from 12.53%. The efficiency ratio improved to 56.2% compared to 62.0% last year. Nonperforming assets decreased to 0.08% of total assets, reflecting strong credit quality. However, noninterest income fell 52% due to a prior year one-time payment. Cash dividends declared were $1.8 million, or $0.33 per share.
Virginia National Bankshares Corporation (NASDAQ: VABK) declared a quarterly cash dividend of $0.33 per share on February 22, 2023, marking a 10% increase from the previous dividend. The dividend is set for payment on March 24, 2023, to shareholders of record by March 10, 2023. This increase reflects the company's commitment to returning capital after achieving record results in 2022 and aligns with its two-year anniversary of the merger with Fauquier Bankshares, slated for April 1, 2023. At a closing price of $10.00 on February 23, 2023, the annual yield stands at approximately 3.33%.
Virginia National Bankshares Corporation (NASDAQ: VABK) reported a record net income of $7.1 million, or $1.32 per diluted share, for Q4 2022, a 35% increase from $5.2 million in Q4 2021. For the full year, net income reached $23.4 million, or $4.38 per diluted share, up from $10.1 million in 2021. Key metrics include a return on average assets of 1.30% and a return on average equity of 22.23% for Q4 2022. Despite a 12% decline in loans outstanding, net interest income increased by 24% to $15.4 million. The Company declared dividends of $1.6 million for the quarter.
Virginia National Bankshares Corporation (NASDAQ: VABK) declared a cash dividend of $0.30 per share on December 7, 2022. The dividend is set for payment on December 30, 2022, to shareholders of record as of December 20, 2022. This represents an annual yield of approximately 3.42% based on the stock's closing price on the declaration date. The company operates several banking offices in Virginia, providing a range of financial services, including investment management through its subsidiaries.
Virginia National Bankshares Corporation (NASDAQ: VABK) reported a net income of $5.8 million or $1.08 per diluted share for Q3 2022, marking an 84% increase from $3.1 million or $0.59 per diluted share in Q3 2021. Year-to-date, net income climbed to $16.4 million from $4.8 million. Key metrics include ROAA rising to 1.30% and ROAE improving to 16.50%. Despite a 15% drop in gross loans outstanding, the company maintains strong credit performance with nonperforming assets at 0.08%. Cash dividends declared were $1.6 million.
Virginia National Bankshares Corporation (NASDAQ: VABK) reported a notable net income of $5.7 million, or $1.06 per diluted share, for Q2 2022, marking a significant increase from $147 thousand in Q2 2021. For the first half of 2022, net income reached $10.6 million, up from $1.6 million the previous year. The efficiency ratio improved to 58.3%, and return on average assets rose to 1.27%. However, gross loans decreased by 18% to $960 million, primarily due to the forgiveness of SBA PPP loans and paydowns. Cash dividends declared were $1.6 million.
Virginia National Bankshares Corporation (NASDAQ: VABK) declared a quarterly cash dividend of $0.30 per share on July 27, 2022. This dividend will be paid on September 23, 2022, to shareholders of record as of September 9, 2022. The dividend represents an annual yield of approximately 3.75%, based on the stock's closing price on July 28, 2022.
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