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Mar 31, 2023
VNB Q1 2023 Earnings Report
Reported an increase in net income and return on assets compared to the same quarter last year.
Key Takeaways
Virginia National Bankshares Corporation reported a net income of $5.8 million, or $1.08 per diluted share, for the quarter ended March 31, 2023, representing an 18% increase compared to the same period last year. The company's return on average assets increased to 1.48%, and the efficiency ratio improved to 56.2%.
Net income increased by 18% compared to the first quarter of the previous year.
Return on average assets increased to 1.48% compared to 1.03% in the prior year.
Return on average equity improved to 17.57% compared to 12.53% in the prior year.
Efficiency ratio improved to 56.2% compared to 62.0% in the prior year.