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Mar 31, 2024
VNB Q1 2024 Earnings Report
Reported solid first quarter results with increased loan balances and stable cost of funds.
Key Takeaways
Virginia National Bankshares Corporation reported a net income of $3.6 million, or $0.68 per diluted share, for the quarter ended March 31, 2024. The company experienced loan growth and maintained strong credit quality metrics. Deposit balances increased, and the company refrained from using brokered funds and reduced debt, stabilizing the cost of funds.
Gross loans outstanding reached $1.1 billion, a 20% increase year-over-year.
Yield on loans elevated to 5.64% for the quarter.
Nonperforming assets as a percentage of total assets was 0.19%.
Total deposits increased by $22.9 million, or 1.6%, from December 31, 2023.
VNB
VNB
VNB Revenue by Segment
Revenue by Segment
Loans, including fees Revenue
CapyFin.comFederal funds sold Revenue
CapyFin.comOther interest-bearing deposits Revenue
CapyFin.comInvestment securities: Taxable Revenue
CapyFin.comInvestment securities: Tax exempt Revenue
CapyFin.comDividends Revenue
CapyFin.com Forward Guidance
The Company will continue to repurchase shares in the second quarter in accordance with its share repurchase plan. Effective April 1, 2024, the Company sold the membership interests in Masonry Capital Management, LLC. Subsequent to the date of sale, the Company will receive an annual revenue-share amount for a period of six years.
Revenue & Expenses
Visualization of income flow from segment revenue to net income