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Jun 30, 2023
VNB Q2 2023 Earnings Report
Reported quarterly net income, reflecting a balance compared to the previous year, with a focus on loan growth and solid credit quality metrics.
Key Takeaways
Virginia National Bankshares Corporation reported a net income of $5.7 million, or $1.05 per diluted share, for the quarter ended June 30, 2023. The company's return on average assets set a record for the Company in the first half of 2023, as we achieved 1.47% year-to-date.
Return on average assets increased to 1.46% compared to 1.27% in the same period last year.
Return on average equity decreased to 15.98% compared to 16.16% last year, primarily due to an increase in accumulated other comprehensive loss.
The efficiency ratio improved to 54.1% from 58.3% for the same period in the prior year.
Net interest margin rose to 3.83%, compared to 3.02% for the three months ended June 30, 2022.
VNB
VNB
Forward Guidance
More information will be forthcoming for shareholders regarding the specifics of the share repurchase plan after the consultation has been completed.