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Jun 30, 2024
VNB Q2 2024 Earnings Report
Reported quarterly net income decreased due to increased cost of funds and accretion of the credit mark related to purchased loans.
Key Takeaways
Virginia National Bankshares Corporation reported a decrease in quarterly net income to $4.2 million, or $0.77 per diluted share, compared to $5.7 million, or $1.05 per diluted share, for the quarter ended June 30, 2023. The decline was attributed to increased cost of funds and the accretion of the credit mark related to purchased loans.
Loan balances continued to increase during the second quarter of this year, with organic growth and continued purchases of the government-guaranteed portions of USDA and SBA loans.
Loan balances increased 6% during the first half of the year, 19% year-over-year and credit quality metrics remain solid.
Capital and liquidity positions continue to be strong and stable.
Virginia National Bankshares Corporation has been included again in the Russell 2000, which reconstituted at the end of the second quarter.
Forward Guidance
No specific forward guidance was provided in the press release.
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