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Sep 30, 2023
VNB Q3 2023 Earnings Report
Reported quarterly net income, experiencing loan growth and decreased noninterest expense.
Key Takeaways
Virginia National Bankshares Corporation reported a net income of $4.7 million for the quarter ended September 30, 2023. The company experienced loan growth, an increase in yield on loans, and a decrease in noninterest expenses due to merger efficiencies. However, net interest income decreased due to increased interest expenses on deposit accounts and borrowings.
Experienced loan growth, resulting in a 5% increase from the prior quarter.
Yield on loans elevated to 5.53% for the three months ended September 30, 2023, from 4.56% for the prior year same period.
Credit performance remained strong with nonperforming assets as a percentage of total assets of 0.13% as of September 30, 2023.
Noninterest expense decreased $1.2 million, or 12%, compared to the three months ended September 30, 2022, due to continued efficiencies gained from the merger.