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Dec 31, 2023
VNB Q4 2023 Earnings Report
Virginia National Bankshares Corporation reported a decrease in net income for Q4 2023 and loan growth.
Key Takeaways
Virginia National Bankshares Corporation reported a net income of $3.2 million, or $0.59 per diluted share, for the quarter ended December 31, 2023, compared to $7.1 million, or $1.32 per diluted share, for the quarter ended December 31, 2022. Gross loans outstanding totaled $1.1 billion, an increase of 16.7% compared to December 31, 2022, and an increase of 7.1% compared to September 30, 2023.
Loan growth experienced in Q4 2023, with a 7.1% increase from the prior quarter and 16.7% over the prior year-end.
Yield on loans elevated to 5.47% for the three months ended December 31, 2023, from 5.00% for the prior year same period.
Credit performance remained strong with nonperforming assets at 0.17% of total assets as of December 31, 2023.
Noninterest expense for the three months ended December 31, 2023 decreased by $977 thousand, or 10.5%, compared to the three months ended December 31, 2022.