Welcome to our dedicated page for Virginia Natl Bankshares news (Ticker: VABK), a resource for investors and traders seeking the latest updates and insights on Virginia Natl Bankshares stock.
Virginia National Bankshares Corporation reports earnings, dividend declarations and governance developments for a Virginia bank holding company whose common stock trades under the symbol VABK. The company operates through Virginia National Bank, which provides commercial and retail banking services, including loans, deposits and related financial services for individuals, businesses and charitable organizations.
Recurring updates focus on net interest income, loan balances, deposit and borrowing costs, asset quality, noninterest expense and quarterly cash dividends. Company news also covers board and executive changes, capital-structure and governance matters, and fiduciary services offered through VNB Trust and Estate Services across Virginia banking markets.
Virginia National Bankshares (NASDAQ: VABK) reported Q3 2024 net income of $4.6 million, or $0.85 per diluted share, compared to $4.7 million, or $0.86 per diluted share, in Q3 2023. Year-to-date net income for 2024 was $12.4 million, down from $16.1 million in 2023, primarily due to increased cost of funds.
Key highlights include:
- Loan growth of 11% in 2024 and 19% year-over-year
- Net interest margin improved to 3.24% from 3.04% in Q2 2024
- Efficiency ratio improved to 58.6% from 62.7% in Q2 2024
- Gross loans outstanding totaled $1.2 billion as of September 30, 2024
- Nonperforming assets as a percentage of total assets was 0.33%
- Book value per share increased to $30.89 from $25.29 year-over-year
The company continues to focus on reducing overhead costs and maintaining strong credit quality metrics.
Virginia National Bankshares (NASDAQ: VABK) has announced a quarterly cash dividend of $0.33 per share. The dividend will be paid on September 20, 2024 to shareholders of record as of September 6, 2024. This dividend represents an annual yield of approximately 3.45% based on the closing price of the Company's common stock on July 24, 2024. The decision was made by the Board of Directors on July 24, 2024, demonstrating the company's commitment to providing returns to its shareholders.
Virginia National Bankshares (NASDAQ: VABK) reported Q2 2024 net income of $4.2 million, or $0.77 per diluted share, down from $5.7 million, or $1.05 per diluted share, in Q2 2023. The decline was attributed to increased cost of funds and lower accretion of credit mark on purchased loans. Despite this, the company experienced 6% loan growth in the first half of 2024 and 19% year-over-year. Key highlights include:
- Improved net interest margin to 3.04% from 2.89% in Q4 2023
- Increased loan-to-deposit ratio to 84.3% from 77.5% in Q4 2023
- Strong credit quality with nonperforming assets at 0.25% of total assets
- Book value per share increased to $28.70 from $26.54 year-over-year
- Continued share repurchase plan, buying back 19,476 shares in Q2 2024
Virginia National Bankshares (NASDAQ: VABK) announced a quarterly cash dividend of $0.33 per share, declared by its Board of Directors on May 22, 2024.
The dividend will be paid on June 28, 2024, to shareholders of record as of June 14, 2024.
This quarterly dividend translates to an annual yield of approximately 4.37%, based on the stock's closing price on May 23, 2024.
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