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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.
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Virginia National Bankshares Corporation (NASDAQ: VABK) reported significant growth in Q1 2023, achieving net income of $5.8 million or $1.08 per diluted share, up 18% from $4.9 million or $0.92 in Q1 2022. The return on average assets (ROAA) increased to 1.48% from 1.03% year-over-year, while return on average equity (ROAE) rose to 17.57% from 12.53%. The efficiency ratio improved to 56.2% compared to 62.0% last year. Nonperforming assets decreased to 0.08% of total assets, reflecting strong credit quality. However, noninterest income fell 52% due to a prior year one-time payment. Cash dividends declared were $1.8 million, or $0.33 per share.
Virginia National Bankshares Corporation (NASDAQ: VABK) declared a quarterly cash dividend of $0.33 per share on February 22, 2023, marking a 10% increase from the previous dividend. The dividend is set for payment on March 24, 2023, to shareholders of record by March 10, 2023. This increase reflects the company's commitment to returning capital after achieving record results in 2022 and aligns with its two-year anniversary of the merger with Fauquier Bankshares, slated for April 1, 2023. At a closing price of $10.00 on February 23, 2023, the annual yield stands at approximately 3.33%.
Virginia National Bankshares Corporation (NASDAQ: VABK) reported a record net income of $7.1 million, or $1.32 per diluted share, for Q4 2022, a 35% increase from $5.2 million in Q4 2021. For the full year, net income reached $23.4 million, or $4.38 per diluted share, up from $10.1 million in 2021. Key metrics include a return on average assets of 1.30% and a return on average equity of 22.23% for Q4 2022. Despite a 12% decline in loans outstanding, net interest income increased by 24% to $15.4 million. The Company declared dividends of $1.6 million for the quarter.
Virginia National Bankshares Corporation (NASDAQ: VABK) declared a cash dividend of $0.30 per share on December 7, 2022. The dividend is set for payment on December 30, 2022, to shareholders of record as of December 20, 2022. This represents an annual yield of approximately 3.42% based on the stock's closing price on the declaration date. The company operates several banking offices in Virginia, providing a range of financial services, including investment management through its subsidiaries.
Virginia National Bankshares Corporation (NASDAQ: VABK) reported a net income of $5.8 million or $1.08 per diluted share for Q3 2022, marking an 84% increase from $3.1 million or $0.59 per diluted share in Q3 2021. Year-to-date, net income climbed to $16.4 million from $4.8 million. Key metrics include ROAA rising to 1.30% and ROAE improving to 16.50%. Despite a 15% drop in gross loans outstanding, the company maintains strong credit performance with nonperforming assets at 0.08%. Cash dividends declared were $1.6 million.
Virginia National Bankshares Corporation (NASDAQ: VABK) reported a notable net income of $5.7 million, or $1.06 per diluted share, for Q2 2022, marking a significant increase from $147 thousand in Q2 2021. For the first half of 2022, net income reached $10.6 million, up from $1.6 million the previous year. The efficiency ratio improved to 58.3%, and return on average assets rose to 1.27%. However, gross loans decreased by 18% to $960 million, primarily due to the forgiveness of SBA PPP loans and paydowns. Cash dividends declared were $1.6 million.
Virginia National Bankshares Corporation (NASDAQ: VABK) declared a quarterly cash dividend of $0.30 per share on July 27, 2022. This dividend will be paid on September 23, 2022, to shareholders of record as of September 9, 2022. The dividend represents an annual yield of approximately 3.75%, based on the stock's closing price on July 28, 2022.