VABK Q4 net income $3.2M ($0.59 EPS) down 55% YoY; full-year EPS $3.58 from $4.38

Virginia National Bankshares Corp

2023-FY EPS reported $3.58

Q4 net income $3.2M ($0.59 dil EPS), down from $7.1M ($1.32) in Q4 2022; full-year net income $19.3M ($3.58 dil) vs $23.4M ($4.38).
Net interest margin (FTE) declined to 2.89% in Q4 from 3.91% a year ago; full-year NIM increased to 3.37% from 3.21%.
Gross loans grew 16.7% YoY to $1.1B; nonperforming assets 0.17% of total assets (vs 0.08% prior year).
Noninterest expense decreased 10.5% in Q4 and 11.7% full year; deposits down 4.7% YoY but up 2.8% sequentially.
Book value per share rose to $28.52 from $25.00; tangible book value per share $26.12 vs $22.31.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Virginia National Bankshares Corp reported quarter ended December 31, 2023 results: net income 3.2 million, EPS 0.59 per diluted share.

Period: quarter ended December 31, 2023
Net income: 3.2 million
EPS: 0.59 per diluted share
Result: reported results

Exact text from the filing

Virginia National Bankshares Corporation (NASDAQ: VABK) (the “Company”) today reported quarterly 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, recognized for the quarter ended December 31, 2022.

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Source: SEC EDGAR

accession 0000950170-24-007711

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