secwatch.observer — SEC 8-K summary
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Issuer:     Virginia National Bankshares Corp (VABK)
CIK:        0001572334
Form:       8-K
Filed at:   2024-01-26T23:59:59+00:00
Accession:  0000950170-24-007711
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1572334/000095017024007711/0000950170-24-007711-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1572334/000095017024007711/vabk-20240126.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-007711

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