VABK Q1 net income $3.6M ($0.68 EPS), down 38% YoY; loans up 20%, NIM compresses

Virginia National Bankshares Corp

2024-Q1 EPS reported $0.68

Net income $3.6M ($0.68 diluted EPS) vs $5.8M ($1.08) Q1 2023; net interest income down 18.5% YoY.
Gross loans $1.1B, up 20% YoY; nonperforming assets 0.19% of total assets.
Net interest margin (FTE) 2.93%, down from 3.71% YoY; cost of funds stabilized at 211 bps.
Sold Masonry Capital Management to company officer effective April 1; 6-year revenue-share.
Book value per share $28.31 vs $26.50 YoY; tangible book value $25.99.

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