secwatch.observer — SEC 8-K summary
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Issuer:     Virginia National Bankshares Corp (VABK)
CIK:        0001572334
Form:       8-K
Filed at:   2024-04-23T23:59:59+00:00
Accession:  0000950170-24-046643
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1572334/000095017024046643/0000950170-24-046643-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1572334/000095017024046643/vabk-20240423.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-046643

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer