VABK Q2 net income $4.2M ($0.77 EPS) vs $5.7M ($1.05) year ago; loans up 19%

Virginia National Bankshares Corp

2024-Q2 EPS reported $1.45

Net income $4.2M ($0.77 diluted EPS) for Q2 2024, down from $5.7M ($1.05) in Q2 2023 due to higher cost of funds and lower loan accretion.
Six-month net income $7.8M ($1.45) vs $11.4M ($2.13) in prior year period.
Gross loans $1.2B, up 19% YoY and 6% in H1 2024; borrowings declined 55% from Dec 2023 to June 2024.
Net interest margin (FTE) improved to 3.04% from 2.89% in Q4 2023; efficiency ratio improved to 62.7%.
Company again included in Russell 2000; no brokered deposits and unused borrowing facilities of ~$196.7M.

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