secwatch.observer — SEC 8-K summary
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Issuer:     Virginia National Bankshares Corp (VABK)
CIK:        0001572334
Form:       8-K
Filed at:   2024-07-19T23:59:59+00:00
Accession:  0000950170-24-084943
Event type: earnings
Sentiment:  neutral
Materiality: 0.60
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1572334/000095017024084943/0000950170-24-084943-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1572334/000095017024084943/vabk-20240719.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-084943

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