VABK Q3 net income $4.6M ($0.85 EPS), loan growth 19% YoY, NIM improves to 3.24%

Virginia National Bankshares Corp

2024-Q3 EPS reported $2.30

Q3 net income $4.6M, $0.85 diluted EPS vs $0.86 in Q3 2023; YTD net income $12.4M ($2.30) vs $16.1M ($2.99).
Gross loans $1.2B, up 11.2% from Dec 2023 and 19.1% YoY; securities down $141.9M from Dec 2023 deployed to loans.
Net interest margin (FTE) improved to 3.24% from 3.04% linked quarter; efficiency ratio improved to 58.6% from 62.7%.
ROA 1.15% (up from 1.05% Q2); ROE 11.44% (up from 11.07% Q2); no brokered deposits.
CEO cites cost reduction paying off, loan growth momentum, and solid capital liquidity; credit quality strong.

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