PR Newswire
CHARLOTTESVILLE, Va., Jan. 26, 2024
CHARLOTTESVILLE, Va., Jan. 26, 2024 /PRNewswire/ -- Virginia National Bankshares Corporation (NASDAQ: VABK) (the "Company") today reported quarterly net income of $3.2 million, or $0.59 per diluted share, for the quarter ended December 31, 2023, compared to $7.1 million, or $1.32 per diluted share, recognized for the quarter ended December 31, 2022. For the twelve months ended December 31, 2023, the Company recognized net income of $19.3 million, or $3.58 per diluted share, compared to $23.4 million, or $4.38 per diluted share, for the twelve months ended December 31, 2022. Gross loans outstanding as of December 31, 2023 totaled $1.1 billion, an increase of $156.3 million, or 16.7%, compared to December 31, 2022 and an increase of $72.1 million, or 7.1%, compared to September 30, 2023.
2023 Fourth Quarter and Full Year Highlights
Loans and Asset Quality
Net Interest Income
Noninterest Income
Book Value
Book value per share was $28.52 as of December 31, 2023 and $25.00 as of December 31, 2022, and tangible book value per share (a non-GAAP financial measure)1 was $26.12 as of December 31, 2023 compared to $22.31 as of December 31, 2022. These values increased as net retained income increased and unrealized losses in the investment portfolio decreased period over period.
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1 See "Reconciliation of Certain Quarterly Non-GAAP Financial Measures" at the end of this release.
Income Taxes
The effective tax rate amounted to 16.6% compared to 18.5% for the three months ended December 31, 2023 and 2022, respectively, and 17.2% and 17.9% for the full years of 2023 and 2022, respectively, which are all lower than the statutory rate, due to the recognition of low-income housing tax credits and the effect of tax-exempt income from municipal bonds and income from bank owned life insurance policies in the form of interest and proceeds as a result of a death of a former employee.
Dividends
Cash dividends of $1.8 million, or $0.33 per share, were declared and paid during the fourth quarter of 2023.
About Virginia National Bankshares Corporation
Virginia National Bankshares Corporation, headquartered in Charlottesville, Virginia, is the bank holding company for Virginia National Bank. The Bank has nine banking offices throughout Fauquier and Prince William counties, three banking offices in Charlottesville and Albemarle County, and banking offices in Winchester and Richmond, Virginia. The Bank offers a full range of banking and related financial services to meet the needs of individuals, businesses and charitable organizations, including the fiduciary services of VNB Trust and Estate Services. Investment management services are offered through Masonry Capital Management, LLC, a registered investment adviser and wholly-owned subsidiary of the Company.
The Company's common stock trades on the Nasdaq Capital Market under the symbol "VABK." Additional information on the Company is also available at www.vnbcorp.com.
Non-GAAP Financial Measures
The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles ("GAAP") and prevailing practices in the banking industry. However, management uses certain non-GAAP measures to supplement the evaluation of the Company's performance. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company's core businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of GAAP to non-GAAP measures are included at the end of this release.
Forward-Looking Statements; Other Information
Certain statements in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, statements with respect to the Company's operations, performance, future strategy and goals, and are often characterized by use of qualified words such as "expect," "believe," "estimate," "project," "anticipate," "intend," "will," "should," or words of similar meaning or other statements concerning the opinions or judgement of the Company and its management about future events. While Company management believes such statements to be reasonable, future events and predictions are subject to circumstances that are not within the control of the Company and its management. Actual results may differ materially from those included in the forward-looking statements due to a number of factors, including, without limitation, the effects of and changes in: inflation, interest rates, market and monetary fluctuations; liquidity and capital requirements; market disruptions including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, war and other military conflicts or other major events, the governmental and societal responses thereto, or the prospect of these events; changes, particularly declines, in general economic and market conditions in the local economies in which the Company operates, including the effects of declines in real estate values; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; the impact of changes in laws, regulations and guidance related to financial services including, but not limited to, taxes, banking, securities and insurance; changes in accounting principles, policies and guidelines; the financial condition of the Company's borrowers; the Company's ability to attract, hire, train and retain qualified employees; an increase in unemployment levels; competitive pressures on loan and deposit pricing and demand; fluctuation in asset quality; assumptions that underlie the Company's ACL; the value of securities held in the Company's investment portfolio; performance of assets under management; cybersecurity threats or attacks and the development and maintenance of reliable electronic systems; changes in technology and their impact on the marketing of new products and services and the acceptance of these products and services by new and existing customers; the willingness of customers to substitute competitors' products and services for the Company's products and services; the risks and uncertainties described from time to time in the Company's press releases and filings with the SEC; and the Company's performance in managing the risks involved in any of the foregoing. Many of these factors and additional risks and uncertainties are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 and other reports filed from time to time by the Company with the Securities and Exchange Commission. These statements speak only as of the date made, and the Company does not undertake to update any forward-looking statements to reflect changes or events that may occur after this release.
VIRGINIA NATIONAL BANKSHARES CORPORATION | |||||||
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| December 31, 2023 | | | December 31, 2022* | | ||
| (Unaudited) | | | | | ||
ASSETS | | | | | | ||
Cash and due from banks | $ | 18,074 | | | $ | 20,993 | |
Interest-bearing deposits in other banks | | 10,316 | | | | 19,098 | |
Federal funds sold | | - | | | | 45 | |
Securities: | | | | | | ||
Available for sale (AFS), at fair value | | 420,595 | | | | 538,186 | |
Restricted securities, at cost | | 8,385 | | | | 5,137 | |
Total securities | | 428,980 | | | | 543,323 | |
Loans, net of deferred fees and costs | | 1,092,665 | | | | 936,415 | |
Allowance for credit losses | | (8,395) | | | | (5,552) | |
Loans, net | | 1,084,270 | | | | 930,863 | |
Premises and equipment, net | | 16,195 | | | | 17,808 | |
Assets held for sale | | - | | | | 965 | |
Bank owned life insurance | | 38,904 | | | | 38,552 | |
Goodwill | | 7,768 | | | | 7,768 | |
Core deposit intangible, net | | 5,093 | | | | 6,586 | |
Right of use asset, net | | 6,748 | | | | 6,536 | |
Deferred tax asset, net | | 15,382 | | | | 17,315 | |
Accrued interest receivable and other assets | | 14,287 | | | | 13,507 | |
Total assets | $ | 1,646,017 | | | $ | 1,623,359 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | ||
Liabilities: | | | | | | ||
Demand deposits: | | | | | | ||
Noninterest-bearing | $ | 372,857 | | | $ | 495,649 | |
Interest-bearing | | 305,541 | | | | 399,983 | |
Money market and savings deposit accounts | | 412,119 | | | | 467,600 Werbung Mehr Nachrichten zur Virginia National Bnk Aktie kostenlos abonnieren
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