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Virginia National Bankshares Corporation (VABK+0.80%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total assets of $1.6 billion, a decrease of $31.2 million from December 31, 2023, but an increase of $52.2 million from September 30, 2023.
The investment securities portfolio totaled $287.1 million, a decrease from $429.0 million at year-end 2023, reflecting a strategic decision to reinvest proceeds into higher yielding assets.
Total loans were reported at $1.2 billion, an increase from $1.1 billion at December 31, 2023, with the growth primarily attributed to $111.1 million in purchased government-guaranteed loans.
Nonaccrual loans totaled $2.1 million, consistent with previous periods, while the allowance for credit losses was $8.5 million, representing 0.70% of total loans.
Deposits decreased by $29.2 million from year-end 2023 to $1.4 billion, with noninterest-bearing deposits making up 26.1% of the total.
Net interest income for the quarter was $12.0 million, an increase from $11.1 million in the same quarter the previous year, with a net interest margin of 3.24%.
The company reported net income of $4.6 million for the quarter, a slight decrease from $4.7 million in the same period the previous year, with net income per diluted share at $0.85.
Noninterest income for the quarter was $1.5 million, a decrease from the previous year's $2.6 million, primarily due to lower bank-owned life insurance income.
Noninterest expense decreased to $7.9 million from $8.3 million in the same quarter the previous year, with reductions in salaries and employee benefits, as well as marketing expenses.
Virginia National Bankshares Corporation's capital ratios remain strong, with a Tier 1 capital ratio of 18.04% and a leverage ratio of 11.81%, exceeding regulatory requirements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Virginia National Bankshares Corporation quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.