In This Story
Virginia National Bankshares Corporation (VABK+0.11%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing total assets of $1.6 billion, with net loans of $1.2 billion. The company reported total deposits of $1.4 billion and a net income of $17 million for the year.
Net interest income for the year was $46.4 million, a decrease from the previous year. The net interest margin (FTE) declined to 3.10% from 3.36% in 2023.
Noninterest income totaled $7.6 million, a decrease from the previous year, primarily due to lower investment management and performance fees following the sale of the Masonry Capital business line.
Noninterest expenses were $33.7 million, slightly lower than the previous year, with reductions in net occupancy and marketing expenses.
The company’s allowance for credit losses was $8.5 million, with a net recovery of provision for credit losses of $600,000 recorded for the year.
The filing details the company’s capital ratios, with the Tier 1 capital ratio at 17.77%, exceeding regulatory requirements.
Virginia National Bankshares Corporation’s investment portfolio at year-end was valued at $269.7 million, with a significant portion in U.S. government-sponsored enterprises.
The company’s liquidity position includes access to borrowing arrangements from the Federal Home Loan Bank and other correspondent banks, with total available borrowing lines of $219.1 million.
The filing also outlines various risk factors, including credit risks, market risks, and operational risks, which could impact the company’s financial condition.
The report states that the company continues to focus on maintaining strong credit quality and managing interest rate risk to support its financial performance.
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 annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.