Virginia National Bankshares (US:VABK)2025-04-24 20:30Financial Performance - Quarterly net income for Q1 2025 was $4.5 million, or $0.83 per diluted share, a 23% increase from $3.6 million, or $0.68 per diluted share, in Q1 2024[2][5] - Net income for the three months ended March 31, 2025, was $4,489 thousand, a 23.2% increase compared to $3,646 thousand for the same period in 2024[29] Net Interest Income - Net interest income for Q1 2025 increased by $1.4 million, or 12.4%, to $12.3 million compared to Q1 2024, driven by higher interest income and lower interest expense[11][12] - Net interest income rose to $12,295 thousand for the three months ended March 31, 2025, compared to $10,936 thousand for the same period in 2024, reflecting an increase of 12.4%[29] - For the three months ended March 31, 2025, net interest income (FTE) was $12,381,000, compared to $11,023,000 for the same period in 2024, reflecting a year-over-year increase of 12.3%[35] Loan and Deposit Growth - Gross loan balances increased by $114.3 million, or 10.1%, year-over-year, totaling $1.2 billion as of March 31, 2025[8] - The loan-to-deposit ratio improved to 86.6% from 78.8% year-over-year, indicating stronger loan growth relative to deposits[7] - Total deposits increased to $1,434,213 thousand as of March 31, 2025, from $1,423,546 thousand at December 31, 2024, marking a growth of 0.5%[27] - Total loans for the three months ended March 31, 2025, amounted to $1,233,520,000, an increase from $1,117,570,000 in the same period of the previous year, representing a growth of 10.4%[35] Asset Management - Total assets increased to $1,634,025 thousand as of March 31, 2025, up from $1,616,826 thousand at December 31, 2024, representing a growth of 1.3%[27] - Total assets as of March 31, 2025, were $1,629,359,000, slightly up from $1,615,373,000 as of March 31, 2024[35] Efficiency and Returns - Return on average assets increased to 1.12% from 0.91%, and return on average equity rose to 11.05% from 9.57% year-over-year[7] - The efficiency ratio improved to 62.4% from 66.8% year-over-year, reflecting better operational efficiency[7] - The efficiency ratio (FTE) for the three months ended March 31, 2025, was 62.4%, an improvement from 66.8% in the same period of the previous year[38] Nonperforming Assets - Nonperforming assets as a percentage of total assets increased to 0.31% as of March 31, 2025, compared to 0.19% as of December 31, 2024[11] - Nonperforming assets (NPA) increased to $5,038 thousand as of March 31, 2025, compared to $3,021 thousand at December 31, 2024, representing a rise of 66.8%[31] Dividends and Shareholder Value - The quarterly cash dividend was declared at $0.36 per share, representing a 9.1% increase from the previous dividend of $0.33 per share[4] - Book value per share increased to $30.93 as of March 31, 2025, up from $28.31 a year earlier[15] - The tangible book value per share (non-GAAP) was $28.84 as of March 31, 2025, up from $25.99 as of March 31, 2024, indicating a growth of 10.9%[38]