Virginia National Bankshares Full Year 2023 Earnings: EPS: US$3.60 (vs US$4.40 in FY 2022)

Virginia National Bankshares (NASDAQ:VABK) Full Year 2023 Results

Key Financial Results

• Revenue: US$56.9m (down 12% from FY 2022).

• Net income: US$19.3m (down 18% from FY 2022).

• Profit margin: 34% (down from 36% in FY 2022). The decrease in margin was driven by lower revenue.

• EPS: US$3.60 (down from US$4.40 in FY 2022).

VABK Banking Performance Indicators

• Net interest margin (NIM): 3.36% (up from 3.21% in FY 2022).

• Cost-to-income ratio: 58.3% (up from 57.1% in FY 2022).

• Non-performing loans: 0.25% (up from 0.15% in FY 2022).

revenue-and-expenses-breakdown

All figures shown in the chart above are for the trailing 12 month (TTM) period

The primary driver behind last 12 months revenue was the Bank segment contributing a total revenue of US$55.3m (97% of total revenue). The largest operating expense was General & Administrative costs, amounting to US$25.1m (67% of total expenses). Explore how VABK's revenue and expenses shape its earnings.

Virginia National Bankshares shares are up 2.6% from a week ago.

Balance Sheet Analysis

Just as investors must consider earnings, it is also important to take into account the strength of a company's balance sheet. We've done some analysis and you can see our take on Virginia National Bankshares' balance sheet.

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