Envirotech Vehicles appoints Jason Maddox to board of directors
CHARLOTTESVILLE, Va. - Virginia National Bankshares Corporation (NASDAQ:VABK), a regional bank with a market capitalization of $190 million, reported an increase in net income for the first quarter of 2025, with figures reaching $4.5 million or $0.83 per diluted share. This performance marks an improvement compared to $3.6 million, or $0.68 per diluted share, during the same period in the previous year. According to InvestingPro analysis, the stock is currently trading slightly above its Fair Value, with a modest P/E ratio of 11.13x.
The growth in net income is attributed to a rise in net interest income, driven by higher average loan balances and a reduction in interest expense due to decreased costs of funds associated with deposits and borrowings.
On Sunday, the company’s Board of Directors announced a quarterly cash dividend of $0.36 per share, payable on May 30, 2025, to shareholders of record as of May 15, 2025. This dividend represents a 9.1% increase from the prior quarter’s dividend of $0.33 per share and an annual yield of approximately 4.09% based on the closing price of the company’s stock on April 23, 2025. InvestingPro data reveals that VABK has maintained dividend payments for 13 consecutive years, demonstrating strong commitment to shareholder returns. The current dividend yield stands at 3.75%, with the stock showing impressive momentum, having gained 48.27% over the past year.
Glenn W. Rust, President and CEO, commented on the bank’s strong quarter, highlighting the strategic focus on loan growth and reduced operating expenses in 2024, which has set the stage for sustained performance in 2025. He also noted the bank’s solid credit quality metrics and capital and liquidity positions.
Key performance indicators for the first quarter of 2025, compared to the first quarter of 2024, include an increase in return on average assets to 1.12% from 0.91%, return on average equity to 11.05% from 9.57%, and an improved net interest margin (FTE) to 3.28% from 2.93%. InvestingPro analysis indicates that the bank maintains a FAIR overall financial health score of 2.4 out of 5, with particularly strong marks in profitability metrics. Subscribers can access over 30 additional financial health indicators and exclusive ProTips about VABK’s performance.
The balance sheet as of March 31, 2025, showed continued loan growth, with gross loan balances increasing by $6.5 million from the end of the previous year. Total gross loans stood at $1.2 billion, a 10.1% increase over March 31, 2024. Deposit balances also experienced a modest increase, with a notable shift towards lower rate components, contributing to a stabilized cost of funds.
Noninterest income for the first quarter decreased compared to the previous year, primarily due to the absence of gains recognized in the prior year’s first quarter. Noninterest expense remained flat, with minor increases offset by decreased compensation expenses.
The effective tax rates for the first quarter of 2025 and 2024 were 16.7% and 15.5%, respectively, influenced by low-income housing tax credits and tax-exempt income from municipal bonds and bank-owned life insurance policies.
Book value per share as of March 31, 2025, increased to $30.93 from $28.31 on March 31, 2024, reflecting net retained income growth and the ongoing amortization of intangible assets.
The information in this article is based on a press release statement from Virginia National Bankshares Corporation.
In other recent news, Virginia National Bankshares Corp has announced a quarterly cash dividend of $0.33 per share. This dividend is scheduled to be paid on March 28, 2025, to shareholders who are registered by March 14, 2025. The announcement was made in an 8-K filing with the Securities and Exchange Commission. The Board of Directors confirmed the dividend on February 26, 2025, maintaining the company’s tradition of regular quarterly payments. This move is seen as a sign of the bank’s financial health and management’s confidence in its profitability and cash flow stability. The dividend announcement aligns with Virginia National Bankshares’ history of consistent payments, reflecting its commitment to shareholder returns. No changes to the dividend policy or special circumstances for this quarter’s dividend were disclosed. Investors interested in more details can refer to the company’s 8-K filing for additional information.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.