Virginia National Bankshares Corporation​ (VABK) has reported a 66.39 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $1.40 million, or $0.59 a share in the quarter, compared with $0.84 million, or $0.34 a share for the same period last year.
Revenue during the quarter grew 10.09 percent to $5.85 million from $5.31 million in the previous year period. Net interest income for the quarter rose 8.64 percent over the prior year period to $4.54 million. Non-interest income for the quarter rose 15.63 percent over the last year period to $1.41 million.
Virginia National Bankshares Corporation has made provision of $0.10 million for loan losses during the quarter, up 18.18 percent from $0.09 million in the same period last year.
Net interest margin improved 19 basis points to 3.41 percent in the quarter from 3.22 percent in the last year period. Efficiency ratio for the quarter improved to 63.79 percent from 75.99 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"We are pleased with our solid third quarter performance, as continued strength in our earning assets mix, disciplined expense management and continued tradition of high credit quality led to an increase in net income over the comparable three and nine month periods in the prior year," said Glenn W. Rust, President and Chief Executive Officer. "Our focus continues to be on improving our interest and noninterest income as we provide more products and services through both Virginia National Bank and VNB Wealth Management and on continuing to manage our expenses through streamlining operations, making the most efficient and effective use of our technology and maximizing the efficiency of our staff."
Assets outpace liabilities growth
Total assets stood at $569.54 million as on Sep. 30, 2016, up 3.78 percent compared with $548.77 million on Sep. 30, 2015. On the other hand, total liabilities stood at $510.26 million as on Sep. 30, 2016, up 3.63 percent from $492.37 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $427.61 million as on Sep. 30, 2016, up 10.61 percent compared with $386.58 million on Sep. 30, 2015. Deposits stood at $495.18 million as on Sep. 30, 2016, up 4.99 percent compared with $471.64 million on Sep. 30, 2015.
Investments stood at $72.16 million as on Sep. 30, 2016, down 37.51 percent or $43.30 million from year-ago. Shareholders equity stood at $59.28 million as on Sep. 30, 2016, up 5.10 percent or $2.88 million from year-ago.
Return on average assets moved up 38 basis points to 0.98 percent in the quarter from 0.60 percent in the last year period. At the same time, return on average equity increased 322 basis points to 9.38 percent in the quarter from 6.16 percent in the last year period.
Nonperforming assets moved down 77.96 percent or $0.61 million to $0.17 million on Sep. 30, 2016 from $0.78 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 0.03 percent in the quarter, down from 0.14 percent in the last year period.
Book value per share was $25.02 for the quarter, up 8.08 percent or $1.87 compared to $23.15 for the same period last year.
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