Virginia National Bankshares Corporation reported its financial results for the second quarter of 2025, revealing a net income of $4.2 million, a slight increase from $4.2 million in the same period last year. For the first half of 2025, net income reached $8.7 million, compared to $7.8 million in the first half of 2024. The company’s diluted earnings per share were $0.78 for the second quarter and $1.61 for the first half, reflecting increases from $0.77 and $1.45, respectively, in the prior year. The growth in net income was attributed to a decrease in interest expenses, which fell by $1.1 million year-over-year, positively impacting net interest income.
Total assets for Virginia National Bankshares increased to $1.6 billion as of June 30, 2025, marking a $18.1 million or 1.1% rise from the end of 2024. The company’s loan portfolio remained stable at $1.2 billion, with a slight increase of $5.7 million from December 31, 2024. The composition of loans included $261.8 million in commercial loans and $948.4 million in real estate mortgages. The allowance for credit losses stood at $8.3 million, representing 0.67% of total loans, a slight decrease from 0.68% at the end of 2024.
In terms of operational developments, the company has continued to focus on managing its capital levels through growth, quarterly cash dividends, and share repurchases. A share repurchase plan approved in June 2023 allows for the repurchase of up to 5% of outstanding common stock, although no shares were repurchased in the first half of 2025. The company also reported a decrease in total deposits to $1.4 billion, down 2.4% from the end of 2024, while still showing a year-over-year increase of 1.1%.
Looking ahead, Virginia National Bankshares remains cautious about the economic environment, particularly regarding inflation and interest rates, which could impact future performance. The company is committed to maintaining its asset quality and managing risks associated with credit losses. Management believes that the allowance for credit losses is adequately provided for as of June 30, 2025, but acknowledges that economic conditions may necessitate adjustments in the future. The company’s capital ratios remain strong, exceeding regulatory requirements, with a common equity Tier 1 capital ratio of 18.65%.
About Virginia National Bankshares Corp
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