Virginia National Bankshares Q3 net income rises on higher loan yields and lower costs
Overview
US regional bank's Q3 net income and EPS rose yr/yr on higher loan yields and lower costs
Net interest income for Q3 increased 11.2% from prior year
Efficiency ratio improved to 50.7% from 57.9% yr/yr, reflecting expense management
Outlook
Company did not provide specific financial guidance for future periods
Result Drivers
LOAN YIELD INCREASE - Co said a 26 basis point rise in loan yields contributed to higher net income in Q3
LOWER COST OF FUNDS - Co attributed improved results to a 9 basis point reduction in cost of funds
BANK OWNED LIFE INSURANCE PAYOUT - Co said net income was boosted by a payout following the death of a former employee
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 EPS | $1.20 | ||
Q3 Net Income | $6.56 mln | ||
Q3 Net Interest Income | $14.54 mln |
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)