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VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES FIRST QUARTER 2022 EARNINGS
CHARLOTTESVILLE, Va., April 28, 2022 /PRNewswire/ -- Virginia National Bankshares Corporation (NASDAQ: VABK) (the "Company") today reported net income of $4.9
About this update from Virginia National Bankshares Corporation
[{"type":"text","content":"CHARLOTTESVILLE, Va., April 28, 2022 /PRNewswire/ -- Virginia National Bankshares Corporation (NASDAQ: VABK) (the \"Company\") today reported net income of $4.9 million for the quarter ended March 31, 2022, which represents a 227% increase over net income of $1.5 million recognized for the quarter ended March 31, 2021. Net income per diluted share of $0.92 for the quarter ended March 31, 2022 improved from $0.55 for the same quarter in the prior year. Note that the diluted weighted average common shares outstanding increased from 2,727,448 to 5,343,564 period over period as a result of the April 1, 2021 mergers of Fauquier Bankshares, Inc. and The Fauquier Bank (\"Fauquier\") with and into the Company and Virginia National Bank (the \"Bank\"), respectively. \n\n \n \n \n \n \n \n\n \nPresident and Chief Executive Officer, Glenn W. Rust, commented, \"The Company finished the first quarter with strong results and marked the one-year anniversary of the merger with Fauquier on April 1, 2022. The Bank is positioned to benefit from recent and anticipated increases in interest rates. We are excited about our strategy for expanded growth into the northern Virginia markets, with the hiring of Bank President Diane Corscadden-Weaver and a new team of lenders, and our credit quality remains strong.\"\nFirst Quarter 2022 Results of Operations\nThe efficiency ratio on a fully tax equivalent basis (\"FTE\") (a non-GAAP financial measure) was 62.0% for the three months ended March 31, 2022, an improvement over 67.7% for the three months ended March 31, 2021. 1 Return on average assets (\"ROAA\") for the three months ended March 31, 2022 increased to 1.03% compared to 0.68% realized in the same period in the prior year, as the increase in net income outweighed the increase in assets as a result of the merger. Return on average equity (\"ROAE\") for the three months ended March 31, 2022 improved to 12.53% compared to 7.40% realized in same period in the prior year, as the increase in net income was greater than the increase in equity as a result of the merger. The Company has not incurred any merger and merger-related expenses since December 31, 2021, compared to $278 thousand incurred in the three months ended March 31, 2021. The Company has begun realizing savings associated with the merger and expects to realize significant additional savings ...