Business
VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES FIRST QUARTER 2023 EARNINGS
CHARLOTTESVILLE, Va., April 18, 2023 /PRNewswire/ -- Virginia National Bankshares Corporation (NASDAQ: VABK) (the "Company") today reported quarterly net
About this update from Virginia National Bankshares Corporation
[{"type":"text","content":"CHARLOTTESVILLE, Va., April 18, 2023 /PRNewswire/ -- Virginia National Bankshares Corporation (NASDAQ: VABK) (the \"Company\") today reported quarterly net income of $5.8 million, or $1.08 per diluted share, for the quarter ended March 31, 2023, which represents an 18% increase over net income of $4.9 million, or $0.92 per diluted share, recognized for the quarter ended March 31, 2022.\n\n \n \n \n \n \n \n\n \n\"We are proud to post a significant increase in net income and return on assets when compared to last year's first quarter,\" commented President and Chief Executive Officer, Glenn W. Rust. \"Our steady climb in return on average assets is the result of our diligent efforts in successfully integrating The Fauquier Bank into our company and capitalizing on the synergies. Our credit quality remains strong and will serve us well in economic downturns and troubling times, and we do not rely on funding from a concentration of depositors.\"\nFirst Quarter 2023 Highlights\nReturn on average assets (\"ROAA\") for the three months ended March 31, 2023 increased to 1.48% compared to 1.03% realized in the same period in the prior year. Return on average equity (\"ROAE\") for the three months ended March 31, 2023 improved to 17.57% compared to 12.53% realized in same period in the prior year. The efficiency ratio on a fully tax equivalent basis (\"FTE\") (a non-GAAP financial measure)1 was 56.2% for the three months ended March 31, 2023, an improvement over 62.0% for the same period in the prior year. The Company had no brokered deposits as of March 31, 2023 or December 31, 2022. The Company utilizes a third-party to offer multi-million-dollar FDIC insurance to customers with balances in excess of single-bank limits through Insured Cash Sweep® (ICS) plans. Deposit balances held in ICS plans amounted to $126.4 million as of March 31, 2023 and $134.6 million as of December 31, 2022.The Company continues to realize significant savings in salaries and employee benefits, data processing and professional fees associated with the merger with Fauquier Bankshares, Inc. which was effective April 1, 2021. Full-time equivalent employee headcount was 215 as of April 1, 2021 and is down to 154 as of March 31, 2023. In addition, the Company closed two branches in the fourth quarter of 2022, reducing future operating costs.Loans and Asset Quality\n...