Business
Virginia National Bankshares Corporation Announces First Quarter Financial Results
CHARLOTTESVILLE, Va., April 30, 2021 /PRNewswire/ -- Virginia National Bankshares Corporation (NASDAQ: VABK) (the "Company") today reported net income of $1.5
About this update from Virginia National Bankshares Corporation
[{"type":"text","content":"CHARLOTTESVILLE, Va., April 30, 2021 /PRNewswire/ -- Virginia National Bankshares Corporation (NASDAQ: VABK) (the \"Company\") today reported net income of $1.5 million, or $0.55 per diluted share, for the quarter ended March 31, 2021, which is a 7.2% increase compared to net income of $1.4 million, or $0.52 per diluted share, recognized for the quarter ended March 31, 2020. \n\n \n \n \n \n \n \n\n \n\"We are pleased to post another strong first quarter and solid asset quality ratios,\" said Glenn W. Rust, President and Chief Executive Officer. \"This was done in spite of incurring $278 thousand in merger-related expenses. As we move forward following our merger with Fauquier Bankshares, Inc., this secure foundation will be key to future results.\" \nUpdate on Our Response to COVID-19\nPaycheck Protection Program – During 2020, Virginia National Bank (the \"Bank\") assisted nonprofit organizations and local businesses by funding $86.9 million of Small Business Administration (\"SBA\") Paycheck Protection Program (\"PPP\") loans, which were designed to provide economic relief to small businesses adversely impacted by COVID-19. During the first quarter of 2021, the Bank funded an additional $36.2 million in PPP loans. The loans carry a 1% annual interest rate. As of March 31, 2021, 43% of the total dollars of PPP loans had been forgiven by the SBA, with $70.2 million outstanding. The Company recognized $2.1 million in net PPP loan origination fees in 2020 and $548 thousand in the first quarter of 2021. Loan Deferments – Also to assist our customers whose businesses were impacted by COVID-19, we processed a total of $59.0 million in loan deferments since the beginning of the pandemic, of which $28.7 million, or 48.6%, were principal-only deferments; $20.0 million, or 33.9%, were principal and interest deferments; $8.6 million, or 14.5%, were government-guaranteed loans; and $1.8 million, or 3.0%, were student loans. As of March 31, 2021, $57.5 million in loan balances, or 97.4% of the total loan deferments approved, have returned to normal payment schedules and are now current, leaving a remaining balance of deferments of $1.5 million. Of this remaining balance, $1.2 million, or 77.3%, are 100% government-guaranteed loans for which the deferrals were approved by the United States Department of Agriculture; and $349 thousand, or 22...