Business
Virginia National Bankshares Corporation Announces Full Year and Fourth Quarter Financial Results
CHARLOTTESVILLE, Va., Jan. 22, 2021 (GLOBE NEWSWIRE) -- Virginia National Bankshares Corporation (OTCQX: VABK) (the “Company”) today reported net income of
About this update from Virginia National Bankshares Corporation
[{"type":"text","content":"CHARLOTTESVILLE, Va., Jan. 22, 2021 (GLOBE NEWSWIRE) -- Virginia National Bankshares Corporation (OTCQX: VABK) (the “Company”) today reported net income of $8.0 million, or $2.94 per diluted share, for the year ended December 31, 2020, which is a 19.3% increase compared to net income of $6.7 million, or $2.49 per diluted share, recognized for the year ended December 31, 2019. Fourth quarter 2020 net income of $2.6 million, or $0.96 per diluted share, represents an increase of 82.8% compared to net income of $1.4 million, or $0.53 per diluted share, recognized during the fourth quarter of 2019. “I am pleased to announce that our subsidiary bank posted the highest net income in the history of our franchise,” said Glenn W. Rust, President and Chief Executive Officer. “During the COVID-19 recession, we increased organic loan growth while maintaining strict asset quality standards, as evidenced by the low number and dollar amount of deferrals, non-accruals and past dues that remain on our books. Despite incurring nearly $1 million in merger-related expenses, we are proud to achieve $8.0 million in net income at the consolidated level. Through enhanced automation of processes and structured control of other expenses, we were able to continue to increase the value of our organization for our shareholders and our employees.” Update on Our Response to COVID-19 Paycheck 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. The loans carry a 1% annual interest rate. As of December 31, 2020, 37% of the total dollars of PPP loans had been forgiven by the SBA, with $55.1 million outstanding. The Company recognized $2.1 million in PPP loan origination fees in 2020.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 ...