Business
VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES RECORD 2022 FOURTH QUARTER AND RECORD FULL YEAR EARNINGS
CHARLOTTESVILLE, Va., Jan. 31, 2023 /PRNewswire/ -- Virginia National Bankshares Corporation (NASDAQ: VABK) (the "Company") today reported record quarterly
About this update from Virginia National Bankshares Corporation
[{"type":"text","content":"CHARLOTTESVILLE, Va., Jan. 31, 2023 /PRNewswire/ -- Virginia National Bankshares Corporation (NASDAQ: VABK) (the \"Company\") today reported record quarterly net income of $7.1 million, or $1.32 per diluted share, for the quarter ended December 31, 2022, which represents a 35% increase over net income of $5.2 million, or $0.98 per diluted share, recognized for the quarter ended December 31, 2021. For the twelve months ended December 31, 2022, record net income of $23.4 million, or $4.38 per diluted share, was recognized, compared to $10.1 million, or $2.14 per diluted share, for the twelve months ended December 31, 2021. Note that pre-tax merger and merger-related expenses of $7.4 million were incurred in the year-to-date period ended December 31, 2021, in connection with the April 1, 2021 mergers of Fauquier Bankshares, Inc. (\"Fauquier\") and The Fauquier Bank (\"TFB\") with and into the Company and Virginia National Bank (the \"Bank\"), respectively. \n\n \n \n \n \n \n \n\n \nVIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES RECORD 2022 FOURTH QUARTER AND RECORD FULL YEAR EARNINGS\"We are proud to post record results for the fourth quarter and calendar year of 2022,\" commented President and Chief Executive Officer, Glenn W. Rust. \"Our earn back period for the 2021 merger with Fauquier was less than two years and we continue to reap the benefits of an effectively managed overhead cost structure. We posted a return on average assets of 1.30% for 2022 and we continue to maintain a strong credit discipline.\"\nFourth Quarter 2022 Highlights\nReturn on average assets (\"ROAA\") for the three months ended December 31, 2022 increased to 1.65% compared to 1.06% realized in the same period in the prior year.Return on average equity (\"ROAE\") for the three months ended December 31, 2022 improved to 22.23% compared to 12.86% 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 51.7% for the three months ended December 31, 2022, an improvement over 57.7% for the same period in the prior year.The Company did not incur any merger or merger-related expenses in 2022, compared to $7.4 million incurred during 2021.The Company is realizing significant savings in salaries and employee benefits, data processing and professional fees associated with the me...