Business
VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES RECORD NET INCOME FOR 2021
CHARLOTTESVILLE, Va., Feb. 18, 2022 /PRNewswire/ -- Virginia National Bankshares Corporation (NASDAQ: VABK) (the "Company") today reported net income of
About this update from Virginia National Bankshares Corporation
[{"type":"text","content":" CHARLOTTESVILLE, Va., Feb. 18, 2022 /PRNewswire/ -- Virginia National Bankshares Corporation (NASDAQ: VABK) (the \"Company\") today reported net income of $10.0 million for the year ended December 31, 2021, attaining the highest consolidated net income for any year in the Company's history, even after realizing $7.4 million of pre-tax ($5.6 million after-tax) merger and merger-related expenses. The record net income of $10.0 million is a 25% increase compared to net income of $8.0 million recognized for the year ended December 31, 2020. \nNet income of $5.2 million for the quarter ended December 31, 2021, represents a 100% increase over net income of $2.6 million recognized for the quarter ended December 31, 2020. Net income per diluted share of $2.13 for the year ended December 31, 2021 declined from $2.95 for the year ended December 31, 2020 and this decline was driven by the increase in number of shares outstanding 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, respectively. \nExcluding merger and merger-related expenses, the Company would have posted net income of $15.6 million, or $3.31 per diluted share, (a non-GAAP financial measure)1 for the year ended December 31, 2021. Return on average assets (\"ROAA\") of 0.61% for the year ended December 31, 2021 would have amounted to 0.95% excluding merger and merger-related expenses (a non-GAAP financial measure),1 compared to 1.00%, or 1.09% excluding merger and merger-related expenses (a non-GAAP financial measure),1 in the year ended December 31, 2020. \n\"We finished the year with strong financial results after successfully integrating our systems, processes and people in the merger with Fauquier,\" said Glenn W. Rust, President and Chief Executive Officer. \"We have begun to realize significant cost savings, which will allow us to return value to our shareholders earlier than originally anticipated.\" \nFourth Quarter 2021 Results of Operations\nThe efficiency ratio on a fully tax equivalent basis (\"FTE\") (a non-GAAP financial measure) was 57.7% for the three months ended December 31, 2021, compared to 57.0% for the three months ended December 31, 2020. 1 ROAA for the three months ended December 31, 2021 declined to 1.06% compared to 1.23% realized in the same...