Business
VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES SECOND QUARTER 2022 EARNINGS
CHARLOTTESVILLE, Va., July 29, 2022 /PRNewswire/ -- Virginia National Bankshares Corporation (NASDAQ: VABK) (the "Company") today reported net income of $5.7
About this update from Virginia National Bankshares Corporation
[{"type":"text","content":"CHARLOTTESVILLE, Va., July 29, 2022 /PRNewswire/ -- Virginia National Bankshares Corporation (NASDAQ: VABK) (the \"Company\") today reported net income of $5.7 million, or $1.06 per diluted share, for the quarter ended June 30, 2022, which represents a $5.5 million increase over net income of $147 thousand, or $0.03 per diluted share, recognized for the quarter ended June 30, 2021. For the six months ended June 30, 2022, net income of $10.6 million, or $1.98 per diluted share, was recognized, compared to $1.6 million, or $0.41 per diluted share, for the six months ended June 30, 2021. Note that merger and merger-related expenses of $5.9 million and $6.2 million were incurred in the quarterly and year-to-date periods ended June 30, 2021, respectively, in connection with the April 1, 2021 mergers of Fauquier Bankshares, Inc. and The Fauquier Bank (\"Fauquier\") with and into the Company and Virginia National Bank (the \"Bank\"), respectively. \n\"We finished the first half of the year with strong financial results,\" commented President and Chief Executive Officer, Glenn W. Rust. \"We continue to add talent in the Northern Virginia and Richmond markets. The Bank remains positioned to benefit from recent and anticipated increases in interest rates, and our history of strong credit quality has proven beneficial in trying economic times.\" \nSecond Quarter 2022 and Selected Balance Sheet Financial Highlights\nThe efficiency ratio on a fully tax equivalent basis (\"FTE\") (a non-GAAP financial measure) was 58.3% for the three months ended June 30, 2022, an improvement over 99.1% for the three months ended June 30, 2021. 1 Return on average assets (\"ROAA\") for the three months ended June 30, 2022 increased to 1.27% compared to 0.03% realized in the same period in the prior year.Return on average equity (\"ROAE\") for the three months ended June 30, 2022 improved to 16.16% compared to 0.37% realized in same period in the prior year.The Company has not incurred any merger or merger-related expenses since December 31, 2021, compared to $5.9 million incurred in the three months ended June 30, 2021.The Company has begun realizing savings associated with the merger and expects to realize significant additional savings in salaries and employee benefits, data processing and professional fees over the next year. Full-time equivalent employee ...