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Virginia National Bankshares Corporation Announces Second Quarter Financial Results And Availability Of Dividend Reinvestment Plan
CHARLOTTESVILLE, Va., Aug. 5, 2021 /PRNewswire/ -- Virginia National Bankshares Corporation (NASDAQ: VABK) (the "Company") today reported net income of $147
About this update from Virginia National Bankshares Corporation
[{"type":"text","content":"CHARLOTTESVILLE, Va., Aug. 5, 2021 /PRNewswire/ -- Virginia National Bankshares Corporation (NASDAQ: VABK) (the \"Company\") today reported net income of $147 thousand, or $0.03 per diluted share, for the quarter ended June 30, 2021, which is a 93% decrease compared to net income of $2.1 million, or $0.77 per diluted share, recognized for the quarter ended June 30, 2020. The entirety of the decrease is attributable to $5.9 million in merger expenses incurred in the second quarter of 2021. Excluding merger costs, the Company would have posted net income of $0.89 per diluted share (a non-GAAP financial measure). 1 Return on average assets (\"ROAA\") of 0.03% for the second quarter of 2021 would have amounted to 1.02%, excluding merger expenses (a non-GAAP financial measure),1 compared to 1.07% in the second quarter of 2020. \n\"We are pleased to post positive income during the second quarter, despite incurring the anticipated and predicted merger expenses,\" said Glenn W. Rust, President and Chief Executive Officer. \"On April 1, 2021, we completed our legal merger with Fauquier Bankshares. The Fauquier Bank and Virginia National Bank merged into one full-service community bank operating under the Virginia National Bank brand. We also successfully integrated our core banking systems the weekend of July 24th, which completes one of the more difficult transition processes, but allows the pathway to create a premier Virginia financial institution with greater scale and efficiencies as well as generating a better return to our shareholders.\" \nFurthermore, the Company's Board of Directors has authorized management to establish a dividend reinvestment plan for registered shareholders, which will be administered by the Company's transfer agent, American Stock Transfer & Trust Company (AST). Under the plan, registered shareholders will have the ability to reinvest their VABK cash dividends into VABK common stock, which will be purchased by AST on behalf of the shareholder on the open market. More information will be provided at a later date for registered shareholders who wish to enroll in the plan. Fees and commissions will apply.\nSecond Quarter 2021 and Selected Balance Sheet Financial Highlights\nThe Company incurred $5.9 million in merger expenses during the second quarter of 2021 related to the combination with Fauquier Bankshares...