Business
VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES THIRD QUARTER 2022 EARNINGS
CHARLOTTESVILLE, Va., Oct. 27, 2022 /PRNewswire/ -- Virginia National Bankshares Corporation (NASDAQ: VABK) (the "Company") today reported net income of $5.8
About this update from Virginia National Bankshares Corporation
[{"type":"text","content":"CHARLOTTESVILLE, Va., Oct. 27, 2022 /PRNewswire/ -- Virginia National Bankshares Corporation (NASDAQ: VABK) (the \"Company\") today reported net income of $5.8 million, or $1.08 per diluted share, for the quarter ended September 30, 2022, which represents an 84% increase over net income of $3.1 million, or $0.59 per diluted share, recognized for the quarter ended September 30, 2021. For the nine months ended September 30, 2022, net income of $16.4 million, or $3.06 per diluted share, was recognized, compared to $4.8 million, or $1.07 per diluted share, for the nine months ended September 30, 2021. Note that merger and merger-related expenses of $1.9 million and $8.1 million were incurred in the quarterly and year-to-date periods ended September 30, 2021, respectively, 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\"We are extremely pleased with our third quarter and year-to-date financial results,\" commented President and Chief Executive Officer, Glenn W. Rust. \"We continue to benefit from the efficiencies gained from our 2021 merger with Fauquier and we remain ahead of our original projections of the earn back period. Net interest income has increased substantially over the prior year, and we have effectively managed our overhead cost structure. Our strong balance sheet, capital levels and liquidity have allowed us to take a conservative approach to lending as we remain cautious during these trying economic times.\"\nThird Quarter 2022 and Selected Balance Sheet Financial Highlights\nReturn on average assets (\"ROAA\") for the three months ended September 30, 2022 increased to 1.30% compared to 0.65% realized in the same period in the prior year.Return on average equity (\"ROAE\") for the three months ended September 30, 2022 improved to 16.50% compared to 7.70% 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 57.0% for the three months ended September 30, 2022, an improvement over the 75.2% for the same period in the prior year.The Company has not incurred any merger or merger-related expenses since December 31, 2021, compared to $8.1 million incurred during the nine months end...