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Mar 31, 2022
VNB Q1 2022 Earnings Report
Reported strong first quarter results, marking the one-year anniversary of the merger with Fauquier.
Key Takeaways
Virginia National Bankshares Corporation reported a net income of $4.9 million for the quarter ended March 31, 2022, a 227% increase compared to the same quarter in the prior year. The company's net income per diluted share improved to $0.92 from $0.55 in the prior year. The company benefited from the merger with Fauquier and anticipates further benefits from interest rate increases and expansion into northern Virginia markets.
Net income increased by 227% compared to the same quarter last year, reaching $4.9 million.
Net income per diluted share improved to $0.92, up from $0.55 in the prior year.
The efficiency ratio improved to 62.0% from 67.7% in the same period last year.
Gross loans outstanding totaled $1.0 billion, a 62% increase compared to March 31, 2021.