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Jun 30, 2021
VNB Q2 2021 Earnings Report
Reported net income despite incurring merger expenses.
Key Takeaways
Virginia National Bankshares Corporation reported net income of $147 thousand, or $0.03 per diluted share, for the quarter ended June 30, 2021. The results reflect a 93% decrease compared to the same period last year, primarily due to $5.9 million in merger expenses. Excluding these costs, the company would have posted net income of $0.89 per diluted share.
Net income was $147 thousand, or $0.03 per diluted share, a 93% decrease compared to Q2 2020 due to merger expenses.
Excluding merger costs, net income would have been $0.89 per diluted share.
The company completed its legal merger with Fauquier Bankshares on April 1, 2021, and integrated core banking systems in July.
A dividend reinvestment plan was authorized for registered shareholders.
VNB
VNB
Forward Guidance
The Company has begun realizing savings associated with the merger and expects to realize significant additional savings over the next year.