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Jun 30, 2022
VNB Q2 2022 Earnings Report
Reported net income increase compared to the same quarter last year.
Key Takeaways
Virginia National Bankshares Corporation reported a significant increase in net income for the second quarter of 2022, with $5.7 million, or $1.06 per diluted share, compared to $147 thousand, or $0.03 per diluted share, for the quarter ended June 30, 2021. The company's efficiency ratio improved, and returns on average assets and equity increased substantially. The company has realized savings associated with the merger and expects to realize significant additional savings.
Net income increased significantly to $5.7 million, or $1.06 per diluted share.
Efficiency ratio improved to 58.3% from 99.1% in the prior year.
Return on average assets increased to 1.27% compared to 0.03% in the same period last year.
Return on average equity improved to 16.16% compared to 0.37% in the same period last year.
VNB
VNB
Forward Guidance
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.