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Sep 30, 2021
VNB Q3 2021 Earnings Report
Reported a net income increase due to the inclusion of TFB’s interest income and expense and lower rates paid on deposits.
Key Takeaways
Virginia National Bankshares Corporation reported a net income of $3.1 million, or $0.59 per diluted share, for the quarter ended September 30, 2021, a 68% increase compared to the same quarter last year. The results were positively impacted by the merger with Fauquier Bankshares, Inc.
Net income increased by 68% compared to the same quarter last year.
Merger-related expenses impacted the reported net income, but the company expects significant savings in the next year.
Gross loans outstanding increased by 83% compared to the previous year, primarily due to the acquisition of The Fauquier Bank.
Net interest income increased by 123% compared to the same quarter last year.