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Sep 30, 2022
VNB Q3 2022 Earnings Report
Reported net income increased significantly due to efficiencies gained from the merger with Fauquier and effective overhead cost management.
Key Takeaways
Virginia National Bankshares Corporation reported a strong third quarter with net income of $5.8 million, an 84% increase compared to the same period last year. The company benefited from efficiencies gained from the 2021 merger with Fauquier and effective management of the overhead cost structure.
Net income for the quarter ended September 30, 2022 was $5.8 million, or $1.08 per diluted share, an 84% increase over the prior year.
Return on average assets increased to 1.30% compared to 0.65% in the same period last year.
Return on average equity improved to 16.50% compared to 7.70% in the same period last year.
The efficiency ratio improved to 57.0% from 75.2% for the same period in the prior year.
VNB
VNB
Forward Guidance
The Company expects to realize significant additional savings in salaries and employee benefits, data processing and professional fees over the next year.