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Dec 31, 2021
VNB Q4 2021 Earnings Report
Attained record net income due to successful merger integration and cost savings.
Key Takeaways
Virginia National Bankshares Corporation reported a strong fourth quarter and record net income for 2021, driven by the successful integration of Fauquier Bankshares and the realization of cost savings. Net income for the quarter ended December 31, 2021, increased by 100% compared to the same period in the prior year.
Net income for the quarter ended December 31, 2021, increased 100% year-over-year.
The Company reversed $664 thousand in pre-tax merger and merger-related expenses during the quarter.
Full-time equivalent employee headcount decreased from 215 on April 1, 2021 to 173 on December 31, 2021.
Net interest income for the three months ended December 31, 2021 increased $5.7 million, or 84%, compared to the three months ended December 31, 2020.