Loading...
•
Dec 31, 2022
VNB Q4 2022 Earnings Report
Reported record quarterly earnings, driven by effective cost management and strong credit performance.
Key Takeaways
Virginia National Bankshares Corporation reported record quarterly net income of $7.1 million, a 35% increase compared to the same quarter last year. The company's performance was driven by effective cost management, savings from the merger, and strong credit discipline.
Return on average assets increased to 1.65% compared to 1.06% in the prior year.
Return on average equity improved to 22.23% compared to 12.86% in the prior year.
The efficiency ratio improved to 51.7% from 57.7% in the prior year.
The company realized significant savings in salaries and employee benefits, data processing and professional fees associated with the merger.
VNB
VNB
Forward Guidance
This document does not contain forward guidance.