Virginia National Bankshares posts record 2021 net income of $10.0M, up 25% YoY

Virginia National Bankshares Corp

2021-FY EPS reported $2.14

Net income $10.0M for FY2021, up 25% from $8.0M in FY2020; Q4 net income $5.2M, double prior year.
Diluted EPS $2.13 for 2021 (down from $2.95) due to increased share count from Fauquier merger.
Adjusted net income (excl. merger expenses) $15.6M, or $3.31 per diluted share.
Headcount reduced from 215 (Apr 1, 2021) to 173 (Dec 31, 2021) reflecting merger cost savings.
ROAE for Q4 2021 was 12.86%, up from 12.75% in Q4 2020.

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