VABK Q1 net income $4.9M (227% YoY); diluted EPS $0.92

Virginia National Bankshares Corp

2022-Q1 EPS reported $0.92

Net income $4.9M vs $1.5M YoY (227% increase); diluted EPS $0.92 vs $0.55.
ROAA improved to 1.03% from 0.68%; ROAE improved to 12.53% from 7.40%.
Efficiency ratio (FTE) improved to 62.0% from 67.7%.
Gross loans $1.0B, +62% YoY from Fauquier merger; headcount cut to 163 from 215.
No merger expenses in Q1 2022 vs $278k in Q1 2021; further cost savings expected.

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