secwatch.observer — SEC 8-K summary
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Issuer:     Virginia National Bankshares Corp (VABK)
CIK:        0001572334
Form:       8-K
Filed at:   2022-04-28T23:59:59+00:00
Accession:  0000950170-22-006555
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1572334/000095017022006555/0000950170-22-006555-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1572334/000095017022006555/vabk-20220428.htm
  HTML page:      https://secwatch.observer/filing/0000950170-22-006555

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer