Virginia National Bank posts Q1 net income $5.8M, EPS $1.08, up 18% YoY

Virginia National Bankshares Corp

2023-Q1 EPS reported $1.08

Net income $5.8M ($1.08 diluted) vs $4.9M ($0.92) prior year; ROAA 1.48% vs 1.03%.
Efficiency ratio improved to 56.2% from 62.0%; cost synergies from Fauquier merger continue.
Adopted CECL Jan 1, 2023: retained earnings reduced $1.9M, ACL up $2.5M; recorded $248K recovery in Q1.
No brokered deposits; ICS deposits $126.4M, stable from Q4 2022.
Headcount reduced from 215 (post-merger) to 154; two branches closed in Q4 2022.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Virginia National Bankshares Corp reported the quarter ended March 31, 2023 results: net income $5.8 million, EPS $1.08 per diluted share.

Period: the quarter ended March 31, 2023
Net income: $5.8 million
EPS: $1.08 per diluted share
Result: reported results

Exact text from the filing

Virginia National Bankshares Corporation (NASDAQ: VABK) (the “Company”) today reported quarterly net income of $5.8 million, or $1.08 per diluted share, for the quarter ended March 31, 2023

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Source: SEC EDGAR

accession 0000950170-23-013179

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