Virginia National Bankshares (VABK) Stock: Why It Increased Over 2% Today

By Amit Chowdhry ● Oct 27, 2022
  • The stock price of Virginia National Bankshares (VABK) increased by over 2% intraday today. This is why.

The stock price of Virginia National Bankshares (VABK) increased by over 2% intraday today.

Why: Q3 2022 results

Results: Virginia National Bankshares reported net income of $5.8 million, or $1.08 per diluted share, for the quarter ended September 30, 2022, which represents an 84% increase over net income of $3.1 million, or $0.59 per diluted share, recognized for the quarter ended September 30, 2021.

For the 9 months ended September 30, 2022, net income of $16.4 million, or $3.06 per diluted share, was recognized, compared to $4.8 million, or $1.07 per diluted share, for the 9 months ended September 30, 2021. Note that merger and merger-related expenses of $1.9 million and $8.1 million were incurred in the quarterly and year-to-date periods ended September 30, 2021, respectively, in connection with the April 1, 2021 mergers of Fauquier Bankshares and The Fauquier Bank (TFB) with and into the company and Virginia National Bank, respectively.

KEY QUOTE:

“We are extremely pleased with our third quarter and year-to-date financial results. We continue to benefit from the efficiencies gained from our 2021 merger with Fauquier and we remain ahead of our original projections of the earn back period. Net interest income has increased substantially over the prior year, and we have effectively managed our overhead cost structure. Our strong balance sheet, capital levels and liquidity have allowed us to take a conservative approach to lending as we remain cautious during these trying economic times.”

— President and Chief Executive Officer, Glenn W. Rust