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February 18, 2014
VIRGINIA NATIONAL BANKSHARES CORPORATION
FOURTH QUARTER AND ANNUAL EARNINGS RESULTS
Charlottesville, VA Virginia National Bankshares Corporation of Charlottesville, Virginia (the Company), reported its unaudited, consolidated financial results for the three-month and annual earnings results for the period ended December 31, 2013. The Company became the parent company of Virginia National Bank (the Bank) on December 16, 2013 pursuant to a reorganization agreement and plan of share exchange whereby the Bank reorganized into a holding company form of ownership.
Net income for the quarter ended December 31, 2013 totaled $4.617 million, or $1.72 per share, as compared to $3.776 million or $1.41 per share for the quarter ended December 31, 2012. The quarterly results represent an annualized return on average assets of 3.67%. Net income for the year ended December 31, 2013 totaled $6.896 million, or $2.56 per share and represent a return on average assets of 1.40%.
Highlights related to Virginia National Bankshares Corporations consolidated earnings results include:
- Net interest income of $3.632 million in the
fourth quarter of 2013 was equal to the net interest income reported in the
third quarter of 2013 and a decrease of $133 thousand from $3.765 million in
the fourth quarter of 2012. For the twelve months ended December 31, 2013, net
interest income of $14.449 million was down $1.174 million from the twelve
months ended December 31, 2012. Tax-equivalent yields on interest earning
assets fell by 27 basis points during the twelve months of 2013 as compared to
the year earlier period, while the average interest rate paid on deposits and
repurchase agreements decreased by 11 basis points in the comparable period.
The tax equivalent net interest margin for the three months ended and the year
ended December 31, 2013 was 3.15% and 3.21%, respectively.
- For the fourth quarter of 2013, Management
recaptured $105 thousand in provision for loan losses due primarily to
improvements in classified loans and past due loans. This compares favorably
to the $190 thousand in provision recorded in the fourth quarter of 2012. For
the year ended December 31, 2013, $160 thousand in provision was reported,
compared to the net recapture of provision of $79 thousand that was reported
in the twelve months ended December 31, 2012.
- Non-interest income for the fourth quarter of 2013 was $13.767 million or an increase of 67.4% from the $8.223 million reported for the fourth quarter of 2012. The revenue increase in the fourth quarter of 2013 when compared to the same period in 2012 was the result of higher VNBTrust annual performance fees. For the twelve months ended December 31, 2013, non-interest income was $17.854 million, or a 48.3% increase from the $12.040 million reported for the twelve months ended December 31, 2012. The higher revenue was primarily the result of increases in VNBTrust fees ($5.252 million), an increase in the value of Bank-Owned Life Insurance ($165 thousand), an increase in gain on sale of assets ($325 thousand) and an increase in Other Income ($213 thousand), which includes brokerage services ($110 thousand). The net increase in year-to-date revenue was offset by lower deposit account fees ($61 thousand) and lower gains on sale of securities ($83 thousand), when compared to the same period in 2012.
The following information was filed by Virginia National Bankshares Corp (VABK) on Tuesday, February 18, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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