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Virginia National Bank reports 2012 results

Virginia National Bank of Charlottesville reported net income of $3.776 million for the fourth quarter of 2012, or $1.41 per share for the three months ended Dec. 31. This result is a 266 percent increase in net income as compared to the three months ended Dec. 31, 2011, when net income was $1.033 million, or $0.38 per share. The return on average assets for the quarter ended Dec. 31, was 3.10 percent, as compared to 0.90 percent in the same period in 2011. 

The bank reported total consolidated assets of $507.6 million on Dec. 31, an increase of $43.5 million or 9.4 percent greater than the $464.1 million reported on Dec. 31, 2011. 

Net earnings reported in the fourth quarter were primarily the result of record quarterly net income from the bank’s subsidiary, VNBTrust, which recorded $3.152 million for the three month period as compared to the $211.1 thousand recorded for the fourth quarter of 2011. 

For the full year, the bank reported net income of $5.481 million or $2.04 per share as compared to $2.341 million or $0.87 per share for the previous 12 months ended Dec. 31, 2011. The return on average assets for the year ended Dec. 31, was 1.11 percent or an increase of 117.7 percent over the 0.51 percent return on average assets for the year ended Dec. 31, 2011. 

The return on average equity for the 12 months ended Dec. 31 was 10.90 percent versus 4.95 percent for the year-earlier period. 

Selected highlights for the fourth quarter of 2012 include: 

Asset quality remains strong with non-accrual loans-to-total loans at 0.49 percent, net charge-offs-to-average loans at 0.49 percent, and an allowance for loan losses-to-gross loans ratio of 1.15 percent at Dec. 31. 

 Investment securities, at Dec. 31 grew $26.7 million to $118.6 million, a 29.1 percent increase from $91.9 million at Dec. 31, 2011.  

 Average annual deposit balances for 2012 were $438.2 million, an increase of 6.5 percent when compared to the average annual deposit balances for 2011 at $411.6 million.