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TUT Fitness Partners with One of The World’s Top Pickleball Players To Showcase The Benefits of The TUT Trainer™ Microgym as a Strength Training and Recovery tool for One The World’s Fastest Growing Sports

TUT Fitness Partners with One of The World’s Top Pickleball Players To Showcase The Benefits of The TUT Trainer™ Microgym as a Strength Training and Recovery tool for One The World’s Fastest Growing Sports
PR Newswire
VANCOUVER, BC, Nov. 30, 2022

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TUT Fitness Partners with One of The World's Top Pickleball Players To Showcase The Benefits of The TUT Trainer™ Microgym as a Strength Training and Recovery tool for One The World's Fastest Growing Sports

PR Newswire

Key Highlights:

  • The TUT Trainer™2.0 micro gym and TUT Infinite 8™ strength training program helped pickleball champion Steve Deakin speed up his return to the sport, following a major wrist injury.
  • Pickleball is the fastest growing sport in the world, with five million players in the U.S. alone, and is also one the youngest with 40% of players under the age of 35.
  • TUT Ambassadors like Steve Deakin and Andre De Grasse are helping educate the public about a new category for convenient and adaptable high-performance micro gyms.

VANCOUVER, BC, Nov. 30, 2022 /PRNewswire/ - November 29th , 2022: TUT Fitness Group Inc. (TSXV: GYM) (OTC: GYMFF) (Frankfurt: 7PG) ("TUT"), a leader and provider of high-performance and affordable micro gyms, has partnered with Canadian pickleball champion Steve Deakin (formerly ranked 3rd in in the world prior to a recent wrist injury) to promote the TUT Trainer™ micro gym as an effective strength training and recovery tool.

Pickleball is the fastest growing consumer participant sport in the world. According to Sports & Fitness Industry Association data, there are over five million pickleball players in the US alone. 40% of players are under the age of 35. According to Anne Worcester, Major League Pickleball (MLP) strategic advisor, "gone are the days of 'pickleball's for seniors,'" The flood of interest has created a huge demand for strength training and ways to improve speed, reaction time and endurance.

"As a professional pickleball player and trainer, I am very excited about my partnership with TUT Fitness and the TUT Trainer™ micro gym," said Steve Deakin. "The TUT system offers anyone, including elite athletes like myself, a way to elevate their game in record time, across all the key areas. I love that it builds and recruits all the major muscle groups, adding progressive resistance across multiple planes of motion. Plus it's portable. When I was rehabbing from a major wrist injury, I needed something compact and portable that I could bring with me on the road. TUT fit the bill."

"I can tell you that there is a huge demand for strength and power training that improves speed, mobility, and endurance on the court, especially with so many new people entering the sport. I run training camps all over North America and I need to deliver the top exercises for pickleball. Integrating the TUT Trainer™2.0 micro gym, and now the TUT Infinite 8™ strength program, is a huge win for pickleball and all sports that require foundational strength, power, and functional movement."

TUT CEO Rob Smith commented "We're really pleased to be partnering with Steve and providing an explosive and dynamic sport like pickleball with high-performance, affordable, and versatile fitness training tools. Together, and along with some of the world's top athletes like Olympic and World Champion sprinter Andre De Grasse and celebrity trainers like Gunnar Peterson, we are promoting and educating the public about the benefits of our patented resistance band technology. Similar to portable massage guns that revolutionized the recovery and fitness space three years ago, we are creating a new category of high-performance, portable fitness equipment, where we set the standard.

"We fill a sweet spot in the fitness market that combines versatility and value. Consumers demand a challenging, full-body workout that maximizes muscle and functional movement, for both high-impact ballistic training and low-impact workouts, like yoga, resistance training, and pilates. The TUT system and the TUT Infinite 8™ strength program deliver all of this, and at a much more affordable price point."

LEARN MORE ABOUT OUR  TUT INFINITE 8™ STRENGTH PROGRAM BEING ENDORSED BY SOME OF THE WORLD'S TOP ATHLETES.

TUT TRAINER™ PRODUCT ENDORSEMENTS:

"It's super lightweight and versatile, I can take the TUT Trainer™ everywhere, and do everything I do in the gym."
- 11 x Olympic & World Championship medalist sprinter & TUT Ambassador Andre De Grasse     

"The pump is real!!! Dynamic tension with nowhere to hide!!!"
-Celebrity Trainer Gunnar Peterson

 "I think the TUT Trainer™ is very convenient and without limitations. It's unique to other equipment because it's versatile and powerful enough to be used by elite athletes for ballistic movements and safe enough for my non-athletic clients, perfect for prehab, rehab and bodybuilding".
-High Performance Elite Coach Luiz Balcers

ABOUT THE TUT TRAINER™ MICRO GYM:

Core product features include:

  • Lightweight: 11.6 lb/5kg TUT Trainer & 21 lbs. TUT Rower
  • Portable and easy to set up - it takes just 15 minutes
  • Compact, small footprint, less than 2 sq. ft.
  • Complements any gym setting (commercial or at-home)
  • Less than half the price of leading home gym brands
  • TUT Plates™ replace 200 pounds of metal weights with just 48 ounces/1,360 g of calibrated resistance bands (2lb, 5lb, 10lb, 20lb & 40lb increments)
  • TUT Training App* features over 250 exercises and OnDemand Workout Classes

*integrates with Apple Watch/Healthkit, Fitbit, Garmin, Withings, My Fitness Pal

If you are a fitness professional, click here to learn more about TUT Fitness Athlete Affiliate Program: https://tutfitnessgroup.com/affiliate-program/

For distribution, sales and partnership inquiries please contact us at info@tutfitnessgroup.com

ABOUT TUT FITNESS GROUP:

TUT Fitness is a Vancouver-based designer and Canadian manufacturer of high-performance and affordable fitness products, targeting the US$15.13B global home fitness equipment market, which is expected to hit $21.84B USD by 2026. [2]

TUT's industry-first patented resistance band technology (stackable TUT Plates™) is the backbone of the TUT Trainer™ micro gym; a high performance and convenient alternative to bulky exercise machines and free weights. Weighing only 11.6 lbs. the TUT Trainer™ differs from traditional machines by allowing progressive resistance to be added to any rep or movement. Using just 36 ounces of calibrated resistance bands,  and able to generate up to 200 lbs. of resistance the user experiences constant and incremental Time Under Tension (TUT) throughout the complete range of motion, and assistance with form. The patented resistance band technology and unique gym design ensures maximum full body muscle recruitment, and multiplanar movement, without added pressure to joints or tendons. The TUT Trainer™ replicates everything you can do in the gym with more 300 exercises delivering all-in-one functional strength, prehab/rehab and cardio training in less 2 square feet of space. Leveraging TUT's resistance band technology the complementary TUT Rower™ is great for demanding cardio yoga and Pilates style resistance training , and weighs only 21 lbs.,  rounding out the perfect all-in-one multi purpose gym and cardio solution.

For further information please contact:
robs@tutfitnessgroup.com
Rob Smith
CEO, TUT Fitness Group Inc.
1-800-674-5641

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Certain statements in this release are forward-looking statements or information, which include the preferred affiliate sales program, TUT Fitness Group licensing its technology, expectations, and outcomes from the TUT Fitness Group's patented technology, development of technologies, the Company's mission and goals, the benefits and expectations from the patents and overall IP portfolio, customer demand for TUT Fitness Group's products, increase in distribution and sales, global expansion, the updates to TUT products, future plans, regulatory approvals and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, security threats, and dependence on key personnel and including those other risks filed under the Company's profile on SEDAR at www.sedar.com. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment and technology failures, litigation, increase in operating costs, lack of demand for the Company's products and services, the impact of COVID-19 or other viruses and diseases on the Company's ability to operate, competition, failure of counterparties to perform their contractual obligations, exchange rate fluctuations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.

The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.

[1] [2] [3] Source: Research and Markets (July 14, 2022)
https://www.globenewswire.com/news-release/2022/07/14/2479503/28124/en/Home-Fitness-Equipment-Global-Market-to-Grow-to-21-84-Billion-by-2026.html

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SOURCE TUT Fitness Group Limited

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Comerica Bank’s California Index Declined Sharply in October

Comerica Bank’s California Index Declined Sharply in October
PR Newswire
DALLAS, Jan. 31, 2023

DALLAS, Jan. 31, 2023 /PRNewswire/ — The Comerica California Economic Activity Index declined 4.9% annualized in the three months through October. The I…

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Comerica Bank's California Index Declined Sharply in October

PR Newswire

DALLAS, Jan. 31, 2023 /PRNewswire/ -- The Comerica California Economic Activity Index declined 4.9% annualized in the three months through October. The Index has turned lower after robust increases in the first half of the year, but was still up 5.7% from a year-ago in October.

Four of the nine components that constitute the Index rose in October. Employment rose by 59,800, but continuing claims for unemployment insurance rose, too, for the fourth consecutive month, after falling in the first half of the year. California's unemployment rate, which fell nearly 2 percentage points in the first seven months of the year, rose in October. The unemployment rate is likely to rise further in the coming months, as key sectors like tech face strong headwinds. Electricity consumption by California's industrial sector declined another 0.9% in October after falling 3.0% in the third quarter.

Housing starts fell 13.0% in October. House prices fell for the fifth consecutive month and were down 7.2% from May. Housing affordability is a longstanding problem in California and has gotten worse as first home prices and then interest rates surged post-pandemic. Declines in house prices and weak residential investment are likely in 2023. The travel industry lost momentum as it entered the fourth quarter. The seasonally-adjusted hotel occupancy rate fell 2.4 percentage points in October following a 3.6 percentage point decline in the third quarter. Seasonally adjusted air passenger traffic was down 7.1% in October after an 8.7% contraction in the third quarter.

California's economy is expected to soften in the coming months, as it faces several headwinds from a weakening housing sector, high interest rates and inflation, and slowing consumer spending. On top of these issues that weigh on state economies across the U.S., the tech slowdown is an additional negative for the Golden State.

The Comerica California Economic Activity Index is a monthly composite indicator of state economic activity. The Index provides a wholistic advance view of the state of California's economy, using economic data that are available about one quarter earlier than real GDP is released. The index is comprised of nine components: Nonfarm payroll employment, continuing claims for unemployment insurance, housing starts, house prices, industrial electricity sales, foreign trade, enplanements, hotel occupancy, and state revenues. All data are seasonally adjusted with nominal values converted to constant dollar values as appropriate. To filter out month-to-month volatility in the index components, the index is calculated from the three-month moving averages of its components. Values for a minority of components are projected from the prior months' release due to the timing of data releases.

Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Commercial Bank, The Retail Bank and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Michigan, California, Florida and Arizona. Additionally, Comerica has select businesses operating in Canada and Mexico. Comerica reported total assets of $85.4 billion as of Dec. 31, 2022.

To subscribe to our publications or for questions, contact us at ComericaEcon@comerica.com. Archives are available at www.comerica.com/insights.

View original content to download multimedia:https://www.prnewswire.com/news-releases/comerica-banks-california-index-declined-sharply-in-october-301735271.html

SOURCE Comerica Bank

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VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES RECORD 2022 FOURTH QUARTER AND RECORD FULL YEAR EARNINGS

VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES RECORD 2022 FOURTH QUARTER AND RECORD FULL YEAR EARNINGS
PR Newswire
CHARLOTTESVILLE, Va., Jan. 31, 2023

CHARLOTTESVILLE, Va., Jan. 31, 2023 /PRNewswire/ — Virginia National Bankshares Corporation…

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VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES RECORD 2022 FOURTH QUARTER AND RECORD FULL YEAR EARNINGS

PR Newswire

CHARLOTTESVILLE, Va., Jan. 31, 2023 /PRNewswire/ -- Virginia National Bankshares Corporation (NASDAQ: VABK) (the "Company") today reported record quarterly net income of $7.1 million, or $1.32 per diluted share, for the quarter ended December 31, 2022, which represents a 35% increase over net income of $5.2 million, or $0.98 per diluted share, recognized for the quarter ended December 31, 2021.  For the twelve months ended December 31, 2022, record net income of $23.4 million, or $4.38 per diluted share, was recognized, compared to $10.1 million, or $2.14 per diluted share, for the twelve months ended December 31, 2021.  Note that pre-tax merger and merger-related expenses of $7.4 million were incurred in the year-to-date period ended December 31, 2021, in connection with the April 1, 2021 mergers of Fauquier Bankshares, Inc. ("Fauquier") and The Fauquier Bank ("TFB") with and into the Company and Virginia National Bank (the "Bank"), respectively. 

VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES RECORD 2022  FOURTH QUARTER AND RECORD FULL YEAR EARNINGS

"We are proud to post record results for the fourth quarter and calendar year of 2022," commented President and Chief Executive Officer, Glenn W. Rust. "Our earn back period for the 2021 merger with Fauquier was less than two years and we continue to reap the benefits of an effectively managed overhead cost structure. We posted a return on average assets of 1.30% for 2022 and we continue to maintain a strong credit discipline."

Fourth Quarter 2022 Highlights

  • Return on average assets ("ROAA") for the three months ended December 31, 2022 increased to 1.65% compared to 1.06% realized in the same period in the prior year.
  • Return on average equity ("ROAE") for the three months ended December 31, 2022 improved to 22.23% compared to 12.86% realized in same period in the prior year.
  • The efficiency ratio on a fully tax equivalent basis ("FTE") (a non-GAAP financial measure)1 was 51.7% for the three months ended December 31, 2022, an improvement over 57.7% for the same period in the prior year.
  • The Company did not incur any merger or merger-related expenses in 2022, compared to $7.4 million incurred during 2021.
  • The Company is realizing significant savings in salaries and employee benefits, data processing and professional fees associated with the merger. Full-time equivalent employee headcount was 215 as of April 1, 2021, the effective date of the merger, and is down to 157 as of December 31, 2022. In addition, the Company closed two branches in the fourth quarter of 2022, reducing future operating costs.
  • During the fourth quarter of 2022, the Company sold its interest in Sturman Wealth Advisors, resulting in a gain on sale of the line of business of $404 thousand. All goodwill and unamortized intangible assets associated with the 2016 purchase of this business line have been eliminated from the Company's balance sheet.

Loans and Asset Quality

  • Credit performance remains strong with nonperforming assets as a percentage of total assets of 0.08% as of December 31, 2022, compared to 0.10% as of December 31, 2021.   Nonperforming assets have been reduced to $1.4 million as of December 31, 2022, compared to $1.9 million as of December 31, 2021, and the Company currently holds no other real estate owned.
  • Four loans to three borrowers are in non-accrual status, totaling $673 thousand, as of December 31, 2022, compared to $495 thousand as of December 31, 2021.  Loans acquired from TFB ("acquired loans")  that otherwise would be in non-accrual status are not included in this figure, as they earn interest through the yield accretion.
  • Loans 90 days or more past due and still accruing interest amounted to $705 thousand as of December 31, 2022, compared to $800 thousand as of December 31, 2021.  The portfolio includes three non-insured student loans that are 90 days or more past due and still accruing interest, amounting to $59 thousand.  Acquired loans that are greater than 90 days past due and still accruing interest are included in this figure, net of their fair value mark.
  • The period-end allowance for loan losses ("ALLL") as a percentage of total loans was 0.59% as of December 31, 2022 and 0.56% as of December 31, 2021.  The fair value mark that was allocated to the acquired loans was $21.3 million as of April 1, 2021 with a remaining balance of $15.9 million as of December 31, 2022.  The ALLL as a percentage of gross loans, excluding the impact of the acquired loans and fair value mark (a non-GAAP financial measure)1, would have been 0.90% as of December 31, 2022 and 0.95% as of December 31, 2021.  The total of the ALLL and the fair value mark as a percentage of gross loans (a non-GAAP financial measure)1 amounted to 2.29% as of December 31, 2022 and 2.30% as of December 31, 2021.
  • A provision for loan losses of $136 thousand was recognized during the three months ended December 31, 2022, compared to $537 thousand recognized in the three months ended December 31, 2021. 
  • Gross loans outstanding at December 31, 2022 totaled $936.4 million, a decrease of $124.8 million, or 12%, compared to December 31, 2021.  Loans originated and funded during 2022 were offset by: 1) paydowns of legacy organic loans due mainly to business sales, property sales and participation fluctuations, 2) workouts and paydowns of loans, the majority of which originated from legacy Fauquier, and 3) the forgiveness of Small Business Administration Paycheck Protection Program loans.

Net Interest Income

  • Net interest income for the three months ended December 31, 2022 of $15.4 million increased $3.0 million, or 24%, compared to the three months ended December 31, 2021, due primarily to the increase in average balances of securities, positively impacting net interest income through rate and volume, offset by the reduction in average balances of loans.
  • The fair value accretion on acquired loans positively impacted net interest income by 21 basis points ("bps") during the current quarter.
  • The overall cost of funds, including noninterest deposits, of 23 bps incurred in the three months ended December 31, 2022 increased 8 bps from 22 bps in the same period in the prior year. Overall, the cost of interest-bearing deposits increased period over period, from a cost of 30 bps to 32 bps. Average balances in noninterest-bearing deposits remained relatively flat period over period.
  • Low-cost deposits, which include noninterest checking accounts and interest-bearing checking, savings and money market accounts, remained in excess of 91% of total deposits at December 31, 2022 and 2021.

Noninterest Income

Noninterest income for the three months ended December 31, 2022 decreased $100 thousand, or 3%, compared to the three months ended December 31, 2021, primarily due to the decline in wealth management fees, due to an anticipated reduction in the number of accounts served by the Trust & Estate segment and the decline in performance fees collected by Masonry Capital Management.  In the fourth quarter of 2022, the Company received a $267 thousand recovery of unearned premiums related to the loss of insurance on the student loan portfolio, bringing the total recovered life-to-date to over $1 million.  The Company also closed on the sale of Sturman Wealth Advisors, as noted above, in the current period.

Noninterest Expense

Noninterest expense for the three months ended December 31, 2022 increased $592 thousand, or 7%, compared to the three months ended December 31, 2021, due to combination of several variances, including an increase in losses due to fraud and an impairment charge on an asset held for sale, offset by reduced plastics expense as a result of changing vendors and lower salaries and employee benefits as a result of efficiencies gained from the merger.  In addition, the fourth quarter of 2021 noninterest expense included a favorable adjustment to merger and merger-related expenses after receiving a refund from a third-party vendor for system implementation credits and adjusting merger-related accrued bonuses.     

Book Value

Book value per share was $25.05 as of December 31, 2022 and $30.50 as of December 31, 2021, and tangible book value per share (a non-GAAP financial measure)1 was $22.36 as of December 31, 2022 compared to $27.36 as of December 31, 2021.  These values declined due to the increase in unrealized losses on the investment portfolio period over period. 

Income Taxes

The effective tax rate for the twelve months ended December 31, 2022 amounted to 17.9% compared to 15.5% for the twelve months ended December 31, 2021, which are both lower than the statutory rate due to the recognition of low-income housing tax credits and the effect of tax-exempt income from municipal bonds and bank owned life insurance policies.  The 2021 effective tax rate was also impacted by the non-deductibility of certain merger-related expenses for tax purposes.

Dividends

Cash dividends of $1.6 million, or $0.30 per share, were declared during the current quarter, and $6.4 million, or $1.20 per share, were declared during the current year.

1 See "Reconciliation of Certain Non-GAAP Financial Measures" at the end of this release.

About Virginia National Bankshares Corporation

Virginia National Bankshares Corporation, headquartered in Charlottesville, Virginia, is the bank holding company for Virginia National Bank. The Bank has nine banking offices throughout Fauquier and Prince William counties, three banking offices in Charlottesville and Albemarle County, and banking offices in Winchester and Richmond, Virginia.  The Bank offers a full range of banking and related financial services to meet the needs of individuals, businesses and charitable organizations, including the fiduciary services of VNB Trust and Estate Services. Investment management services are offered through Masonry Capital Management, LLC, a registered investment adviser and wholly-owned subsidiary of the Company.

The Company's common stock trades on the Nasdaq Capital Market under the symbol "VABK."  Additional information on the Company is also available at www.vnbcorp.com.

Non-GAAP Financial Measures

The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles ("GAAP") and prevailing practices in the banking industry. However, management uses certain non-GAAP measures to supplement the evaluation of the Company's performance. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company's core businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of GAAP to non-GAAP measures are included at the end of this release.

Forward-Looking Statements; Other Information

Certain statements in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, without limitation, statements with respect to the Company's operations, performance, future strategy and goals, and are often characterized by use of qualified words such as "expect," "believe," "estimate," "project," "anticipate," "intend," "will," "should," or words of similar meaning or other statements concerning the opinions or judgement of the Company and its management about future events. While Company management believes such statements to be reasonable, future events and predictions are subject to circumstances that are not within the control of the Company and its management.  Actual results may differ materially from those included in the forward-looking statements due to a number of factors, including, without limitation, the effects of and changes in: general economic and market conditions, including the effects of declines in real estate values, an increase in unemployment levels and general economic contraction as a result of COVID-19 or other pandemics; fluctuations in interest rates, deposits, loan demand, and asset quality; assumptions that underlie the Company's allowance for loan losses; the potential adverse effects of unusual and infrequently occurring events, such as weather-related disasters, terrorist acts or public health events (e.g., COVID-19 or other pandemics), and of governmental and societal responses thereto; the performance of vendors or other parties with which the Company does business; competition; technology; changes in laws, regulations and guidance; changes in accounting principles or guidelines; performance of assets under management; expected revenue synergies and cost savings from the recently completed merger with Fauquier may not be fully realized or realized within the expected timeframe; the businesses of the Company and Fauquier may not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; revenues following the merger may be lower than expected; customer and employee relationships and business operations may be disrupted by the merger; and other factors impacting financial services businesses.  Many of these factors and additional risks and uncertainties are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 and other reports filed from time to time by the Company with the Securities and Exchange Commission. These statements speak only as of the date made, and the Company does not undertake to update any forward-looking statements to reflect changes or events that may occur after this release.

VIRGINIA NATIONAL BANKSHARES CORPORATION

CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share data)



December 31, 2022



December 31, 2021*



(Unaudited)





ASSETS






Cash and due from banks

$

20,993



$

20,345


Interest-bearing deposits in other banks


19,098




336,032


Federal funds sold


45




152,463


Securities:






Available for sale, at fair value


538,186




303,817


Restricted securities, at cost


5,137




4,950


Total securities


543,323




308,767


Loans, net of deferred fees and costs


936,415




1,061,211


Allowance for loan losses


(5,552)




(5,984)


Loans, net


930,863




1,055,227


Premises and equipment, net


17,808




25,093


Assets held for sale


965




-


Bank owned life insurance


38,552




31,234


Goodwill


7,768




8,140


Core deposit intangible, net


6,586




8,271


Other intangible assets, net


-




274


Other real estate owned, net


-




611


Right of use asset, net


6,536




7,583


Deferred tax asset, net


17,165




4,840


Accrued interest receivable and other assets


13,151




13,304


Total assets

$

1,622,853



$

1,972,184


LIABILITIES AND SHAREHOLDERS' EQUITY






Liabilities:






Demand deposits:






Noninterest-bearing

$

495,649



$

522,281


Interest-bearing


399,983




446,314


Money market and savings deposit accounts


467,600




665,530


Certificates of deposit and other time deposits


115,106




162,045


Total deposits


1,478,338




1,796,170


Junior subordinated debt, net


3,413




3,367


Lease liability


6,173




7,108


Accrued interest payable and other liabilities


1,513




3,552


Total liabilities


1,489,437




1,810,197


Commitments and contingent liabilities






Shareholders' equity:






Preferred stock, $2.50 par value


-




-


Common stock, $2.50 par value


13,214




13,178


Capital surplus


105,344




104,584


Retained earnings


63,482




46,436


Accumulated other comprehensive loss


(48,624)




(2,211)


Total shareholders' equity


133,416




161,987


Total liabilities and shareholders' equity

$

1,622,853



$

1,972,184


Common shares outstanding


5,337,271




5,308,335


Common shares authorized


10,000,000




10,000,000


Preferred shares outstanding


-




-


Preferred shares authorized


2,000,000




2,000,000


*  Derived from audited consolidated financial statements

VIRGINIA NATIONAL BANKSHARES CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands, except per share data)

(Unaudited)




For the three months ended



For the twelve months ended




December 31, 2022



December 31, 2021



December 31, 2022



December 31, 2021


Interest and dividend income:













Loans, including fees


$

11,828



$

11,995



$

44,231



$

43,899


Federal funds sold



426




61




1,088




139


Other interest-bearing deposits



494




139




1,467




233


Investment securities:













Taxable



3,116




804




8,416




2,810


Tax exempt



324




292




1,249




1,021


Dividends



88




49




280




170


Total interest and dividend income



16,276




13,340




56,731




48,272















Interest expense:













Demand and savings deposits



682




710




2,327




2,308


Certificates and other time deposits



158




222




657




1,108


Junior subordinated debt



52




49




200




(132)


Total interest expense



892




981




3,184




3,284


Net interest income



15,384




12,359




53,547




44,988


Provision for loan losses



136




537




106




1,014


Net interest income after provision for loan losses



15,248




11,822




53,441




43,974















Noninterest income:













Wealth management fees



721




1,455




2,440




3,508


Advisory and brokerage income



131




246




770




1,154


Deposit account fees



433




477




1,799




1,459


Debit/credit card and ATM fees



648




509




2,794




2,070


Earnings/increase in value of bank owned life insurance



254




201




963




708


Resolution of commercial dispute



-




-




2,400




-


Gain on sale of business line



404




-




404




-


Gains (losses) on sale of assets, net



(74)




1




1,043




81


Other



411




139




1,048




1,485


Total noninterest income



2,928




3,028




13,661




10,465















Noninterest expense:













Salaries and employee benefits



4,191




4,424




17,260




16,129


Net occupancy



729




932




4,526




3,575


Equipment



111




305




897




966


Bank franchise tax



304




214




1,216




1,136


Computer software



229




276




1,136




1,020


Data processing



805




620




2,954




2,793


FDIC deposit insurance assessment



90




264




511




858


Marketing, advertising and promotion



351




216




1,224




922


Merger and merger-related expenses



-




(664)




-




7,423


Plastics expense



72




389




394




978


Professional fees



306




244




1,357




1,117


Core deposit intangible amortization



403




544




1,684




1,389


Impairment on assets held for sale



242




-




242




-


Other



1,683




1,160




5,155




4,216


Total noninterest expense



9,516




8,924




38,556




42,522















Income before income taxes



8,660




5,926




28,546




11,917


Provision for income taxes



1,603




707




5,108




1,846


Net income


$

7,057



$

5,219



$

23,438



$

10,071


Net income per common share, basic


$

1.32



$

0.98



$

4.40



$

2.16


Net income per common share, diluted


$

1.32



$

0.98



$

4.38



$

2.14


Weighted average common shares outstanding, basic



5,333,902




5,308,108




5,324,740




4,668,761


Weighted average common shares outstanding, diluted



5,362,220




5,338,088




5,351,358




4,695,405


 

VIRGINIA NATIONAL BANKSHARES CORPORATION

FINANCIAL HIGHLIGHTS

(dollars in thousands, except per share data)

(Unaudited)




At or For the Three Months Ended




December 31,
2022



September 30,
2022



June 30, 2022



March 31,
2022



December 31,
2021


Common Share Data:
















Net income per weighted average share, basic


$

1.32



$

1.08



$

1.07



$

0.93



$

0.98


Net income per weighted average share, diluted


$

1.32



$

1.08



$

1.06



$

0.92



$

0.98


Weighted average shares outstanding, basic



5,333,902




5,326,543




5,326,271




5,311,983




5,308,108


Weighted average shares outstanding, diluted



5,362,220




5,348,900




5,347,008




5,343,564




5,338,088


Actual shares outstanding



5,327,271




5,327,271




5,326,271




5,326,271




5,308,335


Tangible book value per share at period end


$

22.36



$

20.77



$

22.24



$

24.37



$

27.36


















Key Ratios:
















Return on average assets 1



1.65

%



1.30

%



1.27

%



1.03

%



1.06

%

Return on average equity 1



22.23

%



16.50

%



16.16

%



12.53

%



12.86

%

Net interest margin (FTE) 2



3.91

%



3.47

%



3.02

%



2.59

%



2.72

%

Efficiency ratio (FTE) 3



51.7

%



57.0

%



58.3

%



62.0

%



57.7

%

Loan-to-deposit ratio



63.3

%



59.0

%



60.1

%



56.8

%



59.1

%

















Net Interest Income:
















Net interest income


$

15,384



$

14,277



$

12,461



$

11,425



$

12,359


Net interest income (FTE) 2


$

15,470



$

14,361



$

12,543



$

11,490



$

12,437


















Capital Ratios:
















Tier 1 leverage ratio



9.77

%



9.17

%



8.79

%



8.03

%



7.61

%

Total risk-based capital ratio



17.64

%



16.97

%



16.51

%



15.66

%



14.56

%

















Assets and Asset Quality:
















Average earning assets


$

1,568,765



$

1,644,124



$

1,668,471



$

1,802,461



$

1,817,010


Average gross loans


$

938,740



$

959,086



$

984,883



$

1,031,593



$

1,088,278


Paycheck Protection Program loans, end of period


$

234



$

254



$

1,925



$

9,976



$

24,482


Fair value mark on acquired loans


$

15,887



$

17,046



$

17,502



$

17,920



$

18,466


















Allowance for loan losses:
















Beginning of period


$

5,485



$

5,503



$

5,834



$

5,984



$

5,623


Provision for (recovery of) loan losses



136




39




(217)




148




537


Charge-offs



(472)




(119)




(191)




(473)




(230)


Recoveries



403




62




77




175




54


Net charge-offs



(69)




(57)




(114)




(298)




(176)


End of period


$

5,552



$

5,485



$

5,503



$

5,834



$

5,984


















Non-accrual loans 4


$

673



$

607



$

511



$

518



$

495


Loans 90 days or more past due and still accruing 5



705




859




626




837




800


OREO



-




-




-




611




611


Total nonperforming assets (NPA)


$

1,378



$

1,466



$

1,137



$

1,966



$

1,906


















NPA as a % of total assets



0.08

%



0.08

%



0.07

%



0.10

%



0.10

%

NPA as a % of gross loans plus OREO



0.15

%



0.16

%



0.12

%



0.20

%



0.18

%

ALLL to gross loans



0.59

%



0.58

%



0.57

%



0.58

%



0.56

%

ALLL + fair value mark to gross loans (non-GAAP)



2.29

%



2.38

%



2.39

%



2.35

%



2.30

%

Non-accruing loans to gross loans 4



0.07

%



0.06

%



0.05

%



0.05

%



0.05

%

Net charge-offs to average loans 1



0.03

%



0.02

%



0.05

%



0.12

%



0.06

%


1

Ratio is computed on an annualized basis.

2

The net interest margin and net interest income are reported on a fully tax-equivalent basis (FTE) basis, using a Federal income tax rate of 21%.

3

The efficiency ratio (FTE) is computed as a percentage of noninterest expense divided by the sum of  net interest income (FTE) and noninterest income. This is a non-GAAP financial measure that management believes provides investors with important information regarding operational efficiency. Management believes such financial information is meaningful to the reader in understanding operating performance, but cautions that such information should not be viewed as a substitute for GAAP.  Comparison of our efficiency ratio with those of other companies may not be possible because other companies may calculate them differently.  Refer to the Reconciliation of Certain Non-GAAP Financial (FTE) Measures at the end of this release.

4

Acquired loans which otherwise would be in non-accrual status are not included in this figure, as they earn interest through the yield accretion.

5

Past due loans from the acquired portfolio are included at fair value.

 

VIRGINIA NATIONAL BANKSHARES CORPORATION

AVERAGE BALANCES, INCOME AND EXPENSES, YIELDS AND RATES (TAXABLE EQUIVALENT BASIS)

(dollars in thousands)

(Unaudited)




For the three months ended




December 31, 2022



December 31, 2021







Interest









Interest







Average



Income/



Average



Average



Income/



Average




Balance



Expense



Yield/Cost



Balance



Expense



Yield/Cost


ASSETS



















Interest Earning Assets:



















Securities:



















Taxable Securities


$

471,566



$

3,204




2.72

%


$

225,757



$

853




1.51

%

Tax Exempt Securities 1



67,090




410




2.44

%



63,083




370




2.35

%

Total Securities 1



538,656




3,614




2.68

%



288,840




1,223




1.69

%

Loans:



















Real Estate



820,751




10,322




4.99

%



923,040




10,456




4.49

%

Commercial



71,730




785




4.34

%



109,024




846




3.08

%

Consumer



46,259




721




6.18

%



56,214




693




4.89

%

Total Loans



938,740




11,828




5.00

%



1,088,278




11,995




4.37

%

Fed Funds Sold



46,042




426




3.67

%



152,435




61




0.16

%

Other interest-bearing deposits



45,327




494




4.32

%



287,457




139




0.19

%

Total Earning Assets



1,568,765




16,362




4.14

%



1,817,010




13,418




2.93

%

Less: Allowance for Loan Losses



(5,395)










(5,704)








Total Non-Earning Assets



135,015










140,539








Total Assets


$

1,698,385









$

1,951,845



























LIABILITIES AND SHAREHOLDERS' EQUITY



















Interest Bearing Liabilities:



















Interest Bearing Deposits:



















Interest Checking


$

403,570



$

55




0.05

%


$

421,372



$

70




0.07

%

Money Market and Savings Deposits



500,397




627




0.50

%



660,438




639




0.38

%

Time Deposits



125,334




158




0.50

%



162,584




222




0.54

%

Total Interest-Bearing Deposits



1,029,301




840




0.32

%



1,244,394




931




0.30

%

Borrowings



2

















Junior subordinated debt



3,406




52




6.06

%



3,360




50




5.90

%

Total Interest-Bearing Liabilities



1,032,709




892




0.34

%



1,247,754




981




0.31

%

Non-Interest-Bearing Liabilities:



















Demand deposits



531,719










532,397








Other liabilities



8,019










10,741








Total Liabilities



1,572,447










1,790,892








Shareholders' Equity



125,938










160,953








Total Liabilities & Shareholders' Equity


$

1,698,385









$

1,951,845








Net Interest Income (FTE)





$

15,470









$

12,437





Interest Rate Spread 2









3.80

%









2.62

%

Cost of Funds









0.23

%









0.22

%

Interest Expense as a Percentage of
     Average Earning Assets









0.23

%









0.21

%

Net Interest Margin (FTE) 3









3.91

%









2.72

%


1

Tax-exempt income for investment securities has been adjusted to a fully tax-equivalent basis (FTE), using a Federal income tax rate of 21%.


Refer to the Reconcilement of Non-GAAP Measures table at the end of this release.

2

Interest spread is the average yield earned on earning assets less the average rate paid on interest-bearing liabilities.

3

Net interest margin (FTE) is net interest income expressed as a percentage of average earning assets.

 

VIRGINIA NATIONAL BANKSHARES CORPORATION

AVERAGE BALANCES, INCOME AND EXPENSES, YIELDS AND RATES (TAXABLE EQUIVALENT BASIS)

(dollars in thousands)

(Unaudited)




For the twelve months ended




December 31, 2022



December 31, 2021







Interest









Interest







Average



Income/



Average



Average



Income/



Average




Balance



Expense



Yield/Cost



Balance



Expense



Yield/Cost


ASSETS



















Interest Earning Assets:



















Securities:



















Taxable Securities


$

373,680



$

8,696




2.33

%


$

198,450



$

2,980




1.50

%

Tax Exempt Securities 1



65,861




1,582




2.40

%



53,716




1,292




2.41

%

Total Securities 1



439,541




10,278




2.34

%



252,166




4,272




1.69

%

Loans:



















Real Estate



847,238




38,011




4.49

%



808,707




35,303




4.37

%

Commercial



81,410




3,583




4.40

%



145,462




5,731




3.94

%

Consumer



49,619




2,637




5.31

%



63,039




2,865




4.54

%

Total Loans



978,267




44,231




4.52

%



1,017,208




43,899




4.32

%

Fed Funds Sold



100,033




1,088




1.09

%



109,104




139




0.13

%

Other interest-bearing deposits



161,260




1,467




0.91

%



160,960




233




0.14

%

Total Earning Assets



1,679,101




57,064




3.40

%



1,539,438




48,543




3.15

%

Less: Allowance for Loan Losses



(5,702)










(5,297)








Total Non-Earning Assets



124,525










115,193








Total Assets


$

1,797,924









$

1,649,334



























LIABILITIES AND SHAREHOLDERS' EQUITY



















Interest Bearing Liabilities:



















Interest Bearing Deposits:



















Interest Checking


$

409,504



$

230




0.06

%


$

355,419



$

261




0.07

%

Money Market and Savings Deposits



563,374




2,097




0.37

%



529,027




2,047




0.39

%

Time Deposits



144,564




657




0.45

%



152,211




1,108




0.73

%

Total Interest-Bearing Deposits



1,117,442




2,984




0.27

%



1,036,657




3,416




0.33

%

Borrowings












23,700




(280)




-1.18

%

Junior subordinated debt



3,389




200




5.90

%



2,565




148




5.77

%

Total Interest-Bearing Liabilities



1,120,831




3,184




0.28

%



1,062,922




3,284




0.31

%

Non-Interest-Bearing Liabilities:



















Demand deposits



526,389










434,989








Other liabilities



9,581










10,875








Total Liabilities



1,656,801










1,508,786








Shareholders' Equity



141,123










140,548








Total Liabilities & Shareholders' Equity


$

1,797,924









$

1,649,334








Net Interest Income (FTE)





$

53,880









$

45,259





Interest Rate Spread 2









3.11

%









2.84

%

Cost of Funds









0.19

%









0.22

%

Interest Expense as a Percentage of
     Average Earning Assets









0.19

%









0.21

%

Net Interest Margin (FTE) 3









3.21

%









2.94

%


1

Tax-exempt income for investment securities has been adjusted to a fully tax-equivalent basis (FTE), using a Federal income tax rate of 21%.


Refer to the Reconcilement of Non-GAAP Measures table at the end of this release.

2

Interest spread is the average yield earned on earning assets less the average rate paid on interest-bearing liabilities.

3

Net interest margin (FTE) is net interest income expressed as a percentage of average earning assets.

 

VIRGINIA NATIONAL BANKSHARES CORPORATION

RECONCILIATION OF CERTAIN QUARTERLY NON-GAAP FINANCIAL MEASURES

(dollars in thousands)

(Unaudited)




Three Months Ended




December 31,
2022



September 30,
2022



June 30, 2022



March 31, 2022



December 31,
2021


Fully tax-equivalent measures
















Net interest income


$

15,384



$

14,277



$

12,461



$

11,425



$

12,359


Fully tax-equivalent adjustment



86




83




82




65




78


Net interest income (FTE) 1


$

15,470



$

14,360



$

12,543



$

11,490



$

12,437


















Efficiency ratio 2



52.0

%



57.3

%



58.6

%



62.3

%



58.0

%

Fully tax-equivalent adjustment



-0.3

%



-0.3

%



-0.3

%



-0.3

%



-0.3

%

Efficiency ratio (FTE) 3



51.7

%



57.0

%



58.3

%



62.0

%



57.7

%

















Net interest margin



3.89

%



3.45

%



3.00

%



2.57

%



2.70

%

Fully tax-equivalent adjustment



0.02

%



0.02

%



0.02

%



0.02

%



0.02

%

Net interest margin (FTE) 1



3.91

%



3.47

%



3.02

%



2.59

%



2.72

%



















As of




December 31,
2022



September 30,
2022



June 30, 2022



March 31, 2022



December 31,
2021


Other financial measures
















ALLL to gross loans



0.59

%



0.58

%



0.57

%



0.58

%



0.56

%

Impact of acquired loans and fair value mark



0.31

%



0.32

%



0.34

%



0.37

%



0.39

%

ALLL to gross loans, excluding acquired loans and
fair value mark (non-GAAP)



0.90

%



0.90

%



0.91

%



0.95

%



0.95

%

















ALLL to gross loans



0.59

%



0.58

%



0.57

%



0.58

%



0.56

%

Fair value mark to gross loans



1.70

%



1.80

%



1.82

%



1.77

%



1.74

%

ALLL + fair value mark to gross loans (non-GAAP)



2.29

%



2.38

%



2.39

%



2.35

%



2.30

%

















Book value per share


$

25.05



$

23.65



$

25.20



$

27.42



$

30.50


Impact of intangible assets



(2.69)




(2.88)




(2.96)




(3.05)



$

(3.14)


Tangible book value per share (non-GAAP)


$

22.36



$

20.77



$

22.24



$

24.37



$

27.36



1

FTE calculations use a Federal income tax rate of 21%.

2

The efficiency ratio, GAAP basis, is computed by dividing noninterest expense by the sum of net interest income and noninterest income.

3

The efficiency ratio, FTE, is computed by dividing noninterest expense by the sum of net interest income (FTE) and noninterest income.

 

VIRGINIA NATIONAL BANKSHARES CORPORATION

RECONCILIATION OF CERTAIN ANNUAL NON-GAAP FINANCIAL MEASURES

(dollars in thousands, except per share data)

(Unaudited)




For the Twelve Months Ended




December 31, 2022



December 31, 2021


Fully tax-equivalent measures







Net interest income


$

53,547



$

44,988


Fully tax-equivalent adjustment



333




271


Net interest income (FTE) 1


$

53,880



$

45,259









Efficiency ratio 2



57.4

%



76.7

%

Fully tax-equivalent adjustment



-0.3

%



-0.4

%

Efficiency ratio (FTE) 3



57.1

%



76.3

%








Net interest margin



3.19

%



2.92

%

Fully tax-equivalent adjustment



0.02

%



0.02

%

Net interest margin (FTE) 1



3.21

%



2.94

%


1

FTE calculations use a Federal income tax rate of 21%.

2

The efficiency ratio, GAAP basis, is computed by dividing noninterest expense by the sum of net interest income and noninterest income.

3

The efficiency ratio, FTE, is computed by dividing noninterest expense by the sum of net interest income (FTE) and noninterest income.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/virginia-national-bankshares-corporation-announces-record-2022-fourth-quarter-and-record-full-year-earnings-301735291.html

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Comerica Bank’s Michigan Index Declined Through October

Comerica Bank’s Michigan Index Declined Through October
PR Newswire
DALLAS, Jan. 31, 2023

DALLAS, Jan. 31, 2023 /PRNewswire/ — The Comerica Michigan Economic Activity Index fell 2.9% annualized in the three months through October. The Index was up…

Published

on

Comerica Bank's Michigan Index Declined Through October

PR Newswire

DALLAS, Jan. 31, 2023 /PRNewswire/ -- The Comerica Michigan Economic Activity Index fell 2.9% annualized in the three months through October. The Index was up a solid 3.6% from the same month of last year. Only four of the index's nine components increased in October.

Employment rose in the month – but so did continuing claims for unemployment insurance, painting a mixed picture of the state's job market.

Car and light truck assemblies rose to 10.5 million units at a seasonally adjusted annualized pace in October from 10.3 million in September and topped 10 million for the seventh consecutive month. October's run rate was just shy of the 10.6 million units assembled in 2019 prior to the pandemic, a further sign that supply chain disruptions are finally abating; assemblies slowed in November and December, though, which will weigh on the index in the next few releases. Electricity consumption by the state's industrial sector declined in October.

House prices declined for the fifth consecutive month and were down 1.9% from the peak in May. Housing starts rose for a third consecutive month and were still up 21.7% from a year earlier, even after a precipitous decline in July. Housing is likely to weaken further near-term as high prices and soaring mortgage rates weigh on demand.

Michigan's economy will likely slow along with national and global economies in 2023. Rising interest rates will slow credit-intensive sectors, such as housing and commercial real estate investment. The auto industry will likely outperform other types of durable consumer goods manufacturing as car dealers restock inventories, but even it could face a lower speed limit on its rebound due to higher interest rates.

The Comerica Michigan Economic Activity Index is a monthly composite indicator of state economic activity. The Index provides a wholistic advance view of the state of Michigan's economy, using economic data that are available about one quarter earlier than real GDP is released. The index is comprised of nine components: Nonfarm payroll employment, continuing claims for unemployment insurance, housing starts, house prices, industrial electricity sales, auto and light truck production, foreign trade, hotel occupancy, and sales tax revenue. All data are seasonally adjusted with nominal values converted to constant dollar values as appropriate. To filter out month-to-month volatility in the index components, the index is calculated from the three-month moving averages of its components. Values for a minority of components are projected from the prior months' release due to the timing of data releases.

Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Commercial Bank, The Retail Bank and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Michigan, California, Florida and Arizona. Additionally, Comerica has select businesses operating in Canada and Mexico. Comerica reported total assets of $85.4 billion as of Dec. 31, 2022.

To subscribe to our publications or for questions, contact us at ComericaEcon@comerica.com. Archives are available at www.comerica.com/insights.

View original content to download multimedia:https://www.prnewswire.com/news-releases/comerica-banks-michigan-index-declined-through-october-301735233.html

SOURCE Comerica Bank

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