FVCBankcorp Inc

NASDAQ:FVCBUnited States

Oct 22, 2024

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• FVCBankcorp, Inc. Announces Third Quarter 2024 Earnings; Quarterly Net Income Increased 16% Year-Over-Year as Net Interest Income and Margin Continue to Improve, from 4:00PM ET on Tuesday Oct 22, 2024 by Dow Jones

  4:00PM ET on Tuesday Oct 22, 2024 by Dow Jones
  Companies Mentioned: FVCB
  liabilities 1,573,551 $ 15,019 3.80% 1,539,851 $ 14,301 3.74% 1,636,872 $ 14,093 3.42% -------------- -------------- -------------- Noninterest-bearing liabilities: Noninterest-bearing deposits 358,618 378,280 425,807 Other liabilities 26,252 28,741 26,681 Shareholders' equity 229,162 223,914 213,510 --------- --------- --------- Total Liabilities and Shareholders' Equity $2,187,583 $2,170,786 $2,302,870 ========= ========= ========= Net Interest Margin $ 14,214 2.64% $ 13,671 2.59% $ 13,335 2.39% ============== ============== ============== (1) Non-accrual loans are included in average balances. (2) The average balances for investment securities includes restricted stock. FVCBankcorp, Inc. Average Statements of Condition and Yields on Earning Assets and Interest-Bearing Liabilities (Dollars in thousands) (Unaudited) For the Nine Months Ended ---------------------------------------------------------------------------------- 9/30/2024 9/30/2023 ---------------------------------------- ---------------------------------------- Average Interest Average Average Interest Average Balance Income/Expense Yield Balance Income/Expense Yield ----------- --------------- ---------- ----------- --------------- ---------- Interest-earning assets: Loans receivable, net of fees (1) Commercial real estate $1,084,436 $ 41,325 5.08% $1,107,935 $ 39,807 4.79% Commercial and industrial 250,106 14,941 7.97% 206,447 11,254 7.27% Commercial construction 161,159 8,845 7.32% 154,862 8,233 7.09% Consumer real estate 346,771 12,604 4.85% 356,430 12,648 4.73% Warehouse facilities 18,885 1,060 7.48% 24,272 1,265 6.95% Consumer nonresidential 6,146 377 8.18% 6,062 418 9.20% --------- -------------- ---- --- --------- -------------- ---- --- Total loans 1,867,503 79,152 5.65% 1,856,008 73,625 5.29% Investment securities (2) 210,536 3,305 2.09% 299,078 4,317 1.93% Interest-bearing deposits at other financial institutions 38,397 1,575 5.48% 52,711 2,022 5.13% --------- -------------- ---- --- --------- -------------- ---- --- Total interest-earning assets 2,116,436 $ 84,032 5.29% 2,207,797 $ 79,964 4.83% --------- -------------- --------- -------------- Non-interest earning assets: Cash and due from banks 6,982 6,159 Premises and equipment, net 949 1,147 Accrued interest and other assets 67,311 96,985 Allowance for credit losses (19,012) (18,523) --------- --------- Total Assets $2,172,666 $2,293,565 ========= ========= Interest-bearing liabilities: Interest checking $ 556,650 $ 14,215 3.41% $ 564,765 $ 11,595 2.74% Savings and money market 332,663 9,071 3.64% 259,308 4,307 2.22% Time deposits 283,897 9,240 4.35% 351,762 9,292 3.53% --------- -------------- --------- -------------- Wholesale deposits 268,295 7,108 3.54% 332,217 9,398 3.78% --------- -------------- ---- --- --------- -------------- ---- --- Total interest-bearing deposits 1,441,505 39,634 3.67% 1,508,052 34,592 3.07% Other borrowed funds 88,082 2,950 4.47% 98,378 2,862 3.89% --------- -------------- --------- -------------- Subordinated notes, net of issuance costs 19,640 772 5.25% 19,583 773 5.27% --------- -------------- ---- --- --------- -------------- ---- --- Total interest-bearing liabilities 1,549,227 $ 43,356 3.74% 1,626,013 $ 38,227 3.14% -------------- -------------- Noninterest-bearing liabilities: Noninterest-bearing deposits 372,289 433,335 Other liabilities 26,759 25,413 Shareholders' equity 224,391 208,804 --------- --------- Total Liabilities and Shareholders' Equity $2,172,666 $2,293,565 ========= ========= Net Interest Margin $ 40,676 2.57% $ 41,737 2.53% ============== ============== (1) Non-accrual loans are included in average balances. (2) The average balances for investment securities includes restricted stock.
  

• *DJ FVCBankcorp 3Q EPS 25c >FVCB, from 4:00PM ET on Tuesday Oct 22, 2024 by Dow Jones

  4:00PM ET on Tuesday Oct 22, 2024 by Dow Jones
  Companies Mentioned: FVCB
  liabilities 1,573,551 $ 15,019 3.80% 1,539,851 $ 14,301 3.74% 1,636,872 $ 14,093 3.42% -------------- -------------- -------------- Noninterest-bearing liabilities: Noninterest-bearing deposits 358,618 378,280 425,807 Other liabilities 26,252 28,741 26,681 Shareholders' equity 229,162 223,914 213,510 --------- --------- --------- Total Liabilities and Shareholders' Equity $2,187,583 $2,170,786 $2,302,870 ========= ========= ========= Net Interest Margin $ 14,214 2.64% $ 13,671 2.59% $ 13,335 2.39% ============== ============== ============== (1) Non-accrual loans are included in average balances. (2) The average balances for investment securities includes restricted stock. FVCBankcorp, Inc. Average Statements of Condition and Yields on Earning Assets and Interest-Bearing Liabilities (Dollars in thousands) (Unaudited) For the Nine Months Ended ---------------------------------------------------------------------------------- 9/30/2024 9/30/2023 ---------------------------------------- ---------------------------------------- Average Interest Average Average Interest Average Balance Income/Expense Yield Balance Income/Expense Yield ----------- --------------- ---------- ----------- --------------- ---------- Interest-earning assets: Loans receivable, net of fees (1) Commercial real estate $1,084,436 $ 41,325 5.08% $1,107,935 $ 39,807 4.79% Commercial and industrial 250,106 14,941 7.97% 206,447 11,254 7.27% Commercial construction 161,159 8,845 7.32% 154,862 8,233 7.09% Consumer real estate 346,771 12,604 4.85% 356,430 12,648 4.73% Warehouse facilities 18,885 1,060 7.48% 24,272 1,265 6.95% Consumer nonresidential 6,146 377 8.18% 6,062 418 9.20% --------- -------------- ---- --- --------- -------------- ---- --- Total loans 1,867,503 79,152 5.65% 1,856,008 73,625 5.29% Investment securities (2) 210,536 3,305 2.09% 299,078 4,317 1.93% Interest-bearing deposits at other financial institutions 38,397 1,575 5.48% 52,711 2,022 5.13% --------- -------------- ---- --- --------- -------------- ---- --- Total interest-earning assets 2,116,436 $ 84,032 5.29% 2,207,797 $ 79,964 4.83% --------- -------------- --------- -------------- Non-interest earning assets: Cash and due from banks 6,982 6,159 Premises and equipment, net 949 1,147 Accrued interest and other assets 67,311 96,985 Allowance for credit losses (19,012) (18,523) --------- --------- Total Assets $2,172,666 $2,293,565 ========= ========= Interest-bearing liabilities: Interest checking $ 556,650 $ 14,215 3.41% $ 564,765 $ 11,595 2.74% Savings and money market 332,663 9,071 3.64% 259,308 4,307 2.22% Time deposits 283,897 9,240 4.35% 351,762 9,292 3.53% --------- -------------- --------- -------------- Wholesale deposits 268,295 7,108 3.54% 332,217 9,398 3.78% --------- -------------- ---- --- --------- -------------- ---- --- Total interest-bearing deposits 1,441,505 39,634 3.67% 1,508,052 34,592 3.07% Other borrowed funds 88,082 2,950 4.47% 98,378 2,862 3.89% --------- -------------- --------- -------------- Subordinated notes, net of issuance costs 19,640 772 5.25% 19,583 773 5.27% --------- -------------- ---- --- --------- -------------- ---- --- Total interest-bearing liabilities 1,549,227 $ 43,356 3.74% 1,626,013 $ 38,227 3.14% -------------- -------------- Noninterest-bearing liabilities: Noninterest-bearing deposits 372,289 433,335 Other liabilities 26,759 25,413 Shareholders' equity 224,391 208,804 --------- --------- Total Liabilities and Shareholders' Equity $2,172,666 $2,293,565 ========= ========= Net Interest Margin $ 40,676 2.57% $ 41,737 2.53% ============== ============== (1) Non-accrual loans are included in average balances. (2) The average balances for investment securities includes restricted stock.