Welcome to our dedicated page for FVCBankcorp news (Ticker: FVCB), a resource for investors and traders seeking the latest updates and insights on FVCBankcorp stock.
FVCBankcorp, Inc., trading under the symbol FVCB, is a distinguished financial institution headquartered in Northern Virginia. Established in November 2007, the bank has carved out a niche in catering to the financial needs of the local business community, its owners, and employees. FVCBankcorp operates through its sole subsidiary, FVCbank, a community-oriented and locally-managed commercial bank.
Core Business: The bank specializes in providing a comprehensive range of commercial banking services to small and medium-sized businesses, professionals, non-profit organizations, and investors. Additionally, FVCBankcorp offers retail banking services designed to meet the unique needs of both corporate customers and the communities it serves. The bank's primary source of revenue stems from net interest income, derived from its lending and deposit operations.
Products and Services: FVCbank delivers a variety of financial products and services, including traditional banking products, online banking, mobile banking, remote deposit services, and a suite of lending products. The bank’s strategic focus is on helping clients achieve their financial dreams, whether it’s building a Fortune 500 company, planning for college, or preparing for retirement.
Technological Innovation: By leveraging state-of-the-art technology and attracting top-notch, experienced bankers, FVCbank provides high-touch banking experiences to its customers. This combination of advanced technology and skilled banking professionals ensures that FVCbank competes successfully with any other bank in the region.
Community Engagement: FVCbank is also committed to community development. Customers have the opportunity to be part of the bank's e-directory and benefit from additional marketing tools provided through the bank's e-newsletter, enhancing their business visibility.
Financial Health: FVCBankcorp maintains a strong financial position, supported by consistent income from its various banking operations. The bank's focus on community-oriented services and customer-centric products positions it as a reliable partner for financial growth and stability in Northern Virginia.
FVCBankcorp, Inc. (NASDAQ: FVCB) announced its Q3 2024 financial results, reporting a 16% increase in net income year-over-year to $4.7 million, or $0.25 per diluted share. Return on average assets rose to 0.85%, a 21% increase from Q3 2023. The net interest margin improved by 25 basis points to 2.64%. Classified loans decreased by 86% to $3.2 million, reflecting solid credit quality.
For the nine months ended September 30, 2024, net income was $10.2 million, a 14% increase year-over-year. Total assets grew to $2.29 billion, a 5% increase from December 31, 2023. Loans receivable increased by 2.5% year-to-date. Total deposits rose by 6% to $1.96 billion. The Bank remains well-capitalized with a total risk-based capital ratio of 14.52%.
Management highlighted disciplined loan originations and deposit pricing as key factors for improved net interest income and margin. The Bank originated over $59 million in loans during Q3 2024.
FVCBankcorp announced its Q2 2024 financial results, reflecting significant improvements across various metrics. Net income surged to $4.2 million, or $0.23 per share, a rise from $1.3 million in Q1 2024. Net interest income grew by $877K to $13.7 million, while net interest margin increased by 12 basis points to 2.59%. Core deposits increased by $121.5 million, and total deposits rose by $111.5 million, reaching $1.97 billion. Loans past due 30 days or more decreased by 35% to $2.5 million. The tangible common equity to tangible assets ratio rose to 9.56%. Over $41 million in new loans and $176 million in new non-maturity deposit accounts were originated. Despite a slight annual decline in total assets and investment securities, the company recorded an increase in shareholders’ equity by $9.4 million, and maintained a well-capitalized status with a total risk-based capital ratio of 14.13%.
FAQ
What is the current stock price of FVCBankcorp (FVCB)?
What is the market cap of FVCBankcorp (FVCB)?
What is FVCBankcorp, Inc.?
When was FVCbank established?
What services does FVCbank offer?
Who does FVCbank serve?
What is the primary source of revenue for FVCBankcorp?
How does FVCbank support community businesses?
What makes FVCbank different from other banks?
Does FVCbank offer online banking services?
Where is FVCbank primarily located?
How can I stay updated with FVCbank's latest news?
