Fvcbankcorp Inc - FVCB STOCK NEWS

FVCBankcorp (FVCB) has announced the extension of its share repurchase program initiated in 2020. The program allows the company to repurchase up to 1.3 million shares of common stock, representing approximately 7% of outstanding shares as of December 31, 2024.

The extended program will run until March 31, 2026, with repurchases possible through open market purchases, block trades, or private transactions. The implementation will comply with SEC Rule 10b-18 limitations and may include a Rule 10b5-1 trading plan. Repurchased shares will be cancelled and revert to authorized but unissued status.

Management maintains discretion over the timing and amount of repurchases, considering factors such as market conditions, share pricing, alternative investments, and liquidity needs. The program can be modified, suspended, or terminated without notice and does not obligate the company to repurchase any shares.

FVCBankcorp (NASDAQ: FVCB) reported improved financial results for Q4 and full year 2024. Net income reached $4.9 million ($0.26 per diluted share) in Q4 2024, up 5% from Q3 2024. The company's net interest margin improved 17% year-over-year to 2.77%.

Key highlights include: net interest income increased 18% to $14.9 million in Q4 2024; noninterest expense decreased 2% for both Q4 and full year 2024; and the bank maintained a well-capitalized position with total risk-based capital ratio of 14.73%. Total assets stood at $2.20 billion, with loans receivable at $1.87 billion, showing a 2% increase from 2023.

For full year 2024, the company reported net income of $15.1 million ($0.82 per diluted share), a significant increase from $3.8 million in 2023. The bank's asset quality remained strong with an allowance for credit losses at 0.97% of total loans.

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%.

FVCBankcorp, Inc. reported its financial results for Q1 2024, showcasing an increase in net interest income and margin. Net interest margin rose to 2.47%, with net interest income up by $133k to $12.8 million. The company maintained strong credit quality with nonperforming loans decreasing by 33% year-over-year. Prudent balance sheet repositioning and surrendering of BOLI policies contributed to improved tax provisioning. The Bank's capital ratios exceeded well-capitalized thresholds. Net income for Q1 2024 was $1.3 million, with commercial bank operating earnings increasing by $948k. Total assets saw a slight decrease, while loans receivable and deposits increased. The Company's asset quality remained robust, with disciplined credit guidelines and proactive risk management strategies. The Company's minority investment in ACM showed progress, contributing to non-interest income. Net interest income improved, driven by higher interest income on loans, partially offset by increased funding costs. Noninterest income rebounded, and noninterest expenses decreased, resulting in a positive net income for Q1 2024.

FVCBankcorp, Inc. (Nasdaq: FVCB) extends its share repurchase program, allowing for the buyback of up to 1,300,000 shares of common stock by March 31, 2025. The Company repurchased 115,750 shares in 2023. Repurchases may be made through various methods and are subject to market conditions and legal considerations.

FVCBankcorp, Inc. (NASDAQ: FVCB) reported its financial results for the fourth quarter and full year of 2023. The company experienced a net loss of $5.1 million and $12.2 million in after-tax losses for the first quarter 2023 and fourth quarter 2023 securities sale. The company reduced future occupancy expense through a reduction in office space and staffing. However, it recorded a net loss of $5.1 million for the quarter ended December 31, 2023, compared to net income of $4.9 million for the quarter ended December 31, 2022.

FVCBankcorp reports Q3 2023 financial results, showcasing stellar credit quality and continued core deposit growth. Net income for Q3 2023 was $4.0 million compared to $7.0 million in Q3 2022. Total assets decreased by $38.9 million, or 2%, from December 2022. Loans receivable increased by $9.1 million, or 0.5%. Total deposits increased by $165.8 million, or 9%, year-to-date.