FVCBankcorp Announces Extension of Share Repurchase Program

Rhea-AI Summary

FVCBankcorp, Inc. (NASDAQ: FVCB) announced an extension of its share repurchase program, allowing the buyback of up to 1,300,000 shares, representing about 8% of its outstanding shares. This program, initiated in 2020, will now expire on March 31, 2024. Under the previous plan, around 138,000 shares were repurchased at an average price of $14.16. The repurchases will depend on various factors, including market conditions and the company's financial needs. The company retains the discretion to modify or terminate the program without prior notice.

Positive

• The extension of the share repurchase program indicates confidence in the company's financial health.
• Repurchasing 1,300,000 shares could enhance shareholder value by reducing the number of outstanding shares.

Negative

• None.

FAIRFAX, Va.--(BUSINESS WIRE)-- FVCBankcorp, Inc. (Nasdaq – FVCB) (the “Company”) announced today that its Board of Directors has extended its share repurchase program that was initiated in 2020. Under the repurchase program, the Company may repurchase up to 1,300,000 shares of its common stock, or approximately 8% of its outstanding shares of common stock at December 31, 2022, post stock split effective January 31, 2023. The repurchase program will expire on March 31, 2024, subject to earlier termination of the program by the Board of Directors.

Under the expiring program, the Company repurchased approximately 138,000 shares of its common stock at an average price of $14.16.

Repurchases may be made in open market purchases, block trades or in privately negotiated transactions. Repurchases, if any, under the program will be made at the discretion of management, and will depend upon market pricing and conditions, business, legal, accounting and other considerations. Open market purchases will be conducted in accordance with the limitation of Rule 10b-18 of the Securities and Exchange Commission (the “SEC”). Repurchases may be made pursuant to any trading plan that may be adopted in accordance with SEC Rule 10b5-1, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. Under applicable law, repurchased shares will be cancelled and revert to the status of authorized but unissued shares.

The repurchase program may be modified, suspended or terminated at any time without notice, in the Company’s discretion, based upon a number of factors, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, the need for capital in the Company’s operations and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate the Company to repurchase any shares.

About FVCBankcorp Inc.

FVCBankcorp, Inc. is the holding company for FVCbank, a wholly-owned subsidiary of FVCB which commenced operations in November 2007. FVCbank is a $2.34 billion Virginia-chartered community bank serving the banking needs of commercial businesses, nonprofit organizations, professional service entities, their owners and employees located in the greater Baltimore and Washington D.C., metropolitan areas. Locally owned and managed, FVCbank is based in Fairfax, Virginia, and has 9 full-service offices in Arlington, Fairfax, Manassas, Reston and Springfield, Virginia, Washington D.C., and Baltimore, Bethesda, and Rockville, Maryland.

For more information on the Company’s selected financial information, please visit the Investor Relations page of FVCBankcorp Inc.’s website, www.fvcbank.com.

Forward-looking Statements: This press release contains forward-looking statements within the meaning of the Securities and Exchange Act of 1934, as amended, including statements of goals, intentions, and expectations as to future trends, plans, events or results of Company operations and policies and regarding general economic conditions. In some cases, forward-looking statements can be identified by use of words such as “may,” “will,” “anticipates,” “believes,” “expects,” “plans,” “estimates,” “potential,” “continue,” “should,” and similar words or phrases. These statements are based upon current and anticipated economic conditions, nationally and in the Company’s market, interest rates and interest rate policy, competitive factors, and other conditions which by their nature, are not susceptible to accurate forecast and are subject to significant uncertainty. Because of these uncertainties and the assumptions on which this discussion and the forward-looking statements are based, actual future operations and results in the future may differ materially from those indicated herein. For details on factors that could affect these expectations, see the risk factors and other cautionary language included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and in other periodic and current reports filed with the SEC. Readers are cautioned against placing undue reliance on any such forward-looking statements. The Company’s past results are not necessarily indicative of future performance.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230316005616/en/

David W. Pijor, Chairman and Chief Executive Officer

Phone: (703) 436-3802

Email: dpijor@fvcbank.com



Patricia A. Ferrick, President

Phone: (703) 436-3822

Email: pferrick@fvcbank.com

Source: FVCBankcorp, Inc.

FAQ

What is the purpose of FVCB's share repurchase program?

The share repurchase program aims to enhance shareholder value by reducing the total number of outstanding shares.

When does FVCB's share repurchase program expire?

The share repurchase program is set to expire on March 31, 2024.

How many shares can FVCB repurchase under this program?

FVCB can repurchase up to 1,300,000 shares, or approximately 8% of its outstanding shares as of December 31, 2022.

What was the average price of shares repurchased under the previous program?

The average price for shares repurchased under the previous program was $14.16.

What factors will influence FVCB's share repurchases?

Repurchases will depend on market conditions, the company's financial situation, and other considerations.