FVCBankcorp, Inc. Announces Second Quarter 2024 Earnings; Continued Improvement in Net Income, Net Interest Income, and Margin
Second Quarter Selected Financial Highlights
-
Increase in Net Income. For the three months ended June 30, 2024, the Company recorded net income of
, or$4.2 million diluted earnings per share. Compared to the linked quarter, net income increased$0.23 , from$2.8 million for the three months ended March 31, 2024.$1.3 million -
Increase in Net Interest Income and Margin. Net interest margin increased 12 basis points, or
5% , to2.59% for the second quarter of 2024, compared to2.47% for the first quarter of 2024. Net interest income increased to$877 thousand , or$13.7 million 7% , compared to for the first quarter of 2024. Interest income increased$12.8 million , or$1.1 million 4% , quarter-over-quarter while interest expense only increased , or$266 thousand 2% , for the same period. -
Strong Deposit Growth. Core deposits, which exclude wholesale deposits, increased
during the quarter ended June 30, 2024, or$121.5 million 8% . Total deposits increased , or$111.5 million 6% , during the second quarter of 2024, to end at at June 30, 2024, compared to$1.97 billion at March 31, 2024.$1.86 billion -
Solid Credit Quality. Loans past due 30 days or more decreased to
at June 30, 2024, compared to$2.5 million at March 31, 2024, a decrease of$3.9 million 35% . The Company recorded net recoveries of during the second quarter of 2024.$5 thousand -
Sound, Well Capitalized Balance Sheet. All of FVCbank’s (the “Bank”) regulatory capital components and ratios were well in excess of thresholds required to be considered "well capitalized", with total risk-based capital to risk-weighted assets of
14.13% at June 30, 2024, compared to13.83% at December 31, 2023. The tangible common equity ("TCE") to tangible assets ("TA") ratio for the Bank increased to9.56% at June 30, 2024, from8.70% at June 30, 2023. The Bank’s investment securities are classified as available-for-sale, and therefore the unrealized losses on these securities is fully reflected in the TCE/TA ratio.
For each of the three months ended June 30, 2024 and 2023, the Company recorded net income of
Commercial bank operating earnings (non-GAAP), which exclude the nonrecurring taxes on the surrender of the Company’s BOLI policies recorded during the first quarter of 2024, for the three months ended June 30, 2024 and March 31, 2024 were
For the three months ended June 30, 2024 and March 31, 2024, pre-tax pre-provision operating income (non-GAAP), which also excludes the nonrecurring taxes on the BOLI surrender was
The Company considers commercial bank operating earnings and pre-tax pre-provision operating income useful comparative financial measures of the Company’s operating performance over multiple periods. Both commercial bank operating earnings and pre-tax pre-provision operating income are determined by methods other than in accordance with
Management Comments
David W. Pijor, Esq., Chairman and Chief Executive Officer of the Company, said:
“Two consecutive quarters of margin and net interest income improvement demonstrates that our disciplined approach to loan and deposit pricing is effective. We continue to acquire new customer relationships which supports our focus to further diversify both our loan and deposit portfolios. As a result of our efforts this quarter, we originated over
Statement of Condition
Total assets were
Loans receivable, net of deferred fees, were
Investment securities were
Total deposits were
The Company continues to have consistent core deposit inflows each quarter, including the second quarter of 2024, with new non-maturity deposit accounts totaling
Total wholesale funding decreased
Shareholders’ equity at June 30, 2024 was
Book value per share at June 30, 2024 and December 31, 2023 was
The Bank was well-capitalized at June 30, 2024, with total risk-based capital ratio of
Asset Quality
For each of the three and six months ended June 30, 2024, the Company recorded a provision for credit losses totaling
The Company has maintained disciplined credit guidelines during the rising interest rate environment. The Company proactively monitors the impact of rising interest rates on its adjustable loans as the industry navigates through this economic cycle of increased inflation and higher interest rates. Nonaccrual loans and loans 90 days or more past due at June 30, 2024 totaled
The Company recorded net recoveries of
At June 30, 2024, commercial real estate loans totaled
Owner Occupied Commercial Real Estate |
Non-Owner Occupied Commercial Real Estate |
Construction |
|
|
|||||||||||
Asset Class |
Average
|
Number
|
Bank
|
Average
|
Number
|
Bank
|
Top 3
|
Number
|
Bank
|
Total Bank
|
% of
|
||||
Office, Class A |
|
6 |
$ |
7,476 |
|
4 |
$ |
3,717 |
Counties of
|
— |
$ |
— |
$ |
11,193 |
|
Office, Class B |
|
34 |
|
12,143 |
|
29 |
|
57,324 |
— |
|
— |
|
69,467 |
|
|
Office, Class C |
|
8 |
|
5,138 |
|
8 |
|
1,902 |
1 |
|
873 |
|
7,913 |
|
|
Office, Medical |
|
7 |
|
1,155 |
|
7 |
|
41,514 |
1 |
|
5,129 |
|
47,798 |
|
|
Subtotal |
|
55 |
$ |
25,912 |
|
48 |
$ |
104,457 |
2 |
$ |
6,002 |
$ |
136,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Retail- Neighborhood/Community Shop |
|
— |
$ |
— |
|
30 |
$ |
81,612 |
Prince
|
2 |
$ |
11,376 |
$ |
92,988 |
|
Retail- Restaurant |
|
9 |
|
8,088 |
|
16 |
|
26,456 |
— |
|
— |
|
34,544 |
|
|
Retail- Single Tenant |
|
5 |
|
1,963 |
|
20 |
|
35,691 |
— |
|
— |
|
37,654 |
|
|
Retail- Anchored,Other |
—% |
0 |
|
— |
|
13 |
|
42,957 |
— |
|
— |
|
42,957 |
|
|
Retail- Grocery-anchored |
|
— |
|
— |
|
8 |
|
51,455 |
1 |
|
1,247 |
|
52,702 |
|
|
Subtotal |
|
14 |
$ |
10,051 |
|
87 |
$ |
238,171 |
3 |
$ |
12,623 |
$ |
260,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Multi-family, Class A (Market) |
|
— |
$ |
— |
—% |
1 |
$ |
— |
|
1 |
$ |
1,026 |
$ |
1,026 |
|
Multi-family, Class B (Market) |
|
— |
|
— |
|
21 |
|
78,360 |
— |
|
— |
|
78,360 |
|
|
Multi-family, Class C (Market) |
|
— |
|
— |
|
58 |
|
71,355 |
2 |
|
7,047 |
|
78,402 |
|
|
Multi-Family-Affordable Housing |
|
— |
|
— |
|
10 |
|
16,360 |
1 |
|
4,034 |
|
20,394 |
|
|
Subtotal |
|
— |
$ |
— |
|
90 |
$ |
166,075 |
4 |
$ |
12,107 |
$ |
178,182 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Industrial |
|
41 |
$ |
67,883 |
|
38 |
$ |
125,223 |
|
1 |
$ |
1,041 |
$ |
194,147 |
|
Warehouse |
|
14 |
|
18,451 |
|
8 |
|
9,399 |
— |
|
— |
|
27,850 |
|
|
Flex |
|
15 |
|
18,436 |
|
14 |
|
56,226 |
2 |
|
— |
|
74,662 |
|
|
Subtotal |
|
70 |
$ |
104,770 |
|
60 |
$ |
190,848 |
3 |
$ |
1,041 |
$ |
296,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Hotels |
|
— |
$ |
— |
|
9 |
$ |
51,873 |
|
1 |
$ |
6,481 |
$ |
58,354 |
|
Mixed Use |
|
10 |
$ |
5,945 |
|
36 |
$ |
66,146 |
|
— |
$ |
— |
$ |
72,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Land |
|
|
$ |
— |
|
|
$ |
— |
|
26 |
$ |
53,660 |
$ |
53,660 |
|
1-4 Family construction |
|
|
$ |
— |
|
|
$ |
— |
|
22 |
$ |
49,265 |
$ |
49,265 |
|
Other (including net deferred fees) |
|
$ |
57,844 |
|
|
$ |
61,389 |
|
|
$ |
23,556 |
$ |
142,789 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total commercial real estate and construction loans, net of fees, at June 30, 2024 |
$ |
204,522 |
|
|
$ |
878,959 |
|
|
$ |
164,735 |
$ |
1,248,216 |
|
||
|
|
|
|
|
|
|
|
|
|||||||
at December 31, 2023 |
$ |
212,889 |
|
|
$ |
878,744 |
|
|
$ |
147,998 |
$ |
1,239,631 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||
(1) Loan-to-value is determined at origination date against current bank owned principal. |
|||||||||||||||
(2) Bank-owned principal is not adjusted for deferred fees and costs. |
|||||||||||||||
(3) Minimum debt service coverage policy is 1.30x for owner occupied and 1.25x for Non-Owner Occupied at origination. |
The loans shown in the above table exhibit strong credit quality, reflecting only one classified delinquency at June 30, 2024 totaling
Minority Investment in Mortgage Banking Operation
In August 2021, the Company acquired a membership interest in ACM to diversify its loan portfolio while providing competitive residential mortgage products to its customers and to generate additional revenue. The Company’s investment in ACM is reflected as a nonconsolidated minority investment, and as such, the Company’s income generated from the investment is included in non-interest income. For the three months ended June 30, 2024 and 2023, the Company reported income of
Income Statement
The Company recorded net income of
Net interest income increased
The Company's net interest margin increased 12 basis points to
On a linked quarter basis, interest income increased
At June 30, 2024, approximately
On a linked quarter basis, interest expense increased
The Company’s cumulative deposit beta (calculated comparing the change in deposit interest rates from March 31, 2022 to June 30, 2024 including noninterest-bearing deposits and excluding wholesale deposits) remained at approximately
Net interest income for the six months ended June 30, 2024 and 2023 was
Noninterest income for the three months ended June 30, 2024 totaled
Fee income from loans was
For the year-to-date period ended June 30, 2024, the Company recorded noninterest income totaling
Noninterest expense totaled
The decrease for the second quarter of 2024 was primarily related to salaries and benefits expense which decreased
Occupancy expense decreased
For the six months ended June 30, 2024 and 2023, noninterest expense was
The efficiency ratio for core bank operating earnings, excluding 2023 losses on the sale of available-for-sale investment securities, for the quarters ended June 30, 2024, March 31, 2024, and June 30, 2023, was
The Company recorded a provision for income taxes of
About FVCBankcorp, Inc.
FVCBankcorp, Inc. is the holding company for FVCbank, a wholly-owned subsidiary that commenced operations in November 2007. FVCbank is a
For more information about the Company, please visit the Investor Relations page of FVCBankcorp, Inc.’s website, www.fvcbank.com.
Cautionary Note About Forward-Looking Statements
This press release may contain statements relating to future events or future results of the Company that are considered “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. We caution that the forward-looking statements are based largely on our expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements. The following factors, among others, could cause our financial performance to differ materially from that expressed in such forward-looking statements: general business and economic conditions, including higher inflation and its impacts, nationally or in the markets that the Company serves could adversely affect, among other things, real estate valuations, unemployment levels, the ability of businesses to remain viable, consumer and business confidence, and consumer or business spending, which could lead to decreases in demand for loans, deposits, and other financial services that the Company provides and increases in loan delinquencies and defaults; the impact of the interest rate environment on our business, financial condition and results of operation, and its impact on the composition and costs of deposits, loan demand, and the values and liquidity of loan collateral, securities, and interest sensitive assets and liabilities; changes in the Company’s liquidity requirements could be adversely affected by changes in its assets and liabilities; changes in the assumptions underlying the establishment of reserves for possible credit losses and the possibility that future credit losses may be higher than currently expected; changes in market conditions, specifically declines in the commercial and residential real estate market, volatility and disruption of the capital and credit markets, and soundness of other financial institutions the Company does business with; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System, inflation, interest rate, market and monetary fluctuations; the Company’s investment securities portfolio is subject to credit risk, market risk, and liquidity risk as well as changes in the estimates used to value the securities in the portfolio; declines in the Company’s common stock price or the occurrence of what management would deem to be a triggering event that could, under certain circumstances, cause us to record a noncash impairment charge to earnings in future periods; geopolitical conditions, including acts or threats of terrorism, or actions taken by
FVCBankcorp, Inc. Selected Financial Data (Dollars in thousands, except share data and per share data) (Unaudited) |
|||||||||||||||||||||||||
|
At or For the Three months
|
|
For the Six Months Ended, |
|
At or For the Three months
|
||||||||||||||||||||
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
||||||||||||||
Selected Balances |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total assets |
$ |
2,299,194 |
|
|
$ |
2,344,372 |
|
|
|
|
|
|
$ |
2,182,662 |
|
|
$ |
2,190,558 |
|
||||||
Total investment securities |
|
162,429 |
|
|
|
231,468 |
|
|
|
|
|
|
|
167,061 |
|
|
|
171,859 |
|
||||||
Total loans, net of deferred fees |
|
1,886,929 |
|
|
|
1,903,814 |
|
|
|
|
|
|
|
1,852,746 |
|
|
|
1,828,564 |
|
||||||
Allowance for credit losses on loans |
|
(19,208 |
) |
|
|
(19,442 |
) |
|
|
|
|
|
|
(18,918 |
) |
|
|
(18,871 |
) |
||||||
Total deposits |
|
1,968,750 |
|
|
|
2,088,042 |
|
|
|
|
|
|
|
1,857,265 |
|
|
|
1,845,292 |
|
||||||
Subordinated debt |
|
19,652 |
|
|
|
19,592 |
|
|
|
|
|
|
|
19,633 |
|
|
|
19,620 |
|
||||||
Other borrowings |
|
57,000 |
|
|
|
— |
|
|
|
|
|
|
|
57,000 |
|
|
|
85,000 |
|
||||||
Reserve for unfunded commitments |
|
506 |
|
|
|
801 |
|
|
|
|
|
|
|
586 |
|
|
|
602 |
|
||||||
Total stockholders’ equity |
|
226,491 |
|
|
|
211,051 |
|
|
|
|
|
|
|
220,661 |
|
|
|
217,117 |
|
||||||
Summary Results of Operations |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Interest income |
$ |
27,972 |
|
|
$ |
27,203 |
|
|
$ |
54,799 |
|
|
$ |
52,537 |
|
|
$ |
26,827 |
|
|
$ |
26,651 |
|
||
Interest expense |
|
14,301 |
|
|
|
12,815 |
|
|
|
28,336 |
|
|
|
24,135 |
|
|
|
14,035 |
|
|
|
13,992 |
|
||
Net interest income |
|
13,670 |
|
|
|
14,388 |
|
|
|
26,462 |
|
|
|
28,402 |
|
|
|
12,792 |
|
|
|
12,659 |
|
||
Provision for credit losses(5) |
|
206 |
|
|
|
618 |
|
|
|
206 |
|
|
|
860 |
|
|
|
— |
|
|
|
— |
|
||
Net interest income after provision for credit losses |
|
13,464 |
|
|
|
13,770 |
|
|
|
26,256 |
|
|
|
27,542 |
|
|
|
12,792 |
|
|
|
12,659 |
|
||
Noninterest income - loan fees, service charges and other |
|
454 |
|
|
|
509 |
|
|
|
862 |
|
|
|
943 |
|
|
|
408 |
|
|
|
420 |
|
||
Noninterest income - bank owned life |
|
66 |
|
|
|
362 |
|
|
|
256 |
|
|
|
694 |
|
|
|
190 |
|
|
|
385 |
|
||
Noninterest income (loss) on minority membership interest |
|
351 |
|
|
|
20 |
|
|
|
148 |
|
|
|
(781 |
) |
|
|
(203 |
) |
|
|
321 |
|
||
Noninterest loss on sale of available-for-sale investment securities |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,592 |
) |
|
|
— |
|
|
|
(10,985 |
) |
||
Noninterest expense |
|
8,996 |
|
|
|
9,203 |
|
|
|
17,621 |
|
|
|
18,213 |
|
|
|
8,625 |
|
|
|
9,402 |
|
||
Income (Loss) before taxes |
|
5,340 |
|
|
|
5,457 |
|
|
|
9,902 |
|
|
|
5,593 |
|
|
|
4,562 |
|
|
|
(6,602 |
) |
||
Income tax expense (benefit) |
|
1,185 |
|
|
|
1,225 |
|
|
|
4,407 |
|
|
|
739 |
|
|
|
3,222 |
|
|
|
(1,531 |
) |
||
Net income (loss) |
|
4,155 |
|
|
|
4,232 |
|
|
|
5,495 |
|
|
|
4,854 |
|
|
|
1,340 |
|
|
|
(5,071 |
) |
||
Per Share Data |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net income (loss), basic |
$ |
0.23 |
|
|
$ |
0.24 |
|
|
$ |
0.31 |
|
|
$ |
0.28 |
|
|
$ |
0.08 |
|
|
$ |
(0.28 |
) |
||
Net income (loss), diluted |
$ |
0.23 |
|
|
$ |
0.23 |
|
|
$ |
0.30 |
|
|
$ |
0.27 |
|
|
$ |
0.07 |
|
|
$ |
(0.28 |
) |
||
Book value |
$ |
12.45 |
|
|
$ |
11.87 |
|
|
|
|
|
|
$ |
12.32 |
|
|
$ |
12.19 |
|
||||||
Tangible book value(1) |
$ |
12.04 |
|
|
$ |
11.44 |
|
|
|
|
|
|
$ |
11.90 |
|
|
$ |
11.77 |
|
||||||
Tangible book value, excluding accumulated other comprehensive losses(1) |
$ |
13.26 |
|
|
$ |
13.17 |
|
|
|
|
|
|
$ |
13.16 |
|
|
$ |
13.12 |
|
||||||
Shares outstanding |
|
18,186,147 |
|
|
|
17,783,305 |
|
|
|
|
|
|
|
17,904,445 |
|
|
|
17,806,995 |
|
||||||
Selected Ratios |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net interest margin(2) |
|
2.59 |
% |
|
|
2.60 |
% |
|
|
2.53 |
% |
|
|
2.60 |
% |
|
|
2.47 |
% |
|
|
2.37 |
% |
||
Return on average assets(2) |
|
0.77 |
% |
|
|
0.73 |
% |
|
|
0.51 |
% |
|
|
0.42 |
% |
|
|
0.25 |
% |
|
|
(0.92 |
)% |
||
Return on average equity(2) |
|
7.42 |
% |
|
|
8.17 |
% |
|
|
4.95 |
% |
|
73.84 |
% |
|
4.70 |
% |
|
|
2.44 |
% |
|
|
(9.51 |
)% |
Efficiency(3) |
|
61.86 |
% |
|
|
60.23 |
% |
|
|
63.54 |
% |
|
|
73.84 |
% |
|
|
65.41 |
% |
|
|
NM |
|
||
Loans, net of deferred fees to total deposits |
|
95.84 |
% |
|
|
91.18 |
% |
|
|
|
|
|
|
99.76 |
% |
|
|
99.09 |
% |
||||||
Noninterest-bearing deposits to total |
|
18.99 |
% |
|
|
20.93 |
% |
|
|
|
|
|
|
21.22 |
% |
|
|
21.50 |
% |
||||||
Reconciliation of Net Income (GAAP) to Commercial Bank Operating Earnings (Non-GAAP)(4) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
GAAP net income (loss) reported above |
$ |
4,155 |
|
|
$ |
4,232 |
|
|
$ |
5,495 |
|
|
$ |
4,854 |
|
|
$ |
1,340 |
|
|
$ |
(5,071 |
) |
||
Add: Loss on sale of available-for-sale investment securities |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,592 |
|
|
|
— |
|
|
|
10,985 |
|
||
Add: Non-recurring tax and |
|
— |
|
|
|
— |
|
|
|
2,386 |
|
|
|
— |
|
|
|
2,386 |
|
|
|
— |
|
||
Add: Office space reduction and severance |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
336 |
|
||
Subtract: Non-recurring valuation adjustment of minority investment |
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
(1,258 |
) |
||||
Subtract: provision for income taxes associated with non-GAAP adjustments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,010 |
) |
|
|
— |
|
|
|
(2,214 |
) |
||
Adjusted Net Income, core bank operating earnings (non-GAAP) |
$ |
4,155 |
|
|
$ |
4,232 |
|
|
$ |
7,881 |
|
$ |
— |
|
$ |
8,436 |
|
|
$ |
3,726 |
|
|
$ |
2,778 |
|
Adjusted Earnings per share - basic (non-GAAP core bank operating earnings) |
$ |
0.23 |
|
|
$ |
0.24 |
|
|
$ |
0.44 |
|
|
$ |
0.48 |
|
|
$ |
0.21 |
|
|
$ |
0.16 |
|
||
Adjusted Earnings per share - diluted (non-GAAP core bank operating earnings) |
$ |
0.23 |
|
|
$ |
0.23 |
|
|
$ |
0.43 |
|
|
$ |
0.46 |
|
|
$ |
0.20 |
|
|
$ |
0.15 |
|
||
Adjusted Return on average assets (non-GAAP core bank operating earnings) |
|
0.77 |
% |
|
|
0.73 |
% |
|
|
0.73 |
% |
|
|
0.74 |
% |
|
|
0.69 |
% |
|
|
0.50 |
% |
||
Adjusted Return on average equity (non-GAAP core bank operating earnings) |
|
7.42 |
% |
|
|
8.17 |
% |
|
|
7.10 |
% |
|
|
8.17 |
% |
|
|
6.77 |
% |
|
|
5.21 |
% |
||
Adjusted Efficiency ratio (non-GAAP core bank operating earnings)(3) |
|
61.86 |
% |
|
|
60.23 |
% |
|
|
63.55 |
% |
|
|
62.25 |
% |
|
|
65.41 |
% |
|
|
65.77 |
% |
||
Capital Ratios - Bank |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Tangible common equity (to tangible assets) |
|
9.56 |
% |
|
|
8.70 |
% |
|
|
|
|
|
|
9.80 |
% |
|
|
10.12 |
% |
||||||
Total risk-based capital (to risk weighted |
|
14.13 |
% |
|
|
13.28 |
% |
|
|
|
|
|
|
14.05 |
% |
|
|
13.83 |
% |
||||||
Common equity tier 1 capital (to risk weighted assets) |
|
13.09 |
% |
|
|
12.26 |
% |
|
|
|
|
|
|
13.18 |
% |
|
|
12.80 |
% |
||||||
Tier 1 leverage (to average assets) |
|
11.31 |
% |
|
|
10.41 |
% |
|
|
|
|
|
|
11.18 |
% |
|
|
10.77 |
% |
||||||
Asset Quality |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Nonperforming loans and loans 90+ past due |
$ |
3,187 |
|
|
$ |
1,443 |
|
|
|
|
|
|
$ |
2,996 |
|
|
$ |
1,829 |
|
||||||
Nonperforming loans and loans 90+ past due to total assets |
|
0.13 |
% |
|
|
0.06 |
% |
|
|
|
|
|
|
0.14 |
% |
|
|
0.08 |
% |
||||||
Nonperforming assets to total assets |
|
0.13 |
% |
|
|
0.06 |
% |
|
|
|
|
|
|
0.14 |
% |
|
|
0.08 |
% |
||||||
Allowance for credit losses to loans |
|
1.02 |
% |
|
|
1.02 |
% |
|
|
|
|
|
|
1.02 |
% |
|
|
1.03 |
% |
||||||
Allowance for credit losses to nonperforming loans |
|
602.70 |
% |
|
|
1347.33 |
% |
|
|
|
|
|
|
631.44 |
% |
|
|
1031.77 |
% |
||||||
Net (recoveries ) charge-offs |
$ |
(5 |
) |
|
$ |
356 |
|
|
$ |
(35 |
) |
|
$ |
333 |
|
|
$ |
(30 |
) |
|
$ |
49 |
|
||
Net charge-offs (recoveries) to average loans(2) |
|
— |
% |
|
|
0.08 |
% |
|
|
— |
% |
|
|
0.04 |
% |
|
|
(0.01 |
)% |
|
|
0.01 |
% |
||
Selected Average Balances |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total assets |
$ |
2,170,786 |
|
|
$ |
2,309,251 |
|
|
$ |
2,165,125 |
|
|
$ |
2,288,835 |
|
|
$ |
2,159,463 |
|
|
$ |
2,210,366 |
|
||
Total earning assets |
|
2,123,431 |
|
|
|
2,223,581 |
|
|
|
2,103,435 |
|
|
|
2,204,172 |
|
|
|
2,083,440 |
|
|
|
2,123,455 |
|
||
Total loans, net of deferred fees |
|
1,882,342 |
|
|
|
1,867,813 |
|
|
|
1,861,614 |
|
|
|
1,849,493 |
|
|
|
1,840,887 |
|
|
|
1,825,472 |
|
||
Total deposits |
|
1,798,734 |
|
|
|
2,002,047 |
|
|
|
1,792,705 |
|
|
|
1,894,343 |
|
|
|
1,786,677 |
|
|
|
1,836,826 |
|
||
Other Data |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Noninterest-bearing deposits |
$ |
373,848 |
|
|
$ |
436,972 |
|
|
|
|
|
|
$ |
394,143 |
|
|
$ |
396,724 |
|
||||||
Interest-bearing checking, savings and money market |
|
1,070,360 |
|
|
|
872,508 |
|
|
|
|
|
|
|
905,321 |
|
|
|
896,969 |
|
||||||
Time deposits |
|
274,684 |
|
|
|
365,242 |
|
|
|
|
|
|
|
297,952 |
|
|
|
306,349 |
|
||||||
Wholesale deposits |
|
249,860 |
|
|
|
413,320 |
|
|
|
|
|
|
|
259,849 |
|
|
|
245,250 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(1) Non-GAAP Reconciliation |
|
|
|
|
|
|
|
|
|
||||||||||||||||
(Dollars in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total stockholders’ equity |
$ |
226,491 |
|
|
$ |
211,051 |
|
|
|
|
|
|
$ |
220,661 |
|
|
$ |
217,117 |
|
||||||
Less: goodwill and intangibles, net |
|
(7,497 |
) |
|
|
(7,682 |
) |
|
|
|
|
|
|
(7,540 |
) |
|
|
(7,585 |
) |
||||||
Tangible Common Equity |
$ |
218,993 |
|
|
$ |
203,368 |
|
|
|
|
|
|
$ |
213,121 |
|
|
$ |
209,532 |
|
||||||
Less: Accumulated Other Comprehensive Income (Loss) ("AOCI") |
|
(22,152 |
) |
|
|
(30,762 |
) |
|
|
|
|
|
|
(22,473 |
) |
|
|
(24,160 |
) |
||||||
Tangible Common Equity excluding AOCI |
$ |
241,146 |
|
|
$ |
234,130 |
|
|
|
|
|
|
$ |
235,594 |
|
|
$ |
233,692 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Book value per common share |
$ |
12.45 |
|
|
|
11.87 |
|
|
|
|
|
|
$ |
12.32 |
|
|
$ |
12.19 |
|
||||||
Less: intangible book value per common share |
|
(0.41 |
) |
|
|
(0.43 |
) |
|
|
|
|
|
|
(0.42 |
) |
|
|
(0.42 |
) |
||||||
Tangible book value per common share |
$ |
12.04 |
|
|
$ |
11.44 |
|
|
|
|
|
|
$ |
11.90 |
|
|
$ |
11.77 |
|
||||||
Add: AOCI (loss) per common share |
|
(1.22 |
) |
|
|
(1.73 |
) |
|
|
|
|
|
|
(1.26 |
) |
|
|
(1.35 |
) |
||||||
Tangible book value per common share, excluding AOCI |
$ |
13.26 |
|
|
$ |
13.17 |
|
|
|
|
|
|
$ |
13.16 |
|
|
$ |
13.12 |
|
(1) | Annualized. |
|
(2) | Efficiency ratio is calculated as noninterest expense divided by the sum of net interest income and noninterest income. |
|
(3) | Some of the financial measures discussed throughout the press release are “non-GAAP financial measures.” In accordance with SEC rules, the Company classifies a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP in our consolidated statements of income, condition, or statements of cash flows. |
|
(4) | Provision for credit losses includes provision for credit losses on loans and provision (recovery) for unfunded loan commitments. |
FVCBankcorp, Inc. Summary Consolidated Statements of Condition (Dollars in thousands) (Unaudited) |
||||||||||||||||||||||
|
|
June 30,
|
|
March 31,
|
|
% Change
|
|
December 31,
|
|
June 30,
|
|
% Change
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks |
|
$ |
10,226 |
|
|
$ |
6,936 |
|
|
47.4 |
% |
|
$ |
8,042 |
|
|
$ |
8,281 |
|
|
23.5 |
% |
Interest-bearing deposits at other financial institutions |
|
|
154,359 |
|
|
|
73,598 |
|
|
109.7 |
% |
|
|
52,480 |
|
|
|
66,723 |
|
|
131.3 |
% |
Investment securities |
|
|
162,429 |
|
|
|
167,061 |
|
|
(2.8 |
)% |
|
|
171,859 |
|
|
|
231,468 |
|
|
(29.8 |
)% |
Restricted stock, at cost |
|
|
8,186 |
|
|
|
7,717 |
|
|
6.1 |
% |
|
|
9,488 |
|
|
|
4,909 |
|
|
66.8 |
% |
Loans, net of fees: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate |
|
|
1,083,481 |
|
|
|
1,089,362 |
|
|
(0.5 |
)% |
|
|
1,091,633 |
|
|
|
1,111,249 |
|
|
(2.5 |
)% |
Commercial and industrial |
|
|
268,921 |
|
|
|
241,752 |
|
|
11.2 |
% |
|
|
216,367 |
|
|
|
223,406 |
|
|
20.4 |
% |
Commercial construction |
|
|
164,735 |
|
|
|
155,451 |
|
|
6.0 |
% |
|
|
147,998 |
|
|
|
158,713 |
|
|
3.8 |
% |
Consumer real estate |
|
|
339,146 |
|
|
|
355,750 |
|
|
(4.7 |
)% |
|
|
363,317 |
|
|
|
365,122 |
|
|
(7.1 |
)% |
Warehouse facilities |
|
|
24,425 |
|
|
|
4,812 |
|
|
407.6 |
% |
|
|
3,506 |
|
|
|
39,700 |
|
|
(38.5 |
)% |
Consumer nonresidential |
|
|
6,220 |
|
|
|
5,619 |
|
|
10.7 |
% |
|
|
5,743 |
|
|
|
5,624 |
|
|
10.6 |
% |
Total loans, net of fees |
|
|
1,886,929 |
|
|
|
1,852,746 |
|
|
1.8 |
% |
|
|
1,828,564 |
|
|
|
1,903,814 |
|
|
(0.9 |
)% |
Allowance for credit losses on loans |
|
|
(19,208 |
) |
|
|
(18,918 |
) |
|
1.5 |
% |
|
|
(18,871 |
) |
|
|
(19,442 |
) |
|
(1.2 |
)% |
Loans, net |
|
|
1,867,721 |
|
|
|
1,833,828 |
|
|
1.8 |
% |
|
|
1,809,693 |
|
|
|
1,884,372 |
|
|
(0.9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Premises and equipment, net |
|
|
915 |
|
|
|
934 |
|
|
(2.0 |
)% |
|
|
997 |
|
|
|
1,103 |
|
|
(17.0 |
)% |
Goodwill and intangibles, net |
|
|
7,497 |
|
|
|
7,540 |
|
|
(0.6 |
)% |
|
|
7,585 |
|
|
|
7,682 |
|
|
(2.4 |
)% |
Bank owned life insurance (BOLI) |
|
|
9,078 |
|
|
|
9,011 |
|
|
0.7 |
% |
|
|
56,823 |
|
|
|
56,066 |
|
|
(83.8 |
)% |
Other assets |
|
|
78,783 |
|
|
|
76,037 |
|
|
3.6 |
% |
|
|
73,591 |
|
|
|
83,768 |
|
|
(6.0 |
)% |
Total Assets |
|
$ |
2,299,194 |
|
|
$ |
2,182,662 |
|
|
5.3 |
% |
|
$ |
2,190,558 |
|
|
$ |
2,344,372 |
|
|
(1.9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing |
|
$ |
373,848 |
|
|
$ |
394,143 |
|
|
(5.1 |
)% |
|
$ |
396,724 |
|
|
$ |
436,972 |
|
|
(14.4 |
)% |
Interest checking |
|
|
631,162 |
|
|
|
506,168 |
|
|
24.7 |
% |
|
|
576,471 |
|
|
|
626,748 |
|
|
0.7 |
% |
Savings and money market |
|
|
439,198 |
|
|
|
399,154 |
|
|
10.0 |
% |
|
|
320,498 |
|
|
|
245,760 |
|
|
78.7 |
% |
Time deposits |
|
|
274,684 |
|
|
|
297,951 |
|
|
(7.8 |
)% |
|
|
306,349 |
|
|
|
365,242 |
|
|
(24.8 |
)% |
Wholesale deposits |
|
|
249,860 |
|
|
|
259,849 |
|
|
(3.8 |
)% |
|
|
245,250 |
|
|
|
413,320 |
|
|
(39.5 |
)% |
Total deposits |
|
|
1,968,752 |
|
|
|
1,857,265 |
|
|
6.0 |
% |
|
|
1,845,292 |
|
|
|
2,088,042 |
|
|
(5.7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other borrowed funds |
|
|
57,000 |
|
|
|
57,000 |
|
|
— |
% |
|
|
85,000 |
|
|
|
— |
|
|
— |
% |
Subordinated notes, net of issuance costs |
|
|
19,652 |
|
|
|
19,633 |
|
|
0.1 |
% |
|
|
19,620 |
|
|
|
19,592 |
|
|
0.3 |
% |
Reserve for unfunded commitments |
|
|
506 |
|
|
|
586 |
|
|
(13.7 |
)% |
|
|
602 |
|
|
|
801 |
|
|
(36.8 |
)% |
Other liabilities |
|
|
26,793 |
|
|
|
27,517 |
|
|
(2.6 |
)% |
|
|
22,927 |
|
|
|
24,886 |
|
|
7.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Stockholders’ equity |
|
|
226,491 |
|
|
|
220,661 |
|
|
2.6 |
% |
|
|
217,117 |
|
|
|
211,051 |
|
|
7.3 |
% |
Total Liabilities & Stockholders' Equity |
|
$ |
2,299,194 |
|
|
$ |
2,182,662 |
|
|
5.3 |
% |
|
$ |
2,190,558 |
|
|
$ |
2,344,372 |
|
|
(1.9 |
)% |
FVCBankcorp, Inc. Summary Consolidated Statements of Income (Dollars in thousands, except per share data) (Unaudited) |
||||||||||||||||||
|
|
For the Three Months Ended |
||||||||||||||||
|
|
June 30,
|
|
March 31,
|
|
% Change
|
|
June 30,
|
|
% Change
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net interest income |
|
$ |
13,671 |
|
|
$ |
12,792 |
|
|
6.9 |
% |
|
$ |
14,388 |
|
|
(5.0 |
)% |
Provision for credit losses |
|
|
206 |
|
|
|
— |
|
|
— |
% |
|
|
618 |
|
|
(66.7 |
)% |
Net interest income after provision for credit losses |
|
|
13,465 |
|
|
|
12,792 |
|
|
5.3 |
% |
|
|
13,770 |
|
|
(2.2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
||||||||
Fees on loans |
|
|
38 |
|
|
|
49 |
|
|
(22.4 |
)% |
|
|
169 |
|
|
(77.5 |
)% |
Service charges on deposit accounts |
|
|
279 |
|
|
|
261 |
|
|
6.9 |
% |
|
|
232 |
|
|
20.3 |
% |
BOLI income |
|
|
66 |
|
|
|
190 |
|
|
(65.3 |
)% |
|
|
362 |
|
|
(81.8 |
)% |
Income (Loss) from minority membership interest |
|
|
351 |
|
|
|
(203 |
) |
|
(272.9 |
)% |
|
|
20 |
|
|
1655.0 |
% |
Other fee income |
|
|
137 |
|
|
|
98 |
|
|
39.8 |
% |
|
|
108 |
|
|
26.9 |
% |
Total noninterest income |
|
|
871 |
|
|
|
395 |
|
|
120.5 |
% |
|
|
891 |
|
|
(2.2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
||||||||
Salaries and employee benefits |
|
|
4,690 |
|
|
|
4,531 |
|
|
3.5 |
% |
|
|
5,092 |
|
|
(7.9 |
)% |
Occupancy expense |
|
|
515 |
|
|
|
522 |
|
|
(1.3 |
)% |
|
|
610 |
|
|
(15.6 |
)% |
Internet banking and software expense |
|
|
730 |
|
|
|
694 |
|
|
5.2 |
% |
|
|
583 |
|
|
25.2 |
% |
Data processing and network administration |
|
|
667 |
|
|
|
635 |
|
|
5.0 |
% |
|
|
611 |
|
|
9.2 |
% |
State franchise taxes |
|
|
590 |
|
|
|
589 |
|
|
0.2 |
% |
|
|
584 |
|
|
1.0 |
% |
Professional fees |
|
|
228 |
|
|
|
243 |
|
|
(6.2 |
)% |
|
|
247 |
|
|
(7.7 |
)% |
Other operating expense |
|
|
1,575 |
|
|
|
1,411 |
|
|
11.6 |
% |
|
|
1,475 |
|
|
6.8 |
% |
Total noninterest expense |
|
|
8,996 |
|
|
|
8,625 |
|
|
4.3 |
% |
|
|
9,203 |
|
|
(2.2 |
)% |
Net income before income taxes |
|
|
5,340 |
|
|
|
4,562 |
|
|
17.1 |
% |
|
|
5,457 |
|
|
(2.1 |
)% |
Income tax expense |
|
|
1,185 |
|
|
|
3,222 |
|
|
(63.2 |
)% |
|
|
1,225 |
|
|
(3.3 |
)% |
Net Income |
|
$ |
4,155 |
|
|
$ |
1,340 |
|
|
210.1 |
% |
|
$ |
4,232 |
|
|
(1.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share - basic |
|
$ |
0.23 |
|
|
$ |
0.08 |
|
|
187.5 |
% |
|
$ |
0.24 |
|
|
(3.7 |
)% |
Earnings per share - diluted |
|
$ |
0.23 |
|
|
$ |
0.07 |
|
|
228.6 |
% |
|
$ |
0.23 |
|
|
(1.9 |
)% |
Weighted-average common shares outstanding - basic |
|
|
18,000,491 |
|
|
|
17,828,759 |
|
|
1.0 |
% |
|
|
17,710,535 |
|
|
1.6 |
% |
Weighted-average common shares outstanding - diluted |
|
|
18,341,906 |
|
|
|
18,317,483 |
|
|
0.1 |
% |
|
|
18,058,612 |
|
|
1.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation of Net Income (GAAP) to Commercial Bank Operating Earnings (Non-GAAP): |
|
|
|
|
|
|
||||||||||||
GAAP net income reported above |
|
$ |
4,155 |
|
|
$ |
1,340 |
|
|
|
|
$ |
4,232 |
|
|
|
||
Add: Non-recurring tax and |
|
|
— |
|
|
|
2,386 |
|
|
|
|
|
— |
|
|
|
||
Subtract: provision for income taxes associated with non-GAAP adjustments |
|
|
— |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
||
Adjusted Net Income, core bank operating earnings (non-GAAP) |
|
$ |
4,155 |
|
|
$ |
3,726 |
|
|
|
|
$ |
4,232 |
|
|
|
||
Adjusted Earnings per share - basic (non-GAAP core bank operating earnings) |
|
$ |
0.23 |
|
|
$ |
0.21 |
|
|
|
|
$ |
0.24 |
|
|
|
||
Adjusted Earnings per share - diluted (non-GAAP core bank operating earnings) |
|
$ |
0.23 |
|
|
$ |
0.20 |
|
|
|
|
$ |
0.23 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted Return on average assets (non-GAAP core bank operating earnings) |
|
|
0.77 |
% |
|
|
0.69 |
% |
|
|
|
|
0.73 |
% |
|
|
||
Adjusted Return on average equity (non-GAAP core bank operating earnings) |
|
|
7.42 |
% |
|
|
6.77 |
% |
|
|
|
|
8.17 |
% |
|
|
||
Adjusted Efficiency ratio (non-GAAP core bank operating earnings) |
|
|
61.86 |
% |
|
|
65.40 |
% |
|
|
|
|
60.23 |
% |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation of Net Income (GAAP) to Pre-Tax Pre-Provision Income (Non-GAAP): |
|
|
|
|
|
|
||||||||||||
GAAP net income reported above |
|
$ |
4,155 |
|
|
$ |
1,340 |
|
|
|
|
$ |
4,232 |
|
|
|
||
Add: Provision for credit losses |
|
|
206 |
|
|
|
— |
|
|
|
|
|
618 |
|
|
|
||
Add: Non-recurring tax and |
|
|
— |
|
|
|
2,386 |
|
|
|
|
|
— |
|
|
|
||
(Subtract) Add: Income tax (benefit) expense |
|
$ |
1,185 |
|
|
|
836 |
|
|
|
|
|
1,225 |
|
|
|
||
Adjusted Pre-tax pre-provision income |
|
$ |
5,546 |
|
|
$ |
4,562 |
|
|
|
|
$ |
6,075 |
|
|
|
||
Adjusted Earnings per share - basic (non-GAAP pre-tax pre-provision) |
|
$ |
0.31 |
|
|
$ |
0.26 |
|
|
|
|
$ |
0.34 |
|
|
|
||
Adjusted Earnings per share - diluted (non-GAAP pre-tax pre-provision) |
|
$ |
0.30 |
|
|
$ |
0.25 |
|
|
|
|
$ |
0.34 |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted Return on average assets (non-GAAP pre-tax pre-provision) |
|
|
1.02 |
% |
|
|
0.85 |
% |
|
|
|
|
1.05 |
% |
|
|
||
Adjusted Return on average equity (non-GAAP pre-tax pre-provision) |
|
|
9.91 |
% |
|
|
8.29 |
% |
|
|
|
|
11.72 |
% |
|
|
|
|
For the Six Months Ended |
|||||||||
|
|
June 30,
|
|
June 30,
|
|
% Change |
|||||
|
|
|
|
|
|
|
|||||
Net interest income |
|
$ |
26,462 |
|
|
$ |
28,402 |
|
|
(6.8 |
)% |
Provision for credit losses |
|
|
206 |
|
|
|
860 |
|
|
(76.0 |
)% |
Net interest income after provision for credit losses |
|
|
26,256 |
|
|
|
27,542 |
|
|
(4.7 |
)% |
|
|
|
|
|
|
|
|||||
Noninterest income: |
|
|
|
|
|
|
|||||
Fees on loans |
|
|
87 |
|
|
|
246 |
|
|
(64.6 |
)% |
Service charges on deposit accounts |
|
|
540 |
|
|
|
447 |
|
|
20.8 |
% |
BOLI income |
|
|
256 |
|
|
|
694 |
|
|
(63.1 |
)% |
Income (Loss) from minority membership interest |
|
|
148 |
|
|
|
(781 |
) |
|
(119.0 |
)% |
Loss on sale of available-for-sale investment securities |
|
|
— |
|
|
|
(4,592 |
) |
|
(100.0 |
)% |
Other fee income |
|
|
235 |
|
|
|
250 |
|
|
(6.0 |
)% |
Total noninterest income (loss) |
|
|
1,266 |
|
|
|
(3,736 |
) |
|
(133.9 |
)% |
|
|
|
|
|
|
|
|||||
Noninterest expense: |
|
|
|
|
|
|
|||||
Salaries and employee benefits |
|
|
9,221 |
|
|
|
10,107 |
|
|
(8.8 |
)% |
Occupancy expense |
|
|
1,037 |
|
|
|
1,238 |
|
|
(16.2 |
)% |
Internet banking and software expense |
|
|
1,424 |
|
|
|
1,144 |
|
|
24.5 |
% |
Data processing and network administration |
|
|
1,302 |
|
|
|
1,233 |
|
|
5.6 |
% |
State franchise taxes |
|
|
1,179 |
|
|
|
1,169 |
|
|
0.9 |
% |
Professional fees |
|
|
471 |
|
|
|
431 |
|
|
9.3 |
% |
Other operating expense |
|
|
2,987 |
|
|
|
2,891 |
|
|
3.3 |
% |
Total noninterest expense |
|
|
17,621 |
|
|
|
18,213 |
|
|
(3.3 |
)% |
Net income before income taxes |
|
|
9,901 |
|
|
|
5,593 |
|
|
77.0 |
% |
Income tax expense |
|
|
4,406 |
|
|
|
739 |
|
|
496.2 |
% |
Net Income |
|
$ |
5,495 |
|
|
$ |
4,854 |
|
|
13.2 |
% |
|
|
|
|
|
|
|
|||||
Earnings per share - basic |
|
$ |
0.31 |
|
|
$ |
0.28 |
|
|
12.7 |
% |
Earnings per share - diluted |
|
$ |
0.30 |
|
|
$ |
0.27 |
|
|
12.3 |
% |
Weighted-average common shares outstanding - basic |
|
|
17,914,625 |
|
|
|
17,644,097 |
|
|
1.5 |
% |
Weighted-average common shares outstanding - diluted |
|
|
18,329,695 |
|
|
|
18,177,530 |
|
|
0.8 |
% |
|
|
|
|
|
|
|
|||||
Reconciliation of Net Income (GAAP) to Commercial Bank Operating Earnings (Non-GAAP): |
|
|
|
|
|||||||
GAAP net income reported above |
|
$ |
5,495 |
|
|
$ |
4,854 |
|
|
|
|
Add: Loss on sale of available-for-sale investment securities |
|
|
— |
|
|
|
4,592 |
|
|
|
|
Add: office space reduction and severance costs |
|
|
— |
|
|
|
— |
|
|
|
|
Add: Non-recurring tax and |
|
|
2,386 |
|
|
|
— |
|
|
|
|
Subtract: Non-recurring valuation adjustment of minority investment |
|
|
— |
|
|
|
— |
|
|
|
|
Subtract: provision for income taxes associated with non-GAAP adjustments |
|
|
— |
|
|
|
(1,010 |
) |
|
|
|
Adjusted Net Income, core bank operating earnings (non-GAAP) |
|
$ |
7,881 |
|
|
$ |
8,436 |
|
|
|
|
Adjusted Earnings per share - basic (non-GAAP core bank operating earnings) |
|
$ |
0.44 |
|
|
$ |
0.48 |
|
|
|
|
Adjusted Earnings per share - diluted (non-GAAP core bank operating earnings) |
|
$ |
0.43 |
|
|
$ |
0.46 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted Return on average assets (non-GAAP core bank operating earnings) |
|
|
0.73 |
% |
|
|
0.74 |
% |
|
|
|
Adjusted Return on average equity (non-GAAP core bank operating earnings) |
|
|
7.10 |
% |
|
|
8.17 |
% |
|
|
|
Adjusted Efficiency ratio (non-GAAP core bank operating earnings) |
|
|
63.55 |
% |
|
|
62.25 |
% |
|
|
|
|
|
|
|
|
|
|
|||||
Reconciliation of Net Income (GAAP) to Pre-Tax Pre-Provision Income (Non-GAAP): |
|
|
|
|
|||||||
GAAP net income reported above |
|
$ |
5,495 |
|
|
$ |
4,854 |
|
|
|
|
Add: Provision for credit losses |
|
|
206 |
|
|
|
860 |
|
|
|
|
Add: loss on sale of investment securities |
|
|
— |
|
|
|
4,592 |
|
|
|
|
Add: Non-recurring tax and |
|
|
2,386 |
|
|
|
— |
|
|
|
|
(Subtract) Add: Income tax expense |
|
|
2,020 |
|
|
|
739 |
|
|
|
|
Adjusted Pre-tax pre-provision income |
|
$ |
10,107 |
|
|
$ |
11,045 |
|
|
|
|
Adjusted Earnings per share - basic (non-GAAP pre-tax pre-provision) |
|
$ |
0.56 |
|
|
$ |
0.63 |
|
|
|
|
Adjusted Earnings per share - diluted (non-GAAP pre-tax pre-provision) |
|
$ |
0.55 |
|
|
$ |
0.61 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted Return on average assets (non-GAAP pre-tax pre-provision) |
|
|
0.93 |
% |
|
|
0.97 |
% |
|
|
|
Adjusted Return on average equity (non-GAAP pre-tax pre-provision) |
|
|
9.11 |
% |
|
|
10.70 |
% |
|
|
FVCBankcorp, Inc. Average Statements of Condition and Yields on Earning Assets and Interest-Bearing Liabilities (Dollars in thousands) (Unaudited) |
||||||||||||||||||||||||||||||
|
|
For the Three Months Ended |
||||||||||||||||||||||||||||
|
|
6/30/2024 |
|
3/31/2024 |
|
6/30/2023 |
||||||||||||||||||||||||
|
|
Average
|
|
Interest
|
|
Average
|
|
Average
|
|
Interest
|
|
Average
|
|
Average
|
|
Interest
|
|
Average
|
||||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans receivable, net of fees (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate |
|
$ |
1,087,064 |
|
|
$ |
13,795 |
|
5.08 |
% |
|
$ |
1,091,088 |
|
|
$ |
13,561 |
|
4.97 |
% |
|
$ |
1,119,042 |
|
|
$ |
13,541 |
|
4.84 |
% |
Commercial and industrial |
|
|
253,485 |
|
|
|
5,022 |
|
7.92 |
% |
|
|
228,147 |
|
|
|
4,361 |
|
7.65 |
% |
|
|
197,130 |
|
|
|
3,735 |
|
7.58 |
% |
Commercial construction |
|
|
162,711 |
|
|
|
2,918 |
|
7.17 |
% |
|
|
152,535 |
|
|
|
2,752 |
|
7.22 |
% |
|
|
156,471 |
|
|
|
2,814 |
|
7.19 |
% |
Consumer real estate |
|
|
347,180 |
|
|
|
4,116 |
|
4.74 |
% |
|
|
358,886 |
|
|
|
4,439 |
|
4.95 |
% |
|
|
360,161 |
|
|
|
4,241 |
|
4.71 |
% |
Warehouse facilities |
|
|
26,000 |
|
|
|
483 |
|
7.44 |
% |
|
|
4,531 |
|
|
|
88 |
|
7.77 |
% |
|
|
28,910 |
|
|
|
510 |
|
7.06 |
% |
Consumer nonresidential |
|
|
5,902 |
|
|
|
123 |
|
8.34 |
% |
|
|
5,700 |
|
|
|
113 |
|
7.96 |
% |
|
|
6,099 |
|
|
|
143 |
|
9.36 |
% |
Total loans |
|
|
1,882,342 |
|
|
|
26,457 |
|
5.62 |
% |
|
|
1,840,887 |
|
|
|
25,314 |
|
5.50 |
% |
|
|
1,867,813 |
|
|
|
24,984 |
|
5.35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Investment securities (2)(3) |
|
|
211,630 |
|
|
|
1,114 |
|
2.10 |
% |
|
|
215,020 |
|
|
|
1,143 |
|
2.12 |
% |
|
|
288,987 |
|
|
|
1,375 |
|
1.90 |
% |
Interest-bearing deposits at other financial institutions |
|
|
29,459 |
|
|
|
401 |
|
5.48 |
% |
|
|
27,533 |
|
|
|
372 |
|
5.44 |
% |
|
|
66,781 |
|
|
|
844 |
|
5.07 |
% |
Total interest-earning assets |
|
|
2,123,431 |
|
|
$ |
27,972 |
|
5.27 |
% |
|
|
2,083,440 |
|
|
$ |
26,829 |
|
5.15 |
% |
|
|
2,223,581 |
|
|
$ |
27,205 |
|
4.89 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and due from banks |
|
|
7,553 |
|
|
|
|
|
|
|
5,946 |
|
|
|
|
|
|
|
6,930 |
|
|
|
|
|
||||||
Premises and equipment, net |
|
|
979 |
|
|
|
|
|
|
|
976 |
|
|
|
|
|
|
|
1,152 |
|
|
|
|
|
||||||
Accrued interest and other assets |
|
|
57,755 |
|
|
|
|
|
|
|
87,983 |
|
|
|
|
|
|
|
96,656 |
|
|
|
|
|
||||||
Allowance for credit losses |
|
|
(18,932 |
) |
|
|
|
|
|
|
(18,882 |
) |
|
|
|
|
|
|
(19,068 |
) |
|
|
|
|
||||||
Total Assets |
|
$ |
2,170,786 |
|
|
|
|
|
|
$ |
2,159,463 |
|
|
|
|
|
|
$ |
2,309,251 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest checking |
|
$ |
549,071 |
|
|
$ |
4,622 |
|
3.39 |
% |
|
$ |
499,923 |
|
|
$ |
3,942 |
|
3.17 |
% |
|
$ |
531,440 |
|
|
$ |
3,546 |
|
2.68 |
% |
Savings and money market |
|
|
334,627 |
|
|
|
3,081 |
|
3.70 |
% |
|
|
300,371 |
|
|
|
2,507 |
|
3.36 |
% |
|
|
245,306 |
|
|
|
1,289 |
|
2.11 |
% |
Time deposits |
|
|
286,910 |
|
|
|
3,104 |
|
4.35 |
% |
|
|
300,873 |
|
|
|
3,208 |
|
4.29 |
% |
|
|
393,877 |
|
|
|
3,563 |
|
3.63 |
% |
Wholesale deposits |
|
|
249,846 |
|
|
|
2,087 |
|
3.36 |
% |
|
|
305,392 |
|
|
|
2,884 |
|
3.80 |
% |
|
|
377,126 |
|
|
|
3,615 |
|
3.84 |
% |
Total interest-bearing deposits |
|
|
1,420,454 |
|
|
|
12,894 |
|
3.65 |
% |
|
|
1,406,559 |
|
|
|
12,541 |
|
3.59 |
% |
|
|
1,547,748 |
|
|
|
12,012 |
|
3.11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other borrowed funds |
|
|
99,758 |
|
|
|
1,150 |
|
4.63 |
% |
|
|
107,830 |
|
|
|
1,237 |
|
4.61 |
% |
|
|
57,176 |
|
|
|
546 |
|
3.83 |
% |
Subordinated notes, net of issuance costs |
|
|
19,639 |
|
|
|
257 |
|
5.27 |
% |
|
|
19,624 |
|
|
|
257 |
|
5.28 |
% |
|
|
19,583 |
|
|
|
258 |
|
5.27 |
% |
Total interest-bearing liabilities |
|
|
1,539,851 |
|
|
$ |
14,301 |
|
3.74 |
% |
|
|
1,534,013 |
|
|
$ |
14,035 |
|
3.68 |
% |
|
|
1,624,507 |
|
|
$ |
12,816 |
|
3.16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Noninterest-bearing deposits |
|
|
378,280 |
|
|
|
|
|
|
|
380,119 |
|
|
|
|
|
|
|
454,299 |
|
|
|
|
|
||||||
Other liabilities |
|
|
28,740 |
|
|
|
|
|
|
|
25,288 |
|
|
|
|
|
|
|
23,146 |
|
|
|
|
|
||||||
Shareholders’ equity |
|
|
223,914 |
|
|
|
|
|
|
|
220,043 |
|
|
|
|
|
|
|
207,299 |
|
|
|
|
|
||||||
Total Liabilities and Shareholders' Equity |
|
$ |
2,170,786 |
|
|
|
|
|
|
$ |
2,159,463 |
|
|
|
|
|
|
$ |
2,309,251 |
|
|
|
|
|
||||||
Net Interest Margin |
|
|
|
$ |
13,671 |
|
2.59 |
% |
|
|
|
$ |
12,794 |
|
2.47 |
% |
|
|
|
$ |
14,390 |
|
2.60 |
% |
(1) | Non-accrual loans are included in average balances. |
|
(2) |
The average yields for investment securities are reported on a fully taxable-equivalent basis at a rate of |
|
(3) | 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 Six Months Ended |
||||||||||||||||||
|
|
6/30/2024 |
|
6/30/2023 |
||||||||||||||||
|
|
Average
|
|
Interest
|
|
Average
|
|
Average
|
|
Interest
|
|
Average
|
||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Loans receivable, net of fees (1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial real estate |
|
$ |
1,089,076 |
|
|
$ |
27,356 |
|
5.02 |
% |
|
$ |
1,108,700 |
|
|
$ |
26,221 |
|
4.73 |
% |
Commercial and industrial |
|
|
240,816 |
|
|
|
9,383 |
|
7.79 |
% |
|
|
200,160 |
|
|
|
7,183 |
|
7.18 |
% |
Commercial construction |
|
|
157,622 |
|
|
|
5,670 |
|
7.19 |
% |
|
|
155,010 |
|
|
|
5,453 |
|
7.04 |
% |
Consumer real estate |
|
|
353,033 |
|
|
|
8,557 |
|
4.85 |
% |
|
|
352,728 |
|
|
|
8,289 |
|
4.71 |
% |
Warehouse facilities |
|
|
15,266 |
|
|
|
571 |
|
7.49 |
% |
|
|
26,471 |
|
|
|
934 |
|
7.06 |
% |
Consumer nonresidential |
|
|
5,801 |
|
|
|
234 |
|
8.07 |
% |
|
|
6,424 |
|
|
|
302 |
|
9.41 |
% |
Total loans |
|
|
1,861,614 |
|
|
|
51,771 |
|
5.56 |
% |
|
|
1,849,493 |
|
|
|
48,382 |
|
5.23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Investment securities (2)(3) |
|
|
213,325 |
|
|
|
2,255 |
|
2.11 |
% |
|
|
308,072 |
|
|
|
3,012 |
|
1.96 |
% |
Interest-bearing deposits at other financial institutions |
|
|
28,496 |
|
|
|
773 |
|
5.46 |
% |
|
|
46,606 |
|
|
|
1,146 |
|
4.96 |
% |
Total interest-earning assets |
|
|
2,103,435 |
|
|
$ |
54,799 |
|
5.21 |
% |
|
|
2,204,172 |
|
|
$ |
52,540 |
|
4.77 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and due from banks |
|
|
5,880 |
|
|
|
|
|
|
|
5,874 |
|
|
|
|
|
||||
Premises and equipment, net |
|
|
978 |
|
|
|
|
|
|
|
1,180 |
|
|
|
|
|
||||
Accrued interest and other assets |
|
|
73,739 |
|
|
|
|
|
|
|
95,670 |
|
|
|
|
|
||||
Allowance for credit losses |
|
|
(18,907 |
) |
|
|
|
|
|
|
(18,061 |
) |
|
|
|
|
||||
Total Assets |
|
$ |
2,165,125 |
|
|
|
|
|
|
$ |
2,288,835 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest checking |
|
$ |
524,497 |
|
|
$ |
8,565 |
|
3.28 |
% |
|
$ |
525,637 |
|
|
$ |
6,461 |
|
2.48 |
% |
Savings and money market |
|
|
317,499 |
|
|
|
5,589 |
|
3.54 |
% |
|
|
268,867 |
|
|
|
2,763 |
|
2.07 |
% |
Time deposits |
|
|
293,891 |
|
|
|
6,310 |
|
4.32 |
% |
|
|
347,972 |
|
|
|
5,742 |
|
3.33 |
% |
Wholesale deposits |
|
|
277,619 |
|
|
|
4,971 |
|
3.60 |
% |
|
|
314,706 |
|
|
|
5,827 |
|
3.73 |
% |
Total interest-bearing deposits |
|
|
1,413,506 |
|
|
|
25,435 |
|
3.62 |
% |
|
|
1,457,182 |
|
|
|
20,793 |
|
2.88 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other borrowed funds |
|
|
103,794 |
|
|
|
2,387 |
|
4.62 |
% |
|
|
143,735 |
|
|
|
2,827 |
|
3.97 |
% |
Subordinated notes, net of issuance costs |
|
|
19,632 |
|
|
|
514 |
|
5.27 |
% |
|
|
19,577 |
|
|
|
515 |
|
5.30 |
% |
Total interest-bearing liabilities |
|
|
1,536,932 |
|
|
$ |
28,336 |
|
3.71 |
% |
|
|
1,620,494 |
|
|
$ |
24,135 |
|
3.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Noninterest-bearing deposits |
|
|
379,199 |
|
|
|
|
|
|
|
437,161 |
|
|
|
|
|
||||
Other liabilities |
|
|
27,015 |
|
|
|
|
|
|
|
24,768 |
|
|
|
|
|
||||
Shareholders’ equity |
|
|
221,979 |
|
|
|
|
|
|
|
206,412 |
|
|
|
|
|
||||
Total Liabilities and Shareholders' Equity |
|
$ |
2,165,125 |
|
|
|
|
|
|
$ |
2,288,835 |
|
|
|
|
|
||||
Net Interest Margin |
|
|
|
$ |
26,463 |
|
2.53 |
% |
|
|
|
$ |
28,405 |
|
2.60 |
% |
(1) | Non-accrual loans are included in average balances. |
|
(2) |
The average yields for investment securities are reported on a fully taxable-equivalent basis at a rate of |
|
(3) | The average balances for investment securities includes restricted stock. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725241854/en/
David W. Pijor, Esq., 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.