FVCBankcorp, Inc. - FVCB STOCK NEWS

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.

FVCBankcorp, Inc. (NASDAQ: FVCB) reported record annual net income of $25.0 million for 2022, marking a 14% increase from $21.9 million in 2021. Earnings per share rose to $1.35. However, Q4 2022 net income fell to $4.9 million, down from $6.5 million year-over-year, reflecting $1.4 million in losses from Atlantic Coast Mortgage, LLC (ACM). Total assets increased by 6% to $2.34 billion. Loans receivable grew by 22%, while total deposits rose 10% to $2.10 billion. The company’s provision for loan losses was $729,000 for Q4 2022, compared to a reversal of provisions in Q4 2021, demonstrating cautious credit management amid economic challenges.

FVCBankcorp, Inc. (NASDAQ: FVCB) has announced a five-for-four stock split in the form of a 25% stock dividend. Shareholders of record as of January 9, 2023, will receive an additional 0.25 share for each share held, with distribution occurring on January 31, 2023. This decision reflects the Board's confidence in the Company's ability to produce solid results and enhance shareholder value. Following the split, the total outstanding shares will rise from 14 million to 17.5 million.

FVCbank has appointed Bruce Gemmill as Senior Vice President and Chief Marketing Officer. With over 30 years of experience in marketing and public relations, Gemmill previously contributed to a 367% growth at John Marshall Bank. His expertise is expected to enhance FVCbank's brand awareness in the competitive Washington, D.C. market. The bank's leadership believes that increased marketing resources under Gemmill’s direction will positively impact their return on assets (ROA) and return on equity (ROE).

FVCBankcorp, Inc. (NASDAQ: FVCB) reported record net income of $7.0 million, or $0.48 diluted EPS for Q3 2022, a 50% increase from Q3 2021. Year-to-date, net income reached $20.1 million, up 30% year-over-year. The bank experienced strong loan growth, with loans receivable increasing 14% year-to-date. Net interest income rose 21% to $17.5 million, driven by higher loan yields. The annualized return on average assets improved to 1.32%, and the efficiency ratio improved to 47.5%. Total assets increased 10% year-over-year, reaching $2.2 billion.

FVCBankcorp, Inc. announced the appointment of Marc N. Duber to its board of directors effective September 30, 2022. With over 40 years in real estate development, Duber aims to enhance the company's strategic vision, particularly in diversifying into new markets. He serves as executive vice president and COO at The Bernstein Companies and has extensive community involvement, including leadership roles at MedStar Health. Chairman and CEO David W. Pijor expressed confidence in Duber's expertise contributing to the bank's growth in the real estate lending sector.

FVCBankcorp, Inc. (NASDAQ:FVCB) has been recognized for the second time in the Piper Sandler Bank & Thrift Sm-All Stars annual analysis, identifying top-performing small-cap banks. This accolade highlights FVCB's effective management, reflecting strong profitability and credit quality, meeting specific performance metrics. The bank first made this list in 2020 and was the only Virginia-based bank to be named as an all-star in 2022. With assets of $2.31 billion, FVCBank serves the banking needs of various commercial entities in the Baltimore and Washington D.C. areas.

FVCBankcorp, Inc. (NASDAQ: FVCB) has announced a $1 million investment in JAM FINTOP Blockchain, enhancing its access to blockchain technology and fostering partnerships with fintech startups. This investment positions FVCB in a network of over 90 banks with combined assets exceeding $1 trillion, ranking it among the largest commercial banks in the U.S. The company aims to leverage this connection to improve customer services and operations. FVCB has previously invested in fintech solutions to optimize its banking services and reduce operational errors.

FVCBankcorp, Inc. (NASDAQ: FVCB) reported a 24% increase in net income for Q2 2022, totaling $6.4 million or $0.43 per share compared to $5.2 million a year prior. The six-month net income reached $13.0 million, growing by 21% year-over-year. Key highlights include a 10% increase in loans receivable and a 15% rise in deposits. The bank's net interest margin improved to 3.30%, up from 3.07% year-on-year. Asset quality remains strong with nonperforming assets at 0.15% of total assets.