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 (FVCB) provides community-focused banking services through its subsidiary FVCbank, serving businesses and individuals in northern Virginia. This news hub offers investors and stakeholders centralized access to verified corporate developments and financial updates.
Track official press releases covering quarterly earnings, strategic partnerships, leadership appointments, and regulatory filings. Discover updates on commercial lending initiatives, digital banking enhancements, and community outreach programs that reflect the bank's dual commitment to tradition and innovation.
All content undergoes strict verification to ensure accuracy, with direct sourcing from company disclosures. Users benefit from chronological organization of materials spanning operational milestones, service expansions, and industry recognition.
Bookmark this page for streamlined monitoring of FVCB's financial trajectory and market positioning. Combine regular visits with SEC filings for comprehensive analysis of the bank's performance in the competitive mid-Atlantic banking sector.
FVCBankcorp reported its financial results for Q1 2023, highlighting a resilient balance sheet with a Tangible Common Equity to Total Assets ratio of 8.92%. Total deposits rose by $80.2 million or 4% quarter-over-quarter, while uninsured deposits improved to 32.5% from 39.7%. The company's net income was $621 thousand, a significant decrease from $6.6 million in Q1 2022, impacted by a $3.6 million loss from the sale of securities. Despite challenges, net interest margin showed a slight improvement due to strategic balance sheet repositioning, with an increase in loan yields. The adoption of the CECL model raised the allowance for credit losses to 1.11%. Overall, FVCBank remains well-capitalized with total risk-based capital of 13.48%.
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.
