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.
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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 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 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%.
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