Financial Performance - Net income for 2024 was $15.1 million, a significant increase from $3.8 million in 2023, with commercial bank operating earnings rising to $17.4 million from $16.3 million[222]. - Net income for 2024 was $15.1 million, or $0.82 per diluted common share, compared to $3.8 million, or $0.21 per diluted common share in 2023[229]. - Return on average assets improved to 0.69% for 2024, up from 0.17% in 2023, and return on average equity increased to 6.64% from 1.82%[224]. - Noninterest income for 2024 was $2.5 million, a recovery from a loss of $13.4 million in 2023, primarily due to prior year losses on securities[222]. - Noninterest income for 2024 was $2.5 million, a significant recovery from a loss of $13.4 million in 2023, primarily due to previous losses on available-for-sale securities[230]. - Total noninterest income for the year ended December 31, 2024 was $2.5 million, compared to a loss of $13.4 million for the same period in 2023, marking a significant recovery[256]. Asset and Loan Growth - Total assets increased to $2.20 billion, up $8.4 million from December 31, 2023[222]. - Total loans increased by $41.7 million, or 2%, with nonperforming loans at 0.58% of total assets as of December 31, 2024, compared to 0.08% in 2023[222]. - Loans receivable increased by $41.7 million, or 2%, to $1.87 billion at December 31, 2024, from $1.83 billion at December 31, 2023[267]. - Average loans receivable increased by $21.2 million to $1.87 billion for the year ended December 31, 2024, with the yield on average loans rising 39 basis points to 5.71%[242]. - Commercial and industrial loans increased by $116.8 million, or 53%, to $336.7 million at December 31, 2024, from $219.9 million at December 31, 2023[269]. Interest Income and Expense - Net interest income rose by $1.2 million, or 2%, to $55.6 million, with a net interest margin of 2.62%, an increase of 13 basis points from 2023[222]. - Net interest income increased by $1.2 million to $55.6 million in 2024, up from $54.4 million in 2023[230]. - Total interest income rose by $6.7 million, or 6%, to $113.3 million for the year ended December 31, 2024, compared to $106.6 million for 2023[241]. - Interest income on loans increased by $8.3 million, while interest expense on deposits rose by $5.9 million in 2024 compared to 2023[222]. Noninterest Expense and Efficiency - Noninterest expense decreased by $842 thousand, or 2%, to $35.8 million, attributed to reduced staffing and process improvements[222]. - Noninterest expense decreased by $842 thousand, or 2%, to $35.8 million in 2024, driven by a reduction in salaries and benefits[231]. - Total noninterest expense decreased by $1.0 million, or 2.7%, to $35.8 million in 2024 from $36.7 million in 2023[262]. - Salaries and employee benefits expense decreased by $1.9 million, or 9.2%, to $18.8 million in 2024 compared to $20.6 million in 2023, primarily due to reduced staffing[263]. - The efficiency ratio improved significantly to 61.63% in 2024 from 89.36% in 2023[227]. Credit Quality - The provision for credit losses was $6 thousand in 2024, down from $132 thousand in 2023, reflecting improved credit quality[222]. - Nonperforming loans totaled $12.9 million, or 0.58% of total assets, at December 31, 2024, compared to $1.8 million, or 0.08%, at December 31, 2023[251]. - The allowance for credit losses was $18.1 million at December 31, 2024, down from $18.9 million at December 31, 2023, with the allowance as a percent of total loans at 0.97%[250]. - The allowance for credit losses on loans was $18.129 million as of December 31, 2024, compared to $18.871 million in 2023, indicating a reduction of 3.9%[295]. - The net charge-offs for the total loan portfolio in 2024 were $840 thousand, with a percentage of net charge-offs to average loans outstanding during the year at 0.04%[293]. Deposits and Equity - Total deposits grew to $1,870,605 thousand in 2024, compared to $1,845,292 thousand in 2023[227]. - Total deposits increased by $25.3 million, or 1%, to $1.87 billion at December 31, 2024, from $1.85 billion at December 31, 2023[265]. - Total shareholders' equity increased by $18.2 million to $235.4 million at December 31, 2024, with net income contributing $15.1 million to this increase[318]. - The common equity tier 1 capital ratio was 13.74% at December 31, 2024, exceeding the minimum requirement of 7.00%[324]. - Estimated total uninsured deposits were $763.1 million, or 40.8% of total deposits, at December 31, 2024[309]. Investment Securities - The fair value of investment securities available-for-sale decreased by $15.1 million, or 9%, from $170.6 million in 2023 to $156.5 million in 2024[297]. - The investment securities portfolio primarily consists of AAA-rated securities, indicating a low degree of investment risk[298]. - The effective duration of the investment securities portfolio is slightly over five years, aligning with the industry average[298]. - Average investment securities decreased by $79.0 million to $208.4 million for the year ended December 31, 2024, with the yield on these securities increasing 14 basis points to 2.09%[243]. Liquidity and Funding - Liquid assets totaled $247.4 million at December 31, 2024, representing 11% of total assets, an increase from $232.1 million at December 31, 2023[330]. - The Bank has secured borrowings of $130 million from the FHLB as of December 31, 2024[333]. - The Bank maintains a liquidity contingency plan and stress tests its liquidity position under various scenarios[334]. - The Bank's liquidity could be impaired by market disruptions or unforeseen cash outflows, but it currently believes it has a healthy liquidity position[335]. - The maximum exposure to credit loss from off-balance-sheet financial instruments is represented by the contractual amounts of those instruments[338].

Core Viewpoint - FVCBankcorp reported quarterly earnings of $0.26 per share, exceeding the Zacks Consensus Estimate of $0.25 per share, and showing an increase from $0.21 per share a year ago, indicating a positive earnings surprise of 4% [1][2] Financial Performance - The company posted revenues of $15.37 million for the quarter ended December 2024, which was below the Zacks Consensus Estimate by 0.74%, and a significant increase from $2.8 million in the same quarter last year [2] - Over the last four quarters, FVCBankcorp has surpassed consensus EPS estimates three times, but has only topped consensus revenue estimates once [2] Stock Performance - FVCBankcorp shares have declined approximately 7.7% since the beginning of the year, contrasting with the S&P 500's gain of 3.5% [3] - The current Zacks Rank for FVCBankcorp is 3 (Hold), suggesting that the shares are expected to perform in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.24 on revenues of $15.54 million, and for the current fiscal year, it is $1.06 on revenues of $65.51 million [7] - The trend of estimate revisions for FVCBankcorp is mixed, which could change following the recent earnings report [6] Industry Context - The Banks - Southeast industry, to which FVCBankcorp belongs, is currently ranked in the top 20% of over 250 Zacks industries, indicating a favorable outlook compared to lower-ranked industries [8]

Financial Performance - For Q4 2024, the company reported net income of $4.9 million, or $0.26 diluted earnings per share, compared to a net loss of $5.1 million, or $0.28 diluted loss per share in Q4 2023[5]. - For the full year 2024, net income increased to $15.1 million, or $0.82 diluted earnings per share, up from $3.8 million, or $0.21 diluted earnings per share in 2023, representing an increase of $11.2 million[6]. - The company recorded net income of $4.9 million for Q4 2024, a significant improvement from a loss of $5.1 million in Q4 2023, representing a turnaround of $10 million year-over-year[25]. - Net income for the year ended December 31, 2024, was $15.1 million, compared to $3.8 million in 2023[46]. - The company reported a net income of $15,064 million for the year ended December 31, 2024, a 294.1% increase compared to $3,822 million in the previous year[54]. Interest Income and Expenses - Net interest income for Q4 2024 rose by $2.3 million, or 18%, to $14.9 million, with a net interest margin improvement of 40 basis points, or 17%, to 2.77% compared to Q4 2023[6]. - Net interest income increased by $2.3 million, or 18%, to $14.9 million for Q4 2024 compared to $12.7 million in Q4 2023, primarily due to higher loan interest income[26]. - Interest income for Q4 2024 increased by $2.6 million, or 10%, to $29.3 million compared to Q4 2023, driven by an 11% increase in loan interest income[28]. - For the twelve months ended December 31, 2024, net interest income was $55.6 million, a 2% increase from $54.4 million in 2023[31]. - For the year ended December 31, 2024, net interest income was $55,589 million, a 2.2% increase from the previous year[54]. Asset and Loan Growth - Total assets increased to $2.20 billion at December 31, 2024, up from $2.19 billion at December 31, 2023, reflecting an increase of $8.4 million[11]. - Loans receivable increased by $41.7 million, or 2%, to $1.87 billion at December 31, 2024, with loan originations totaling $36.5 million at a weighted average rate of 7.84%[12]. - Total assets as of December 31, 2024, were $2.20 billion, slightly up from $2.19 billion at the end of 2023[46]. - For the three months ended December 31, 2024, total loans amounted to $1,875,328 thousand, generating interest income of $27,516 thousand with a yield of 5.87%[56]. Deposits and Equity - Total deposits rose to $1.87 billion at December 31, 2024, an increase of $25.3 million from the previous year, with noninterest-bearing deposits decreasing by $31.1 million[14]. - Shareholders' equity increased by $18.2 million, or 8%, to $235.4 million at December 31, 2024, driven by earnings and stock options exercised[16]. - Shareholders' equity increased by 2.0% to $235,354,000 compared to the previous quarter[49]. Noninterest Income and Expenses - Noninterest income for Q4 2024 totaled $452 thousand, a recovery from a loss of $9.9 million in Q4 2023[32]. - For the year ended December 31, 2024, noninterest income was $2.5 million, a significant recovery from a loss of $13.4 million in 2023[34]. - Noninterest expense for Q4 2024 totaled $9.0 million, a decrease of $400 thousand, or 4%, from $9.4 million in Q4 2023[35]. - For the year ended December 31, 2024, noninterest expense was $35.8 million, a decrease of $842 thousand, or 2%, from $36.7 million in 2023[37]. Credit Quality - The allowance for credit losses decreased to $18.1 million at December 31, 2024, with the ACL to total loans ratio at 0.97%[19]. - Nonaccrual loans totaled $12.8 million, or 0.58% of total assets, at December 31, 2024, compared to $1.8 million, or 0.08% of total assets, at the end of 2023[20]. - The provision for credit losses for the year ended December 31, 2024, was $6 million, a 95.5% decrease from $132 million in the previous year[54]. Efficiency and Ratios - The efficiency ratio for core bank operating earnings was 58.6% in Q4 2024, improving from 65.8% in Q4 2023[38]. - Adjusted Return on average assets increased to 0.90% from 0.68% year-over-year[47]. - The adjusted efficiency ratio (non-GAAP) improved to 61.63% for the year ended December 31, 2024, from 63.97% in the previous year[55].

Financial Performance - Net income for the three months ended September 30, 2024, was $4.7 million, an increase of 16% from $4.0 million in the same period of 2023 [171]. - For the nine months ended September 30, 2024, net income was $10.2 million, compared to $8.9 million for the same period in 2023 [173]. - Commercial bank operating earnings for the three months ended September 30, 2024, were $4.7 million, compared to $4.0 million for the same period in 2023 [175]. - Diluted commercial bank operating earnings per share for the three months ended September 30, 2024, were $0.25, up from $0.22 in the same period of 2023 [177]. - Noninterest income for the three months ended September 30, 2024, was $815 thousand, up from $225 thousand in the same period of 2023 [171]. - Noninterest income for the nine months ended September 30, 2024, was $84.032 million, with an average yield of 5.29% [192]. Interest Income and Expenses - Net interest income increased by $878 thousand, or 7%, to $14.2 million for the three months ended September 30, 2024, compared to $13.3 million for the same period in 2023 [171]. - Interest income from loans totaled $27,381 thousand in Q3 2024, up from $25,243 thousand in Q3 2023, marking an increase of 8.5% [184]. - Interest expense on total interest-bearing deposits was $14,199 thousand in Q3 2024, compared to $13,799 thousand in Q3 2023, an increase of 2.9% [184]. - Net interest income for the nine months ended September 30, 2024, was $40.7 million, a decrease of $1.1 million, or 3%, compared to $41.7 million for the same period in 2023 [198]. - The net interest margin increased by 25 basis points to 2.64% for Q3 2024, compared to 2.39% in Q3 2023 [190]. Credit Losses and Allowance - The allowance for credit losses (ACL) is maintained at a level representing management's best estimate of expected losses in the loan portfolio, with minimal loss history since the bank's inception in 2007 [156]. - The company adopted the current expected credit losses (CECL) accounting standard as of January 1, 2023, impacting retained earnings and the allowance for credit losses [153]. - Provision for credit losses for the nine months ended September 30, 2024, was $6 thousand, compared to $132 thousand for the same period in 2023 [174]. - The total allowance for credit losses on loans was $19.067 million as of September 30, 2024, compared to $18.871 million at December 31, 2023 [245]. Asset and Loan Growth - Total loans increased to $1,879,152 thousand in Q3 2024, up from $1,868,819 thousand in Q3 2023, reflecting a growth of 0.6% [184]. - Loans receivable increased by $46.4 million, or 3%, to $1.87 billion at September 30, 2024, from $1.83 billion at December 31, 2023 [222]. - The commercial real estate loan portfolio totaled $1.06 billion, or 57% of total loans, at September 30, 2024, compared to $1.09 billion, or 60% of total loans, at December 31, 2023 [233]. Risk Management - The company emphasizes the importance of managing interest rate risk and credit risk to stabilize net interest income, which is its primary source of revenue [150]. - The company has a proactive approach to managing risks inherent in its real estate loan portfolio, particularly in light of potential downturns in the real estate market [143]. - The company maintains a conservative approach to risk management, adjusting expected losses based on risk ratings to mitigate potential credit risks [239]. Deposits and Funding - Total deposits rose by 6%, or $115.5 million, to $1.96 billion at September 30, 2024, compared to $1.85 billion at December 31, 2023 [221]. - Non-interest-bearing deposits were $357.0 million at September 30, 2024, representing 18% of total deposits [254]. - Wholesale deposits were $249.9 million at September 30, 2024, an increase of $4.6 million, or 2%, from $245.3 million at December 31, 2023 [255]. Nonperforming Loans and Assets - Nonperforming loans at September 30, 2024, totaled $3.6 million, or 0.16% of total assets, compared to $1.8 million, or 0.08%, of total assets at December 31, 2023 [207]. - Total nonperforming loans (NPLs) increased to $3,556,000 at September 30, 2024, up from $1,829,000 at December 31, 2023, representing a growth of 94.5% [233]. - The ratio of NPLs to total assets increased to 0.16% at September 30, 2024, from 0.08% at December 31, 2023 [233]. Capital and Liquidity - Shareholders' equity increased by $13.7 million to $230.8 million at September 30, 2024, with net income contributing $10.2 million to this increase [262]. - The common equity Tier 1 (CET1) capital ratio was 13.48% at September 30, 2024, exceeding the minimum requirement of 7.00% [269]. - Liquid assets totaled $342.7 million, or 15% of total assets, at September 30, 2024, up from $232.1 million, or 11% of total assets, at December 31, 2023 [274].

Company Performance - FVCBankcorp reported quarterly earnings of $0.25 per share, exceeding the Zacks Consensus Estimate of $0.24 per share, and up from $0.22 per share a year ago, representing an earnings surprise of 4.17% [1] - The company posted revenues of $15.03 million for the quarter ended September 2024, which missed the Zacks Consensus Estimate by 0.27%, compared to $13.56 million in the same quarter last year [1] - Over the last four quarters, FVCBankcorp has surpassed consensus EPS estimates three times but has only topped consensus revenue estimates once [1] Market Comparison - FVCBankcorp shares have declined approximately 10.9% since the beginning of the year, while the S&P 500 has gained 22.7% [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.25 on revenues of $15.48 million, and for the current fiscal year, it is $0.92 on revenues of $58.28 million [4] - The estimate revisions trend for FVCBankcorp is currently favorable, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [4] Industry Context - The Banks - Southeast industry, to which FVCBankcorp belongs, is currently ranked in the bottom 29% of over 250 Zacks industries, suggesting potential challenges ahead [5] - Stock Yards Bancorp, another company in the same industry, is expected to report quarterly earnings of $0.93 per share, reflecting a year-over-year change of +1.1%, with revenues anticipated to be $87.57 million, up 3.8% from the previous year [5]

Financial Performance - Net income for Q3 2024 increased 16% year-over-year to $4.7 million, or $0.25 diluted earnings per share, compared to $4.0 million, or $0.22 diluted earnings per share in Q3 2023[3]. - The company recorded net income of $4.7 million for Q3 2024, an increase of $630 thousand, or 16%, compared to $4.0 million for Q3 2023[22]. - Net income for the three months ended September 30, 2024, was $4,669, an increase from $4,039, marking a growth of 15.6%[41]. - Net income for the nine months ended September 30, 2024, was $10,164, representing a 14.3% increase from the same period in 2023[49]. - GAAP net income for the current period is $10,164 million, compared to $8,892 million in the previous period, reflecting a significant increase[51]. Asset and Deposit Growth - Total assets increased by $102.7 million, or 5%, to $2.29 billion at September 30, 2024, from $2.19 billion at December 31, 2023[8]. - Total deposits rose by $115.5 million, or 6%, to $1.96 billion at September 30, 2024, compared to $1.85 billion at December 31, 2023[11]. - Total assets as of September 30, 2024, were $2,293,282, a slight decrease from $2,305,472 in the same period last year[41]. - Total deposits decreased to $1,960,767 from $1,995,971, a decline of 1.8% compared to the previous year[41]. - Total deposits decreased to $1,855,513 million from $2,033,941 million, a decline of 8.8% year-over-year[42]. Loan Performance - Loans receivable, net of deferred fees, were $1.87 billion at September 30, 2024, reflecting a year-to-date increase of $46.4 million, or 2.5%[9]. - Classified loans decreased by $19.9 million, or 86%, to $3.2 million at September 30, 2024, compared to the prior quarter[16]. - Commercial real estate loans totaled $1.06 billion, or 57% of total loans, net of fees, at September 30, 2024[17]. - Total loans, net of deferred fees, increased to $1,874,946 from $1,849,513 year-over-year, reflecting a growth of 1.4%[41]. - Total loans amount to $1,879,152 million, with interest income of $27,381 million and an average yield of 5.83%[53]. Interest Income and Margin - Net interest margin improved by 25 basis points, or 10%, to 2.64% in Q3 2024 compared to 2.39% in Q3 2023[3]. - Net interest income increased by $879 thousand, or 7%, to $14.2 million for Q3 2024 compared to $13.3 million for Q3 2023[22]. - The company's net interest margin increased by 25 basis points to 2.64% for Q3 2024 compared to 2.39% for Q3 2023[23]. - Interest income increased by $1.8 million, or 7%, to $29.2 million for Q3 2024 compared to Q3 2023[24]. - Net interest margin for the period was 2.57%, compared to 2.53% in the previous year[54]. Efficiency and Expenses - Noninterest expense totaled $9.2 million for Q3 2024, an increase of $148 thousand, or 2%, compared to Q3 2023[32]. - The efficiency ratio for core bank operating earnings for Q3 2024 was 61.2%, compared to 66.7% for Q3 2023[34]. - Total noninterest expense for the nine months ended September 30, 2024, was $26,817, a 1.6% decrease from the same period in 2023[49]. - Noninterest income for the three months ended September 30, 2024, totaled $815 thousand, compared to $225 thousand for the same period in 2023[29]. - The Efficiency Ratio improved to 8.15%, compared to 7.57% in the previous year, showing enhanced operational efficiency[42]. Shareholder Equity - Shareholders' equity increased by $13.7 million, or 6%, to $230.8 million at September 30, 2024, driven by year-to-date earnings of $10.2 million[13]. - Book value per share increased to $12.68 from $11.87, indicating a positive trend in shareholder equity[41]. - Shareholders' equity increased to $229,162 million from $223,914 million in the previous period[53]. - Tangible Common Equity excluding AOCI was $246,094 million, up from $238,448 million, reflecting a growth of 3.5%[42]. - Shareholders' equity increased to $224,391 million, up from $208,804 million year-over-year[54].

Core Viewpoint - FVCBankcorp (FVCB) has been upgraded to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on the consensus measure of EPS estimates from sell-side analysts, reflecting the company's changing earnings picture [1][2]. - Changes in future earnings potential, as indicated by earnings estimate revisions, are strongly correlated with near-term stock price movements, particularly influenced by institutional investors [4][5]. Recent Performance and Projections - FVCBankcorp is expected to earn $0.92 per share for the fiscal year ending December 2024, representing a year-over-year change of 2.2% [8]. - Over the past three months, the Zacks Consensus Estimate for FVCBankcorp has increased by 1.7%, indicating a positive trend in earnings estimates [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have generated an average annual return of +25% since 1988 [7]. - FVCBankcorp's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].

Financial Performance - FVCBankcorp reported revenue of $14.54 million for the quarter ended June 2024, reflecting a year-over-year decline of 4.8% [3] - The reported revenue exceeded the Zacks Consensus Estimate of $14.08 million by 3.27% [4] - Earnings per share (EPS) for the quarter was $0.23, matching the EPS from the same period a year ago, with a surprise of 9.52% over the consensus estimate of $0.21 [3][4] Key Metrics - Net Interest Margin was 2.6%, slightly above the estimated 2.5% by analysts [1] - Efficiency ratio stood at 61.9%, better than the average estimate of 63.3% [1] - Total Non-Interest Income was reported at $0.87 million, surpassing the average estimate of $0.71 million [1] - Net Interest Income reached $13.67 million, compared to the average estimate of $13.37 million [1] Stock Performance - FVCBankcorp shares have returned +20.5% over the past month, contrasting with a -0.3% change in the Zacks S&P 500 composite [2] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [2]

Company Performance - FVCBankcorp reported quarterly earnings of $0.23 per share, exceeding the Zacks Consensus Estimate of $0.21 per share, and matching the earnings from the same quarter last year [5] - The company achieved revenues of $14.54 million for the quarter, surpassing the Zacks Consensus Estimate by 3.27%, although this represents a decline from $15.28 million in the previous year [12] - Over the last four quarters, FVCBankcorp has surpassed consensus EPS estimates two times [7] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.24 on revenues of $14.86 million, and for the current fiscal year, it is $0.90 on revenues of $57.4 million [8] - The stock is currently rated Zacks Rank 3 (Hold), indicating that shares are expected to perform in line with the market in the near future [3] - The sustainability of the stock's price movement will depend on management's commentary during the earnings call [9] Industry Context - FVCBankcorp operates within the Zacks Banks - Southeast industry, which is currently ranked in the top 41% of over 250 Zacks industries [14] - The industry ranking suggests that stocks in the top 50% outperform those in the bottom 50% by a factor of more than 2 to 1 [14] - FVCBankcorp shares have underperformed the market, losing approximately 13.9% since the beginning of the year, compared to a 13.8% gain in the S&P 500 [15]

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) FVCBankcorp, Inc. achieved significant financial improvements in Q2 2024, driven by disciplined pricing, strong deposit growth, and effective portfolio diversification [Second Quarter Selected Financial Highlights](index=1&type=section&id=Second%20Quarter%20Selected%20Financial%20Highlights) FVCBankcorp, Inc. reported continued improvement in its financial performance for Q2 2024, with significant increases in net income, net interest income, and margin compared to the linked quarter. The company also demonstrated strong deposit growth and maintained solid credit quality and a well-capitalized balance sheet Second Quarter Selected Financial Highlights | Metric | Q2 2024 | Q1 2024 | Change (QoQ) | Q2 2023 | Change (YoY) | | :-------------------------------- | :------ | :------ | :----------- | :------ | :----------- | | Net Income ($) | $4.2 million | $1.3 million | +$2.8 million | $4.2 million | -$0.0 million | | Diluted EPS ($) | $0.23 | $0.07 | +$0.16 | $0.23 | +$0.00 | | Net Interest Margin (%) | 2.59% | 2.47% | +12 bps | 2.60% | -1 bps | | Net Interest Income ($) | $13.7 million | $12.8 million | +$0.9 million | $14.4 million | -$0.7 million | | Total Deposits ($) | $1.97 billion | $1.86 billion | +$111.5 million | $2.09 billion | -$121.5 million | | Core Deposits (excl. wholesale) ($) | N/A | N/A | +$121.5 million | N/A | N/A | | Loans Past Due 30+ days ($) | $2.5 million | $3.9 million | -$1.4 million | N/A | N/A | | Total Risk-Based Capital Ratio (%) | 14.13% | N/A | N/A | N/A | N/A | | TCE to TA Ratio (Bank) (%) | 9.56% | N/A | N/A | 8.70% | +86 bps | - Commercial bank operating earnings (non-GAAP) for Q2 2024 increased by **$429 thousand**, or **12%**, to **$4.2 million** compared to **$3.7 million** in Q1 2024[6](index=6&type=chunk) - Pre-tax pre-provision operating income (non-GAAP) for Q2 2024 increased by **$984 thousand**, or **22%**, to **$5.5 million** compared to **$4.6 million** in Q1 2024[7](index=7&type=chunk) [Management Comments](index=2&type=section&id=Management%20Comments) The Chairman and CEO, David W. Pijor, highlighted the effectiveness of their disciplined approach to loan and deposit pricing, leading to two consecutive quarters of margin and net interest income improvement. The company continues to diversify its portfolios by acquiring new customer relationships and noted the positive performance of Atlantic Coast Mortgage (ACM) - The company's disciplined approach to loan and deposit pricing has resulted in two consecutive quarters of margin and net interest income improvement[9](index=9&type=chunk) - New loan originations totaled over **$41 million** and new non-maturity deposit accounts totaled **$176 million** during Q2 2024, supporting portfolio diversification[9](index=9&type=chunk) - Atlantic Coast Mortgage (ACM) recorded net income for the second quarter and year-to-date, despite a challenging mortgage environment[9](index=9&type=chunk) [Financial Condition (Balance Sheet)](index=2&type=section&id=Financial%20Condition%20(Balance%20Sheet)) The balance sheet shows increased total assets and loans, strong deposit growth, and robust capital ratios, despite a decrease in investment securities [Total Assets & Loans](index=2&type=section&id=Total%20Assets%20%26%20Loans) Total assets increased by 5% from December 31, 2023, reaching $2.30 billion at June 30, 2024. Loans receivable, net of deferred fees, also saw a 2% increase quarter-over-quarter, with significant new originations and renewals Total Assets & Loans | Metric | June 30, 2024 | Dec 31, 2023 | Change (QoQ) | June 30, 2023 | Change (YoY) | | :-------------------------- | :------------ | :----------- | :----------- | :------------ | :----------- | | Total Assets ($) | $2.30 billion | $2.19 billion | +$108.6 million (+5%) | $2.34 billion | -$45.2 million (-1.9%) | | Loans Receivable, Net ($) | $1.89 billion | $1.83 billion | +$34.2 million (+2%) | $1.90 billion | -$13.1 million (-0.7%) | | Loan Originations (Q2 2024) ($) | $41.1 million | N/A | N/A | N/A | N/A | | Loan Renewals (Q2 2024) ($) | $15.4 million | N/A | N/A | N/A | N/A | | Loan Payoffs (Q2 2024) ($) | $42.5 million | N/A | N/A | N/A | N/A | - The increase in loans receivable for Q2 2024 included **$19.6 million** related to the warehouse line held by ACM[11](index=11&type=chunk) - New loan originations in Q2 2024 had a weighted average rate of **8.38%**, and renewals had a weighted average rate of **8.95%**[11](index=11&type=chunk) [Investment Securities](index=2&type=section&id=Investment%20Securities) Investment securities decreased during Q2 2024 and year-to-date, primarily due to principal repayments, maturities, and an increase in unrealized losses Investment Securities | Metric | June 30, 2024 | Dec 31, 2023 | Change (QoQ) | June 30, 2023 | Change (YoY) | | :-------------------- | :------------ | :----------- | :----------- | :------------ | :----------- | | Investment Securities ($) | $162.4 million | $171.9 million | -$9.5 million (-5.5%) | $231.5 million | -$69.1 million (-29.8%) | - The decrease in investment securities during Q2 2024 was primarily due to **$4.6 million** in principal repayments and maturities[12](index=12&type=chunk) - For the six months ended June 30, 2024, the portfolio decreased **$9.4 million**, including a **$2.0 million** increase in unrealized losses[12](index=12&type=chunk) [Deposits & Funding](index=2&type=section&id=Deposits%20%26%20Funding) Total deposits increased by 6% quarter-over-quarter, driven by strong core deposit growth and new non-maturity accounts. Noninterest-bearing deposits decreased as customers shifted to interest-bearing products, while wholesale funding decreased Deposits & Funding | Metric | June 30, 2024 | March 31, 2024 | Change (QoQ) | June 30, 2023 | Change (YoY) | | :-------------------------- | :------------ | :------------- | :----------- | :------------ | :----------- | | Total Deposits ($) | $1.97 billion | $1.86 billion | +$111.5 million (+6%) | $2.09 billion | -$121.5 million (-5.8%) | | Noninterest-Bearing Deposits ($) | $373.8 million | $394.1 million | -$20.3 million (-5.1%) | $437.0 million | -$63.2 million (-14.5%) | | Noninterest-Bearing % of Total (%) | 19.0% | 21.2% | -2.2 pp | 20.9% | -1.9 pp | | Core Deposits (excl. wholesale) ($) | N/A | N/A | +$121.5 million (+8%) | N/A | N/A | | New Non-Maturity Deposits (Q2) ($) | $176.0 million | $112.6 million | +$63.4 million | N/A | N/A | | Wholesale Funding ($) | $306.9 million | $316.8 million | -$10.0 million (-3%) | N/A | N/A | | Average Wholesale Funding Rate (Q2) (%) | 3.70% | 4.01% | -31 bps | N/A | N/A | - The increase in core deposits included **$255.4 million** in reciprocal deposits at June 30, 2024[13](index=13&type=chunk) - Title and escrow-related deposits increased by **$51.8 million** during Q2 2024 due to improved activity[14](index=14&type=chunk) [Shareholders' Equity & Capital](index=3&type=section&id=Shareholders'%20Equity%20%26%20Capital) Shareholders' equity increased by 4% from December 31, 2023, primarily driven by year-to-date earnings and stock option exercises. The Bank remains well-capitalized with strong regulatory capital ratios Shareholders' Equity & Capital | Metric | June 30, 2024 | Dec 31, 2023 | Change (QoQ) | June 30, 2023 | Change (YoY) | | :-------------------------------- | :------------ | :----------- | :----------- | :------------ | :----------- | | Shareholders' Equity ($) | $226.5 million | $217.1 million | +$9.4 million (+4%) | $211.1 million | +$15.4 million (+7.3%) | | Book Value Per Share ($) | $12.45 | $12.19 | +$0.26 | $11.87 | +$0.58 | | Tangible Book Value Per Share ($) | $12.04 | $11.77 | +$0.27 | $11.44 | +$0.60 | | Total Risk-Based Capital Ratio (%) | 14.13% | 13.83% | +30 bps | 13.28% | +85 bps | | Common Equity Tier 1 Capital Ratio (%) | 13.09% | 12.80% | +29 bps | 12.26% | +83 bps | | Tier 1 Leverage Ratio (%) | 11.31% | 10.77% | +54 bps | 10.41% | +90 bps | - Year-to-date 2024 earnings contributed **$5.5 million** to the increase in shareholders' equity[16](index=16&type=chunk) - Accumulated other comprehensive loss decreased **$2.0 million** year-to-date 2024, primarily due to changes in interest rate swaps[16](index=16&type=chunk) [Asset Quality](index=3&type=section&id=Asset%20Quality) Asset quality shows a reduced credit loss provision, but an increase in nonaccrual loans, while the diversified commercial real estate portfolio remains strong [Credit Loss Provision & Nonperforming Loans](index=3&type=section&id=Credit%20Loss%20Provision%20%26%20Nonperforming%20Loans) The provision for credit losses decreased significantly compared to the prior year. While net recoveries were recorded, nonaccrual loans increased, leading to a decrease in ACL coverage to nonperforming loans Credit Loss Provision & Nonperforming Loans | Metric | Q2 2024 | Q2 2023 | Change (YoY) | YTD 2024 | YTD 2023 | Change (YoY) | | :-------------------------------- | :------ | :------ | :----------- | :------- | :------- | :----------- | | Provision for Credit Losses ($) | $206 thousand | $618 thousand | -$412 thousand (-66.7%) | $206 thousand | $860 thousand | -$654 thousand (-76.0%) | | ACL to Total Loans (%) | 1.02% | 1.02% | 0 pp | N/A | N/A | N/A | | Nonaccrual Loans & 90+ Days Past Due ($) | $3.0 million | N/A | N/A | N/A | N/A | N/A | | Nonaccrual Loans % of Total Assets (%) | 0.13% | N/A | N/A | N/A | N/A | N/A | | Net Recoveries (Q2) ($) | $5 thousand | N/A | N/A | N/A | N/A | N/A | | ACL Coverage to Nonperforming Loans (%) | 603% | 1347% | -744 pp | N/A | N/A | N/A | - The increase in nonperforming loans at June 30, 2024, was primarily due to one commercial & industrial loan relationship placed on nonaccrual during Q1 2024[20](index=20&type=chunk) - The Company had no other real estate owned at June 30, 2024[20](index=20&type=chunk) [Loan Portfolio Composition](index=3&type=section&id=Loan%20Portfolio%20Composition) The commercial real estate portfolio, including construction loans, constitutes 65% of total loans and is diversified by asset type and geographic concentration. The company maintains disciplined management and comprehensive policies for monitoring and mitigating loan concentrations Loan Portfolio Composition | Loan Type | Amount (June 30, 2024) | % of Total Loans | | :-------------------------------- | :--------------------- | :--------------- | | Commercial Real Estate Loans ($) | $1.08 billion | 57% | | Construction Loans ($) | $165 million | 9% | | Office Buildings ($) | $136.4 million | 7% | | Retail Shopping Centers ($) | $260.8 million | 14% | | Multi-family Housing ($) | $178.2 million | 9% | - The commercial real estate portfolio is diversified across asset types and geographic concentrations within the Virginia and Maryland suburbs of the Company's market area[22](index=22&type=chunk) - The Company employs rigorous credit approval, monitoring, and administrative practices to manage and mitigate loan concentrations[22](index=22&type=chunk) [Commercial Real Estate & Construction Loan Details](index=4&type=section&id=Commercial%20Real%20Estate%20%26%20Construction%20Loan%20Details) A detailed breakdown of the commercial real estate and construction loan portfolio at June 30, 2024, showing owner-occupied, non-owner occupied, and construction segments by asset class, average loan-to-value, and geographic concentration. The portfolio exhibits strong credit quality with only one classified delinquency Commercial Real Estate & Construction Loan Details | Asset Class | Owner Occupied Principal ($ thousands) | Non-Owner Occupied Principal ($ thousands) | Construction Principal ($ thousands) | Total Bank Owned Principal ($ thousands) | % of Total Loans | | :-------------------------------- | :----------------------- | :--------------------------- | :--------------------- | :------------------------- | :--------------- | | Office, Class A | $7,476 | $3,717 | $0 | $11,193 | N/A | | Office, Class B | $12,143 | $57,324 | $0 | $69,467 | N/A | | Office, Class C | $5,138 | $1,902 | $873 | $7,913 | N/A | | Office, Medical | $1,155 | $41,514 | $5,129 | $47,798 | N/A | | **Subtotal Office** | **$25,912** | **$104,457** | **$6,002** | **$136,371** | **7%** | | Retail- Neighborhood/Community Shop | $0 | $81,612 | $11,376 | $92,988 | N/A | | Retail- Restaurant | $8,088 | $26,456 | $0 | $34,544 | N/A | | Retail- Single Tenant | $1,963 | $35,691 | $0 | $37,654 | N/A | | Retail- Anchored, Other | $0 | $42,957 | $0 | $42,957 | N/A | | Retail- Grocery-anchored | $0 | $51,455 | $1,247 | $52,702 | N/A | | **Subtotal Retail** | **$10,051** | **$238,171** | **$12,623** | **$260,845** | **14%** | | Multi-family, Class A (Market) | $0 | $0 | $1,026 | $1,026 | N/A | | Multi-family, Class B (Market) | $0 | $78,360 | $0 | $78,360 | N/A | | Multi-family, Class C (Market) | $0 | $71,355 | $7,047 | $78,402 | N/A | | Multi-Family-Affordable Housing | $0 | $16,360 | $4,034 | $20,394 | N/A | | **Subtotal Multi-family** | **$0** | **$166,075** | **$12,107** | **$178,182** | **9%** | | Industrial | $67,883 | $125,223 | $1,041 | $194,147 | N/A | | Warehouse | $18,451 | $9,399 | $0 | $27,850 | N/A | | Flex | $18,436 | $56,226 | $0 | $74,662 | N/A | | **Subtotal Industrial** | **$104,770** | **$190,848** | **$1,041** | **$296,659** | **16%** | | Hotels | $0 | $51,873 | $6,481 | $58,354 | 3% | | Mixed Use | $5,945 | $66,146 | $0 | $72,091 | 4% | | Land | $0 | $0 | $53,660 | $53,660 | 3% | | 1-4 Family construction | $0 | $0 | $49,265 | $49,265 | 3% | | Other (incl. net deferred fees) | $57,844 | $61,389 | $23,556 | $142,789 | 8% | | **Total CRE & Construction Loans** | **$204,522** | **$878,959** | **$164,735** | **$1,248,216** | **65%** | - The loans in the table exhibit strong credit quality, with only one classified delinquency totaling **$851 thousand** at June 30, 2024[24](index=24&type=chunk) - The Company believes it has appropriately reserved for possible credit concerns due to conservative underwriting and ongoing loan monitoring[24](index=24&type=chunk) [Minority Investment in Mortgage Banking Operation](index=4&type=section&id=Minority%20Investment%20in%20Mortgage%20Banking%20Operation) The Company's minority investment in Atlantic Coast Mortgage (ACM) generated significant income in Q2 2024, a substantial improvement from the prior year and linked quarter. ACM management is actively pursuing opportunities to reduce expenses and increase revenues Minority Investment in Mortgage Banking Operation | Metric | Q2 2024 | Q1 2024 | Change (QoQ) | Q2 2023 | Change (YoY) | | :-------------------------------- | :------ | :------ | :----------- | :------ | :----------- | | Income (Loss) from ACM ($) | $351 thousand | -$203 thousand | +$554 thousand | $20 thousand | +$331 thousand | | YTD Income (Loss) from ACM ($) | $148 thousand | N/A | N/A | -$781 thousand | +$929 thousand | - The investment in ACM aims to diversify the loan portfolio, provide competitive residential mortgage products, and generate additional revenue[25](index=25&type=chunk) - ACM management is continuing to evaluate opportunities to further reduce expenses and increase revenues[27](index=27&type=chunk) [Income Statement Analysis](index=6&type=section&id=Income%20Statement%20Analysis) The income statement reflects improved net interest income and margin, significant noninterest income growth, reduced noninterest expenses, and a stable tax provision [Net Interest Income & Margin](index=6&type=section&id=Net%20Interest%20Income%20%26%20Margin) Net interest income and margin improved quarter-over-quarter due to increased loan yields and controlled funding costs, despite a slight year-over-year decrease in net interest income driven by higher funding costs. The repricing of the commercial loan portfolio is expected to continue improving loan yields Net Interest Income & Margin | Metric | Q2 2024 | Q1 2024 | Change (QoQ) | Q2 2023 | Change (YoY) | | :-------------------------- | :------ | :------ | :----------- | :------ | :----------- | | Net Interest Income ($) | $13.7 million | $12.8 million | +$0.9 million (+7%) | $14.4 million | -$0.7 million (-5%) | | Net Interest Margin (%) | 2.59% | 2.47% | +12 bps | 2.60% | -1 bps | | Interest Income ($) | $28.0 million | $26.8 million | +$1.1 million (+4%) | $27.2 million | +$0.8 million (+3%) | | Interest Expense ($) | $14.3 million | $14.0 million | +$0.3 million (+2%) | $12.8 million | +$1.5 million (+12%) | | Loan Yields (%) | 5.62% | 5.50% | +12 bps | 5.35% | +27 bps | | Cost of Deposits (%) | 2.88% | 2.82% | +6 bps | 2.41% | +47 bps | - Approximately **$404 million**, or **27%**, of the commercial loan portfolio is expected to reprice in the next 12 months, with an additional **19%** repricing in the following 24-36 months[32](index=32&type=chunk) - The Company's cumulative deposit beta remained at approximately **42%** from March 31, 2022, to June 30, 2024[34](index=34&type=chunk) [Noninterest Income](index=7&type=section&id=Noninterest%20Income) Total noninterest income increased significantly quarter-over-quarter, primarily driven by improved income from the minority interest in ACM. However, it saw a slight decrease year-over-year due to lower BOLI income and loan fees Noninterest Income | Metric | Q2 2024 | Q1 2024 | Change (QoQ) | Q2 2023 | Change (YoY) | | :-------------------------------- | :------ | :------ | :----------- | :------ | :----------- | | Total Noninterest Income ($) | $871 thousand | $395 thousand | +$476 thousand (+120.5%) | $891 thousand | -$20 thousand (-2.2%) | | Fees on Loans ($) | $38 thousand | $49 thousand | -$11 thousand (-22.4%) | $169 thousand | -$131 thousand (-77.5%) | | Service Charges on Deposit Accounts ($) | $279 thousand | $261 thousand | +$18 thousand (+6.9%) | $232 thousand | +$47 thousand (+20.3%) | | BOLI Income ($) | $66 thousand | $190 thousand | -$124 thousand (-65.3%) | $362 thousand | -$296 thousand (-81.8%) | | Income (Loss) from ACM ($) | $351 thousand | -$203 thousand | +$554 thousand (+272.9%) | $20 thousand | +$331 thousand (+1655.0%) | - The decrease in BOLI income was a direct result of the surrendered BOLI policies during Q1 2024[37](index=37&type=chunk) - Year-to-date noninterest income totaled **$1.3 million**, compared to a loss of **$3.7 million** for the same period in 2023, which was associated with securities sales transactions[38](index=38&type=chunk) [Noninterest Expense & Efficiency](index=7&type=section&id=Noninterest%20Expense%20%26%20Efficiency) Noninterest expense decreased year-over-year due to reduced salaries and occupancy costs, but increased slightly quarter-over-quarter due to higher incentive accruals and investment in customer software solutions. The efficiency ratio improved quarter-over-quarter Noninterest Expense & Efficiency | Metric | Q2 2024 | Q1 2024 | Change (QoQ) | Q2 2023 | Change (YoY) | | :-------------------------------- | :------ | :------ | :----------- | :------ | :----------- | | Total Noninterest Expense ($) | $9.0 million | $8.6 million | +$0.4 million (+4%) | $9.2 million | -$0.2 million (-2%) | | Salaries and Employee Benefits ($) | $4.7 million | $4.5 million | +$0.2 million (+4%) | $5.1 million | -$0.4 million (-8%) | | Occupancy Expense ($) | $0.5 million | $0.5 million | -$0.0 million (-1%) | $0.6 million | -$0.1 million (-16%) | | Internet Banking & Software Expense ($) | $0.7 million | $0.7 million | +$0.0 million (+5%) | $0.6 million | +$0.1 million (+25%) | | Efficiency Ratio (Core Bank Operating Earnings) (%) | 61.9% | 65.4% | -3.5 pp | 60.2% | +1.7 pp | - Full-time equivalent employees decreased from **129** at June 30, 2023, to **113** at June 30, 2024, reflecting reduced staffing and process improvements through technology[40](index=40&type=chunk) - The Company continues to identify and assess opportunities to reduce operating expenses[41](index=41&type=chunk) [Income Taxes](index=7&type=section&id=Income%20Taxes) The provision for income taxes remained stable quarter-over-quarter but saw a significant increase year-to-date, primarily due to nonrecurring taxes associated with the surrender of BOLI policies in Q1 2024 Income Taxes | Metric | Q2 2024 | Q1 2024 | Change (QoQ) | Q2 2023 | Change (YoY) | | :-------------------- | :------ | :------ | :----------- | :------ | :----------- | | Provision for Income Taxes ($) | $1.2 million | $3.2 million | -$2.0 million (-63.2%) | $1.2 million | -$0.0 million (-3.3%) | | YTD Provision for Income Taxes ($) | $4.4 million | N/A | N/A | $0.7 million | +$3.7 million (+496.2%) | - The year-to-date 2024 provision includes an additional **$2.4 million** associated with the surrender of BOLI policies during Q1 2024[44](index=44&type=chunk) [Company Overview](index=7&type=section&id=Company%20Overview) FVCBankcorp, Inc. is the holding company for FVCbank, a Virginia-chartered community bank with $2.30 billion in assets. It serves commercial businesses, nonprofit organizations, and professional service entities in the greater Baltimore and Washington, D.C. metropolitan areas through 8 full-service offices - FVCBankcorp, Inc. is the holding company for FVCbank, which commenced operations in November 2007[45](index=45&type=chunk) - FVCbank is a **$2.30 billion** asset-sized Virginia-chartered community bank[45](index=45&type=chunk) - The bank serves commercial businesses, nonprofit organizations, professional service entities, their owners, and employees in the greater Baltimore and Washington, D.C. metropolitan areas[45](index=45&type=chunk) - FVCbank operates **8 full-service offices** located in Arlington, Fairfax, Manassas, Reston, Springfield, Virginia; Washington, D.C.; and Baltimore and Bethesda, Maryland[45](index=45&type=chunk) [Cautionary Note About Forward-Looking Statements](index=8&type=section&id=Cautionary%20Note%20About%20Forward-Looking%20Statements) This section provides a cautionary note regarding forward-looking statements, emphasizing that they are based on expectations and subject to known and unknown risks and uncertainties. It lists various factors that could cause actual results to differ materially from those projected, including economic conditions, interest rate environment, liquidity, credit losses, market conditions, regulatory changes, and competitive pressures - Forward-looking statements are based largely on expectations and are subject to numerous known and unknown risks and uncertainties beyond the Company's control[47](index=47&type=chunk) - Key risk factors include general business and economic conditions (e.g., inflation, real estate valuations, unemployment), the impact of the interest rate environment on business and financial condition, changes in liquidity requirements, and potential for higher future credit losses[47](index=47&type=chunk) - Other significant risks involve market conditions (e.g., declines in real estate, capital market volatility), regulatory changes, competitive pressures, geopolitical conditions, natural disasters, and potential exposure to fraud and cyber-crime[47](index=47&type=chunk) [Financial Tables (Unaudited)](index=10&type=section&id=Financial%20Tables%20(Unaudited)) This section provides unaudited financial tables, including selected data, consolidated statements of condition and income, and average statements with yields [Selected Financial Data](index=10&type=section&id=Selected%20Financial%20Data) This table provides a comprehensive overview of FVCBankcorp, Inc.'s selected financial balances, summary results of operations, per share data, and key ratios for various periods, including GAAP and non-GAAP reconciliations Selected Financial Data | Metric | June 30, 2024 | June 30, 2023 | March 31, 2024 | Dec 31, 2023 | | :------------------------------------------ | :------------ | :------------ | :------------- | :----------- | | **Selected Balances ($ thousands)** | | | | | | Total assets | $2,299,194 | $2,344,372 | $2,182,662 | $2,190,558 | | Total loans, net of deferred fees | $1,886,929 | $1,903,814 | $1,852,746 | $1,828,564 | | Total deposits | $1,968,750 | $2,088,042 | $1,857,265 | $1,845,292 | | Total stockholders' equity | $226,491 | $211,051 | $220,661 | $217,117 | | **Summary Results of Operations (3 months) ($ thousands)** | | | | | | Net interest income | $13,670 | $14,388 | $12,792 | $12,659 | | Net income (loss) | $4,155 | $4,232 | $1,340 | $(5,071) | | **Per Share Data ($)** | | | | | | Net income (loss), diluted | $0.23 | $0.23 | $0.07 | $(0.28) | | Book value | $12.45 | $11.87 | $12.32 | $12.19 | | Tangible book value | $12.04 | $11.44 | $11.90 | $11.77 | | **Selected Ratios (%)** | | | | | | Net interest margin | 2.59 % | 2.60 % | 2.47 % | 2.37 % | | Return on average assets | 0.77 % | 0.73 % | 0.25 % | (0.92)% | | Return on average equity | 7.42 % | 8.17 % | 2.44 % | (9.51)% | | Efficiency | 61.86 % | 60.23 % | 65.41 % | NM | | **Capital Ratios - Bank (%)** | | | | | | Tangible common equity (to tangible assets) | 9.56 % | 8.70 % | 9.80 % | 10.12 % | | Total risk-based capital (to risk weighted assets) | 14.13 % | 13.28 % | 14.05 % | 13.83 % | | Nonperforming loans and loans 90+ past due to total assets | 0.13 % | 0.06 % | 0.14 % | 0.08 % | | Allowance for credit losses to nonperforming loans | 602.70 % | 1347.33 % | 631.44 % | 1031.77 % | [Summary Consolidated Statements of Condition](index=13&type=section&id=Summary%20Consolidated%20Statements%20of%20Condition) This table presents the consolidated balance sheet, detailing assets, liabilities, and stockholders' equity for FVCBankcorp, Inc. at various quarter-end dates, highlighting changes over the current quarter and year-ago period Summary Consolidated Statements of Condition | Metric | June 30, 2024 | March 31, 2024 | % Change Current Quarter | December 31, 2023 | June 30, 2023 | % Change From Year Ago | | :------------------------------------ | :------------ | :------------- | :----------------------- | :---------------- | :------------ | :--------------------- | | **Assets ($ thousands)** | | | | | | | | Total Assets | $2,299,194 | $2,182,662 | 5.3 % | $2,190,558 | $2,344,372 | (1.9)% | | Loans, net of fees | $1,886,929 | $1,852,746 | 1.8 % | $1,828,564 | $1,903,814 | (0.9)% | | Investment securities | $162,429 | $167,061 | (2.8)% | $171,859 | $231,468 | (29.8)% | | **Liabilities & Stockholders' Equity ($ thousands)** | | | | | | | | Total deposits | $1,968,752 | $1,857,265 | 6.0 % | $1,845,292 | $2,088,042 | (5.7)% | | Noninterest-bearing deposits | $373,848 | $394,143 | (5.1)% | $396,724 | $436,972 | (14.4)% | | Other borrowed funds | $57,000 | $57,000 | — % | $85,000 | $0 | — % | | Stockholders' equity | $226,491 | $220,661 | 2.6 % | $217,117 | $211,051 | 7.3 % | [Summary Consolidated Statements of Income](index=14&type=section&id=Summary%20Consolidated%20Statements%20of%20Income) This table presents the consolidated income statement, detailing revenues, expenses, and net income for FVCBankcorp, Inc. for the three and six months ended June 30, 2024, and comparable periods, including reconciliations to non-GAAP operating earnings Summary Consolidated Statements of Income | Metric | Q2 2024 | Q1 2024 | % Change Current Quarter | Q2 2023 | % Change From Year Ago | | :------------------------------------------ | :------ | :------ | :----------------------- | :------ | :--------------------- | | Net interest income ($ thousands) | $13,671 | $12,792 | 6.9 % | $14,388 | (5.0)% | | Provision for credit losses ($ thousands) | $206 | $0 | — % | $618 | (66.7)% | | Total noninterest income ($ thousands) | $871 | $395 | 120.5 % | $891 | (2.2)% | | Total noninterest expense ($ thousands) | $8,996 | $8,625 | 4.3 % | $9,203 | (2.2)% | | Net Income ($ thousands) | $4,155 | $1,340 | 210.1 % | $4,232 | (1.8)% | | Earnings per share - diluted ($) | $0.23 | $0.07 | 228.6 % | $0.23 | (1.9)% | | **YTD (6 months) ($ thousands)** | | | | | | | Net interest income | $26,462 | N/A | N/A | $28,402 | (6.8)% | | Provision for credit losses | $206 | N/A | N/A | $860 | (76.0)% | | Total noninterest income (loss) | $1,266 | N/A | N/A | $(3,736) | (133.9)% | | Total noninterest expense | $17,621 | N/A | N/A | $18,213 | (3.3)% | | Net Income | $5,495 | N/A | N/A | $4,854 | 13.2 % | | Earnings per share - diluted ($) | $0.30 | N/A | N/A | $0.27 | 12.3 % | [Average Statements of Condition and Yields on Earning Assets and Interest-Bearing Liabilities](index=17&type=section&id=Average%20Statements%20of%20Condition%20and%20Yields%20on%20Earning%20Assets%20and%20Interest-Bearing%20Liabilities) This table provides detailed average balances, interest income/expense, and average yields for earning assets and interest-bearing liabilities for the three and six months ended June 30, 2024, and comparable periods, illustrating the components of net interest margin Average Statements of Condition and Yields on Earning Assets and Interest-Bearing Liabilities | Metric | Q2 2024 Average Balance ($ thousands) | Q2 2024 Interest Income/Expense ($ thousands) | Q2 2024 Average Yield (%) | | :------------------------------------------ | :---------------------- | :------------------------------ | :-------------------- | | **Interest-earning assets:** | | | | | Total loans receivable, net of fees | $1,882,342 | $26,457 | 5.62 % | | Total interest-earning assets | $2,123,431 | $27,972 | 5.27 % | | **Interest-bearing liabilities:** | | | | | Total interest-bearing deposits | $1,420,454 | $12,894 | 3.65 % | | Total interest-bearing liabilities | $1,539,851 | $14,301 | 3.74 % | | Net Interest Margin | N/A | $13,671 | 2.59 % | | **YTD (6 months)** | | | | | Total loans receivable, net of fees | $1,861,614 | $51,771 | 5.56 % | | Total interest-earning assets | $2,103,435 | $54,799 | 5.21 % | | Total interest-bearing deposits | $1,413,506 | $25,435 | 3.62 % | | Total interest-bearing liabilities | $1,536,932 | $28,336 | 3.71 % | | Net Interest Margin | N/A | $26,463 | 2.53 % |