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]

Exhibit 99.1 PRESS RELEASE For further information, contact: 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 FOR IMMEDIATE RELEASE – July 25, 2024 1 • Increase in Net Income. For the three months ended June 30, 2024, the Company recorded net income of $4.2 million, or $0.23 diluted earnings per share. Compared to the linked quarter, net income increased $2.8 million, fr ...

[PART I — FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements%3A) Presents FVCBankcorp, Inc.'s unaudited consolidated financial statements for Q1 2024, including comparative data and accompanying notes [Consolidated Statement of Condition](index=4&type=section&id=Consolidated%20Statement%20of%20Condition) Total assets slightly decreased to **$2.18 billion**, liabilities reduced to **$1.96 billion**, and stockholders' equity increased to **$220.7 million** as of March 31, 2024 Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | December 31, 2023 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **$2,182,662** | **$2,190,558** | **($7,896)** | | Loans, net | $1,833,828 | $1,809,693 | $24,135 | | Securities available-for-sale | $166,797 | $171,595 | ($4,798) | | Bank owned life insurance | $9,011 | $56,823 | ($47,812) | | **Total Liabilities** | **$1,962,001** | **$1,973,441** | **($11,440)** | | Total deposits | $1,857,265 | $1,845,292 | $11,973 | | Other borrowed funds | $57,000 | $85,000 | ($28,000) | | **Total Stockholders' Equity** | **$220,661** | **$217,117** | **$3,544** | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) Net income increased by **116%** to **$1.34 million** in Q1 2024, driven by a swing in non-interest income despite a **9%** decrease in net interest income Q1 2024 vs Q1 2023 Performance (in thousands, except per share data) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Net Interest Income | $12,792 | $14,014 | -8.7% | | Provision for credit losses | $0 | $242 | -100% | | Total non-interest income (loss) | $395 | ($4,627) | N/A | | Total noninterest expenses | $8,625 | $9,010 | -4.3% | | **Net Income** | **$1,340** | **$621** | **+115.8%** | | **Earnings per share, diluted** | **$0.07** | **$0.03** | **+133.3%** | [Consolidated Statements of Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Total comprehensive income for Q1 2024 was **$3.0 million**, a decrease from Q1 2023, influenced by net income and other comprehensive income Comprehensive Income Breakdown (in thousands) | Component | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Income | $1,340 | $621 | | Other Comprehensive Income | $1,687 | $3,705 | | **Total Comprehensive Income** | **$3,027** | **$4,326** | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating activities provided **$7.2 million** in cash, investing activities **$7.4 million**, while financing activities used **$15.7 million**, resulting in a net cash decrease of **$1.1 million** Net Cash Flow Summary (in thousands) | Activity | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $7,152 | $2,557 | | Net cash provided by (used in) investing activities | $7,400 | ($671) | | Net cash (used in) provided by financing activities | ($15,658) | $4,161 | | **Net (decrease) increase in cash** | **($1,106)** | **$6,047** | - The company received **$47.8 million** in cash from the surrender of bank-owned life insurance policies during Q1 2024[18](index=18&type=chunk) [Consolidated Statements of Changes in Stockholders' Equity](index=8&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity) Stockholders' equity increased to **$220.7 million** by March 31, 2024, driven by net income and positive other comprehensive income Changes in Stockholders' Equity (in thousands) | Description | Q1 2024 | | :--- | :--- | | Balance at December 31, 2023 | $217,117 | | Net income | $1,340 | | Other comprehensive income | $1,687 | | Common stock issuance & other | $504 | | **Balance at March 31, 2024** | **$220,661** | [Notes to Unaudited Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) Provides detailed explanations of accounting policies and financial data, including significant events like the Q1 2024 surrender of BOLI policies - In Q1 2024, the company surrendered BOLI policies with a cash value of **$48.0 million**, incurring an additional statutory income tax expense of **$1.6 million** and tax penalties of **$722 thousand**[31](index=31&type=chunk) - The company's investment in Atlantic Coast Mortgage, LLC (ACM) represents a **28.7%** ownership interest and is accounted for using the equity method[24](index=24&type=chunk) - Unrealized losses in the available-for-sale securities portfolio, totaling **$36.1 million**, are primarily attributed to interest rate increases rather than credit quality deterioration, with no allowance for credit losses recognized[37](index=37&type=chunk)[49](index=49&type=chunk) - The allowance for credit losses on loans was **$18.9 million** as of March 31, 2024, with no provision for credit losses recorded during the quarter[54](index=54&type=chunk)[78](index=78&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 financial performance and condition, highlighting increased net income, decreased net interest margin, stable asset quality, and the impact of BOLI policy surrender [Results of Operations](index=42&type=section&id=Results%20of%20Operations) Net income increased to **$1.3 million** in Q1 2024, driven by lower noninterest expenses and the absence of prior year's securities loss, despite a compressed net interest margin Q1 Performance Summary (in thousands) | Metric | Q1 2024 | Q1 2023 | Change (%) | | :--- | :--- | :--- | :--- | | Net Income | $1,340 | $621 | +116% | | Net Interest Income | $12,792 | $14,014 | -9% | | Noninterest Income (Loss) | $395 | ($4,627) | N/A | | Noninterest Expense | $8,625 | $9,010 | -4% | - The net interest margin decreased to **2.47%** in Q1 2024 from **2.60%** in Q1 2023, primarily due to the cost of interest-bearing deposits increasing by **98 basis points**[193](index=193&type=chunk) - The surrender of BOLI policies in Q1 2024 resulted in a cash payout of **$48.0 million** but also incurred **$1.6 million** in income tax expense and **$722 thousand** in tax penalties[175](index=175&type=chunk) - Noninterest expense decreased by **4.3%**, mainly due to a **$484 thousand** reduction in salaries and benefits and a **$105 thousand** decrease in occupancy expense[210](index=210&type=chunk)[211](index=211&type=chunk) [Financial Condition](index=50&type=section&id=Financial%20Condition) Total assets remained stable at **$2.18 billion**, with net loans and deposits increasing by **1%**, while asset quality remained strong and capital ratios exceeded 'well capitalized' standards - Total assets were **$2.18 billion** at March 31, 2024, a slight decrease of **0.4%** from year-end 2023[213](index=213&type=chunk) - Nonperforming loans were **$3.0 million**, or **0.14%** of total assets, at March 31, 2024, compared to **$1.8 million**, or **0.08%**, at December 31, 2023[219](index=219&type=chunk)[224](index=224&type=chunk) - The commercial real estate (CRE) portfolio, including construction, totaled **$1.24 billion**, with office loans representing **$121.3 million** (**7%** of total loans) and retail loans representing **$266.1 million** (**14%** of total loans)[225](index=225&type=chunk)[227](index=227&type=chunk) - Tangible book value per share increased to **$11.90** at March 31, 2024, from **$11.77** at December 31, 2023[258](index=258&type=chunk)[266](index=266&type=chunk) [Liquidity and Capital Resources](index=57&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$247.3 million** in liquid assets and robust capital, with a total risk-based capital ratio of **14.05%**, exceeding 'well capitalized' standards - The Bank's total risk-based capital ratio was **14.05%** at March 31, 2024, exceeding the **10.50%** minimum requirement to be considered well-capitalized (including the conservation buffer)[264](index=264&type=chunk) - As of March 31, 2024, the estimated amount of total uninsured deposits (excluding collateralized deposits) was **$566.5 million**, representing **30.5%** of total deposits[249](index=249&type=chunk) - The company has access to secondary liquidity sources, including **$130 million** in FHLB secured borrowings and additional capacity at the FRB discount window[272](index=272&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=61&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This disclosure is not required for the registrant and no information is provided - The company has indicated that this disclosure is not required[283](index=283&type=chunk) [Controls and Procedures](index=61&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls over financial reporting during the quarter - The CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of the end of the reporting period[284](index=284&type=chunk) - No material changes to internal controls over financial reporting occurred during the last fiscal quarter[285](index=285&type=chunk) [PART II — OTHER INFORMATION](index=61&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) [Legal Proceedings](index=61&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings, nor is management aware of any threatened proceedings - The company is not party to any material legal proceedings[287](index=287&type=chunk) [Risk Factors](index=61&type=section&id=Item%201A.%20Risk%20Factors) No material changes in risk factors were reported from those disclosed in the Annual Report on Form 10-K - No material changes to risk factors were reported since the last Annual Report on Form 10-K[288](index=288&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=62&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The Board of Directors renewed the share repurchase program for up to **1,300,000** shares, with no repurchases made during Q1 2024 - The Board of Directors renewed the share repurchase program, allowing for the purchase of up to **1,300,000** shares[292](index=292&type=chunk) - No shares were purchased under the program during the first quarter of 2024[289](index=289&type=chunk) [Defaults Upon Senior Securities](index=62&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported - No defaults upon senior securities were reported[290](index=290&type=chunk) [Mine Safety Disclosures](index=62&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - This item is not applicable to the company[290](index=290&type=chunk) [Other Information](index=62&type=section&id=Item%205.%20Other%20Information) No other information was reported, and no Rule 10b5-1 trading arrangements were adopted or terminated by directors or officers - No other information was reported under this item[291](index=291&type=chunk) [Exhibits](index=63&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including officer certifications and XBRL data files - The report includes standard exhibits such as CEO/CFO certifications (31.1, 31.2, 32.1, 32.2) and XBRL financial data (101, 104)[296](index=296&type=chunk)

FVCBankcorp (FVCB) reported $13.19 million in revenue for the quarter ended March 2024, representing a year-over-year increase of 40.4%. EPS of $0.20 for the same period compares to $0.26 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $13.82 million, representing a surprise of -4.58%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.20.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street ...

Exhibit 99.1 For further information, contact: 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 PRESS RELEASE FOR IMMEDIATE RELEASE – April 23, 2024 FVCBankcorp, Inc. Announces First Quarter 2024 Earnings; Net Interest Income and Margin Improvement Fairfax, VA-FVCBankcorp, Inc. (NASDAQ: FVCB) (the "Company") today reported its financial results for the first quarter of 2 ...

FVCBankcorp, Inc. (FVCB) has extended its current share repurchase program to Mar 31, 2025, from Mar 31, 2024. Per the program, the company is authorized to buy back up to 1,300,000 shares, which represents approximately 7% of its outstanding shares of common stock as of Dec 31, 2023.During 2023, FVCBankcorp bought back 115,750 shares of its common stock at a cost of $1.4 million. As of Dec 31, 2023, 1,275,202 shares remained available under the authorization.Prior to this, the company extended its share re ...

or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 Fairfax, Virginia 22030 (Address of principal executive offices) (Zip Code) (I.R.S. Employer Identification No.) For the transition period from_______to_______ Commission file ...

[PART I — FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for FVCBankcorp, Inc. as of September 30, 2023, and for the three and nine months then ended, including balance sheets, statements of income, comprehensive income, cash flows, and changes in stockholders' equity, along with accompanying notes, noting the adoption of the Current Expected Credit Loss (CECL) accounting standard on January 1, 2023, which resulted in a **$2.8 million** net reduction to retained earnings [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased slightly to **$2.31 billion** at September 30, 2023, from **$2.34 billion** at December 31, 2022, primarily driven by a decrease in securities available-for-sale and FHLB advances, largely offset by an increase in total deposits, while total stockholders' equity increased to **$211.2 million** from **$202.4 million** over the same period Consolidated Balance Sheet Highlights (in thousands) | Account | September 30, 2023 (Unaudited) | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$2,305,472** | **$2,344,322** | | Loans, net | $1,830,664 | $1,824,394 | | Securities available-for-sale | $216,146 | $278,069 | | **Total Liabilities** | **$2,094,226** | **$2,141,940** | | Total deposits | $1,995,971 | $1,830,162 | | FHLB advances | $50,000 | $235,000 | | **Total Stockholders' Equity** | **$211,246** | **$202,382** | [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) Net income for the third quarter of 2023 was **$4.0 million**, a significant decrease from **$7.0 million** in the third quarter of 2022, and for the nine months ended September 30, 2023, net income was **$8.9 million**, down from **$20.1 million** year-over-year, primarily due to a substantial increase in interest expense (**$14.1M** in Q3 2023 vs **$3.6M** in Q3 2022), which outpaced the growth in interest income, leading to lower net interest income Income Statement Summary (in thousands) | Metric | Q3 2023 | Q3 2022 | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $13,335 | $17,526 | $41,737 | $49,364 | | (Recovery of) Provision for credit losses | $(729) | $365 | $132 | $1,900 | | Total noninterest (loss) income | $225 | $575 | $(3,511) | $2,844 | | **Net Income** | **$4,039** | **$7,043** | **$8,892** | **$20,080** | Earnings Per Share | Metric | Q3 2023 | Q3 2022 | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | :--- | :--- | | EPS, basic | $0.23 | $0.40 | $0.50 | $1.15 | | EPS, diluted | $0.22 | $0.38 | $0.49 | $1.09 | [Consolidated Statements of Comprehensive Income (Loss)](index=7&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) The company reported a total comprehensive loss of **$33 thousand** for Q3 2023, a significant improvement from a loss of **$3.3 million** in Q3 2022, and for the nine months ended September 30, 2023, total comprehensive income was **$10.6 million**, compared to a loss of **$17.5 million** in the prior-year period, driven by a reclassification adjustment for realized securities losses and smaller unrealized losses on securities available for sale Comprehensive Income (Loss) Summary (in thousands) | Metric | Q3 2023 | Q3 2022 | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $4,039 | $7,043 | $8,892 | $20,080 | | Total other comprehensive (loss) | $(4,072) | $(10,388) | $1,733 | $(37,537) | | **Total comprehensive income (loss)** | **$(33)** | **$(3,345)** | **$10,625** | **$(17,457)** | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2023, net cash provided by operating activities was **$11.7 million**, net cash from investing activities was **$37.6 million**, primarily due to **$35.8 million** in proceeds from the sale of available-for-sale securities, and net cash used in financing activities was **$49.0 million**, driven by a **$185.0 million** net decrease in FHLB advances, partially offset by a **$155.9 million** net increase in time deposits, resulting in a net increase in cash and cash equivalents of **$307 thousand** Cash Flow Summary for Nine Months Ended Sep 30 (in thousands) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $11,740 | $13,894 | | Net cash provided by (used in) investing activities | $37,615 | $(83,692) | | Net cash (used in) provided by financing activities | $(49,048) | $57,005 | | **Net increase (decrease) in cash** | **$307** | **$(12,793)** | [Notes to Unaudited Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of the company's accounting policies and financial statement components, including the adoption of the CECL standard on January 1, 2023, which resulted in a **$2.8 million** net reduction to retained earnings, and the Q1 2023 balance sheet repositioning through the sale of **$40.3 million** in securities at a **$4.6 million** pre-tax loss to reduce high-cost debt - The company adopted the CECL standard (ASU 2016-13) on January 1, 2023, recording a net reduction of retained earnings of **$2.8 million**. This included a **$2.9 million** increase in the allowance for credit losses on loans and an **$800 thousand** increase to the reserve for unfunded commitments[27](index=27&type=chunk)[56](index=56&type=chunk) - In Q1 2023, the company sold available-for-sale investment securities with a book value of **$40.3 million**, realizing a pre-tax loss of **$4.6 million**. The proceeds were used to reduce high-cost FHLB advances and fund higher-yielding commercial loans[78](index=78&type=chunk) - As of September 30, 2023, the company had no financial instruments indexed to LIBOR, having completed its transition to Alternative Reference Rates (ARRs) like SOFR[234](index=234&type=chunk) - The company's investment in Atlantic Coast Mortgage, LLC (ACM) resulted in a loss of **$650 thousand** for Q3 2023 and **$1.4 million** for the nine months ended September 30, 2023[22](index=22&type=chunk)[286](index=286&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance and condition, highlighting the impact of the rising interest rate environment which compressed the net interest margin due to rapidly increasing funding costs, while maintaining strong credit quality and a solid capital and liquidity position by successfully reducing wholesale funding and growing core deposits [Results of Operations](index=47&type=section&id=Results%20of%20Operations) For Q3 2023, net income decreased to **$4.0 million** from **$7.0 million** in Q3 2022, primarily due to a **24%** drop in net interest income to **$13.3 million**, with the net interest margin compressing significantly to **2.39%** from **3.38%** year-over-year as the cost of interest-bearing deposits surged to **3.40%** from **0.88%**, while noninterest income fell due to a larger loss from the minority interest in ACM, and noninterest expense saw a modest **5.2%** increase driven by higher FDIC insurance and software costs Q3 Performance Summary | Metric | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | Net Income | $4.0 million | $7.0 million | | Diluted EPS | $0.22 | $0.38 | | Return on Average Assets (ROA) | 0.70% | 1.32% | | Return on Average Equity (ROE) | 7.57% | 13.87% | - The net interest margin decreased to **2.39%** for Q3 2023 from **3.38%** in Q3 2022, primarily due to the cost of interest-bearing deposits increasing **252 basis points** to **3.40%**[257](index=257&type=chunk) - For the nine months ended Sep 30, 2023, non-interest income was a loss of **$3.5 million**, primarily due to a **$4.6 million** loss on the sale of securities and a **$1.4 million** loss from the investment in ACM[286](index=286&type=chunk)[289](index=289&type=chunk) - FDIC insurance expense increased **178.1%** in Q3 2023 compared to Q3 2022, due to the FDIC increasing the assessment rate to replenish its deposit insurance fund[292](index=292&type=chunk)[293](index=293&type=chunk) [Financial Condition and Asset Quality](index=63&type=section&id=Financial%20Condition%20and%20Asset%20Quality) Total assets remained stable at **$2.31 billion** as of September 30, 2023, with the loan portfolio seeing minimal growth, increasing by **0.3%** to **$1.85 billion**, while asset quality improved significantly, with nonperforming loans decreasing by **66%** to **$1.5 million** (**0.07%** of total assets) from **$4.5 million** at year-end 2022, and the allowance for credit losses on loans as a percentage of total loans increased to **1.06%** from **0.87%** at year-end, reflecting the adoption of CECL Asset Quality Metrics | Metric | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Nonperforming Loans (NPLs) | $1,510 thousand | $4,493 thousand | | NPLs / Total Assets | 0.07% | 0.19% | | Allowance for credit losses / NPLs | 1,248.28% | 357.00% | - Special mention loans decreased to **$811 thousand** at September 30, 2023, from **$10.4 million** at December 31, 2022, primarily due to two relationships totaling **$9.6 million** paying off[304](index=304&type=chunk) - The commercial real estate portfolio, including office and retail, exhibited strong credit quality with no delinquencies and no classified loans at September 30, 2023[313](index=313&type=chunk) [Capital Resources and Liquidity](index=69&type=section&id=Capital%20Resources%20and%20Liquidity) The company's capital and liquidity positions remain strong, with shareholders' equity increasing to **$211.2 million** and tangible book value per share rising to **$11.44** from **$11.14** at year-end 2022, as all of the Bank's regulatory capital ratios exceeded "well capitalized" minimums, including a Total risk-based capital ratio of **13.93%**, and robust liquidity supported by growth in core deposits, access to wholesale funding, significant available borrowing capacity of **$481.6 million** with the FHLB and **$135.9 million** with the FRB, and improved estimated uninsured deposits at **31.8%** of total deposits Bank's Regulatory Capital Ratios (as of Sep 30, 2023) | Ratio | Actual | Minimum to be Well Capitalized | | :--- | :--- | :--- | | Total risk-based capital | 13.93% | > 10.00% | | Tier 1 risk-based capital | 12.92% | > 8.00% | | Common equity tier 1 capital | 12.92% | > 6.50% | | Leverage capital ratio | 10.62% | > 5.00% | Tangible Book Value Per Share (Non-GAAP) | Metric | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Tangible book value per common share | $11.44 | $11.14 | - As of September 30, 2023, the Bank had additional borrowing capacity of approximately **$481.6 million** from the FHLB and **$135.9 million** from the FRB[357](index=357&type=chunk) - Estimated uninsured deposits (excluding collateralized deposits) improved to **31.8%** of total deposits at September 30, 2023, down from **39.7%** at December 31, 2022[352](index=352&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=74&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that this section is not required for this filing, as is permitted for smaller reporting companies - The company indicates that this disclosure is not required[366](index=366&type=chunk) [Controls and Procedures](index=74&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of the end of the period covered by the report, with no material changes in internal control over financial reporting during the last fiscal quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of September 30, 2023[367](index=367&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter[368](index=368&type=chunk) [PART II — OTHER INFORMATION](index=75&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) [Legal Proceedings](index=75&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings, nor is it aware of any threatened material legal proceedings - The company reports it is not party to any material legal proceedings[371](index=371&type=chunk) [Risk Factors](index=75&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2022 - No material changes to risk factors from the last Annual Report on Form 10-K are reported[372](index=372&type=chunk) [Issuer Purchases of Equity Securities](index=75&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company renewed its share repurchase program on March 16, 2023, authorizing the purchase of up to **1,300,000 shares** of its common stock through March 31, 2024, with no shares repurchased during the three months ended September 30, 2023 - The Board of Directors renewed the share repurchase program, authorizing the purchase of up to **1,300,000 shares**. The program expires on March 31, 2024[380](index=380&type=chunk) - No shares were repurchased during the three months ended September 30, 2023[374](index=374&type=chunk) [Other Information (Items 3-6)](index=75&type=section&id=Other%20Information%20(Items%203-6)) The company reports no defaults upon senior securities, no mine safety disclosures, and no other material information to disclose under Item 5, with a list of exhibits filed with the report, including officer certifications and XBRL data, provided under Item 6 - The company reported no defaults on senior securities (Item 3), no mine safety disclosures (Item 4), and no other information (Item 5)[375](index=375&type=chunk)[377](index=377&type=chunk)[378](index=378&type=chunk) - Item 6 lists the exhibits filed with the 10-Q, including officer certifications and XBRL data[383](index=383&type=chunk)

[PART I — FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) FVCBankcorp's Q2 2023 net income declined to $4.2 million due to higher interest expenses, with year-to-date results impacted by a securities loss and CECL adoption [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets remained stable at $2.34 billion, with deposits increasing by $257.9 million to offset FHLB advances, while net loans grew and stockholders' equity rose by $8.7 million Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and equivalents | $75,004 | $81,553 | | Securities available-for-sale | $231,204 | $278,069 | | Loans, net | $1,884,372 | $1,824,394 | | **Total Assets** | **$2,344,372** | **$2,344,322** | | **Liabilities & Equity** | | | | Total Deposits | $2,088,042 | $1,830,162 | | FHLB Advances | $0 | $235,000 | | **Total Liabilities** | **$2,133,321** | **$2,141,940** | | **Total Stockholders' Equity** | **$211,051** | **$202,382** | [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) Net income for Q2 2023 decreased to $4.2 million due to lower net interest income, while year-to-date net income dropped to $4.9 million, primarily impacted by a $4.6 million securities sale loss Income Statement Summary (in thousands, except per share data) | Metric | Q2 2023 | Q2 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | Total Interest Income | $27,203 | $19,026 | $52,537 | $36,249 | | Total Interest Expense | $12,815 | $2,239 | $24,135 | $4,411 | | **Net Interest Income** | **$14,388** | **$16,787** | **$28,402** | **$31,838** | | Provision for credit losses | $618 | $1,185 | $860 | $1,535 | | Total Noninterest (Loss) Income | $891 | $645 | $(3,736) | $2,269 | | **Net Income** | **$4,233** | **$6,425** | **$4,854** | **$13,039** | | **Diluted EPS** | **$0.23** | **$0.35** | **$0.27** | **$0.71** | [Consolidated Statements of Comprehensive Income (Loss)](index=7&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) Total comprehensive income for Q2 2023 improved to $6.3 million from a $3.6 million loss, driven by positive other comprehensive income, with year-to-date comprehensive income reaching $10.7 million Comprehensive Income (Loss) Summary (in thousands) | Metric | Q2 2023 | Q2 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $4,233 | $6,425 | $4,854 | $13,039 | | Total Other Comprehensive Income (Loss) | $2,100 | $(9,978) | $5,805 | $(27,149) | | **Total Comprehensive Income (Loss)** | **$6,333** | **$(3,553)** | **$10,659** | **$(14,110)** | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities was $5.5 million, with a $6.9 million outflow from financing activities due to FHLB repayment, resulting in a $1.0 million net increase in cash and equivalents Cash Flow Summary for Six Months Ended June 30 (in thousands) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $5,488 | $6,454 | | Net cash (used in) provided by investing activities | $2,487 | $(179,201) | | Net cash (used in) provided by financing activities | $(6,947) | $159,864 | | **Net increase (decrease) in cash** | **$1,028** | **$(12,883)** | [Notes to Unaudited Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) The notes detail accounting policies, including the CECL adoption's $2.8 million impact on retained earnings, a Q1 2023 balance sheet repositioning, and the completion of the LIBOR to SOFR transition - The company adopted the Current Expected Credit Loss (CECL) model on January 1, 2023, recording a net reduction of retained earnings of **$2.8 million**. This included a **$2.9 million** increase in the allowance for credit losses on loans and a **$0.8 million** increase to the reserve for unfunded commitments[27](index=27&type=chunk)[56](index=56&type=chunk) - In Q1 2023, the company sold available-for-sale securities with a book value of **$40.3 million**, realizing a pre-tax loss of **$4.6 million**. The proceeds were used to pay down high-cost FHLB advances and fund new loans[79](index=79&type=chunk) - As of June 30, 2023, the company has completed its transition away from LIBOR for all its financial instruments, with new benchmark rates based on SOFR[232](index=232&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the decline in Q2 2023 net income due to compressed net interest margin and strategic losses, highlighting strong asset quality, balance sheet repositioning, and robust capital levels [Results of Operations](index=47&type=section&id=Results%20of%20Operations) Q2 2023 net income declined to $4.2 million, and year-to-date net income dropped to $4.9 million, primarily due to decreased net interest income, a securities sale loss, and increased noninterest expenses Key Performance Metrics | Metric | Q2 2023 | Q2 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Income (in millions) | $4.2 | $6.4 | $4.9 | $13.0 | | Diluted EPS | $0.23 | $0.35 | $0.27 | $0.71 | | Annualized ROA | 0.73% | 1.21% | 0.42% | 1.26% | | Annualized ROE | 8.17% | 12.93% | 4.70% | 12.78% | - Excluding the loss on securities sales and merger-related expenses, non-GAAP commercial bank operating earnings were **$8.4 million** for the first six months of 2023, compared to **$13.1 million** for the same period in 2022[237](index=237&type=chunk) [Discussion and Analysis of Financial Condition](index=63&type=section&id=Discussion%20and%20Analysis%20of%20Financial%20Condition) Total assets remained stable at $2.34 billion, with a strategic shift in funding mix to increase deposits and pay down FHLB advances, while asset quality improved, and capital and liquidity remained strong - Total deposits increased by **$257.9 million** (**14%**) to **$2.09 billion** at June 30, 2023, from year-end 2022. This was used to pay down all FHLB advances, which stood at **$235.0 million** at year-end[298](index=298&type=chunk)[338](index=338&type=chunk) - Asset quality improved significantly, with nonperforming loans falling to **$1.4 million** (**0.06% of total assets**) at June 30, 2023, from **$4.5 million** (**0.19% of total assets**) at December 31, 2022[304](index=304&type=chunk) - Liquidity is strong, with total available borrowing capacity of approximately **$813 million** from the FHLB, FRB, and federal funds lines. The liquidity position was **172%** of estimated uninsured deposits as of June 30, 2023[357](index=357&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=74&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This item is not required for the current filing - Quantitative and Qualitative Disclosures About Market Risk are not required for this report[366](index=366&type=chunk) [Controls and Procedures](index=74&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes in internal control over financial reporting during the last fiscal quarter - The CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of June 30, 2023[367](index=367&type=chunk) - No changes occurred in the company's internal control over financial reporting during the last fiscal quarter that materially affected, or are likely to materially affect, these controls[368](index=368&type=chunk) [PART II — OTHER INFORMATION](index=75&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) [Legal Proceedings](index=75&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material legal proceedings, nor is management aware of any threatened proceedings - As of the filing date, the company is not involved in any material legal proceedings[371](index=371&type=chunk) [Risk Factors](index=75&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors have been reported since the Annual Report on Form 10-K for the year ended December 31, 2022 - No material changes in risk factors are reported since the last Annual Report on Form 10-K[372](index=372&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=75&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The Board renewed the share repurchase program for up to 1.3 million shares, with 24,798 shares repurchased in Q2 2023 at an average price of $9.16 per share - The Board of Directors renewed a share repurchase program on March 16, 2023, authorizing the buyback of up to **1,300,000 shares** of common stock[378](index=378&type=chunk) Share Repurchases in Q2 2023 | Period | Total Shares Purchased | Average Price Paid per Share ($) | | :--- | :--- | :--- | | April 2023 | 0 | — | | May 2023 | 24,798 | $9.16 | | June 2023 | 0 | — | | **Total Q2** | **24,798** | **$9.16** | [Other Information and Exhibits](index=75&type=section&id=Item%203,%204,%205,%206) The company reported no defaults on senior securities, no mine safety disclosures, and no other material information, with exhibits including officer certifications and XBRL data - There were no defaults upon senior securities (Item 3), no mine safety disclosures (Item 4), and no other information to report (Item 5)[375](index=375&type=chunk)[377](index=377&type=chunk)[378](index=378&type=chunk) - Exhibits filed with the report include CEO and CFO certifications (31.1, 31.2, 32.1, 32.2) and financial data in XBRL format (101, 104)[380](index=380&type=chunk)