PART I [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for FVCBankcorp, Inc. for the period ended September 30, 2020, including balance sheets, income statements, and detailed notes on accounting policies and financial data [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets grew to $1.79 billion by September 30, 2020, a 16.7% increase from $1.54 billion, primarily driven by increased net loans and funded by higher total deposits Consolidated Balance Sheet Highlights (in thousands) | Metric | September 30, 2020 (Unaudited) | December 31, 2019 | | :--- | :--- | :--- | | **Total Assets** | **$1,794,172** | **$1,537,295** | | Loans, net | $1,483,078 | $1,260,295 | | **Total Liabilities** | **$1,609,682** | **$1,358,217** | | Total Deposits | $1,514,348 | $1,285,722 | | **Total Stockholders' Equity** | **$184,490** | **$179,078** | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Net income for Q3 2020 was $3.9 million, a slight decrease from Q3 2019, while the nine-month net income of $10.5 million declined due to a substantial increase in the provision for loan losses Key Income Statement Data (in thousands, except per share data) | Metric | Q3 2020 | Q3 2019 | Nine Months 2020 | Nine Months 2019 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $13,595 | $12,092 | $38,501 | $36,228 | | Provision for loan losses | $1,700 | $235 | $4,516 | $1,255 | | **Net Income** | **$3,874** | **$4,093** | **$10,487** | **$12,104** | | Earnings per share, diluted | $0.28 | $0.28 | $0.74 | $0.82 | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section details accounting policies and financial figures, highlighting the impact of COVID-19, PPP participation, loan deferrals, portfolio composition, and a $20 million subordinated notes private placement - The company is actively managing risks associated with the COVID-19 pandemic, including offering payment deferrals to borrowers and participating in the Paycheck Protection Program (PPP)[30](index=30&type=chunk)[31](index=31&type=chunk)[33](index=33&type=chunk) - As of September 30, 2020, the company had originated **755 PPP loans totaling $170.3 million**, net of deferred fees. These loans are fully guaranteed by the U.S. government, and no allowance for loan losses has been recorded for them[43](index=43&type=chunk)[45](index=45&type=chunk) - The company executed **277 loan payment deferrals on outstanding balances of $360.2 million** in response to COVID-19. These short-term deferrals are not considered troubled debt restructurings (TDRs) per interagency guidance[42](index=42&type=chunk)[55](index=55&type=chunk) - On October 13, 2020, the company completed a private placement of **$20 million in 4.875% Fixed to Floating Subordinated Notes due 2030**, structured to qualify as Tier 2 capital[183](index=183&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=43&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes financial performance and condition, focusing on COVID-19 impacts, asset and deposit growth, declining net interest margin, increased loan loss provisions, stable asset quality, and strong capital and liquidity [Financial Overview and COVID-19 Impact](index=45&type=section&id=Financial%20Overview%20and%20COVID-19%20Impact) Total assets grew 16.7% to $1.79 billion by September 30, 2020, driven by PPP loans, while nine-month net income declined to $10.5 million due to increased loan loss provisions and branch closure costs, with loan deferrals significantly decreasing - Total assets increased by **$256.9 million (16.7%) to $1.79 billion** at September 30, 2020, from December 31, 2019, primarily due to PPP loan originations[215](index=215&type=chunk) - The company originated **755 PPP loans for approximately $170.3 million**, net of deferred fees, as of September 30, 2020[219](index=219&type=chunk) Loan Payment Deferral Status | Date | Deferred Loan Balance | Number of Loans | | :--- | :--- | :--- | | June 30, 2020 | $360.2 million | 277 | | September 30, 2020 | $118.7 million | 57 | | October 31, 2020 | $37.6 million | 22 | [Results of Operations](index=53&type=section&id=Results%20of%20Operations) Net interest income increased to $13.6 million in Q3 2020, though net interest margin declined to 3.30%, while the provision for loan losses significantly increased to $4.5 million for the nine-month period, and noninterest expense rose due to branch closure costs - Net interest margin decreased to **3.30% for Q3 2020 from 3.41% in Q3 2019**. The decrease was attributed to the low interest rate environment, excess liquidity, and the impact of low-yielding PPP loans[253](index=253&type=chunk)[260](index=260&type=chunk) - Provision for loan losses increased to **$4.5 million for the nine months ended September 30, 2020**, compared to $1.3 million for the same period in 2019, primarily due to economic conditions resulting from the COVID-19 pandemic[280](index=280&type=chunk) - Noninterest expense for the nine months ended September 30, 2020, included a one-time impairment charge of **$676 thousand** related to the closure of two branch office locations[287](index=287&type=chunk) [Financial Condition and Asset Quality](index=63&type=section&id=Financial%20Condition%20and%20Asset%20Quality) Total loans grew 17.9% to $1.50 billion and deposits increased 17.8% to $1.51 billion, while asset quality remained stable with nonperforming assets decreasing to 0.66%, and the allowance for loan losses increased to 1.15% reflecting a cautious outlook Asset Quality Metrics | Metric | September 30, 2020 | December 31, 2019 | | :--- | :--- | :--- | | Nonperforming Assets (NPAs) | $11,871 thousand | $14,591 thousand | | NPAs / Total Assets | 0.66% | 0.95% | | Allowance for loan losses / NPLs | 181.84% | 95.39% | - The allowance for loan losses to total originated loans (excluding PPP loans) was **1.15% at September 30, 2020**, an increase from 0.87% at December 31, 2019, reflecting a more cautious outlook[280](index=280&type=chunk) [Capital Resources and Liquidity](index=72&type=section&id=Capital%20Resources%20and%20Liquidity) The company maintained a strong capital position with a CBLR of 11.02% and increased tangible book value per share to $13.06, while robust liquidity was supported by $206.8 million in liquid assets and significant borrowing capacity - The Bank adopted the Community Bank Leverage Ratio (CBLR) framework and reported a CBLR of **11.02% at September 30, 2020**, exceeding the regulatory requirement to be considered well-capitalized[343](index=343&type=chunk)[345](index=345&type=chunk) - In Q1 2020, the company repurchased **487,531 shares for $7.3 million** but has since temporarily suspended the program due to COVID-19 uncertainty[344](index=344&type=chunk) - Liquidity is strong, with liquid assets of **$206.8 million** and additional borrowing capacity of approximately **$102.9 million from the FHLB and $136.6 million from the FRB**[358](index=358&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=77&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, managed by ALCO, with simulations indicating a neutral asset/liability position and minimal impact on net interest income from a +/- 100 basis point rate shock Interest Rate Sensitivity Analysis (1-Year Horizon) | Change in Interest Rates (bps) | % Change in Net Interest Income (Sept 30, 2020) | | :--- | :--- | | +400 | -0.80% | | +200 | -0.94% | | +100 | -0.76% | | -100 | +0.60% | [Controls and Procedures](index=78&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of September 30, 2020, with no material changes in internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of September 30, 2020[379](index=379&type=chunk) PART II — OTHER INFORMATION [Risk Factors](index=79&type=section&id=Item%201A.%20Risk%20Factors) This section highlights significant risks from the COVID-19 pandemic, including increased loan losses, collateral value deterioration, net interest margin pressure, operational disruptions, and decreased demand for banking products, with the ultimate impact remaining highly uncertain - The primary updated risk factor relates to the COVID-19 pandemic, which could adversely affect business, financial condition, and operations through increased loan losses, reduced net interest margin, and operational challenges[384](index=384&type=chunk)[385](index=385&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=80&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q1 2020, the company repurchased and cancelled 487,531 shares for $7.3 million, but the share repurchase program has since been temporarily suspended due to COVID-19 related market volatility and economic uncertainty - For the nine months ended September 30, 2020, the company repurchased **487,531 shares of common stock for $7.3 million**, all of which occurred in the first quarter[389](index=389&type=chunk) [Other Items (Legal Proceedings, Defaults, Mine Safety, Other Information, Exhibits)](index=79&type=section&id=Other%20Items) The company reports no material legal proceedings, no defaults upon senior securities, and no mine safety disclosures, with a list of exhibits provided - The company is not party to any material legal proceedings and reports no defaults upon senior securities[382](index=382&type=chunk)[390](index=390&type=chunk)

[PART I — FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for FVCBankcorp, Inc. as of June 30, 2020, and for the three and six-month periods then ended Consolidated Balance Sheet Highlights (Unaudited) | Metric | June 30, 2020 (in thousands) | December 31, 2019 (in thousands) | | :--- | :--- | :--- | | Total Assets | $1,781,149 | $1,537,295 | | Loans, net | $1,465,226 | $1,260,295 | | Total Deposits | $1,519,036 | $1,285,722 | | Total Liabilities | $1,600,497 | $1,358,217 | | Total Stockholders' Equity | $180,652 | $179,078 | Consolidated Income Statement Highlights (Unaudited) | Metric | Three Months Ended June 30, 2020 (in thousands) | Three Months Ended June 30, 2019 (in thousands) | Six Months Ended June 30, 2020 (in thousands) | Six Months Ended June 30, 2019 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $12,695 | $12,371 | $24,906 | $24,135 | | Provision for loan losses | $1,750 | $505 | $2,816 | $1,020 | | Net Income | $2,880 | $4,085 | $6,613 | $8,011 | | Diluted EPS | $0.21 | $0.28 | $0.46 | $0.54 | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed information on the company's accounting policies and financial statement line items, focusing on COVID-19 impacts and new accounting standards - In response to the COVID-19 pandemic, the company modified **277 loans** totaling **$360.2 million** (24.4% of the total loan portfolio) through payment deferral programs, which are not considered troubled debt restructurings[39](index=39&type=chunk)[49](index=49&type=chunk) - The company originated **755 PPP loans** totaling **$169.4 million** as of June 30, 2020, which are fully guaranteed by the U.S. government[40](index=40&type=chunk) - The company has not yet adopted ASU No. 2016-13 (CECL), with the standard effective for fiscal years beginning after December 15, 2022, for smaller reporting companies[42](index=42&type=chunk) Loan Portfolio Composition (June 30, 2020) | Loan Type | Total (in thousands) | | :--- | :--- | | Commercial real estate | $778,908 | | Commercial and industrial | $279,919 | | Commercial construction | $228,641 | | Consumer real estate | $178,665 | | Consumer nonresidential | $18,795 | | **Total Gross Loans** | **$1,484,928** | Allowance for Loan Losses Activity (Six Months Ended June 30, 2020) | Metric | Amount (in thousands) | | :--- | :--- | | Beginning Balance (Jan 1, 2020) | $10,231 | | Provision | $2,816 | | Charge-offs | ($180) | | Recoveries | $27 | | **Ending Balance (June 30, 2020)** | **$12,894** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=60&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance for Q2 and H1 2020, highlighting the significant impact of the COVID-19 pandemic - Total assets grew by **$243.9 million** (**15.9%**) to **$1.78 billion** since year-end 2019, primarily due to **$169.4 million** in PPP loan originations[212](index=212&type=chunk) - Net income for Q2 2020 was **$2.9 million**, down from **$4.1 million** in Q2 2019, mainly due to a **$1.8 million** provision for loan losses and **$0.7 million** in one-time branch closure costs[212](index=212&type=chunk) - As of July 31, 2020, COVID-related loan modifications had reduced to **165 loans** totaling **$226.7 million** (**15.3%** of the portfolio), down from **$360.2 million** at the peak[218](index=218&type=chunk) - The company temporarily suspended its share repurchase program due to COVID-19 uncertainty after repurchasing **$7.3 million** of common stock in Q1 2020[225](index=225&type=chunk) [Results of Operations](index=76&type=section&id=Results%20of%20Operations) Net income for Q2 2020 decreased to $2.9 million due to higher loan loss provisions and a one-time branch closure cost Net Interest Margin Analysis (Q2 2020 vs Q2 2019) | Metric | Q2 2020 | Q2 2019 | | :--- | :--- | :--- | | Net Interest Margin (Tax-equivalent) | 3.16% | 3.59% | | Yield on Interest-Earning Assets | 4.03% | 4.91% | | Cost of Interest-Bearing Liabilities | 1.30% | 1.87% | - The provision for loan losses increased to **$1.8 million** for Q2 2020 and **$2.8 million** for the first six months of 2020, reflecting changes in qualitative factors due to the COVID-19 pandemic[280](index=280&type=chunk) - The company incurred a one-time impairment charge of **$0.7 million** on right-of-use assets and leasehold improvements due to the closure of two branch locations[285](index=285&type=chunk) - For the six months ended June 30, 2020, noninterest income was impacted by a **$0.5 million** loss on the reclassification of consumer unsecured loans from 'held for sale' to 'held for investment'[282](index=282&type=chunk) [Financial Condition](index=94&type=section&id=Financial%20Condition) Total assets reached $1.78 billion, driven by PPP loans, with improved asset quality and strong capital levels Asset Quality Metrics | Metric | June 30, 2020 | December 31, 2019 | | :--- | :--- | :--- | | Nonperforming Assets (NPAs) | $12.4 million | $14.6 million | | NPAs / Total Assets | 0.69% | 0.95% | | Allowance for Loan Losses / NPLs | 151.82% | 95.39% | | Allowance for Loan Losses / Total Loans | 0.87% | 0.81% | - Special mention loans decreased by **$9.5 million** and substandard loans decreased by **$4.6 million** from December 31, 2019, primarily due to loan payoffs, including a **$3.9 million** TDR[299](index=299&type=chunk) - The Bank's Community Bank Leverage Ratio (CBLR) was **11.05%** at June 30, 2020, exceeding the temporary **8%** regulatory requirement for well-capitalized status[343](index=343&type=chunk)[346](index=346&type=chunk) - The company maintains strong liquidity, with liquid assets at **11.9%** of total assets and additional borrowing capacity of approximately **$120.9 million** at the FHLB and **$51.4 million** at the FRB[356](index=356&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=75&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages interest rate risk using NII simulation and EVE models, with all measures within board-approved policy limits Interest Rate Sensitivity Analysis (1-Year Horizon) | Change in Interest Rates (bps) | % Change in Net Interest Income (as of June 30, 2020) | | :--- | :--- | | +400 | -3.41% | | +300 | -2.56% | | +200 | -2.14% | | +100 | -1.39% | | -100 | +1.50% | Economic Value of Equity (EVE) Sensitivity Analysis | Change in Interest Rates (bps) | % Change in EVE (as of June 30, 2020) | | :--- | :--- | | +400 | +7.42% | | +300 | +7.03% | | +200 | +5.75% | | +100 | +3.28% | | -100 | +1.51% | [Controls and Procedures](index=76&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2020 - The company's principal executive officer and principal financial officer concluded that the disclosure controls and procedures were effective as of the end of the period covered by the report[376](index=376&type=chunk) - No changes in internal control over financial reporting occurred during the last fiscal quarter that materially affected, or are likely to materially affect, internal controls[377](index=377&type=chunk) [PART II — OTHER INFORMATION](index=78&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) [Legal Proceedings](index=78&type=section&id=Item%201.%20Legal%20Proceedings) The company reports that it is not currently a party to any material legal proceedings, nor is it aware of any such threatened proceedings - In the ordinary course of operations, the company may become party to legal proceedings, but it is not currently party to any that are considered material[380](index=380&type=chunk) [Risk Factors](index=78&type=section&id=Item%201A.%20Risk%20Factors) This section updates the company's risk factors, primarily focusing on the significant and unpredictable adverse effects of the COVID-19 pandemic - The primary updated risk factor is the ongoing COVID-19 pandemic, which has had a material adverse impact on the macroeconomic environment and increased economic uncertainty[382](index=382&type=chunk) - Specific pandemic-related risks include increased loan losses, declining real estate collateral values, reduced net interest margin, operational disruptions, and heightened cybersecurity threats[383](index=383&type=chunk) - The ultimate impact of the pandemic is highly uncertain and difficult to predict, and loan deferral programs could delay the identification of asset quality deterioration[385](index=385&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=79&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company details its share repurchase activity for the first half of 2020, with the program temporarily suspended due to COVID-19 uncertainty - For the six months ended June 30, 2020, the company repurchased and cancelled **487,531 shares** of its common stock at an average price of **$14.90**, for a total of **$7.3 million**[387](index=387&type=chunk) - All share repurchase activity occurred during the first quarter of 2020; the program was subsequently suspended due to the impact of COVID-19[387](index=387&type=chunk) [Exhibits](index=80&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Quarterly Report on Form 10-Q, including certifications and XBRL formatted financial statements - Exhibits filed with the report include Rule 13a-14(a) and Section 1350 certifications from the CEO and CFO[392](index=392&type=chunk) - The report includes financial data formatted in both XBRL and Inline XBRL[392](index=392&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2020 or ¨ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-38647 FVCBankcorp, Inc. (Exact name of registrant as specified in its charter) Virginia 47-5020283 (State or other jurisdiction of (I.R.S. ...

Use these links to rapidly review the document TABLE OF CONTENTS C O N T E N T S Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) For the fiscal year ended December 31, 2019 or o TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38647 FVCBankcorp, Inc. ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact na ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2019 or o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-38647 FVCBankcorp, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R. ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2019 or o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-38647 FVCBankcorp, Inc. (Exact name of registrant as specified in its charter) Virginia 47-5020283 (State or other jurisd ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2019 or o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-38647 FVCBankcorp, Inc. (Exact name of registrant as specified in its charter) Virginia 47-5020283 (State or other juris ...

Use these links to rapidly review the document TABLE OF CONTENTS Item 8. Financial Statements and Supplementary Data Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 or o TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 0 ...