FVCBankcorp(FVCB) - 2024 Q4 - Annual Results

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$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$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$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$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$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$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$12.8 million, or 0.58% of total assets, at December 31, 2024, compared to $1.8 million, or 0.08$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].