FVCBankcorp(FVCB) - 2024 Q2 - Quarterly Results

Executive Summary & Highlights 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 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] - 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] Management Comments 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] - New loan originations totaled over $41 million and new non-maturity deposit accounts totaled $176 million during Q2 2024, supporting portfolio diversification[9] - Atlantic Coast Mortgage (ACM) recorded net income for the second quarter and year-to-date, despite a challenging mortgage environment[9] Financial Condition (Balance Sheet) 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 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 $19.6 million related to the warehouse line held by ACM[11] - New loan originations in Q2 2024 had a weighted average rate of 8.38%, and renewals had a weighted average rate of 8.95%[11] Investment Securities Investment securities decreased during Q2 2024 and year-to-date, primarily due to principal repayments, maturities, and an increase in unrealized losses Investment Securities | Metric | June 30, 2024 | Dec 31, 2023 | Change (QoQ) | June 30, 2023 | Change (YoY) | | :-------------------- | :------------ | :----------- | :----------- | :------------ | :----------- | | Investment Securities ($) | $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] - For the six months ended June 30, 2024, the portfolio decreased $9.4 million, including a $2.0 million increase in unrealized losses[12] Deposits & Funding Total deposits increased by 6% quarter-over-quarter, driven by strong core deposit growth and new non-maturity accounts. Noninterest-bearing deposits decreased as customers shifted to interest-bearing products, while wholesale funding decreased Deposits & Funding | Metric | June 30, 2024 | March 31, 2024 | Change (QoQ) | June 30, 2023 | Change (YoY) | | :-------------------------- | :------------ | :------------- | :----------- | :------------ | :----------- | | Total Deposits ($) | $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] - Title and escrow-related deposits increased by $51.8 million during Q2 2024 due to improved activity[14] Shareholders' Equity & Capital Shareholders' equity increased by 4% from December 31, 2023, primarily driven by year-to-date earnings and stock option exercises. The Bank remains well-capitalized with strong regulatory capital ratios Shareholders' Equity & Capital | Metric | June 30, 2024 | Dec 31, 2023 | Change (QoQ) | June 30, 2023 | Change (YoY) | | :-------------------------------- | :------------ | :----------- | :----------- | :------------ | :----------- | | Shareholders' Equity ($) | $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] - Accumulated other comprehensive loss decreased $2.0 million year-to-date 2024, primarily due to changes in interest rate swaps[16] Asset Quality Asset quality shows a reduced credit loss provision, but an increase in nonaccrual loans, while the diversified commercial real estate portfolio remains strong Credit Loss Provision & Nonperforming Loans The provision for credit losses decreased significantly compared to the prior year. While net recoveries were recorded, nonaccrual loans increased, leading to a decrease in ACL coverage to nonperforming loans Credit Loss Provision & Nonperforming Loans | Metric | Q2 2024 | Q2 2023 | Change (YoY) | YTD 2024 | YTD 2023 | Change (YoY) | | :-------------------------------- | :------ | :------ | :----------- | :------- | :------- | :----------- | | Provision for Credit Losses ($) | $206 thousand | $618 thousand | -$412 thousand (-66.7%) | $206 thousand | $860 thousand | -$654 thousand (-76.0%) | | ACL to Total Loans (%) | 1.02% | 1.02% | 0 pp | N/A | N/A | N/A | | Nonaccrual Loans & 90+ Days Past Due ($) | $3.0 million | N/A | N/A | N/A | N/A | N/A | | Nonaccrual Loans % of Total Assets (%) | 0.13% | N/A | N/A | N/A | N/A | N/A | | Net Recoveries (Q2) ($) | $5 thousand | N/A | N/A | N/A | N/A | N/A | | ACL Coverage to Nonperforming Loans (%) | 603% | 1347% | -744 pp | N/A | N/A | N/A | - The increase in nonperforming loans at June 30, 2024, was primarily due to one commercial & industrial loan relationship placed on nonaccrual during Q1 2024[20] - The Company had no other real estate owned at June 30, 2024[20] Loan Portfolio Composition The commercial real estate portfolio, including construction loans, constitutes 65% of total loans and is diversified by asset type and geographic concentration. The company maintains disciplined management and comprehensive policies for monitoring and mitigating loan concentrations Loan Portfolio Composition | Loan Type | Amount (June 30, 2024) | % of Total Loans | | :-------------------------------- | :--------------------- | :--------------- | | Commercial Real Estate Loans ($) | $1.08 billion | 57% | | Construction Loans ($) | $165 million | 9% | | Office Buildings ($) | $136.4 million | 7% | | Retail Shopping Centers ($) | $260.8 million | 14% | | Multi-family Housing ($) | $178.2 million | 9% | - The commercial real estate portfolio is diversified across asset types and geographic concentrations within the Virginia and Maryland suburbs of the Company's market area[22] - The Company employs rigorous credit approval, monitoring, and administrative practices to manage and mitigate loan concentrations[22] Commercial Real Estate & Construction Loan Details A detailed breakdown of the commercial real estate and construction loan portfolio at June 30, 2024, showing owner-occupied, non-owner occupied, and construction segments by asset class, average loan-to-value, and geographic concentration. The portfolio exhibits strong credit quality with only one classified delinquency Commercial Real Estate & Construction Loan Details | Asset Class | Owner Occupied Principal ($ 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 $851 thousand at June 30, 2024[24] - The Company believes it has appropriately reserved for possible credit concerns due to conservative underwriting and ongoing loan monitoring[24] Minority Investment in Mortgage Banking Operation The Company's minority investment in Atlantic Coast Mortgage (ACM) generated significant income in Q2 2024, a substantial improvement from the prior year and linked quarter. ACM management is actively pursuing opportunities to reduce expenses and increase revenues Minority Investment in Mortgage Banking Operation | Metric | Q2 2024 | Q1 2024 | Change (QoQ) | Q2 2023 | Change (YoY) | | :-------------------------------- | :------ | :------ | :----------- | :------ | :----------- | | Income (Loss) from ACM ($) | $351 thousand | -$203 thousand | +$554 thousand | $20 thousand | +$331 thousand | | YTD Income (Loss) from ACM ($) | $148 thousand | N/A | N/A | -$781 thousand | +$929 thousand | - The investment in ACM aims to diversify the loan portfolio, provide competitive residential mortgage products, and generate additional revenue[25] - ACM management is continuing to evaluate opportunities to further reduce expenses and increase revenues[27] Income Statement Analysis The income statement reflects improved net interest income and margin, significant noninterest income growth, reduced noninterest expenses, and a stable tax provision Net Interest Income & Margin Net interest income and margin improved quarter-over-quarter due to increased loan yields and controlled funding costs, despite a slight year-over-year decrease in net interest income driven by higher funding costs. The repricing of the commercial loan portfolio is expected to continue improving loan yields Net Interest Income & Margin | Metric | Q2 2024 | Q1 2024 | Change (QoQ) | Q2 2023 | Change (YoY) | | :-------------------------- | :------ | :------ | :----------- | :------ | :----------- | | Net Interest Income ($) | $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 $404 million, or 27%, of the commercial loan portfolio is expected to reprice in the next 12 months, with an additional 19% repricing in the following 24-36 months[32] - The Company's cumulative deposit beta remained at approximately 42% from March 31, 2022, to June 30, 2024[34] Noninterest Income Total noninterest income increased significantly quarter-over-quarter, primarily driven by improved income from the minority interest in ACM. However, it saw a slight decrease year-over-year due to lower BOLI income and loan fees Noninterest Income | Metric | Q2 2024 | Q1 2024 | Change (QoQ) | Q2 2023 | Change (YoY) | | :-------------------------------- | :------ | :------ | :----------- | :------ | :----------- | | Total Noninterest Income ($) | $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] - Year-to-date noninterest income totaled $1.3 million, compared to a loss of $3.7 million for the same period in 2023, which was associated with securities sales transactions[38] Noninterest Expense & Efficiency Noninterest expense decreased year-over-year due to reduced salaries and occupancy costs, but increased slightly quarter-over-quarter due to higher incentive accruals and investment in customer software solutions. The efficiency ratio improved quarter-over-quarter Noninterest Expense & Efficiency | Metric | Q2 2024 | Q1 2024 | Change (QoQ) | Q2 2023 | Change (YoY) | | :-------------------------------- | :------ | :------ | :----------- | :------ | :----------- | | Total Noninterest Expense ($) | $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 | +$0.1 million (+25%) | | Efficiency Ratio (Core Bank Operating Earnings) (%) | 61.9% | 65.4% | -3.5 pp | 60.2% | +1.7 pp | - Full-time equivalent employees decreased from 129 at June 30, 2023, to 113 at June 30, 2024, reflecting reduced staffing and process improvements through technology[40] - The Company continues to identify and assess opportunities to reduce operating expenses[41] Income Taxes The provision for income taxes remained stable quarter-over-quarter but saw a significant increase year-to-date, primarily due to nonrecurring taxes associated with the surrender of BOLI policies in Q1 2024 Income Taxes | Metric | Q2 2024 | Q1 2024 | Change (QoQ) | Q2 2023 | Change (YoY) | | :-------------------- | :------ | :------ | :----------- | :------ | :----------- | | Provision for Income Taxes ($) | $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] Company Overview 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] - FVCbank is a $2.30 billion asset-sized Virginia-chartered community bank[45] - 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] - FVCbank operates 8 full-service offices located in Arlington, Fairfax, Manassas, Reston, Springfield, Virginia; Washington, D.C.; and Baltimore and Bethesda, Maryland[45] Cautionary Note About Forward-Looking Statements 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] - 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] - 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] Financial Tables (Unaudited) This section provides unaudited financial tables, including selected data, consolidated statements of condition and income, and average statements with yields Selected Financial Data 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 | $11.77 | | Selected Ratios (%) | | | | | | Net interest margin | 2.59 % | 2.60 % | 2.47 % | 2.37 % | | Return on average assets | 0.77 % | 0.73 % | 0.25 % | (0.92)% | | Return on average equity | 7.42 % | 8.17 % | 2.44 % | (9.51)% | | Efficiency | 61.86 % | 60.23 % | 65.41 % | NM | | Capital Ratios - Bank (%) | | | | | | Tangible common equity (to tangible assets) | 9.56 % | 8.70 % | 9.80 % | 10.12 % | | Total risk-based capital (to risk weighted assets) | 14.13 % | 13.28 % | 14.05 % | 13.83 % | | Nonperforming loans and loans 90+ past due to total assets | 0.13 % | 0.06 % | 0.14 % | 0.08 % | | Allowance for credit losses to nonperforming loans | 602.70 % | 1347.33 % | 631.44 % | 1031.77 % | Summary Consolidated Statements of Condition This table presents the consolidated balance sheet, detailing assets, liabilities, and stockholders' equity for FVCBankcorp, Inc. at various quarter-end dates, highlighting changes over the current quarter and year-ago period Summary Consolidated Statements of Condition | Metric | June 30, 2024 | March 31, 2024 | % Change Current Quarter | December 31, 2023 | June 30, 2023 | % Change From Year Ago | | :------------------------------------ | :------------ | :------------- | :----------------------- | :---------------- | :------------ | :--------------------- | | Assets ($ 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 | $211,051 | 7.3 % | Summary Consolidated Statements of Income This table presents the consolidated income statement, detailing revenues, expenses, and net income for FVCBankcorp, Inc. for the three and six months ended June 30, 2024, and comparable periods, including reconciliations to non-GAAP operating earnings Summary Consolidated Statements of Income | Metric | Q2 2024 | Q1 2024 | % Change Current Quarter | Q2 2023 | % Change From Year Ago | | :------------------------------------------ | :------ | :------ | :----------------------- | :------ | :--------------------- | | Net interest income ($ 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 | $0.27 | 12.3 % | Average Statements of Condition and Yields on Earning Assets and Interest-Bearing Liabilities This table provides detailed average balances, interest income/expense, and average yields for earning assets and interest-bearing liabilities for the three and six months ended June 30, 2024, and comparable periods, illustrating the components of net interest margin Average Statements of Condition and Yields on Earning Assets and Interest-Bearing Liabilities | Metric | Q2 2024 Average Balance ($ 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 % |