FVCBankcorp(FVCB) - 2024 Q3 - Quarterly Results

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