FVCBankcorp(US:FVCB)2025-08-13 17:41PART I — FINANCIAL INFORMATION Item 1. Financial Statements Presents unaudited consolidated financial statements for FVCBankcorp, Inc. and FVCbank, with key statements and notes Consolidated Statements of Condition Consolidated Statements of Condition (in thousands) | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | Change (in thousands) | | :----------------------------- | :----------------------------- | :------------------------------- | :-------------------- | | Total Assets | $2,237,250 | $2,198,950 | +$38,300 | | Total Liabilities | $1,994,087 | $1,963,596 | +$30,491 | | Total Shareholders' Equity | $243,163 | $235,354 | +$7,809 | | Loans, net | $1,851,033 | $1,852,106 | -$1,073 | | Total Deposits | $1,903,472 | $1,870,605 | +$32,867 | Consolidated Statements of Income Consolidated Statements of Income (3 Months Ended June 30, in thousands) | Metric (3 Months Ended June 30) | 2025 (in thousands) | 2024 (in thousands) | Change (in thousands) | Change (%) | | :------------------------------ | :------------------ | :------------------ | :-------------------- | :--------- | | Total Interest and Dividend Income | $29,430 | $27,972 | +$1,458 | +5.2% | | Total Interest Expense | $13,671 | $14,301 | -$630 | -4.4% | | Net Interest Income | $15,759 | $13,671 | +$2,088 | +15.3% | | Provision for credit losses | $105 | $206 | -$101 | -49.0% | | Total Noninterest Income | $1,008 | $871 | +$137 | +15.7% | | Total Noninterest Expenses | $9,428 | $8,996 | +$432 | +4.8% | | Net Income | $5,667 | $4,155 | +$1,512 | +36.4% | | Basic EPS | $0.31 | $0.23 | +$0.08 | +34.8% | | Diluted EPS | $0.31 | $0.23 | +$0.08 | +34.8% | Consolidated Statements of Income (6 Months Ended June 30, in thousands) | Metric (6 Months Ended June 30) | 2025 (in thousands) | 2024 (in thousands) | Change (in thousands) | Change (%) | | :------------------------------ | :------------------ | :------------------ | :-------------------- | :--------- | | Total Interest and Dividend Income | $57,987 | $54,799 | +$3,188 | +5.8% | | Total Interest Expense | $27,176 | $28,337 | -$1,161 | -4.1% | | Net Interest Income | $30,811 | $26,462 | +$4,349 | +16.4% | | Provision for credit losses | $305 | $206 | +$99 | +48.1% | | Total Noninterest Income | $1,679 | $1,266 | +$413 | +32.6% | | Total Noninterest Expenses | $18,561 | $17,621 | +$940 | +5.3% | | Net Income | $10,832 | $5,495 | +$5,337 | +97.1% | | Basic EPS | $0.59 | $0.31 | +$0.28 | +90.3% | | Diluted EPS | $0.59 | $0.30 | +$0.29 | +96.7% | Consolidated Statements of Comprehensive Income Consolidated Statements of Comprehensive Income (3 Months Ended June 30, in thousands) | Metric (3 Months Ended June 30) | 2025 (in thousands) | 2024 (in thousands) | Change (in thousands) | | :------------------------------ | :------------------ | :------------------ | :-------------------- | | Net Income | $5,667 | $4,155 | +$1,512 | | Total Other Comprehensive (Loss) Income | $(380) | $321 | -$701 | | Total Comprehensive Income | $5,287 | $4,476 | +$811 | Consolidated Statements of Comprehensive Income (6 Months Ended June 30, in thousands) | Metric (6 Months Ended June 30) | 2025 (in thousands) | 2024 (in thousands) | Change (in thousands) | | :------------------------------ | :------------------ | :------------------ | :-------------------- | | Net Income | $10,832 | $5,495 | +$5,337 | | Total Other Comprehensive (Loss) Income | $1,000 | $2,008 | -$1,008 | | Total Comprehensive Income | $11,832 | $7,503 | +$4,329 | Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows (6 Months Ended June 30, in thousands) | Metric (6 Months Ended June 30) | 2025 (in thousands) | 2024 (in thousands) | Change (in thousands) | | :------------------------------ | :------------------ | :------------------ | :-------------------- | | Net cash provided by operating activities | $8,704 | $8,704 | $0 | | Net cash used in investing activities | $(30,655) | $(104,788) | +$74,133 | | Net cash provided by financing activities | $28,417 | $98,229 | -$69,812 | | Net increase in cash and cash equivalents | $6,466 | $2,145 | +$4,321 | | Cash and cash equivalents, end of period | $14,627 | $10,187 | +$4,440 | Consolidated Statements of Changes in Stockholders' Equity Consolidated Statements of Changes in Stockholders' Equity (in thousands) | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | Change (in thousands) | | :----------------------------- | :----------------------------- | :------------------------------- | :-------------------- | | Total Shareholders' Equity | $243,163 | $235,354 | +$7,809 | | Net Income (6 months) | $10,832 | $5,495 (6 months) | +$5,337 | | Repurchases of common stock (6 months) | $(4,639) | $0 | $(4,639) | | Other comprehensive income (6 months) | $1,000 | $2,008 (6 months) | -$1,008 | Notes to Unaudited Consolidated Financial Statements Note 1. Organization and Summary of Significant Accounting Policies FVCBankcorp, Inc. is a Virginia-based bank holding company; recent ASUs are not expected to materially impact financials - FVCBankcorp, Inc. is a bank holding company, and FVCbank is its wholly-owned subsidiary, serving Washington, D.C. and Baltimore metropolitan areas2021 - Recent ASUs (2025-01, 2024-03, 2023-09) related to income statement expense disaggregation and income tax disclosures are not expected to have a material impact on the consolidated financial statements25262829 Note 2. Securities The securities portfolio, comprising HTM and AFS, saw AFS increase to $156.9 million, with unrealized losses due to interest rates Securities Portfolio (in thousands) | Metric (in thousands) | June 30, 2025 | December 31, 2024 | Change | | :-------------------- | :------------ | :---------------- |