FVCBankcorp, Inc. (NASDAQ:FVCB) (the “Company”) today reported
first quarter 2019 net income of $3.9 million, or $0.27 diluted
earnings per share, compared to $3.0 million, or $0.25 diluted
earnings per share, for the quarterly period ended March 31, 2018.
Weighted-average common shares outstanding for the diluted earnings
per share calculations were 14.8 million and 12.1 million for the
three months ended March 31, 2019 and 2018, respectively,
reflecting the increase from shares issued in 2018 for the initial
public offering and acquisition of Colombo Bank.
During the first quarter of 2019, the Company incurred merger
and acquisition expense of $52 thousand, net of tax. Excluding
merger-related expenses net of tax, earnings for the three months
ended March 31, 2019 were $4.0 million, or $0.27 per diluted
earnings per share. There were no merger and acquisition expenses
recorded during the three months ended March 31, 2018.
The Company believes the reporting of non-GAAP earnings to
exclude merger-related expenses are more reflective of the
Company’s operating performance and future operating performance
(“Operating Earnings”). On a GAAP basis, return on average assets
was 1.16% and return on average equity was 9.74% for the first
quarter of 2019. For the comparable March 31, 2018 period, return
on average assets was 1.13% and return on average equity was
12.03%. On an Operating Earnings basis, return on average assets
and return on average equity for the three months ended March 31,
2019 were 1.17% and 9.86%, respectively.
Selected Highlights
- Record Operating Earnings.
Operating Earnings increased $981 thousand, or 33%, to $4.0 million
for the first quarter of 2019 as compared to the same 2018 period.
Net interest margin increased to 3.65% for the quarter ended March
31, 2019 compared to 3.59% for the linked quarter ended December
31, 2018 and 3.39% for the year ago quarter ended March 31,
2018.
- Strong Loan Growth. Total loans,
net of deferred fees, totaled $1.18 billion at March 31, 2019, an
increase of $42.2 million, or 15% annualized, from December 31,
2018. Year-over-year loan growth was $257.7 million, or 28% from
March 31, 2018 to March 31, 2019.
- Sound Asset Quality. Asset
quality remains strong, with nonperforming loans and loans past due
90 days or more as a percentage of total assets was 0.27% at March
31, 2019. Nonperforming loans and loans past due 90 days or more
totaled $3.8 million at March 31, 2019, of which $838 thousand were
acquired loans.
- Strong Core Deposit Growth.
Total deposits increased $50.3 million, to $1.21 billion at March
31, 2019, or 17% annualized, from December 31, 2018.
Noninterest-bearing deposits increased $20.4 million, or 9% during
the first quarter of 2019 and represent 21% of the total deposit
base at March 31, 2019.
- Improved Efficiency Ratio.
Efficiency ratio for the three months ended March 31, 2019 was
55.2%, an improvement from 57.5% for the year ago quarter.
- Improved Tangible Book Value.
Tangible book value per share at March 31, 2019 was $11.32, a 24%
increase from $9.15 at March 31, 2018.
“I am pleased with the growth our Company experienced during the
first quarter, specifically within our loan portfolio. Over half of
our net loan growth this quarter represents our efforts within our
expanded Maryland and Washington D.C. markets, as we began
leveraging our post-acquisition opportunities within these markets.
We are excited about the strength of our loan pipeline as we head
into the second quarter,” stated David W. Pijor, Chairman and
CEO.
Balance Sheet
Total assets increased to $1.42 billion at March 31, 2019
compared to $1.35 billion at December 31, 2018, an increase of
$68.2 million, or 5%. Loans receivable, net of deferred fees,
totaled $1.18 billion at March 31, 2019, compared to $921.2 million
at March 31, 2018, a year-over-year increase of $257.7 million, or
28%. During the first quarter of 2019, loans grew $42.2 million, or
15% on an annualized basis, and average loans grew $36.4 million,
or 13% annualized. While the Company experienced strong loan growth
during the first quarter of 2019, this loan growth predominantly
occurred towards the end of the quarter, and as such, interest
income only slightly offset the impact of increased loan loss
reserves recorded for the quarter ended March 31, 2019.
During the quarter, loan originations totaled approximately $121
million, of which $77 million funded during the quarter.
Construction loans and commercial loan originations represented the
larger portion of originations during the quarter ended March 31,
2019 totaling $72 million, and consequently represented the
majority of the loan commitments not funded during the quarter.
Investment securities increased $14.2 million to $139.5 million
at March 31, 2019, compared to $125.3 million at December 31,
2018.
Total deposits increased to $1.21 billion at March 31, 2019
compared to $1.16 billion at December 31, 2018, an increase of
$50.3 million, or 17% on an annualized basis. Core deposits, which
represent total deposits less wholesale deposits, increased $19.2
million or 7% on an annualized basis, which reflects declines in
certain deposit concentrations which were more than offset by
growth in core deposit relationships. Wholesale deposits totaled
$115.4 million, or 10% of total deposits at March 31, 2019, an
increase of $31.0 million from December 31, 2018.
Noninterest-bearing deposits increased $20.4 million to $253.7
million at March 31, 2019 from $233.3 million at December 31, 2018,
and represented 21% of total deposits at March 31, 2019.
Income Statement
Net interest income totaled $11.8 million, an increase of $3.0
million, or 34%, for the quarter ended March 31, 2019, compared to
the year ago quarter, and a decrease of $53 thousand compared to
the fourth quarter of 2018. The Company’s net interest margin
increased 26 basis points to 3.65% for the quarter ended March 31,
2019 compared to 3.39% for the quarter ended March 31, 2018. On a
linked quarter basis, net interest margin increased 6 basis points
from 3.59% for the three months ended December 31, 2018, a result
of increases in yields on earning assets and loan mark
accretion.
Cost of deposits for the first quarter of 2019 was 1.30%,
compared to 0.93% for the first quarter of 2018, a 40%
year-over-year increase, reflecting the Company’s continued
management of its funding costs driven by the increased rate
environment. Loan yields for the first quarter of 2019 were 5.23%
compared to 4.73% for the year ago quarter. Included in net
interest income for the first quarter of 2019 is $245 thousand in
loan mark accretion associated with the Company’s acquired loan
portfolio, which has contributed to the increase in margin. For the
fourth quarter of 2018, the loan mark accretion was $169
thousand.
Noninterest income totaled $738 thousand and $385 thousand for
the quarters ended March 31, 2019 and 2018, respectively. Fee
income from loans was $347 thousand, an increase of $289 thousand
for the quarter ended March 31, 2019 compared to 2018, primarily a
result of an increase in loan income from interest rate swaps.
Service charges on deposit accounts and other fee income totaled
$286 thousand for the first quarter of 2019, an increase of 32% or
$217 thousand from the year ago quarter. This increase in fee
income resulted from the increase in core deposit relationships,
both organic and acquired, year over year.
Noninterest expense totaled $6.9 million for the quarter ended
March 31, 2019, compared to $5.3 million for the same three-month
period of 2018. Approximately $825 thousand of the increase in
noninterest expense from the year ago quarter is attributable to
expenses associated with Colombo’s former operations, in addition
to merger-related expenses of $67 thousand for the three months
ended March 31, 2019. Salary and compensation related expenses
increased $753 thousand, or 24%, for the quarter ended March 31,
2019, compared to the same three-month period of 2018, resulting
from the increase in staffing from the acquisition and increases in
back-office support staff. Occupancy and equipment expense
increased $256 thousand year-over-year primarily as a result of the
branch locations acquired from Colombo. Increases in data
processing and network administration, franchise taxes and other
operating expenses for the quarter ended March 31, 2019 compared to
the same three-month period of 2018 is primarily growth related. On
a linked quarter basis, noninterest expense excluding non-recurring
merger-related expenses increased $86 thousand from the three
months ended December 31, 2018. The efficiency ratio for the
quarter ended March 31, 2019 was 55.2%, or 54.7% excluding
merger-related expenses, a decrease from 57.5% from the year ago
quarter.
Asset Quality
Asset quality remains strong as nonperforming loans and loans
ninety days or more past due totaled $3.8 million, or 0.27% of
total assets, of which $838 thousand related to acquired loans.
Performing troubled debt restructurings (“TDR”) increased to $4.1
million at March 31, 2019, compared to $203 thousand at December
31, 2018, primarily as a result of one loan which was restructured
during the quarter because of a specific borrower issue for which a
specific reserve was not required. Nonperforming assets (including
TDRs and other real estate owned) to total assets was 0.83% at
March 31, 2019, 0.57% for December 31, 2018 and 0.60% for March 31,
2018. The allowance for loan losses to total loans was 0.81% for
each of the periods ended March 31, 2019 and December 31, 2018. The
allowance for loan losses on the Company’s originated portfolio was
0.92% of loan outstanding at March 31, 2019. Charge-offs of $162
thousand were recorded during the first quarter of 2019 and were
related to the Company’s purchased consumer installment loan
portfolio.
About FVCBankcorp Inc.
FVCBankcorp, Inc. is the holding company for FVCbank, a
wholly-owned subsidiary of FVCB which commenced operations in
November 2007. FVCbank is a $1.42 billion Virginia-chartered
community bank serving the banking needs of commercial businesses,
nonprofit organizations, professional service entities, their
owners and employees located in the greater Baltimore and
Washington D.C., metropolitan areas. Locally owned and managed,
FVCbank is based in Fairfax, Virginia, and has 11 full-service
offices in Arlington, Ashburn, Fairfax, Manassas, Reston and
Springfield, Virginia, Washington D.C., and Baltimore, Bethesda,
Rockville and Silver Spring, Maryland.
For more information on the Company’s selected financial
information, please visit the Investor Relations page of
FVCBankcorp Inc.’s website, www.fvcbank.com.
Caution about Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements include, but are not limited, statements of
goals, intentions, and expectations as to future trends, plans,
events or results of the Company’s operations and policies and
regarding general economic conditions. In some cases,
forward-looking statements can be identified by use of words such
as “may,” “will,” “anticipates,” “believes,” “expects,” “plans,”
“estimates,” “potential,” “continue,” “should,” and similar words
or phrases. These statements are based upon current and anticipated
economic conditions, nationally and in the Company’s market,
interest rates and interest rate policy, competitive factors, and
other conditions which by their nature, are not susceptible to
accurate forecast and are subject to significant uncertainty.
Because of these uncertainties and the assumptions on which this
discussion and the forward-looking statements are based, actual
future operations and results in the future may differ materially
from those indicated herein. These forward-looking statements are
based on current beliefs that involve significant risks,
uncertainties, and assumptions. Factors that could cause the
Company’s actual results to differ materially from those indicated
in these forward-looking statements, include, but are not limited
to, the risk factors and other cautionary language included in the
Company’s Annual Report on Form 10-K for the year ended December
31, 2018 and in other periodic and current reports filed with the
Securities and Exchange Commission. Because of these uncertainties
and the assumptions on which the forward-looking statements are
based, actual operations and results in the future may differ
materially from those indicated herein. Readers are cautioned
against placing undue reliance on any such forward-looking
statements. The Company’s past results are not necessarily
indicative of future performance.
FVCBankcorp, Inc. Selected Financial Data (Dollars
in thousands, except share data and per share data)
(Unaudited)
For the
Quarters Ended 3/31/2019 12/31/2018
3/31/2018 Selected Balances Total assets $ 1,419,763
$ 1,351,576 $ 1,078,697 Total investment securities 144,865 130,597
124,031 Total loans, net of deferred fees 1,178,941 1,136,743
921,231 Allowance for loan losses (9,512 ) (9,159 ) (8,102 ) Total
deposits 1,212,695 1,162,440 938,661 Subordinated debt 24,427
24,407 24,347 Other borrowings - - 12,500 Total stockholders’
equity 163,993
158,336 100,651
Summary Results of Operations
Interest income $ 15,960 $ 15,640 $ 11,341 Interest expense 4,196
3,823 2,578 Net interest income 11,764 11,817 8,763 Provision for
loan losses 515 930 358 Net interest income after provision for
loan losses 11,249 10,887 8,405 Noninterest income - loan fees,
service charges and other 633 519 275 Noninterest income - bank
owned life insurance 105 109 110 Noninterest income - gain (loss)
on securities sold - (462 ) - Noninterest expense 6,904 9,419 5,260
Income before taxes 5,083 1,634 3,530 Income tax expense 1,157 224
533 Net income 3,926 1,410 2,997
Per Share Data Net income,
basic $ 0.29 $ 0.10 $ 0.27 Net income, diluted $ 0.27 $ 0.10 $ 0.25
Book value $ 11.92 $ 11.55 $ 9.17 Tangible book value $ 11.32 $
10.90 $ 9.16 Shares outstanding 13,755,249 13,712,615 10,990,572
Selected Ratios
Net interest margin (2)
3.65 % 3.59 % 3.39 %
Return on average assets (2)
1.16 % 0.42 % 1.13 %
Return on average equity (2)
9.74 % 3.65 % 12.03 %
Efficiency (1)
55.22 % 75.69 % 57.50 % Loans, net of deferred fees to total
deposits 97.22 % 97.79 % 98.14 % Noninterest-bearing deposits to
total deposits 20.92 % 20.07 % 19.11 %
Reconciliation of Net Income (GAAP) to
Operating Earnings (Non-GAAP) (3)
Net income (from above) $ 3,926 $ 1,410 $ 2,997 Add: Merger and
acquisition expense 67 2,668 - Add: Loss on sales of securities
available-for-sale - 462 - Less: provision for income taxes
associated with merger and acquisition expense (15 )
(649 ) - - Net income, as adjusted $ 3,978 $
3,891 $ 2,997 Net income, diluted, on an operating
basis $ 0.27 $ 0.26 $ 0.25 Return on average assets (non-GAAP
operating earnings) 1.17 % 1.16 % 1.13 % Return on average equity
(non-GAAP operating earnings) 9.86 % 10.07 % 12.03 % Efficiency
ratio (non-GAAP operating earnings) 54.69 % 54.25 % 57.50 %
Capital Ratios - Bank Tangible common equity (to tangible
assets) 11.03 % 11.16 % 9.32 % Total capital (to risk weighted
assets) 13.21 % 14.02 % 12.97 % Common equity tier 1 capital (to
risk weighted assets) 12.50 % 13.27 % 12.17 % Tier 1 capital (to
risk weighted assets) 12.50 % 13.27 % 12.17 % Tier 1 leverage (to
average assets) 12.57 % 12.41 % 11.62 %
Asset Quality
Nonperforming loans and loans 90+ past due $ 3,791 $ 3,211 $ 1,003
Performing troubled debt restructurings (TDRs) 4,092 203 1,624
Other real estate owned 3,866 4,224 3,866 Nonperforming loans and
loans 90+ past due to total assets (excl. TDRs) 0.27 % 0.24 % 0.09
% Nonperforming assets to total assets 0.54 % 0.55 % 0.45 %
Nonperforming assets (including TDRs) to total assets 0.83 % 0.57 %
0.60 % Allowance for loan losses to loans 0.81 % 0.81 % 0.88 %
Allowance for loan losses to nonperforming loans 250.91 % 285.24 %
807.78 % Net charge-offs (recovery) $ 162 $ 347 $ (19 )
Net charge-offs (recovery) to average
loans (2)
0.06 % 0.13 % (0.01 )%
Selected Average Balances Total
assets $ 1,354,814 $ 1,341,991 $ 1,056,463 Total earning assets
1,307,278 1,305,573 1,033,427 Total loans, net of deferred fees
1,137,948 1,101,539 893,716 Total deposits 1,148,646 1,141,500
921,625
Other Data Noninterest-bearing deposits $ 253,723 $
233,318 $ 179,407 Interest-bearing checking, savings and money
market 546,067 533,732 401,059 Time deposits 297,469 310,985
253,444 Wholesale deposits 115,436 84,405 104,751
(1) Efficiency ratio is calculated as
noninterest expense divided by the sum of net interest income and
noninterest income, excluding gains on sales of investment
securities and other real estate owned.
(2) Annualized.
(3) Some of the financial measures
discussed throughout the press release are "non-GAAP financial
measures." In accordance with SEC rules, the Company classifies a
financial measure as being a non-GAAP financial measure if that
financial measure excludes or includes amounts, or is subject to
adjustments that have the effect of excluding or including amounts,
that are included or excluded, as the case may be, in the most
directly comparable measure calculated and presented in accordance
with GAAP in our statements of income, balance sheets or statements
of cash flows.
FVCBankcorp, Inc. Summary
Consolidated Statements of Condition (Dollars in
thousands) (Unaudited) % Change
% Change Current From 3/31/2019
12/31/2018 Quarter 3/31/2018 Year Ago
Cash and due from banks $ 13,404 $ 9,435 42.1 % $ 8,258 62.3
%
Interest-bearing deposits at other
financial institutions
30,359 34,060 -10.9 % 3,898 678.8 % Investment securities 139,474
125,298 11.3 % 119,806 16.4 % Restricted stock, at cost 5,391 5,299
1.7 % 4,225 27.6 % Loans, net of fees: Commercial real estate
693,439 682,203 1.6 % 581,464 19.3 % Commercial and industrial
137,869 137,080 0.6 % 98,985 39.3 % Commercial construction 187,760
152,526 23.1 % 100,176 87.4 % Consumer residential 132,638 132,280
0.3 % 110,404 20.1 % Consumer nonresidential 27,235
32,654 -16.6 % 30,202 -9.8 % Total
loans, net of fees 1,178,941 1,136,743 3.7 % 921,231 28.0 %
Allowance for loan losses (9,512 ) (9,159 ) 3.9 %
(8,102 ) 17.4 %
Loans, net
1,169,429 1,127,584 3.7 % 913,129 28.1 % Premises and
equipment, net 2,218 2,271 -2.3 % 1,349 64.4 % Goodwill and
intangibles, net 8,342 8,443 -1.2 % - - 100.0 % Bank owned life
insurance (BOLI) 16,511 16,406 0.6 % 16,079 2.7 % Other real estate
owned 3,866 4,224 -8.5 % 3,866 0.0 % Other assets 30,769
18,556 65.8 % 8,087 280.5 %
Total Assets $ 1,419,763 $ 1,351,576 5.0 % $
1,078,697 31.6 % Deposits: Noninterest-bearing $
253,723 $ 233,318 8.7 % $ 179,407 41.4 % Interest-bearing checking
284,150 312,446 -9.1 % 201,949 40.7 % Savings and money market
261,917 221,286 18.4 % 199,110 31.5 % Time deposits 297,469 310,985
-4.3 % 253,444 17.4 % Wholesale deposits 115,436
84,405 36.8 % 104,751 10.2 % Total
deposits 1,212,695 1,162,440 4.3 % 938,661 29.2 % Other
borrowed funds - - - - 0.0 % 12,500 -100.0 %
Subordinated notes, net of issuance
costs
24,427 24,407 0.1 % 24,347 0.3 % Other liabilities 18,648 6,393
191.7 % 2,538 634.8 % Stockholders’ equity 163,993
158,336 3.6 % 100,651 62.9 %
Total Liabilities & Stockholders'
Equity
$ 1,419,763 $ 1,351,576 5.0 % $ 1,078,697 31.6
%
FVCBankcorp, Inc. Summary Consolidated
Income Statements (In thousands, except per share data)
(Unaudited)
For the Three Months
Ended % Change % Change Current
From 3/31/2019 12/31/2018 Quarter
3/31/2018 Year Ago Net interest income $
11,764 $ 11,817 -0.4 % $ 8,763 34.2 % Provision for loan losses
515 930 -44.6 % 358 43.9 % Net interest income
after provision for loan losses 11,249 10,887 3.3 %
8,405 33.8 % Noninterest income: Fees on loans 347
249 39.4 % 58 498.3 % Service charges on deposit accounts 182 184
-1.1 % 141 29.1 % Gains on sale of securities available-for-sale -
- (462) 100.0 % - - 0.0 % BOLI income 105 109 -3.7 % 110 -4.5 %
Other fee income 104 86 20.9 % 76 36.8 % Total
noninterest income 738 166 344.6 % 385 91.7 %
Noninterest expense: Salaries and employee benefits 3,938
4,008 -1.7 % 3,185 23.6 % Occupancy and equipment expense 827 781
5.9 % 571 44.8 % Data processing and network administration 439 347
26.5 % 269 63.2 % State franchise taxes 422 296 42.6 % 296 42.6 %
Professional fees 130 214 -39.3 % 156 -16.7 % Merger and
acquisition expense 67 2,668 -97.5 % - - 100.0 % Other operating
expense 1,081 1,105 -2.2 % 783 38.1 % Total
noninterest expense 6,904 9,419 -26.7 % 5,260
31.3 % Net income before income taxes 5,083 1,634 211.1 % 3,530
44.0 % Income tax expense 1,157 224 416.5 %
533 117.1 % Net Income $ 3,926 $ 1,410 178.4 % $ 2,997 31.0 %
Earnings per share - basic $ 0.29 $ 0.10 186.1 % $ 0.27 4.8
% Earnings per share - diluted $ 0.27 $ 0.10 165.6 % $ 0.25 6.3 %
Weighted-average common shares outstanding - basic
13,724,232 13,575,616 10,934,318 Weighted-average
common shares outstanding - diluted 14,779,955
14,700,167 12,053,053
Reconciliation of
Net Income (GAAP) to Operating Earnings (Non-GAAP):
GAAP net income reported above $ 3,926 $ 1,410 $ 2,997 Add: Merger
and acquisition expense above 67 2,668 - - Add: Loss on sales of
securities available-for-sale - - 462 - - Subtract: provision for
income taxes associated with merger and acquisition expense
(15) (649) - - Net income, excluding above merger and
acquisition charges $ 3,978 $ 3,891 $ 2,997 Earnings per share -
basic (excluding merger and acquisition charges) $ 0.29 $ 0.29 $
0.27 Earnings per share - diluted (excluding merger and acquisition
charges) $ 0.27 $ 0.26 $ 0.25 Return on average assets
(non-GAAP operating earnings) 1.17% 1.16% 1.13% Return on average
equity (non-GAAP operating earnings) 9.86% 10.07% 12.03% Efficiency
ratio (non-GAAP operating earnings) 54.69% 54.25% 57.50%
FVCBankcorp, Inc. Average Statements of Condition
and Yields on Earning Assets and Interest-Bearing Liabilities
(Dollars in thousands) (Unaudited)
For the Three Months Ended
3/31/2019 12/31/2018 3/31/2018 Average
Average Average Average Average
Average Balance Yield Balance
Yield Balance Yield Interest-earning
assets: Loans receivable, net of fees (1) Commercial real
estate $ 679,268 4.72 % $ 668,609 4.91 % $ 538,334 4.63 %
Commercial and industrial 134,803 6.63 % 127,520 5.86 % 94,596 5.17
% Commercial construction 158,880 5.73 % 148,745 5.81 % 122,182
4.85 % Consumer residential 133,939 5.26 % 130,222 5.09 % 108,815
4.31 % Consumer nonresidential 31,058 7.58 %
26,443 7.23 % 29,789 6.22 % Total loans
1,137,948 5.23 % 1,101,539 5.22 % 893,716 4.73 % Investment
securities (2)(3) 144,109 2.72 % 136,099 2.69 % 122,860 2.27 %
Interest-bearing deposits at other
financial institutions
25,221 1.95 % 67,935 2.08 %
16,851 1.09 % Total interest-earning assets 1,307,278 4.88 %
1,305,573 4.79 % 1,033,427 4.39 %
Non-interest earning
assets: Cash and due from banks 5,807 3,459 2,532 Premises and
equipment, net 2,294 2,172 1,229
Accrued interest and other assets
48,489 39,404 27,102 Allowance for loan losses (9,054 )
(8,617 ) (7,827 ) Total Assets $ 1,354,814
$ 1,341,991 $ 1,056,463
Interest-bearing liabilities: Interest checking $ 296,010
1.27 % $ 259,202 1.32 % $ 187,251 0.87 % Savings and money market
235,926 1.46 % 303,375 1.18 % 188,911 0.96 % Time deposits 307,780
1.93 % 302,838 1.89 % 263,736 1.40 % Wholesale deposits
74,781 2.42 % 33,557 1.79 % 107,265
1.47 % Total interest-bearing deposits 914,497 1.66 %
898,972 1.47 % 747,163 1.17 % Other borrowed funds 9,302
2.68 % 15,693 2.35 % 8,327 1.72 %
Subordinated notes, net of issuance
costs
24,414 6.56 % 24,394 6.42 %
24,334 6.58 % Total interest-bearing liabilities 948,213
1.79 % 939,059 1.62 % 779,824 1.34 %
Noninterest-bearing
liabilities: Noninterest-bearing deposits 234,149 242,528
174,462 Other liabilities 11,170 5,883 2,519 Stockholders’
equity 161,282 154,521 99,658
Total Liabilities and Stockholders' Equity $
1,354,814 $ 1,341,991 $ 1,056,463 Net
Interest Margin (1) 3.65 % 3.59 % 3.39 %
(1)
Non-accrual loans are included in average
balances.
(2)
The average yields for investment
securities are reported on a fully taxable-equivalent basis at a
rate of 23%.
(3)
The average balances for investment
securities includes restricted stock.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190418005702/en/
David W. Pijor, Chairman and Chief Executive OfficerPhone: (703)
436-3802Email: dpijor@fvcbank.com
Patricia A. Ferrick, PresidentPhone: (703) 436-3822Email:
pferrick@fvcbank.com
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