0001675644FALSE00016756442025-01-232025-01-23

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 23, 2025
FVCBankcorp, Inc.
(Exact name of registrant as specified in its charter)
Virginia001-3864747-5020283
(State or other jurisdiction
of incorporation)		(Commission file number)(IRS Employer
Number)
11325 Random Hills Road
Fairfax, Virginia 22030
(Address of Principal Executive Offices) (Zip Code)
(703) 436-3800
Registrant’s telephone number, including area code:
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below):
¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities Registered under Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $0.01 par valueFVCBThe Nasdaq Stock Market, LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 


Item 2.02    Results of Operations and Financial Condition.
On January 23, 2025, FVCBankcorp, Inc. (the “Company”) issued a press release reporting its financial results for the period ended December 31, 2024.  A copy of the press release is being furnished as Exhibit 99.1 to this report and is incorporated by reference into this Item 2.02.
Item 9.01    Financial Statements and Exhibits.
(d)    Exhibits.
Exhibit No.Description
104The cover page from the Company’s Form 8-K with a date on report of January 23, 2025, formatted in Inline Extensible Business Reporting Language (included with the Inline XBRL document).



Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FVCBANKCORP, INC.
By:/s/ Jennifer L. Deacon
Jennifer L. Deacon, Executive Vice President and Chief Financial Officer
Dated: January 23, 2025


Exhibit 99.1
PRESS RELEASE
For further information, contact:

David W. Pijor, Esq., Chairman and Chief Executive Officer
Phone: (703) 436-3802
Email: dpijor@fvcbank.com

Patricia A. Ferrick, President
Phone: (703) 436-3822
Email: pferrick@fvcbank.com
FOR IMMEDIATE RELEASE – January 23, 2025

FVCBankcorp, Inc. Announces Fourth Quarter and Full Year 2024 Earnings
Continued Growth in Profitability, Net Interest Income and Margin

Fairfax, VA-FVCBankcorp, Inc. (NASDAQ: FVCB) (the “Company”) today reported its financial results for the fourth quarter and full year of 2024.

Fourth Quarter Selected Financial Highlights
•Net Income Increased 5% Compared to the Prior Quarter. Net income totaled $4.9 million, or $0.26 diluted earnings per share, for the quarter ended December 31, 2024, compared to net income of $4.7 million, or $0.25 diluted earnings per share, for the quarter ended September 30, 2024. Return on average assets for the quarter ended December 31, 2024 was 0.90%, an increase from 0.85% for the quarter ended September 30, 2024.
•Net Interest Margin Improved 17% Compared to the Year Ago Quarter. Net interest income increased $2.3 million, or 18%, to $14.9 million for the fourth quarter 2024, compared to $12.7 million for the year ago quarter ended December 31, 2024. Net interest margin increased 40 basis points, or 17%, to 2.77% for the fourth quarter of 2024, compared to 2.37% for the fourth quarter of 2023. On a linked quarter basis, net interest margin increased 13 basis points, or 5%, from 2.64% for the three months ended September 30, 2024, the fourth consecutive quarter of margin improvement.
•Noninterest Expense Decreased 2% for Both Fourth Quarter and Full Year 2024. Noninterest expense for the quarter ended December 31, 2024 totaled $9.0 million, a decrease of $194 thousand, or 2%, when compared to the linked quarter ended September 30, 2024 and decreased $400 thousand, or 4%, when compared to the year ago quarter ended December 31, 2023. The efficiency ratio for the quarter ended December 31, 2024 improved to 58.6%. Year-over-year, noninterest expense decreased $842 thousand, or 2%.
•Sound, Well Capitalized Balance Sheet. All of FVCbank’s (the “Bank”) regulatory capital components and ratios were in excess of thresholds required to be considered "well capitalized", with total risk-based capital to risk-weighted assets of 14.73% at December 31, 2024, compared to 13.83% at December 31, 2023, an increase of 7%. The tangible common equity ("TCE") to tangible assets ("TA") ratio for the Bank increased to 10.87% at December 31, 2024, from 10.12% at December 31, 2023. The Bank’s investment securities are classified as available-for-sale, and therefore the unrealized losses on these securities is fully reflected in the TCE/TA ratio.

For the three months ended December 31, 2024, the Company recorded 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, for the quarter ended December 31, 2023. During the fourth quarter of 2023, the Company sold a portion of its investment portfolio totaling $61.4 million of book value available-for-sale securities which resulted in an after-tax loss of $8.5 million. In addition, the Company reduced excess office space and consolidated two branch locations which resulted in $336 thousand in lease write-offs and severance costs.

For the year ended December 31, 2024, the Company reported net income of $15.1 million, or $0.82 diluted earnings per share, an increase of $11.2 million, compared to net income of $3.8 million, or $0.21 diluted earnings per share for the year ended December 31, 2023. During 2024, the Company surrendered $48.0 million in bank-owned life insurance (“BOLI”), which resulted in a nonrecurring increase of $2.4 million to the Company’s tax provisioning related to the gain associated with the cash payout. For the year ended December 31, 2023, net income
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included after-tax losses totaling $12.2 million related to sale of $101.7 million in book value available-for-sale investment securities and nonrecurring noninterest expense totaling $457 thousand for office space reductions and severance costs.

Commercial bank operating earnings (non-GAAP) exclude the above noted taxes recorded for the aforementioned BOLI surrender during 2024 and the losses on the sale of available-for-sale investment securities during 2023 along with the office space reductions and severance costs. Excluding these nonrecurring items, commercial bank operating earnings for the quarters ended December 31, 2024 and 2023 were $4.9 million and $3.8 million, respectively, an increase of $1.1 million, or 30%. Commercial bank operating earnings for the year ended December 31, 2024 and 2023 were $17.4 million and $16.3 million, respectively, an increase of $1.1 million, or 7%. Diluted commercial bank operating earnings per share (non-GAAP) for the three months ended December 31, 2024 and 2023 were $0.26 and $0.21, respectively. Diluted commercial bank operating earnings per share (non-GAAP) for the year ended December 31, 2024 and 2023 were $0.95 and $0.90, respectively.

The Company considers commercial bank operating earnings a useful comparative financial measure of the Company’s operating performance over multiple periods. Commercial bank operating earnings are determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). A reconciliation of non-GAAP financial measures to their most comparable financial measure in accordance with GAAP can be found in the tables below.

Management Comments
David W. Pijor, Esq., Chairman and Chief Executive Officer of the Company, said:

“We made extensive progress during 2024 to improve our profitability due to our continued focus on quality core growth, increased net interest margin, and improved efficiency. 2024 proved that the difficult decisions we made on balance sheet repositionings during 2023 were appropriate. We are focused on improving upon the progress made during 2024, with continued core loan and deposit growth. Our relationship banking model has allowed us to increase our commercial loan outstandings and commitments, and reduce our reliance on commercial real estate loans. In addition, our approach to balance technology offerings with exceptional personalized customer service continues to support the expansion of our client base. Each of these strategies continues to increase shareholder value, still the driver of every core initiative of FVCbank”

Statement of Condition
Total assets were $2.20 billion at December 31, 2024 and $2.19 billion at December 31, 2023, an increase of $8.4 million.

Loans receivable, net of deferred fees, were $1.87 billion at December 31, 2024 and $1.83 billion at December 31, 2023, an increase of $41.7 million, or 2%. During the fourth quarter of 2024, loan originations totaled $36.5 million with a weighted average rate of 7.84%, and were primarily comprised of commercial and industrial loans. Loan renewals totaled $21.5 million and had a weighted average rate of 8.45%. Loans that paid off during the fourth quarter of 2024 totaled $44.4 million and had a weighted average rate of 6.12%, and were primarily comprised of commercial real estate and construction loans.

Investment securities were $156.7 million at December 31, 2024 and $171.9 million at December 31, 2023. During the year ended December 31, 2024, investment securities decreased $15.1 million, due primarily to principal repayments and maturities totaling $15.7 million, and an increase in the portfolio’s unrealized losses totaling $1.3 million.

Total deposits were $1.87 billion at December 31, 2024 and $1.85 billion at December 31, 2023, an increase of $25.3 million. Noninterest-bearing deposits were $365.7 million at December 31, 2024, or 19.5% of total deposits, and decreased $31.1 million during 2024, as customers continue to move to interest-bearing deposit products. New noninterest-bearing deposits totaled $10.2 million for the quarter ended December 31, 2024. As a member of the IntraFi Network, the Bank offers products to its customers who seek to maximize FDIC insurance protection (“reciprocal deposits”). At December 31, 2024 and December 31, 2023, reciprocal deposits totaled $269.7 million and $254.1 million, respectively, and are considered part of the Company’s core deposit base. Time deposits decreased $58.2 million to $248.2 million during 2024 as time deposits that were originated during 2023 with a weighted average rate of 4.81% matured during 2024. The Company continues to have consistent core deposit inflows at lower interest rates.

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At December 31, 2024, wholesale funding totaled $299.9 million and had a weighted average rate of 3.44% (including $250 million in pay-fixed/receive-floating interest rate swaps at an average rate of 3.25%). Wholesale funding at December 31, 2024 includes wholesale deposits totaling $249.9 million and other borrowed funds totaling $50.0 million. For the quarter ended December 31, 2024, the cost of wholesale funding was 3.57% compared to a cost of 3.73% for the year ended December 31, 2024.

Shareholders’ equity at December 31, 2024 was $235.4 million, an increase of $18.2 million, or 8%, from December 31, 2023. Earnings for the full year of 2024 earnings contributed $15.1 million to the increase in shareholders’ equity. Common stock issued during 2024 for stock options exercised contributed $2.1 million to shareholders’ equity. Accumulated other comprehensive loss decreased $894 thousand for the year ended December 31, 2024, which was primarily related to the change in the Company’s other comprehensive income associated with its cash flow hedges at December 31, 2024.

Tangible book value per share (a non-GAAP financial measure which is defined in the tables below) at December 31, 2024 and December 31, 2023 was $12.52 and $11.77, respectively, an increase of 6%. Tangible book value per share, excluding accumulated other comprehensive loss (a non-GAAP financial measure which is defined in the tables below), at December 31, 2024 and December 31, 2023 was $13.80 and $13.12, respectively.

The Bank was well-capitalized at December 31, 2024, with total risk-based capital ratio of 14.73%, common equity tier 1 risk-based capital ratio of 13.74%, and tier 1 leverage ratio of 11.74%.

Asset Quality
For each of the three month periods ended December 31, 2024 and 2023, the Company recorded no provision for credit losses. For the years ended December 31, 2024 and 2023, the Company recorded provision for credit losses totaling $6 thousand and $132 thousand, respectively At December 31, 2024 and 2023, the allowance for credit losses (“ACL”) was $18.1 million and $18.9 million, respectively. The ACL to total loans, net of fees, was 0.97% at December 31, 2024, compared to 1.03% at December 31, 2023. The decrease in the ACL was primarily attributable to the improved economic forecast used for the quantitative portion of the ACL calculation during 2024 and a decrease in reserves for individually evaluated loans due to two loan charge-offs recorded during the fourth quarter of 2024.

Nonaccrual loans and loans 90 days or more past due at December 31, 2024 totaled $12.8 million, or 0.58% of total assets, compared to $1.8 million, or 0.08% of total assets, at December 31, 2023. The increase in nonperforming loans at December 31, 2024 is primarily a result of one commercial real estate loan placed on nonaccrual during the fourth quarter of 2024, totaling $10.3 million, which is well collateralized. Total watchlist loans decreased $14.3 million, or 50%, to $14.5 million at December 31, 2024 compared to December 31, 2023. The Company had no other real estate owned at December 31, 2024 and 2023.

The Company recorded net charge-offs of $937 thousand and $839 thousand for the three and twelve months ended December 31, 2024, respectively. The increase in net charge-offs for the quarter and year ended December 31, 2024 is a result of two loan relationships that were individually evaluated in prior periods and for which reserves had been established for the shortfall of the related collateral. Each loan relationship had specific circumstances that are not indicative of any systemic issues within the Company’s loan portfolio. The specific reserves on these loans totaled $802 thousand, and contributed to the decrease in the ACL as these specific reserves were applied to the loans when they were determined uncollectible.

At December 31, 2024, commercial real estate loans totaled $1.04 billion, or 56% of total loans, net of fees, and construction loans totaled $162.4 million, or 9% of total loans, net of fees. Included in commercial real estate loans are loans secured by office properties totaling $123.8 million, or 7% of total loans, which are primarily located in the Virginia and Maryland suburbs of the Company’s market area, with only $2.3 million, or 0.12% of total loans, located in Washington, D.C. Loans secured by retail properties totaled $251.0 million, or 13% of total loans, at December 31, 2024. Loans secured by multi-family properties totaled $162.8 million, or 9% of total loans, at December 31, 2024. The commercial real estate portfolio, including construction loans, is diversified by asset type and geographic concentration. The Company manages this portion of the portfolio in a disciplined manner, and has comprehensive policies to monitor, measure, and mitigate its loan concentrations within this portfolio segment, including rigorous credit approval, monitoring and administrative practices. The following table provides further stratification of these and additional classes of real estate loans at December 31, 2024 (dollars in thousands).



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Owner Occupied Commercial Real EstateNon-Owner Occupied Commercial Real EstateConstruction
Asset ClassAverage Loan-to-Value (1)Number of Total Loans  Bank Owned Principal (2) Average Loan-to-Value (1)Number of Total Loans  Bank Owned Principal (2)  Top 3 Geographic Concentration Number of Total Loans Bank Owned Principal (2) Total Bank Owned Principal (2) % of Total Loans
Office, Class A69%6$7,374 46%1$2,982 —$— $10,356 
Office, Class B45%2710,173 45%2956,502 —— 66,675 
Office, Class C53%95,326 39%81,842 1857 8,025 
Office, Medical39%71,093 47%628,060 19,633 38,786 
Subtotal49$23,966 44$89,386 2$10,490 $123,842 7%
Retail- Neighborhood/Community Shop—$— 44%31$86,706  Prince George's County, Maryland, Baltimore County, MD, Fairfax County, VA1$5,538 $92,244 
Retail- Restaurant57%76,152 44%1625,832 —— 31,984 
Retail- Single Tenant58%51,919 41%2035,856 —— 37,775 
Retail- Anchored,Other—— 52%1235,266 —— 35,266 
Retail- Grocery-anchored—— 46%953,753 0— 53,753 
Subtotal12$8,071 88$237,413 1$5,538 $251,022 13%
Multi-family, Class A (Market)—$— 2$1,438 Washington, D.C., Baltimore City, Maryland and Richmond City, Virginia1$1,276 $2,714 
Multi-family, Class B (Market)—— 62%2169,752 13,991 73,743 
Multi-family, Class C (Market)—— 55%5873,141 1997 74,138 
Multi-Family-Affordable Housing—— 52%512,157 0— 12,157 
Subtotal —$— 86$156,488 3$6,264 $162,752 9%
Industrial51%40$65,926 47%39$124,079 Prince William County, Virginia, Fairfax County, Virginia and Howard County, Maryland1$1,781 $191,786 
Warehouse51%1418,745 27%79,188 —— 27,933 
Flex50%1210,212 54%1456,393 3132 66,737 
Subtotal66$94,883 60$189,660 4$1,913 $286,456 15%
Hotels$— 43%9$54,752 1$7,791 $62,543 3%
Mixed Use45%10$5,745 60%33$60,898 —$— $66,643 4%
Land$— $— 11$57,213 $57,213 3%
1-4 Family construction$— $— 3$48,504 $48,504 2%
Other (including net deferred fees)
$55,517 $61,528 $24,654 $141,699 8%
Total commercial real estate and construction loans, net of fees, at December 31, 2024
$188,182 $850,125 $162,367 $1,200,674 64%
At December 31, 2023$212,889 $878,744 $147,998 $1,239,631 68%
(1) Loan-to-value is determined at origination date against current bank owned principal.
(2) Bank-owned principal is not adjusted for deferred fees and costs.
(3) Minimum debt service coverage policy is 1.30x for owner occupied and 1.25x for Non-Owner Occupied at origination.
The loans shown in the above table exhibit strong credit quality, with one classified delinquency at December 31, 2024 totaling $10.2 million, which has a specific reserve totaling $468 thousand. During its assessment of the allowance for credit losses, the Company addressed the credit risks associated with these portfolio segments and believes that as a result of its conservative underwriting discipline at loan origination and its ongoing loan monitoring procedures, the Company has appropriately reserved for possible credit concerns in the event of a downturn in economic activity.

Minority Investment in Mortgage Banking Operation
For the year ended December 31, 2024, the Company recorded income of $376 thousand compared to a loss of $1.1 million for the year ended December 31, 2023, related to its investment in Atlantic Coast Mortgage (“ACM”). For the three months ended December 31, 2024 and 2023, the Company reported a loss of $49 thousand and income of $321 thousand, respectively. The Company’s investment in ACM is reflected as a nonconsolidated minority investment, and as such, the Company’s income generated from the investment is included in non-interest income.
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Income Statement
The Company recorded net income of $4.9 million for the three months ended December 31, 2024 compared to a loss of $5.1 million for the three months ended December 31, 2023. Compared to the linked quarter, net income for the three months ended December 31, 2024 increased $231 thousand, or 5%, from $4.7 million for the three months ended September 30, 2024.

Net interest income increased $2.3 million, or 18%, to $14.9 million for the quarter ended December 31, 2024, compared to $12.7 million for the fourth quarter of 2023, and increased $699 thousand, or 5%, compared to the linked quarter ended September 30, 2024. Compared to the year ago quarter ended December 31, 2023, the increase in net interest income for the fourth quarter of 2024 was primarily due to an increase in loan interest income as the loan portfolio reprices in this high interest rate environment.

The Company's net interest margin increased 40 basis points to 2.77% for the quarter ended December 31, 2024 compared to 2.37% for the quarter ended December 31, 2023, and increased 13 basis points from 2.64% for the linked quarter ended September 30, 2024. The increase in net interest margin is a result of continued improvement in the yields of the Company’s loan portfolio and its management to control funding costs.

Compared to the year ago quarter, interest income increased $2.6 million, or 10%, to $29.3 million, for the fourth quarter of 2024 compared to the quarter ended December 31, 2023. Loan interest income increased $2.8 million, or 11%, to $27.5 million for the three months ended December 31, 2024, compared to $24.7 million for the three months ended December 31, 2023, as average total loans increased $49.9 million during this same comparable period. The Company has actively managed its maturing commercial real estate loan portfolio and further diversified its loan mix toward commercial & industrial loans, which generally earn higher yields. For the sixth consecutive quarter, the Company recorded an increase in loan yields. Loan yields increased 45 basis points to 5.87% for the three months ended December 31, 2024 compared to the same period of 2023. The yield on earning assets increased 45 basis points to 5.47% for the three months ended December 31, 2024 compared to 5.02% for the same period of 2023, partially as a result of the balance sheet repositionings completed during 2023 along with the repricing of the Company’s variable rate loan portfolio and new loan originations.

At December 31, 2024, approximately $459.8 million, or 30%, of the Company’s commercial loan portfolio, which is comprised of the following, is expected to reprice in the next 12 months: $113.1 million in fixed rate commercial loans, and $24.1 million in variable rate commercial loans, with an additional $322.6 million in floating rate loans priced currently at market rates. Within the following 24-36 months, $253.1 million in fixed rate commercial loans are scheduled to reprice and an additional $101.0 million in variable rate commercial loans are scheduled to reprice, representing 23% of the current commercial loan portfolio. In the near term, the Company’s efforts to attain appropriate yields on new originations and the repricing of the commercial loan portfolio are expected to provide continued improvement in loan yields.

Interest expense increased $376 thousand, or 3%, to $14.4 million, for the quarter ended December 31, 2024, compared to $14.0 million for the quarter ended December 31, 2023. On a linked quarter basis, interest expense decreased $651 thousand, or 4%, compared to the quarter ended September 30, 2024. Interest expense on deposits increased $819 thousand to $13.6 million for the three months ended December 31, 2024 compared to the three months ended December 31, 2023, reflecting the increase in average balances of non-maturity deposits during 2024. On a linked quarter basis, interest expense on deposits decreased $627 thousand, or 4%, from $14.2 million for the quarter ended September 30, 2024. The cost of deposits (which includes noninterest-bearing deposits) for the fourth quarter ended December 31, 2024 was 2.92%, a decrease of 12 basis points from the previous quarter end. Interest expense on other borrowed funds for the quarter ended December 31, 2024 decreased $440 thousand, or 45%, to $542 thousand from $982 thousand, for the quarter ended December 31, 2023. The cost of interest-bearing liabilities for the fourth quarter of 2024 was 3.64% compared to 3.80% for the third quarter of 2024, a decrease of 16 basis points compared to an increase of 9 basis points from 3.55% for the year ago quarter, demonstrating the Company’s ability to reprice funding costs downward simultaneously with federal funds rate decisions during 2024. The Company continues to decrease interest rates on its various deposit products going into 2025.

Net interest income for the twelve months ended December 31, 2024 and 2023 was $55.6 million and $54.4 million, respectively, an increase of $1.2 million, or 2%, year-over-year. Interest income increased $6.7 million, or 6%, to $113.3 million for the twelve months ended December 31, 2024 as compared to $106.6 million for the comparable 2023 period. Interest expense totaled $57.7 million for the twelve months ended December 31, 2024, an increase of $5.5 million, compared to $52.2 million for the twelve months ended December 31, 2023. The Company’s net
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interest margin for the twelve months ended December 31, 2024 increased 13 basis points, or 5%, to 2.62% compared to 2.49% for the year ago twelve month period of 2023.

Noninterest income for the three months ended December 31, 2024 totaled $452 thousand compared a loss of $9.9 million for the three months ended December 31, 2023 and $815 thousand for the three months ended September 30, 2024.

Fee income from loans was $43 thousand for the quarter ended December 31, 2024, compared to $35 thousand for the fourth quarter of 2023. Service charges on deposit accounts totaled $285 thousand for the fourth quarter of 2024, compared to $296 thousand for the year ago quarter. Income from BOLI decreased $314 thousand to $71 thousand for the three months ended December 31, 2024, compared to $385 thousand for the same period of 2023, a direct result of the Company's surrender of BOLI policies in the first quarter of 2024. As previously mentioned, the Company recorded a loss of $49 thousand in connection with its minority interest in ACM for the three months ended December 31, 2024, compared to income of $321 thousand for the same period of 2023, and income of $278 thousand for the linked quarter ended September 30, 2024.

For the year ended December 31, 2024, the Company recorded noninterest income totaling $2.5 million, compared to a loss of $13.4 million for the year ended December 31, 2023, which was primarily associated with its securities sales transaction executed during 2023. Fee income from loans was $185 thousand for the year ended December 31, 2024, compared to $388 thousand for the year ended December 31, 2023, which included fee income from back-to-back loan swap transactions entered into during 2023 totaling $187 thousand. Service charges on deposit accounts totaled $1.1 million for the year ended December 31, 2024, compared to $1.0 million for the prior year. Income from BOLI decreased $1.1 million to $397 thousand for the year ended December 31, 2024, compared to $1.5 million for the year ended December 31, 2023, a direct result of the surrendered BOLI that occurred during the first quarter of 2024. Income from the Company’s minority interest in ACM was $376 thousand for the year ended December 31, 2024, compared to a loss of $1.1 million for the same period of 2023.

Noninterest expense totaled $9.0 million for the quarter ended December 31, 2024, a decrease of $400 thousand, or 4%, compared to $9.4 million for the year ago quarter ended December 31, 2023, which included $336 thousand in costs associated with the Company’s office space reduction efforts in 2023. On a linked quarter basis, noninterest expense decreased $194 thousand, or 2%, from $9.2 million for the three months ended September 30, 2024, primarily due to a decrease in salaries and benefits expense during the fourth quarter of 2024. Compared to the year ago quarter, salaries and benefits expense decreased $590 thousand, or 11%, for the three months ended December 31, 2024. The decreases in salaries and benefits expense is primarily a result of reduced staffing and process improvement through the use of technology. Full-time equivalent employees have decreased from 118 at December 31, 2023 to 112 at December 31, 2024, which includes vacancies that are in the process of being filled.

Internet banking and software expense increased $159 thousand to $860 thousand for the fourth quarter of 2024 compared to the quarter ended December 31, 2023, primarily as a result of the implementation of enhanced customer software solutions. Other operating expenses totaled $1.4 million for fourth quarter of 2024 compared to $1.2 million for the year ago quarter ended December 31, 2023, an increase of $270 thousand, which was primarily a result of loan workout expenses that were collected by the Bank during the fourth quarter of 2023. The Company continues to identify and assess opportunities to reduce operating expenses.

For the years ended December 31, 2024 and 2023, noninterest expense was $35.8 million and $36.7 million, respectively, a decrease of $842 thousand, or 2%, primarily as a result of the aforementioned decreases in salaries and benefits expenses. Additionally, occupancy expense decreased $330 thousand to $2.0 million for the year ended December 31, 2024 as compared to $2.4 million for the year ended December 31, 2023, a direct result of the reduction in office space that occurred during 2023. Internet banking and software expense increased $485 thousand to $3.0 million for full year 2024 compared to $2.5 million for 2023, primarily as a result of the implementation of enhanced customer software solutions. Other operating expenses totaled $6.0 million for the year ended December 31, 2024 compared to $5.2 million for the year ended December 31, 2023, an increase of $827 thousand, which was primarily a result of loan workout expenses that were reimbursed to the Bank during 2023.

The efficiency ratio for core bank operating earnings (non-GAAP) for the quarters ended December 31, 2024, September 30, 2024, and December 31, 2023, was 58.6%, 61.2%, and 65.8%, respectively. For the years ended December 31, 2024 and 2023, the efficiency ratio for core bank operating earnings (non-GAAP), was 61.6% and 64.0%, respectively. A reconciliation of the aforementioned efficiency ratio, a non-GAAP financial measure, can be found in the tables below.

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The Company recorded a provision for income taxes of $1.5 million for the three months ended December 31, 2024 and a tax benefit of $1.5 million for the three months ended December 31, 2023. For the years ended December 31, 2024 and 2023, provisions for income taxes were $7.2 million and $410 thousand, respectively. The 2024 period includes an additional $2.4 million which is associated with the Company’s surrender of BOLI policies in the first quarter of 2024.

About FVCBankcorp, Inc.
FVCBankcorp, Inc. is the holding company for FVCbank, a wholly-owned subsidiary that commenced operations in November 2007. FVCbank is a $2.20 billion asset-sized 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. FVCbank is based in Fairfax, Virginia, and has 8 full-service offices in Arlington, Fairfax, Manassas, Reston and Springfield, Virginia, Washington, D.C., and Baltimore, and Bethesda, Maryland.

For more information about the Company, please visit the Investor Relations page of FVCBankcorp, Inc.’s website, www.fvcbank.com.

Cautionary Note About Forward-Looking Statements
This press release may contain statements relating to future events or future results of the Company that are considered “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. We caution that the forward-looking statements are based largely on our expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements. The following factors, among others, could cause our financial performance to differ materially from that expressed in such forward-looking statements: general business and economic conditions, including higher inflation and its impacts, nationally or in the markets that the Company serves could adversely affect, among other things, real estate valuations, unemployment levels, the ability of businesses to remain viable, consumer and business confidence, and consumer or business spending, which could lead to decreases in demand for loans, deposits, and other financial services that the Company provides and increases in loan delinquencies and defaults; the impact of the interest rate environment on our business, financial condition and results of operation, and its impact on the composition and costs of deposits, loan demand, and the values and liquidity of loan collateral, securities, and interest sensitive assets and liabilities; changes in the Company’s liquidity requirements could be adversely affected by changes in its assets and liabilities; changes in the assumptions underlying the establishment of reserves for possible credit losses and the possibility that future credit losses may be higher than currently expected; changes in market conditions, specifically declines in the commercial and residential real estate market, volatility and disruption of the capital and credit markets, and soundness of other financial institutions the Company does business with; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System, inflation, interest rate, market and monetary fluctuations; the Company’s investment securities portfolio is subject to credit risk, market risk, and liquidity risk as well as changes in the estimates used to value the securities in the portfolio; declines in the Company’s common stock price or the occurrence of what management would deem to be a triggering event that could, under certain circumstances, cause us to record a noncash impairment charge to earnings in future periods; geopolitical conditions, including acts or threats of terrorism, or actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, which could impact business and economic conditions in the United States and abroad; the occurrence of significant natural disasters, including severe weather conditions, floods, health related issues or emergencies, and other catastrophic events; the management of risks inherent in the Company’s real estate loan portfolio, and the risk of a prolonged downturn in the real estate market, which could impair the value of loan collateral and the ability to sell collateral upon any foreclosure; the impact of changes in bank regulatory conditions, including laws, regulations and policies concerning capital requirements, deposit insurance premiums, taxes, securities, and the application thereof by regulatory bodies; the effect of changes in accounting policies and practices, as may be adopted from time to time by bank regulatory agencies, the Securities and Exchange Commission (the “SEC”), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setting bodies; competitive pressures among financial services companies, including the timely development of competitive new products and services and the acceptance of these products and services by new and existing customers; the effect of acquisitions and partnerships the Company may make, including, without limitation, the failure to achieve the expected revenue growth and/or expense savings from such acquisitions; the Company’s involvement, from time to time, in legal proceedings and examination and remedial actions by regulators; and potential exposure to fraud,
7

negligence, computer theft and cyber-crime, and the Company’s ability to maintain the security of its data processing and information technology systems. The foregoing factors should not be considered exhaustive and should be read together with other cautionary statements that are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, including those discussed in the section entitled “Risk Factors,” and in the Company’s other periodic and current reports filed with the SEC. If one or more of the factors affecting our forward-looking information and statements proves incorrect, then our actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, the Company cautions you not to place undue reliance on our forward-looking information and statements. We will not update the forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict their occurrence or how they will affect the Company’s operations, financial condition or results of operations.


8


FVCBankcorp, Inc.
Selected Financial Data
(Dollars in thousands, except share data and per share data)
(Unaudited)

At or For the Three Months Ended,For the Years Ended,
December 31, 2024December 31, 2023December 31, 2024December 31, 2023
Selected Balances
Total assets$2,198,950 $2,190,558 
Total investment securities164,926 181,347 
Total loans, net of deferred fees1,870,235 1,828,564 
Allowance for credit losses on loans(18,129)(18,871)
Total deposits1,870,605 1,845,292 
Subordinated debt18,695 19,620 
Other borrowings50,000 85,000 
Reserve for unfunded commitments510 602 
Total shareholders' equity235,354 217,117 
Summary Results of Operations
Interest income$29,281 $26,651 $113,313 $106,615 
Interest expense14,367 13,992 57,723 52,219 
Net interest income14,913 12,659 55,589 54,396 
Provision for credit losses— — 6 132 
Net interest income after provision for credit losses14,913 12,659 55,583 54,264 
Noninterest income - loan fees, service charges and other422 420 1,752 1,865 
Noninterest income - bank owned life insurance71 385 397 1,452 
Noninterest income (loss) on minority membership interest(49)321 376 (1,110)
Noninterest gain (loss) on sale of available-for-sale investment securities9 (10,985)9 (15,577)
Noninterest expense9,002 9,402 35,820 36,662 
Income (Loss) before taxes6,363 (6,602)22,297 4,232 
Income tax expense (benefit)1,463 (1,531)7,233 410 
Net income (loss)4,900 (5,071)15,064 3,822 
Per Share Data
Net income (loss), basic$0.27 $(0.28)$0.83 $0.22 
Net income (loss), diluted$0.26 $(0.28)$0.82 $0.21 
Book value$12.93 $12.19 
Tangible book value (1)
$12.52 $11.77 
Tangible book value, excluding accumulated other comprehensive losses (1)
$13.80 $13.12 
Shares outstanding18,204,455 17,806,995 
Selected Ratios
Net interest margin (2)
2.77 %2.37 %2.62 %2.49 %
Return (loss) on average assets (2)
0.90 %(0.92)%0.69 %0.17 %
Return (loss) on average equity (2)
8.37 %(9.51)%6.64 %1.82 %
Efficiency (3)
58.58 %NM61.63 %89.36 %
Loans, net of deferred fees to total deposits99.98 %99.09 %
Noninterest-bearing deposits to total deposits19.55 %21.50 %
Reconciliation of Net Income (GAAP) to Commercial Bank Operating Earnings (Non-GAAP)(4)
GAAP net income (loss) reported above$4,900 $(5,071)$15,064 $3,822 
(Gain) loss on sale of available-for-sale investment securities(9)10,985 (9)15,577 
Non-recurring tax and 10% modified endowment contract penalty on early surrender of BOLI policies— — 2,386 — 
Office space reduction and severance costs— 336 — 457 
Income tax benefit associated with non-GAAP adjustments— (2,490)— (3,527)
Adjusted Net Income, core bank operating earnings (non-GAAP)$4,891 $3,760 $17,441 $16,329 
Adjusted Earnings per share - basic (non-GAAP core bank operating earnings)$0.27 $0.21 $0.97 $0.92 
Adjusted Earnings per share - diluted (non-GAAP core bank operating earnings)$0.26 $0.21 $0.95 $0.90 
Adjusted Return on average assets (non-GAAP core bank operating earnings)0.90 %0.68 %0.80 %0.72 %
Adjusted Return on average equity (non-GAAP core bank operating earnings)8.36 %7.06 %7.69 %7.78 %
Adjusted Efficiency ratio (non-GAAP core bank operating earnings)(3)
58.62 %65.77 %61.63 %63.96 %
Capital Ratios - Bank
Tangible common equity (to tangible assets)10.87 %10.12 %
Total risk-based capital (to risk weighted assets)14.73 %13.83 %
Common equity tier 1 capital (to risk weighted assets)13.74 %12.80 %
Tier 1 leverage (to average assets)11.74 %10.77 %
Asset Quality
Nonperforming loans$12,823 $1,829 
Nonperforming loans to total assets0.58 %0.08 %
Nonperforming assets to total assets0.58 %0.08 %
Allowance for credit losses on loans to loans0.97 %1.06 %
Allowance for credit losses on to nonperforming loans141.38 %1064.70 %
Net charge-offs $937 $49 $839 $375 
Net charge-offs to average loans (2)
0.20 %0.01 %0.04 %0.02 %
Selected Average Balances
Total assets$2,185,879 $2,210,366 $2,175,987 $2,272,594 
Total earning assets2,139,505 2,123,455 2,122,236 2,186,467 
Total loans, net of deferred fees1,875,328 1,825,472 1,869,470 1,848,308 
Total deposits1,851,402 1,836,826 1,823,247 1,915,032 
Other Data
Noninterest-bearing deposits$365,666 $396,724 
Interest-bearing checking, savings and money market1,006,898 896,969 
Time deposits248,154 306,349 
Wholesale deposits249,887 245,250 
(1) Non-GAAP Reconciliation
(Dollars in thousands, except per share data)
Total shareholders’ equity$235,354 $217,117 
Goodwill and intangibles, net(7,420)(7,585)
Tangible Common Equity$227,934 $209,532 
Accumulated Other Comprehensive Income (Loss) ("AOCI")(23,266)(24,160)
Tangible Common Equity excluding AOCI$251,200 $233,692 
Book value per common share $12.93 12.19 
Intangible book value per common share(0.41)(0.42)
Tangible book value per common share$12.52 $11.77 
AOCI (loss) per common share(1.28)(1.35)
Tangible book value per common share, excluding AOCI$13.80 $13.12 
(2)Annualized.
(3)Efficiency ratio is calculated as noninterest expense divided by the sum of net interest income and noninterest income.
(4)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 consolidated statements of income, condition, or statements of cash flows.

9

FVCBankcorp, Inc.
Summary Consolidated Statements of Condition
(Dollars in thousands)
(Unaudited)

December 31, 2024September 30, 2024% Change Current QuarterDecember 31, 2023% Change From Year Ago
Cash and due from banks$8,161 $10,051 (18.8)%$8,042 1.5 %
Interest-bearing deposits at other financial institutions82,789 167,575 (50.6)%52,480 57.8 %
Investment securities156,740 165,296 (5.2)%171,859 (8.8)%
Restricted stock, at cost8,186 8,186 — %9,488 (13.7)%
Loans, net of fees:
Commercial real estate1,038,307 1,062,978 (2.3)%1,091,633 (4.9)%
Commercial and industrial314,274 288,821 8.8 %216,367 45.3 %
Commercial construction162,367 173,806 (6.6)%147,998 9.7 %
Consumer real estate325,313 331,713 (1.9)%363,317 (10.5)%
Warehouse facilities22,388 10,777 107.7 %3,506 538.6 %
Consumer nonresidential7,586 6,851 10.7 %5,743 32.1 %
Total loans, net of fees1,870,235 1,874,946 (0.3)%1,828,564 2.3 %
Allowance for credit losses on loans(18,129)(19,067)(4.9)%(18,871)(3.9)%
Loans, net1,852,106 1,855,879 (0.2)%1,809,693 2.3 %
Premises and equipment, net858 866 (0.9)%997 (13.9)%
Goodwill and intangibles, net7,420 7,457 (0.5)%7,585 (2.2)%
Bank owned life insurance (BOLI)9,219 9,148 0.8 %56,823 (83.8)%
Other assets73,471 68,824 6.8 %73,591 (0.2)%
Total Assets$2,198,950 $2,293,282 (4.1)%$2,190,558 0.4 %
Deposits:
Noninterest-bearing$365,666 $357,028 2.4 %$396,724 (7.8)%
Interest checking623,811 615,839 1.3 %576,471 8.2 %
Savings and money market383,087 491,496 (22.1)%320,498 19.5 %
Time deposits248,154 246,527 0.7 %306,349 (19.0)%
Wholesale deposits249,887 249,877 — %245,250 1.9 %
Total deposits1,870,605 1,960,767 (4.6)%1,845,292 1.4 %
Other borrowed funds50,000 57,000 (12.3)%85,000 (41.2)%
Subordinated notes, net of issuance costs18,695 19,666 (4.9)%19,620 (4.7)%
Reserve for unfunded commitments510 510 — %602 (15.3)%
Other liabilities23,786 24,509 (2.9)%22,927 3.7 %
Shareholders’ equity235,354 230,830 2.0 %217,117 8.4 %
Total Liabilities & Shareholders' Equity$2,198,950 $2,293,282 (4.1)%$2,190,558 0.4 %


10

FVCBankcorp, Inc.
Summary Consolidated Statements of Income
(Dollars in thousands, except per share data)
(Unaudited)
For the Three Months Ended
December 31, 2024September 30, 2024% Change Current QuarterDecember 31, 2023% Change From Year Ago
Net interest income$14,913 $14,214 4.9 %$12,659 17.8 %
Provision for credit losses— (200)(100.0)%— — %
Net interest income after provision for credit losses14,913 14,414 3.5 %12,659 17.8 %
Noninterest income:
Fees on loans43 54 (20.4)%35 22.9 %
Service charges on deposit accounts285 301 (5.3)%296 (3.7)%
BOLI income71 70 1.4 %385 (81.6)%
Gain (loss) from minority membership interest(49)278 (117.6)%321 (115.3)%
Loss on sale of available-for-sale investment securities9 — 100.0 %(10,985)(100.1)%
Other fee income93 112 (17.0)%89 4.5 %
Total noninterest income452 815 (44.5)%(9,859)(104.6)%
Noninterest expense:
Salaries and employee benefits4,679 4,853 (3.6)%5,269 (11.2)%
Occupancy expense525 465 12.9 %572 (8.2)%
Internet banking and software expense860 706 21.8 %701 22.7 %
Data processing and network administration690 727 (5.1)%634 8.8 %
State franchise taxes589 589 — %584 0.9 %
Professional fees233 224 4.0 %213 9.4 %
Office space reduction costs— — — %273 (100.0)%
Other operating expense1,426 1,632 (12.6)%1,156 23.4 %
Total noninterest expense9,002 9,196 (2.1)%9,402 (4.3)%
Net income before income taxes6,363 6,033 5.5 %(6,602)(196.4)%
Income tax expense1,463 1,364 7.3 %(1,531)(195.6)%
Net Income$4,900 $4,669 4.9 %$(5,071)(196.6)%
Earnings per share - basic$0.27 $0.26 3.8 %$(0.28)(196.4)%
Earnings per share - diluted$0.26 $0.25 4.0 %$(0.28)(192.9)%
Weighted-average common shares outstanding - basic18,204,455 18,195,102 0.1 %17,802,810 2.3 %
Weighted-average common shares outstanding - diluted18,493,616 18,433,125 0.3 %18,295,894 1.1 %
Reconciliation of Net Income (GAAP) to Commercial Bank Operating Earnings (Non-GAAP):
GAAP net income (loss) reported above    $4,900 $4,669 $(5,071)
(Gain) loss on sale of available-for-sale investment securities(9)— 10,985 
Office space reduction and severance costs— — 336 
Income tax benefit associated with non-GAAP adjustments— — (2,490)
Adjusted Net Income, core bank operating earnings (non-GAAP)$4,891 $4,669 $3,760 
Adjusted Earnings per share - basic (non-GAAP core bank operating earnings)$0.27 $0.26 $0.21 
Adjusted Earnings per share - diluted (non-GAAP core bank operating earnings)$0.26 $0.25 $0.21 
Adjusted Return on average assets (non-GAAP core bank operating earnings)0.90 %0.85 %0.68 %
Adjusted Return on average equity (non-GAAP core bank operating earnings)8.36 %8.15 %7.06 %
Adjusted Efficiency ratio (non-GAAP core bank operating earnings)58.62 %61.19 %65.77 %
11

Reconciliation of Net Income (GAAP) to Pre-Tax Pre-Provision Income (Non-GAAP):
GAAP net income (loss) reported above    $4,900 $4,669 $(5,071)
Provision for credit losses— (200)— 
(Gain) loss on sale of investment securities(9)— 10,985 
Office space redution and severance costs— — 336 
Non-recurring valuation adjustment of minority investment— — — 
Income tax expense (benefit)1,463 1,364 (1,531)
Adjusted Pre-tax pre-provision income$6,354 $5,833 $4,719 
Adjusted Earnings per share - basic (non-GAAP pre-tax pre-provision)$0.35 $0.32 $0.27 
Adjusted Earnings per share - diluted (non-GAAP pre-tax pre-provision)$0.34 $0.32 $0.26 
Adjusted Return on average assets (non-GAAP pre-tax pre-provision)1.16 %1.07 %0.85 %
Adjusted Return on average equity (non-GAAP pre-tax pre-provision)10.85 %10.18 %8.85 %
12

FVCBankcorp, Inc.
Summary Consolidated Statements of Income
(Dollars in thousands, except per share data)
(Unaudited)

For the Year Ended
December 31, 2024December 31, 2023% Change
Net interest income$55,589 $54,396 2.2 %
Provision for credit losses6 132 (95.5)%
Net interest income after provision for credit losses55,583 54,264 2.4 %
Noninterest income:
Fees on loans185 388 (52.3)%
Service charges on deposit accounts1,126 1,028 9.5 %
BOLI income397 1,452 (72.7)%
Income (loss) from minority membership interest376 (1,110)(133.9)%
Gain (loss) on sale of available-for-sale investment securities9 (15,577)(100.1)%
Other fee income441 449 (1.8)%
Total noninterest income (loss)2,534 (13,370)(119.0)%
Noninterest expense:
Salaries and employee benefits18,752 20,643 (9.2)%
Occupancy expense2,027 2,357 (14.0)%
Internet banking and software expense2,990 2,505 19.4 %
Data processing and network administration2,719 2,468 10.2 %
State franchise taxes2,358 2,338 0.9 %
Professional fees927 858 8.0 %
Office space reduction costs— 273 — %
Other operating expense6,047 5,220 15.8 %
Total noninterest expense35,820 36,662 (2.3)%
Net income before income taxes22,297 4,232 426.9 %
Income tax expense7,233 410 1664.1 %
Net Income$15,064 $3,822 294.1 %
Earnings per share - basic $0.83 $0.22 284.9 %
Earnings per share - diluted$0.82 $0.21 291.1 %
Weighted-average common shares outstanding - basic18,057,202 17,722,778 1.9 %
Weighted-average common shares outstanding - diluted18,396,533 18,231,346 0.9 %
13

Reconciliation of Net Income (GAAP) to Commercial Bank Operating Earnings (Non-GAAP):
GAAP net income reported above$15,064 $3,822 
(Gain) loss on sale of available-for-sale investment securities(9)15,577 
Office space reduction and severance costs— 457 
Non-recurring tax and 10% modified endowment contract penalty on early surrender of BOLI policies2,386 — 
Income tax benefit associated with non-GAAP adjustments— (3,527)
Adjusted Net Income, core bank operating earnings (non-GAAP)$17,441 $16,329 
Adjusted Earnings per share - basic (non-GAAP core bank operating earnings)$0.97 $0.92 
Adjusted Earnings per share - diluted (non-GAAP core bank operating earnings)$0.95 $0.90 
Adjusted Return on average assets (non-GAAP core bank operating earnings)0.80 %0.72 %
Adjusted Return on average equity (non-GAAP core bank operating earnings)7.69 %7.78 %
Adjusted Efficiency ratio (non-GAAP core bank operating earnings)61.63 %63.97 %
Reconciliation of Net Income (GAAP) to Pre-Tax Pre-Provision Income (Non-GAAP):
GAAP net income reported above$15,064 $3,822 
Provision for credit losses6 132 
(Gain) loss on sale of investment securities(9)15,577 
Office space redution and severance costs— 457 
Non-recurring tax and 10% modified endowment contract penalty on early surrender of BOLI policies2,386 — 
Income tax expense4,847 410 
Adjusted Pre-tax pre-provision income$22,294 $20,398 
Adjusted Earnings per share - basic (non-GAAP pre-tax pre-provision)$1.23 $1.15 
Adjusted Earnings per share - diluted (non-GAAP pre-tax pre-provision)$1.21 $1.12 
Adjusted Return on average assets (non-GAAP pre-tax pre-provision)1.02 %0.90 %
Adjusted Return on average equity (non-GAAP pre-tax pre-provision)9.83 %9.72 %

14

FVCBankcorp, Inc.
Average Statements of Condition and Yields on Earning Assets and Interest-Bearing Liabilities
(Dollars in thousands)
(Unaudited)
For the Three Months Ended
12/31/20249/30/202412/31/2023
Average BalanceInterest Income/ExpenseAverage YieldAverage BalanceInterest Income/ExpenseAverage YieldAverage BalanceInterest Income/ExpenseAverage Yield
Interest-earning assets:
Loans receivable, net of fees (1)
Commercial real estate$1,050,985 $13,792 5.25 %$1,075,258 $13,969 5.20 %$1,089,549 $13,549 4.97 %
Commercial and industrial300,781 6,157 8.19 %268,484 5,558 8.28 %206,350 3,916 7.59 %
Commercial construction176,973 3,200 7.23 %168,155 3,175 7.55 %154,049 2,684 6.97 %
Consumer real estate327,164 4,012 4.91 %334,385 4,047 4.84 %365,582 4,391 4.80 %
Warehouse facilities13,010 224 6.89 %26,043 489 7.51 %3,903 78 8.00 %
Consumer nonresidential6,415 131 8.17 %6,827 143 8.38 %6,039 130 8.62 %
Total loans1,875,328 27,516 5.87 %1,879,152 27,381 5.83 %1,825,472 24,748 5.42 %
Investment securities (2)
202,060 1,046 2.07 %205,019 1,050 2.05 %252,958 1,285 2.03 %
Interest-bearing deposits at other financial institutions62,117 719 4.60 %57,984 802 5.50 %45,025 619 5.45 %
Total interest-earning assets2,139,505 $29,281 5.47 %2,142,155 $29,233 5.46 %2,123,455 $26,652 5.02 %
Non-interest earning assets:
Cash and due from banks8,938 7,443 6,195 
Premises and equipment, net875 892 1,041 
Accrued interest and other assets55,380 56,312 98,509 
Allowance for credit losses(18,819)(19,219)(18,834)
Total Assets$2,185,879$2,187,583$2,210,366
Interest-bearing liabilities:
Interest checking$615,456 $5,310 3.43 %$620,256 $5,652 3.62 %$631,775 $5,308 3.33 %
Savings and money market378,847 3,313 3.48 %362,663 3,482 3.82 %310,199 1,715 2.82 %
Time deposits249,650 2,740 4.37 %264,125 2,929 4.41 %272,784 3,579 4.15 %
Wholesale deposits249,870 2,209 3.52 %249,851 2,136 3.40 %218,176 2,151 3.91 %
Total interest-bearing deposits1,493,823 13,572 3.61 %1,496,895 14,199 3.77 %1,432,934 12,753 3.53 %
Other borrowed funds55,429 542 3.88 %57,000 563 3.93 %112,935 982 3.45 %
Subordinated notes, net of issuance costs19,531 254 5.18 %19,656 257 5.21 %19,611 257 5.21 %
Total interest-bearing liabilities1,568,783 $14,368 3.64 %1,573,551 $15,019 3.80 %1,565,480 $13,992 3.55 %
Noninterest-bearing liabilities:
Noninterest-bearing deposits357,579 358,618 403,892 
Other liabilities25,362 26,252 27,804 
Shareholders’ equity
234,155 229,162 213,190 
Total Liabilities and Shareholders' Equity
$2,185,879$2,187,583$2,210,366
Net Interest Margin$14,913 2.77 %$14,214 2.64 %$12,660 2.37 %
(1)Non-accrual loans are included in average balances.
(2)The average balances for investment securities includes restricted stock.

15

FVCBankcorp, Inc.
Average Statements of Condition and Yields on Earning Assets and Interest-Bearing Liabilities
(Dollars in thousands)
(Unaudited)
For the Years Ended
20242023
Average BalanceInterest Income/ExpenseAverage YieldAverage BalanceInterest Income/ExpenseAverage Yield
Interest-earning assets:
Loans receivable, net of fees (1)
Commercial real estate$1,076,027 $55,116 5.12 %$1,103,325 $53,356 4.84 %
Commercial and industrial262,844 21,099 8.03 %206,432 15,170 7.35 %
Commercial construction165,134 12,044 7.29 %154,658 10,917 7.06 %
Consumer real estate341,843 16,616 4.86 %358,740 17,039 4.75 %
Warehouse facilities17,408 1,284 7.38 %19,097 1,343 7.03 %
Consumer nonresidential6,214 509 8.19 %6,056 548 9.05 %
Total loans1,869,470 106,668 5.71 %1,848,308 98,373 5.32 %
Investment securities (2)
208,406 4,351 2.09 %287,454 5,606 1.95 %
Interest-bearing deposits at other financial institutions44,360 2,294 5.17 %50,705 2,641 5.21 %
Total interest-earning assets2,122,236 $113,313 5.34 %2,186,467 $106,620 4.88 %
Non-interest earning assets:
Cash and due from banks7,474 6,168 
Premises and equipment, net930 1,121 
Accrued interest and other assets64,310 97,440 
Allowance for credit losses(18,963)(18,602)
Total Assets$2,175,987$2,272,594
Interest-bearing liabilities:
Interest checking$571,432 $19,526 3.42 %$581,655 $16,903 2.91 %
Savings and money market344,272 12,384 3.60 %254,721 6,102 2.40 %
Time deposits275,288 11,979 4.35 %349,270 12,791 3.66 %
Wholesale deposits263,664 9,317 3.53 %303,472 11,549 3.81 %
Total interest-bearing deposits1,454,656 53,206 3.66 %1,489,118 47,345 3.18 %
Other borrowed funds79,874 3,492 4.37 %102,050 3,844 3.77 %
Subordinated notes, net of issuance costs19,613 1,026 5.23 %19,590 1,030 5.26 %
Total interest-bearing liabilities1,554,143 $57,724 3.71 %1,610,758 $52,219 3.24 %
Noninterest-bearing liabilities:
Noninterest-bearing deposits368,591 425,914 
Other liabilities26,408 26,013 
Shareholders’ equity
226,845 209,909 
Total Liabilities and Shareholders' Equity
$2,175,987$2,272,594
Net Interest Margin$55,589 2.62 %$54,401 2.49 %
(1)Non-accrual loans are included in average balances.
(2)The average balances for investment securities includes restricted stock.


16
v3.24.4
Cover
Jan. 23, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 23, 2025
Entity Registrant Name FVCBankcorp, Inc.
Entity Incorporation, State or Country Code VA
Entity File Number 001-38647
Entity Tax Identification Number 47-5020283
Entity Address, Address Line One 11325 Random Hills Road
Entity Address, City or Town Fairfax
Entity Address, State or Province VA
Entity Address, Postal Zip Code 22030
City Area Code 703
Local Phone Number 436-3800
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol FVCB
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001675644
Amendment Flag false
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