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FVCBankcorp, Inc. Announces Second Quarter 2024 Earnings; Continued Improvement in Net Income, Net Interest Income, and Margin

FVCBankcorp, Inc. (NASDAQ: FVCB) (the “Company”) today reported its financial results for the second quarter of 2024.

Second Quarter Selected Financial Highlights

  • Increase in Net Income. For the three months ended June 30, 2024, the Company recorded net income of $4.2 million, or $0.23 diluted earnings per share. Compared to the linked quarter, net income increased $2.8 million, from $1.3 million for the three months ended March 31, 2024.
  • Increase in Net Interest Income and Margin. Net interest margin increased 12 basis points, or 5%, to 2.59% for the second quarter of 2024, compared to 2.47% for the first quarter of 2024. Net interest income increased $877 thousand to $13.7 million, or 7%, compared to $12.8 million for the first quarter of 2024. Interest income increased $1.1 million, or 4%, quarter-over-quarter while interest expense only increased $266 thousand, or 2%, for the same period.
  • Strong Deposit Growth. Core deposits, which exclude wholesale deposits, increased $121.5 million during the quarter ended June 30, 2024, or 8%. Total deposits increased $111.5 million, or 6%, during the second quarter of 2024, to end at $1.97 billion at June 30, 2024, compared to $1.86 billion at March 31, 2024.
  • Solid Credit Quality. Loans past due 30 days or more decreased to $2.5 million at June 30, 2024, compared to $3.9 million at March 31, 2024, a decrease of 35%. The Company recorded net recoveries of $5 thousand during the second quarter of 2024.
  • Sound, Well Capitalized Balance Sheet. All of FVCbank’s (the “Bank”) regulatory capital components and ratios were well in excess of thresholds required to be considered "well capitalized", with total risk-based capital to risk-weighted assets of 14.13% at June 30, 2024, compared to 13.83% at December 31, 2023. The tangible common equity ("TCE") to tangible assets ("TA") ratio for the Bank increased to 9.56% at June 30, 2024, from 8.70% at June 30, 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 each of the three months ended June 30, 2024 and 2023, the Company recorded net income of $4.2 million, or $0.23 diluted earnings per share. Compared to the linked quarter, net income increased $2.8 million for the three months ended June 30, 2024, from $1.3 million for the three months ended March 31, 2024. For the six months ended June 30, 2024, the Company reported net income of $5.5 million, or $0.30 diluted earnings per share, compared to net income of $4.9 million, or $0.27 diluted earnings per share for the six months ended June 30, 2023.

Commercial bank operating earnings (non-GAAP), which exclude the nonrecurring taxes on the surrender of the Company’s BOLI policies recorded during the first quarter of 2024, for the three months ended June 30, 2024 and March 31, 2024 were $4.2 million and $3.7 million, respectively, an increase of $429 thousand, or 12%. Diluted commercial bank operating earnings per share (non-GAAP) for the three months ended June 30, 2024 and March 31, 2024 were $0.23 and $0.20, respectively.

For the three months ended June 30, 2024 and March 31, 2024, pre-tax pre-provision operating income (non-GAAP), which also excludes the nonrecurring taxes on the BOLI surrender was $5.5 million and $4.6 million, respectively, an increase of $984 thousand, or 22%.

The Company considers commercial bank operating earnings and pre-tax pre-provision operating income useful comparative financial measures of the Company’s operating performance over multiple periods. Both commercial bank operating earnings and pre-tax pre-provision operating income 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:

“Two consecutive quarters of margin and net interest income improvement demonstrates that our disciplined approach to loan and deposit pricing is effective. We continue to acquire new customer relationships which supports our focus to further diversify both our loan and deposit portfolios. As a result of our efforts this quarter, we originated over $41 million in new loans and $176 million in new non-maturity deposit accounts. These achievements are a result of the dedication of our bankers who are committed to provide the best service to our clients each day. Lastly, we are pleased that our partners at Atlantic Coast Mortgage (“ACM”) have recorded net income for the second quarter and year-to-date in this challenging mortgage environment.”

Statement of Condition

Total assets were $2.30 billion at June 30, 2024 and $2.19 billion at December 31, 2023, an increase of $108.6 million, or 5%. Compared to June 30, 2023, total assets decreased $45.2 million from $2.34 billion, year-over-year.

Loans receivable, net of deferred fees, were $1.89 billion at June 30, 2024, $1.83 billion at December 31, 2023, and $1.90 billion at June 30, 2023. For the three months ended June 30, 2024, loans receivable, net of fees, increased $34.2 million, or 2%, of which $19.6 million of this increase is related to the warehouse line held by ACM. Excluding the warehouse line, loans increased $14.6 million for the quarter ended June 30, 2024. During the second quarter of 2024, loan originations totaled $41.1 million with a weighted average rate of 8.38% and loan renewals totaled $15.4 million with a weighted average rate of 8.95%. Loans that paid off during the second quarter of 2024 totaled $42.5 million and had a weighted average rate of 6.39%.

Investment securities were $162.4 million at June 30, 2024, $171.9 million at December 31, 2023, and $231.5 million at June 30, 2023. The decrease in investment securities during the quarter ended June 30, 2024 was primarily a result of $4.6 million in principal repayments and maturities. For the six months ended June 30, 2024, the investment securities portfolio decreased $9.4 million, primarily due to principal paydowns and an increase in the portfolio’s unrealized losses totaling $2.0 million.

Total deposits were $1.97 billion at June 30, 2024, $1.85 billion at December 31, 2023, and $2.09 billion at June 30, 2023. Compared to March 31, 2024, total deposits increased $111.5 million, or 6%. Noninterest-bearing deposits were $373.8 million at June 30, 2024, or 19.0% of total deposits, and decreased $20.3 million during the second quarter of 2024, as customers continue to shift to interest-bearing deposit products. At June 30, 2024, core deposits, which exclude wholesale deposits, increased $121.5 million, or 8%. As a member of the IntraFi Network, the Bank offers products to its customers who seek to maximize FDIC insurance protection (“reciprocal deposits”). At June 30, 2024 and December 31, 2023, reciprocal deposits totaled $255.4 million and $254.1 million, respectively, and are considered part of the Company’s core deposit base.

The Company continues to have consistent core deposit inflows each quarter, including the second quarter of 2024, with new non-maturity deposit accounts totaling $176.0 million (which includes $18.4 million in new noninterest-bearing deposits) compared to $112.6 million (which includes $21.0 million in noninterest-bearing deposits) for the first quarter of 2024. Title and escrow-related deposits increased $51.8 million from March 31, 2024 to June 30, 2024, which was attributable to improved title and escrow related activity during the second quarter of 2024. The Company continues to see growth in its new and existing deposit relationships going into the third quarter of 2024.

Total wholesale funding decreased $10.0 million, or 3%, during the second quarter of 2024. Wholesale funding includes wholesale deposits totaling $249.8 million and other borrowed funds totaling $57.0 million at June 30, 2024. Average wholesale funding totaled $349.6 million for the quarter ended June 30, 2024 and had a weighted average rate of 3.70%, compared to $413.2 million with a weighted average rate of 4.01% for the quarter ended March 31, 2024. The Bank used higher-cost short-term wholesale funding sources during the second quarter of 2024 to supplement intra-quarter deposit activity. At June 30, 2024, wholesale funding totaled $306.9 million and had a weighted average rate of 3.47% (including $250 million in pay-fixed/receive-floating interest rate swaps at an average rate of 3.25%).

Shareholders’ equity at June 30, 2024 was $226.5 million, an increase of $9.4 million, or 4%, from December 31, 2023. Year-to-date 2024 earnings contributed $5.5 million to the increase in shareholders’ equity. Common stock issued for stock options exercised contributed $1.9 million to shareholders’ equity for the 2024 year-to-date period. Accumulated other comprehensive loss decreased $2.0 million for the 2024 year-to-date period, which was primarily related to the change in the Company’s other comprehensive income associated with its interest rate swaps at June 30, 2024.

Book value per share at June 30, 2024 and December 31, 2023 was $12.45 and $12.19, respectively. Tangible book value per share (a non-GAAP financial measure which is defined in the tables below) at June 30, 2024 and December 31, 2023 was $12.04 and $11.77, respectively. Tangible book value per share, excluding accumulated other comprehensive loss (a non-GAAP financial measure which is defined in the tables below), at June 30, 2024 and December 31, 2023 was $13.26 and $13.12, respectively.

The Bank was well-capitalized at June 30, 2024, with total risk-based capital ratio of 14.13%, common equity tier 1 risk-based capital ratio of 13.09%, and tier 1 leverage ratio of 11.31%.

Asset Quality

For each of the three and six months ended June 30, 2024, the Company recorded a provision for credit losses totaling $206 thousand, compared to provisions of $618 thousand and $860 thousand for the three and six months ended June 30, 2023, respectively. The allowance for credit losses (“ACL”) to total loans, net of fees, was 1.02% at June 30, 2024, compared to 1.03% at December 31, 2023.

The Company has maintained disciplined credit guidelines during the rising interest rate environment. The Company proactively monitors the impact of rising interest rates on its adjustable loans as the industry navigates through this economic cycle of increased inflation and higher interest rates. Nonaccrual loans and loans 90 days or more past due at June 30, 2024 totaled $3.0 million, or 0.13% of total assets, compared to $1.8 million, or 0.08% of total assets, at December 31, 2023. The increase in nonperforming loans at June 30, 2024 is primarily a result of one commercial & industrial loan relationship that was placed on nonaccrual during the first quarter of 2024. The Company had no other real estate owned at June 30, 2024.

The Company recorded net recoveries of $5 thousand and $35 thousand for the three and six months ended June 30, 2024, respectively. At June 30, 2024 and December 31, 2023, the ACL was $19.2 million and $18.9 million, respectively. ACL coverage to nonperforming loans decreased to 603% at June 30, 2024, compared to 1032% at December 31, 2023 as a result of the $1.2 million increase in nonperforming loans during 2024.

At June 30, 2024, commercial real estate loans totaled $1.08 billion, or 57% of total loans, net of fees, and construction loans totaled $165 million, or 9% of total loans, net of fees. Included in commercial real estate loans are loans secured by office buildings totaling $136.4 million, or 7% of total loans, which are located in the Virginia and Maryland suburbs of the Company’s market area. Retail shopping centers totaled $260.8 million, or 14% of total loans, at June 30, 2024. Multi-family housing totaled $178.2 million, or 9% of total loans, at June 30, 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 June 30, 2024 (dollars in thousands).

Owner Occupied Commercial Real Estate

Non-Owner Occupied Commercial Real Estate

Construction

 

 

Asset Class

Average

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 A

69%

6

$

7,476

46%

4

$

3,717

Counties of

Fairfax and

Loudoun,

Virginia and Montgomery

County,

Maryland

$

$

11,193

 

Office, Class B

45%

34

 

12,143

45%

29

 

57,324

 

 

69,467

 

Office, Class C

53%

8

 

5,138

39%

8

 

1,902

1

 

873

 

7,913

 

Office, Medical

39%

7

 

1,155

47%

7

 

41,514

1

 

5,129

 

47,798

 

Subtotal

 

55

$

25,912

 

48

$

104,457

2

$

6,002

$

136,371

7%

 

 

 

 

 

 

 

 

 

 

 

 

Retail- Neighborhood/Community Shop

 

$

44%

30

$

81,612

Prince

George's

County,

Maryland,

Fairfax

County,

Virginia and

Washington,

D.C.

2

$

11,376

$

92,988

 

Retail- Restaurant

57%

9

 

8,088

44%

16

 

26,456

 

 

34,544

 

Retail- Single Tenant

58%

5

 

1,963

41%

20

 

35,691

 

 

37,654

 

Retail- Anchored,Other

—%

0

 

52%

13

 

42,957

 

 

42,957

 

Retail- Grocery-anchored

 

 

46%

8

 

51,455

1

 

1,247

 

52,702

 

Subtotal

 

14

$

10,051

 

87

$

238,171

3

$

12,623

$

260,845

14%

 

 

 

 

 

 

 

 

 

 

 

 

Multi-family, Class A (Market)

 

$

—%

1

$

Washington,

D.C.,

Baltimore City,

Maryland and

Arlington

County,

Virginia

1

$

1,026

$

1,026

 

Multi-family, Class B (Market)

 

 

62%

21

 

78,360

 

 

78,360

 

Multi-family, Class C (Market)

 

 

55%

58

 

71,355

2

 

7,047

 

78,402

 

Multi-Family-Affordable Housing

 

 

52%

10

 

16,360

1

 

4,034

 

20,394

 

Subtotal

 

$

 

90

$

166,075

4

$

12,107

$

178,182

9%

 

 

 

 

 

 

 

 

 

 

 

 

Industrial

51%

41

$

67,883

47%

38

$

125,223

Prince William

County,

Virginia,

Fairfax

County,

Virginia and

Howard

County,

Maryland

1

$

1,041

$

194,147

 

Warehouse

51%

14

 

18,451

27%

8

 

9,399

 

 

27,850

 

Flex

50%

15

 

18,436

54%

14

 

56,226

2

 

 

74,662

 

Subtotal

 

70

$

104,770

 

60

$

190,848

3

$

1,041

$

296,659

16%

 

 

 

 

 

 

 

 

 

 

 

 

Hotels

 

$

43%

9

$

51,873

 

1

$

6,481

$

58,354

3%

Mixed Use

45%

10

$

5,945

60%

36

$

66,146

 

$

$

72,091

4%

 

 

 

 

 

 

 

 

 

 

 

Land

 

 

$

 

 

$

 

26

$

53,660

$

53,660

3%

1-4 Family construction

 

 

$

 

 

$

 

22

$

49,265

$

49,265

3%

Other (including net deferred fees)

 

$

57,844

 

 

$

61,389

 

 

$

23,556

$

142,789

8%

 

 

 

 

 

 

 

 

 

 

 

 

Total commercial real estate and construction loans, net of fees, at June 30, 2024

$

204,522

 

 

$

878,959

 

 

$

164,735

$

1,248,216

65%

 

 

 

 

 

 

 

 

 

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, reflecting only one classified delinquency at June 30, 2024 totaling $851 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

In August 2021, the Company acquired a membership interest in ACM to diversify its loan portfolio while providing competitive residential mortgage products to its customers and to generate additional revenue. 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. For the three months ended June 30, 2024 and 2023, the Company reported income of $351 thousand and $20 thousand, respectively, an increase of $331 thousand. For the six months ended June 30, 2024 and 2023, the Company recorded income of $148 thousand compared to a loss of $781 thousand, respectively, related to its investment in ACM. ACM management is continuing to evaluate opportunities to further reduce expenses and increase revenues.

Income Statement

The Company recorded net income of $4.2 million for both of the three months ended June 30, 2024 and June 30, 2023.

Net interest income increased $879 thousand, or 7%, to $13.7 million for the quarter ended June 30, 2024, compared to the first quarter of 2024, and decreased $717 thousand, or 5%, compared to the year ago quarter. Compared to the year ago quarter ended June 30, 2023, the decrease in net interest income for the second quarter of 2024 is primarily due to an increase in funding costs, which have increased precipitously as a result of Federal Reserve monetary policy coupled with the need to meet intense competition from market area banks, brokerages and the U.S. Treasury.

The Company's net interest margin increased 12 basis points to 2.59% for the quarter ended June 30, 2024 compared to 2.47% for the linked quarter ended March 31, 2024 and decreased only 1 basis point from 2.60% for the year ago quarter ended June 30, 2023. 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.

On a linked quarter basis, interest income increased $1.1 million, or 4%, for the second quarter of 2024 compared to the quarter ended March 31, 2024. Total interest income increased $767 thousand, or 3%, for the second quarter of 2024 compared to the same quarter of 2023. The year ago quarter included recovered loan interest of $338 thousand from an impaired loan that was fully recovered. Interest income on loans increased $1.5 million, or 6%, for the three months ended June 30, 2024, compared to the same period of 2023. Compared to the linked quarter, interest income on loans increased $1.1 million, or 5%, for the three months ended June 30, 2024, primarily as a result of an increase in average loans and an increase in loan yields. Loan yields increased 12 basis points to 5.62% for the three months ended June 30, 2024 compared to the three months ended March 31, 2024, and increased 27 basis points compared to the year ago quarter. Yield on earning assets increased 38 basis points to 5.27% for the three months ended June 30, 2024 compared to 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 June 30, 2024, approximately $404 million, or 27%, of the Company’s commercial loan portfolio is expected to reprice in the next 12 months, which is comprised of the following: $94.6 million in fixed rate commercial loans, and $28.5 million in variable rate commercial loans, with an additional $281.1 million in floating rate loans priced currently at market rates. Within the following 24-36 months, $202.9 million in fixed rate commercial loans will reprice and an additional $85.6 million in variable rate commercial loans will reprice, representing 19% of the current 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.

On a linked quarter basis, interest expense increased $266 thousand, or 2%, for the second quarter of 2024 compared to the quarter ended March 31, 2024. Total interest expense for the three months ended June 30, 2024 was $14.3 million compared to $12.8 million for the year ago quarter ended June 30, 2023, an increase of $1.5 million, or 12%. Interest expense on deposits increased $353 thousand for the three months ended June 30, 2024 compared to the three months ended March 31, 2024, reflecting the increase in volume of deposits during the second quarter of 2024 in addition to the Company’s continued focus on maintaining core deposit pricing. Compared to the year ago quarter ended June 30, 2023, interest expense on deposits increased $882 thousand for the three months ended June 30, 2024. The cost of deposits for the second quarter of 2024 was 2.88% compared to 2.82% for the first quarter of 2024, an increase of 6 basis points compared to an increase of 47 basis points from 2.41% for the year-ago second quarter.

The Company’s cumulative deposit beta (calculated comparing the change in deposit interest rates from March 31, 2022 to June 30, 2024 including noninterest-bearing deposits and excluding wholesale deposits) remained at approximately 42% for each of June 30, 2024, March 31, 2024, and December 31, 2023, since the Federal Reserve began increasing short-term interest rates.

Net interest income for the six months ended June 30, 2024 and 2023 was $26.5 million and $28.4 million, respectively, a decrease of $1.9 million, or 7%, year-over-year. Interest income increased $2.3 million, or 4%, to $54.8 million for the six months ended June 30, 2024 as compared to $52.5 million for the comparable 2023 period. Interest expense totaled $28.3 million for the six months ended June 30, 2024, an increase of $4.2 million, compared to $24.1 million for the six months ended June 30, 2023. The Company’s net interest margin for the six months ended June 30, 2024 was 2.59% compared to 2.60% for the year-ago six month period of 2023.

Noninterest income for the three months ended June 30, 2024 totaled $871 thousand compared $891 thousand for the three months ended June 30, 2023 and $395 thousand for the three months ended March 31, 2024.

Fee income from loans was $38 thousand for the quarter ended June 30, 2024, compared to $169 thousand for the second quarter of 2023, which included income from back-to-back loan swap transactions entered into during the second quarter of 2023. Service charges on deposit accounts totaled $279 thousand for the second quarter of 2024, compared to $232 thousand for the year ago quarter, and $261 thousand for the three months ended March 31, 2024. Income from bank-owned life insurance decreased $296 thousand to $66 thousand for the three months ended June 30, 2024, compared to $362 thousand for the same period of 2023, a direct result of the surrendered BOLI that occurred during the first quarter of 2024. As previously mentioned, income from the Company’s minority interest in ACM totaled $351 thousand for the three months ended June 30, 2024, compared to income of $20 thousand for the same period of 2023, and compared to a loss of $203 thousand for the linked quarter ended March 31, 2024.

For the year-to-date period ended June 30, 2024, the Company recorded noninterest income totaling $1.3 million, compared to a loss of $3.7 million for the six months ended June 30, 2023, which was primarily associated with its securities sales transaction executed during the first quarter of 2023.

Noninterest expense totaled $9.0 million for the quarter ended June 30, 2024, a decrease of $207 thousand, or 2%, compared to $9.2 million for the year ago quarter ended June 30, 2023. On a linked quarter basis, noninterest expense increased $371 thousand, or 4%, from $8.6 million for the three months ended March 31, 2024.

The decrease for the second quarter of 2024 was primarily related to salaries and benefits expense which decreased $402 thousand when compared to the year ago quarter. Salary expense was the main driver for these decreases, a result of reduced staffing and process improvement through the use of technology. On a linked quarter basis, salaries and benefits expense increased $159 thousand, or 4%, for the three months ended June 30, 2024, primarily as a result of an increase to the incentive accruals for the quarter. Full-time equivalent employees have decreased from 129 at June 30, 2023, and from 118 at December 31, 2023 to 113 at June 30, 2024.

Occupancy expense decreased $95 thousand to $515 thousand for the three months ended June 30, 2024 compared to the year ago quarter ended June 30, 2023, primarily as a result of the office space reduction efforts completed during 2023. Internet banking and software expense increased $147 thousand to $730 thousand for the second quarter of 2024 compared to the quarter ended June 30, 2023, primarily as a result of the implementation of enhanced customer software solutions. Other operating expenses totaled $1.6 million for second quarter of 2024 compared to $1.5 million for the year ago quarter ended June 30, 2023. The Company continues to identify and assess opportunities to reduce operating expenses.

For the six months ended June 30, 2024 and 2023, noninterest expense was $17.6 million and $18.2 million, respectively, a decrease of $592 thousand, or 3%, primarily as a result of the aforementioned decreases in salaries and benefits expenses and occupancy expense.

The efficiency ratio for core bank operating earnings, excluding 2023 losses on the sale of available-for-sale investment securities, for the quarters ended June 30, 2024, March 31, 2024, and June 30, 2023, was 61.9%, 65.4%, and 60.2%, respectively. For the six months ended June 30, 2024 and 2023, the efficiency ratio for core bank operating earnings was 63.6% and 62.3%, respectively. A reconciliation of the aforementioned efficiency ratio, a non-GAAP financial measure, can be found in the tables below.

The Company recorded a provision for income taxes of $1.2 million for each of the three months ended June 30, 2024 and June 30, 2023. For the six months ended June 30, 2024 and 2023, provision for income taxes was $4.4 million and $739 thousand, respectively. The year-to-date 2024 period includes an additional $2.4 million which is associated with the Company’s surrendering of its BOLI policies that occurred during 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 $2.30 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, 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.

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 Six Months Ended,

 

At or For the Three months

ended,

 

June 30,

2024

 

June 30,

2023

 

June 30,

2024

 

June 30,

2023

 

March 31,

2024

 

December 31,

2023

Selected Balances

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

2,299,194

 

 

$

2,344,372

 

 

 

 

 

 

$

2,182,662

 

 

$

2,190,558

 

Total investment securities

 

162,429

 

 

 

231,468

 

 

 

 

 

 

 

167,061

 

 

 

171,859

 

Total loans, net of deferred fees

 

1,886,929

 

 

 

1,903,814

 

 

 

 

 

 

 

1,852,746

 

 

 

1,828,564

 

Allowance for credit losses on loans

 

(19,208

)

 

 

(19,442

)

 

 

 

 

 

 

(18,918

)

 

 

(18,871

)

Total deposits

 

1,968,750

 

 

 

2,088,042

 

 

 

 

 

 

 

1,857,265

 

 

 

1,845,292

 

Subordinated debt

 

19,652

 

 

 

19,592

 

 

 

 

 

 

 

19,633

 

 

 

19,620

 

Other borrowings

 

57,000

 

 

 

 

 

 

 

 

 

 

57,000

 

 

 

85,000

 

Reserve for unfunded commitments

 

506

 

 

 

801

 

 

 

 

 

 

 

586

 

 

 

602

 

Total stockholders’ equity

 

226,491

 

 

 

211,051

 

 

 

 

 

 

 

220,661

 

 

 

217,117

 

Summary Results of Operations

 

 

 

 

 

 

 

 

 

 

 

Interest income

$

27,972

 

 

$

27,203

 

 

$

54,799

 

 

$

52,537

 

 

$

26,827

 

 

$

26,651

 

Interest expense

 

14,301

 

 

 

12,815

 

 

 

28,336

 

 

 

24,135

 

 

 

14,035

 

 

 

13,992

 

Net interest income

 

13,670

 

 

 

14,388

 

 

 

26,462

 

 

 

28,402

 

 

 

12,792

 

 

 

12,659

 

Provision for credit losses(5)

 

206

 

 

 

618

 

 

 

206

 

 

 

860

 

 

 

 

 

 

 

Net interest income after provision for credit losses

 

13,464

 

 

 

13,770

 

 

 

26,256

 

 

 

27,542

 

 

 

12,792

 

 

 

12,659

 

Noninterest income - loan fees, service charges and other

 

454

 

 

 

509

 

 

 

862

 

 

 

943

 

 

 

408

 

 

 

420

 

Noninterest income - bank owned life

 

66

 

 

 

362

 

 

 

256

 

 

 

694

 

 

 

190

 

 

 

385

 

Noninterest income (loss) on minority membership interest

 

351

 

 

 

20

 

 

 

148

 

 

 

(781

)

 

 

(203

)

 

 

321

 

Noninterest loss on sale of available-for-sale investment securities

 

 

 

 

 

 

 

 

 

 

(4,592

)

 

 

 

 

 

(10,985

)

Noninterest expense

 

8,996

 

 

 

9,203

 

 

 

17,621

 

 

 

18,213

 

 

 

8,625

 

 

 

9,402

 

Income (Loss) before taxes

 

5,340

 

 

 

5,457

 

 

 

9,902

 

 

 

5,593

 

 

 

4,562

 

 

 

(6,602

)

Income tax expense (benefit)

 

1,185

 

 

 

1,225

 

 

 

4,407

 

 

 

739

 

 

 

3,222

 

 

 

(1,531

)

Net income (loss)

 

4,155

 

 

 

4,232

 

 

 

5,495

 

 

 

4,854

 

 

 

1,340

 

 

 

(5,071

)

Per Share Data

 

 

 

 

 

 

 

 

 

 

 

Net income (loss), basic

$

0.23

 

 

$

0.24

 

 

$

0.31

 

 

$

0.28

 

 

$

0.08

 

 

$

(0.28

)

Net income (loss), diluted

$

0.23

 

 

$

0.23

 

 

$

0.30

 

 

$

0.27

 

 

$

0.07

 

 

$

(0.28

)

Book value

$

12.45

 

 

$

11.87

 

 

 

 

 

 

$

12.32

 

 

$

12.19

 

Tangible book value(1)

$

12.04

 

 

$

11.44

 

 

 

 

 

 

$

11.90

 

 

$

11.77

 

Tangible book value, excluding accumulated other comprehensive losses(1)

$

13.26

 

 

$

13.17

 

 

 

 

 

 

$

13.16

 

 

$

13.12

 

Shares outstanding

 

18,186,147

 

 

 

17,783,305

 

 

 

 

 

 

 

17,904,445

 

 

 

17,806,995

 

Selected Ratios

 

 

 

 

 

 

 

 

 

 

 

Net interest margin(2)

 

2.59

%

 

 

2.60

%

 

 

2.53

%

 

 

2.60

%

 

 

2.47

%

 

 

2.37

%

Return on average assets(2)

 

0.77

%

 

 

0.73

%

 

 

0.51

%

 

 

0.42

%

 

 

0.25

%

 

 

(0.92

)%

Return on average equity(2)

 

7.42

%

 

 

8.17

%

 

 

4.95

%

 

73.84

%

 

4.70

%

 

 

2.44

%

 

 

(9.51

)%

Efficiency(3)

 

61.86

%

 

 

60.23

%

 

 

63.54

%

 

 

73.84

%

 

 

65.41

%

 

 

NM

 

Loans, net of deferred fees to total deposits

 

95.84

%

 

 

91.18

%

 

 

 

 

 

 

99.76

%

 

 

99.09

%

Noninterest-bearing deposits to total

 

18.99

%

 

 

20.93

%

 

 

 

 

 

 

21.22

%

 

 

21.50

%

Reconciliation of Net Income (GAAP) to Commercial Bank Operating Earnings (Non-GAAP)(4)

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss) reported above

$

4,155

 

 

$

4,232

 

 

$

5,495

 

 

$

4,854

 

 

$

1,340

 

 

$

(5,071

)

Add: Loss on sale of available-for-sale investment securities

 

 

 

 

 

 

 

 

 

 

4,592

 

 

 

 

 

 

10,985

 

Add: Non-recurring tax and 10% modified endowment contract penalty on early surrender of BOLI policies

 

 

 

 

 

 

 

2,386

 

 

 

 

 

 

2,386

 

 

 

 

Add: Office space reduction and severance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

336

 

Subtract: Non-recurring valuation adjustment of minority investment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,258

)

Subtract: provision for income taxes associated with non-GAAP adjustments

 

 

 

 

 

 

 

 

 

 

(1,010

)

 

 

 

 

 

(2,214

)

Adjusted Net Income, core bank operating earnings (non-GAAP)

$

4,155

 

 

$

4,232

 

 

$

7,881

 

$

 

$

8,436

 

 

$

3,726

 

 

$

2,778

 

Adjusted Earnings per share - basic (non-GAAP core bank operating earnings)

$

0.23

 

 

$

0.24

 

 

$

0.44

 

 

$

0.48

 

 

$

0.21

 

 

$

0.16

 

Adjusted Earnings per share - diluted (non-GAAP core bank operating earnings)

$

0.23

 

 

$

0.23

 

 

$

0.43

 

 

$

0.46

 

 

$

0.20

 

 

$

0.15

 

Adjusted Return on average assets (non-GAAP core bank operating earnings)

 

0.77

%

 

 

0.73

%

 

 

0.73

%

 

 

0.74

%

 

 

0.69

%

 

 

0.50

%

Adjusted Return on average equity (non-GAAP core bank operating earnings)

 

7.42

%

 

 

8.17

%

 

 

7.10

%

 

 

8.17

%

 

 

6.77

%

 

 

5.21

%

Adjusted Efficiency ratio (non-GAAP core bank operating earnings)(3)

 

61.86

%

 

 

60.23

%

 

 

63.55

%

 

 

62.25

%

 

 

65.41

%

 

 

65.77

%

Capital Ratios - Bank

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity (to tangible assets)

 

9.56

%

 

 

8.70

%

 

 

 

 

 

 

9.80

%

 

 

10.12

%

Total risk-based capital (to risk weighted

 

14.13

%

 

 

13.28

%

 

 

 

 

 

 

14.05

%

 

 

13.83

%

Common equity tier 1 capital (to risk weighted assets)

 

13.09

%

 

 

12.26

%

 

 

 

 

 

 

13.18

%

 

 

12.80

%

Tier 1 leverage (to average assets)

 

11.31

%

 

 

10.41

%

 

 

 

 

 

 

11.18

%

 

 

10.77

%

Asset Quality

 

 

 

 

 

 

 

 

 

 

 

Nonperforming loans and loans 90+ past due

$

3,187

 

 

$

1,443

 

 

 

 

 

 

$

2,996

 

 

$

1,829

 

Nonperforming loans and loans 90+ past due to total assets

 

0.13

%

 

 

0.06

%

 

 

 

 

 

 

0.14

%

 

 

0.08

%

Nonperforming assets to total assets

 

0.13

%

 

 

0.06

%

 

 

 

 

 

 

0.14

%

 

 

0.08

%

Allowance for credit losses to loans

 

1.02

%

 

 

1.02

%

 

 

 

 

 

 

1.02

%

 

 

1.03

%

Allowance for credit losses to nonperforming loans

 

602.70

%

 

 

1347.33

%

 

 

 

 

 

 

631.44

%

 

 

1031.77

%

Net (recoveries ) charge-offs

$

(5

)

 

$

356

 

 

$

(35

)

 

$

333

 

 

$

(30

)

 

$

49

 

Net charge-offs (recoveries) to average loans(2)

 

%

 

 

0.08

%

 

 

%

 

 

0.04

%

 

 

(0.01

)%

 

 

0.01

%

Selected Average Balances

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

2,170,786

 

 

$

2,309,251

 

 

$

2,165,125

 

 

$

2,288,835

 

 

$

2,159,463

 

 

$

2,210,366

 

Total earning assets

 

2,123,431

 

 

 

2,223,581

 

 

 

2,103,435

 

 

 

2,204,172

 

 

 

2,083,440

 

 

 

2,123,455

 

Total loans, net of deferred fees

 

1,882,342

 

 

 

1,867,813

 

 

 

1,861,614

 

 

 

1,849,493

 

 

 

1,840,887

 

 

 

1,825,472

 

Total deposits

 

1,798,734

 

 

 

2,002,047

 

 

 

1,792,705

 

 

 

1,894,343

 

 

 

1,786,677

 

 

 

1,836,826

 

Other Data

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

$

373,848

 

 

$

436,972

 

 

 

 

 

 

$

394,143

 

 

$

396,724

 

Interest-bearing checking, savings and money market

 

1,070,360

 

 

 

872,508

 

 

 

 

 

 

 

905,321

 

 

 

896,969

 

Time deposits

 

274,684

 

 

 

365,242

 

 

 

 

 

 

 

297,952

 

 

 

306,349

 

Wholesale deposits

 

249,860

 

 

 

413,320

 

 

 

 

 

 

 

259,849

 

 

 

245,250

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Non-GAAP Reconciliation

 

 

 

 

 

 

 

 

 

(Dollars in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

Total stockholders’ equity

$

226,491

 

 

$

211,051

 

 

 

 

 

 

$

220,661

 

 

$

217,117

 

Less: goodwill and intangibles, net

 

(7,497

)

 

 

(7,682

)

 

 

 

 

 

 

(7,540

)

 

 

(7,585

)

Tangible Common Equity

$

218,993

 

 

$

203,368

 

 

 

 

 

 

$

213,121

 

 

$

209,532

 

Less: Accumulated Other Comprehensive Income (Loss) ("AOCI")

 

(22,152

)

 

 

(30,762

)

 

 

 

 

 

 

(22,473

)

 

 

(24,160

)

Tangible Common Equity excluding AOCI

$

241,146

 

 

$

234,130

 

 

 

 

 

 

$

235,594

 

 

$

233,692

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per common share

$

12.45

 

 

 

11.87

 

 

 

 

 

 

$

12.32

 

 

$

12.19

 

Less: intangible book value per common share

 

(0.41

)

 

 

(0.43

)

 

 

 

 

 

 

(0.42

)

 

 

(0.42

)

Tangible book value per common share

$

12.04

 

 

$

11.44

 

 

 

 

 

 

$

11.90

 

 

$

11.77

 

Add: AOCI (loss) per common share

 

(1.22

)

 

 

(1.73

)

 

 

 

 

 

 

(1.26

)

 

 

(1.35

)

Tangible book value per common share, excluding AOCI

$

13.26

 

 

$

13.17

 

 

 

 

 

 

$

13.16

 

 

$

13.12

 

(1)

Annualized.

(2)

Efficiency ratio is calculated as noninterest expense divided by the sum of net interest income and noninterest income.

(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 consolidated statements of income, condition, or statements of cash flows.

(4)

Provision for credit losses includes provision for credit losses on loans and provision (recovery) for unfunded loan commitments.

FVCBankcorp, Inc.

Summary Consolidated Statements of Condition

(Dollars in thousands)

(Unaudited)

 

 

 

June 30,

2024

 

March 31,

2024

 

% Change

Current

Quarter

 

December 31,

2023

 

June 30,

2023

 

% Change

From

Year Ago

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

10,226

 

 

$

6,936

 

 

47.4

%

 

$

8,042

 

 

$

8,281

 

 

23.5

%

Interest-bearing deposits at other financial institutions

 

 

154,359

 

 

 

73,598

 

 

109.7

%

 

 

52,480

 

 

 

66,723

 

 

131.3

%

Investment securities

 

 

162,429

 

 

 

167,061

 

 

(2.8

)%

 

 

171,859

 

 

 

231,468

 

 

(29.8

)%

Restricted stock, at cost

 

 

8,186

 

 

 

7,717

 

 

6.1

%

 

 

9,488

 

 

 

4,909

 

 

66.8

%

Loans, net of fees:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

 

1,083,481

 

 

 

1,089,362

 

 

(0.5

)%

 

 

1,091,633

 

 

 

1,111,249

 

 

(2.5

)%

Commercial and industrial

 

 

268,921

 

 

 

241,752

 

 

11.2

%

 

 

216,367

 

 

 

223,406

 

 

20.4

%

Commercial construction

 

 

164,735

 

 

 

155,451

 

 

6.0

%

 

 

147,998

 

 

 

158,713

 

 

3.8

%

Consumer real estate

 

 

339,146

 

 

 

355,750

 

 

(4.7

)%

 

 

363,317

 

 

 

365,122

 

 

(7.1

)%

Warehouse facilities

 

 

24,425

 

 

 

4,812

 

 

407.6

%

 

 

3,506

 

 

 

39,700

 

 

(38.5

)%

Consumer nonresidential

 

 

6,220

 

 

 

5,619

 

 

10.7

%

 

 

5,743

 

 

 

5,624

 

 

10.6

%

Total loans, net of fees

 

 

1,886,929

 

 

 

1,852,746

 

 

1.8

%

 

 

1,828,564

 

 

 

1,903,814

 

 

(0.9

)%

Allowance for credit losses on loans

 

 

(19,208

)

 

 

(18,918

)

 

1.5

%

 

 

(18,871

)

 

 

(19,442

)

 

(1.2

)%

Loans, net

 

 

1,867,721

 

 

 

1,833,828

 

 

1.8

%

 

 

1,809,693

 

 

 

1,884,372

 

 

(0.9

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Premises and equipment, net

 

 

915

 

 

 

934

 

 

(2.0

)%

 

 

997

 

 

 

1,103

 

 

(17.0

)%

Goodwill and intangibles, net

 

 

7,497

 

 

 

7,540

 

 

(0.6

)%

 

 

7,585

 

 

 

7,682

 

 

(2.4

)%

Bank owned life insurance (BOLI)

 

 

9,078

 

 

 

9,011

 

 

0.7

%

 

 

56,823

 

 

 

56,066

 

 

(83.8

)%

Other assets

 

 

78,783

 

 

 

76,037

 

 

3.6

%

 

 

73,591

 

 

 

83,768

 

 

(6.0

)%

Total Assets

 

$

2,299,194

 

 

$

2,182,662

 

 

5.3

%

 

$

2,190,558

 

 

$

2,344,372

 

 

(1.9

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

373,848

 

 

$

394,143

 

 

(5.1

)%

 

$

396,724

 

 

$

436,972

 

 

(14.4

)%

Interest checking

 

 

631,162

 

 

 

506,168

 

 

24.7

%

 

 

576,471

 

 

 

626,748

 

 

0.7

%

Savings and money market

 

 

439,198

 

 

 

399,154

 

 

10.0

%

 

 

320,498

 

 

 

245,760

 

 

78.7

%

Time deposits

 

 

274,684

 

 

 

297,951

 

 

(7.8

)%

 

 

306,349

 

 

 

365,242

 

 

(24.8

)%

Wholesale deposits

 

 

249,860

 

 

 

259,849

 

 

(3.8

)%

 

 

245,250

 

 

 

413,320

 

 

(39.5

)%

Total deposits

 

 

1,968,752

 

 

 

1,857,265

 

 

6.0

%

 

 

1,845,292

 

 

 

2,088,042

 

 

(5.7

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Other borrowed funds

 

 

57,000

 

 

 

57,000

 

 

%

 

 

85,000

 

 

 

 

 

%

Subordinated notes, net of issuance costs

 

 

19,652

 

 

 

19,633

 

 

0.1

%

 

 

19,620

 

 

 

19,592

 

 

0.3

%

Reserve for unfunded commitments

 

 

506

 

 

 

586

 

 

(13.7

)%

 

 

602

 

 

 

801

 

 

(36.8

)%

Other liabilities

 

 

26,793

 

 

 

27,517

 

 

(2.6

)%

 

 

22,927

 

 

 

24,886

 

 

7.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

226,491

 

 

 

220,661

 

 

2.6

%

 

 

217,117

 

 

 

211,051

 

 

7.3

%

Total Liabilities & Stockholders' Equity

 

$

2,299,194

 

 

$

2,182,662

 

 

5.3

%

 

$

2,190,558

 

 

$

2,344,372

 

 

(1.9

)%

FVCBankcorp, Inc.

Summary Consolidated Statements of Income

(Dollars in thousands, except per share data)

(Unaudited)

 

 

 

For the Three Months Ended

 

 

June 30,

2024

 

March 31,

2024

 

% Change

Current

Quarter

 

June 30,

2023

 

% Change

From

Year Ago

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

13,671

 

 

$

12,792

 

 

6.9

%

 

$

14,388

 

 

(5.0

)%

Provision for credit losses

 

 

206

 

 

 

 

 

%

 

 

618

 

 

(66.7

)%

Net interest income after provision for credit losses

 

 

13,465

 

 

 

12,792

 

 

5.3

%

 

 

13,770

 

 

(2.2

)%

 

 

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

Fees on loans

 

 

38

 

 

 

49

 

 

(22.4

)%

 

 

169

 

 

(77.5

)%

Service charges on deposit accounts

 

 

279

 

 

 

261

 

 

6.9

%

 

 

232

 

 

20.3

%

BOLI income

 

 

66

 

 

 

190

 

 

(65.3

)%

 

 

362

 

 

(81.8

)%

Income (Loss) from minority membership interest

 

 

351

 

 

 

(203

)

 

(272.9

)%

 

 

20

 

 

1655.0

%

Other fee income

 

 

137

 

 

 

98

 

 

39.8

%

 

 

108

 

 

26.9

%

Total noninterest income

 

 

871

 

 

 

395

 

 

120.5

%

 

 

891

 

 

(2.2

)%

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

4,690

 

 

 

4,531

 

 

3.5

%

 

 

5,092

 

 

(7.9

)%

Occupancy expense

 

 

515

 

 

 

522

 

 

(1.3

)%

 

 

610

 

 

(15.6

)%

Internet banking and software expense

 

 

730

 

 

 

694

 

 

5.2

%

 

 

583

 

 

25.2

%

Data processing and network administration

 

 

667

 

 

 

635

 

 

5.0

%

 

 

611

 

 

9.2

%

State franchise taxes

 

 

590

 

 

 

589

 

 

0.2

%

 

 

584

 

 

1.0

%

Professional fees

 

 

228

 

 

 

243

 

 

(6.2

)%

 

 

247

 

 

(7.7

)%

Other operating expense

 

 

1,575

 

 

 

1,411

 

 

11.6

%

 

 

1,475

 

 

6.8

%

Total noninterest expense

 

 

8,996

 

 

 

8,625

 

 

4.3

%

 

 

9,203

 

 

(2.2

)%

Net income before income taxes

 

 

5,340

 

 

 

4,562

 

 

17.1

%

 

 

5,457

 

 

(2.1

)%

Income tax expense

 

 

1,185

 

 

 

3,222

 

 

(63.2

)%

 

 

1,225

 

 

(3.3

)%

Net Income

 

$

4,155

 

 

$

1,340

 

 

210.1

%

 

$

4,232

 

 

(1.8

)%

 

 

 

 

 

 

 

 

 

 

 

Earnings per share - basic

 

$

0.23

 

 

$

0.08

 

 

187.5

%

 

$

0.24

 

 

(3.7

)%

Earnings per share - diluted

 

$

0.23

 

 

$

0.07

 

 

228.6

%

 

$

0.23

 

 

(1.9

)%

Weighted-average common shares outstanding - basic

 

 

18,000,491

 

 

 

17,828,759

 

 

1.0

%

 

 

17,710,535

 

 

1.6

%

Weighted-average common shares outstanding - diluted

 

 

18,341,906

 

 

 

18,317,483

 

 

0.1

%

 

 

18,058,612

 

 

1.6

%

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Net Income (GAAP) to Commercial Bank Operating Earnings (Non-GAAP):

 

 

 

 

 

 

GAAP net income reported above

 

$

4,155

 

 

$

1,340

 

 

 

 

$

4,232

 

 

 

Add: Non-recurring tax and 10% modified endowment contract penalty on early surrender of BOLI policies

 

 

 

 

 

2,386

 

 

 

 

 

 

 

 

Subtract: provision for income taxes associated with non-GAAP adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income, core bank operating earnings (non-GAAP)

 

$

4,155

 

 

$

3,726

 

 

 

 

$

4,232

 

 

 

Adjusted Earnings per share - basic (non-GAAP core bank operating earnings)

 

$

0.23

 

 

$

0.21

 

 

 

 

$

0.24

 

 

 

Adjusted Earnings per share - diluted (non-GAAP core bank operating earnings)

 

$

0.23

 

 

$

0.20

 

 

 

 

$

0.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Return on average assets (non-GAAP core bank operating earnings)

 

 

0.77

%

 

 

0.69

%

 

 

 

 

0.73

%

 

 

Adjusted Return on average equity (non-GAAP core bank operating earnings)

 

 

7.42

%

 

 

6.77

%

 

 

 

 

8.17

%

 

 

Adjusted Efficiency ratio (non-GAAP core bank operating earnings)

 

 

61.86

%

 

 

65.40

%

 

 

 

 

60.23

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of Net Income (GAAP) to Pre-Tax Pre-Provision Income (Non-GAAP):

 

 

 

 

 

 

GAAP net income reported above

 

$

4,155

 

 

$

1,340

 

 

 

 

$

4,232

 

 

 

Add: Provision for credit losses

 

 

206

 

 

 

 

 

 

 

 

618

 

 

 

Add: Non-recurring tax and 10% modified endowment contract penalty on early surrender of BOLI policies

 

 

 

 

 

2,386

 

 

 

 

 

 

 

 

(Subtract) Add: Income tax (benefit) expense

 

$

1,185

 

 

 

836

 

 

 

 

 

1,225

 

 

 

Adjusted Pre-tax pre-provision income

 

$

5,546

 

 

$

4,562

 

 

 

 

$

6,075

 

 

 

Adjusted Earnings per share - basic (non-GAAP pre-tax pre-provision)

 

$

0.31

 

 

$

0.26

 

 

 

 

$

0.34

 

 

 

Adjusted Earnings per share - diluted (non-GAAP pre-tax pre-provision)

 

$

0.30

 

 

$

0.25

 

 

 

 

$

0.34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Return on average assets (non-GAAP pre-tax pre-provision)

 

 

1.02

%

 

 

0.85

%

 

 

 

 

1.05

%

 

 

Adjusted Return on average equity (non-GAAP pre-tax pre-provision)

 

 

9.91

%

 

 

8.29

%

 

 

 

 

11.72

%

 

 

 

 

For the Six Months Ended

 

 

June 30,

2024

 

June 30,

2023

 

% Change

 

 

 

 

 

 

 

Net interest income

 

$

26,462

 

 

$

28,402

 

 

(6.8

)%

Provision for credit losses

 

 

206

 

 

 

860

 

 

(76.0

)%

Net interest income after provision for credit losses

 

 

26,256

 

 

 

27,542

 

 

(4.7

)%

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

Fees on loans

 

 

87

 

 

 

246

 

 

(64.6

)%

Service charges on deposit accounts

 

 

540

 

 

 

447

 

 

20.8

%

BOLI income

 

 

256

 

 

 

694

 

 

(63.1

)%

Income (Loss) from minority membership interest

 

 

148

 

 

 

(781

)

 

(119.0

)%

Loss on sale of available-for-sale investment securities

 

 

 

 

 

(4,592

)

 

(100.0

)%

Other fee income

 

 

235

 

 

 

250

 

 

(6.0

)%

Total noninterest income (loss)

 

 

1,266

 

 

 

(3,736

)

 

(133.9

)%

 

 

 

 

 

 

 

Noninterest expense:

 

 

 

 

 

 

Salaries and employee benefits

 

 

9,221

 

 

 

10,107

 

 

(8.8

)%

Occupancy expense

 

 

1,037

 

 

 

1,238

 

 

(16.2

)%

Internet banking and software expense

 

 

1,424

 

 

 

1,144

 

 

24.5

%

Data processing and network administration

 

 

1,302

 

 

 

1,233

 

 

5.6

%

State franchise taxes

 

 

1,179

 

 

 

1,169

 

 

0.9

%

Professional fees

 

 

471

 

 

 

431

 

 

9.3

%

Other operating expense

 

 

2,987

 

 

 

2,891

 

 

3.3

%

Total noninterest expense

 

 

17,621

 

 

 

18,213

 

 

(3.3

)%

Net income before income taxes

 

 

9,901

 

 

 

5,593

 

 

77.0

%

Income tax expense

 

 

4,406

 

 

 

739

 

 

496.2

%

Net Income

 

$

5,495

 

 

$

4,854

 

 

13.2

%

 

 

 

 

 

 

 

Earnings per share - basic

 

$

0.31

 

 

$

0.28

 

 

12.7

%

Earnings per share - diluted

 

$

0.30

 

 

$

0.27

 

 

12.3

%

Weighted-average common shares outstanding - basic

 

 

17,914,625

 

 

 

17,644,097

 

 

1.5

%

Weighted-average common shares outstanding - diluted

 

 

18,329,695

 

 

 

18,177,530

 

 

0.8

%

 

 

 

 

 

 

 

Reconciliation of Net Income (GAAP) to Commercial Bank Operating Earnings (Non-GAAP):

 

 

 

 

GAAP net income reported above

 

$

5,495

 

 

$

4,854

 

 

 

Add: Loss on sale of available-for-sale investment securities

 

 

 

 

 

4,592

 

 

 

Add: office space reduction and severance costs

 

 

 

 

 

 

 

 

Add: Non-recurring tax and 10% modified endowment contract penalty on early surrender of BOLI policies

 

 

2,386

 

 

 

 

 

 

Subtract: Non-recurring valuation adjustment of minority investment

 

 

 

 

 

 

 

 

Subtract: provision for income taxes associated with non-GAAP adjustments

 

 

 

 

 

(1,010

)

 

 

Adjusted Net Income, core bank operating earnings (non-GAAP)

 

$

7,881

 

 

$

8,436

 

 

 

Adjusted Earnings per share - basic (non-GAAP core bank operating earnings)

 

$

0.44

 

 

$

0.48

 

 

 

Adjusted Earnings per share - diluted (non-GAAP core bank operating earnings)

 

$

0.43

 

 

$

0.46

 

 

 

 

 

 

 

 

 

 

Adjusted Return on average assets (non-GAAP core bank operating earnings)

 

 

0.73

%

 

 

0.74

%

 

 

Adjusted Return on average equity (non-GAAP core bank operating earnings)

 

 

7.10

%

 

 

8.17

%

 

 

Adjusted Efficiency ratio (non-GAAP core bank operating earnings)

 

 

63.55

%

 

 

62.25

%

 

 

 

 

 

 

 

 

 

Reconciliation of Net Income (GAAP) to Pre-Tax Pre-Provision Income (Non-GAAP):

 

 

 

 

GAAP net income reported above

 

$

5,495

 

 

$

4,854

 

 

 

Add: Provision for credit losses

 

 

206

 

 

 

860

 

 

 

Add: loss on sale of investment securities

 

 

 

 

 

4,592

 

 

 

Add: Non-recurring tax and 10% modified ednowment contract penalty on early surrender of BOLI policies

 

 

2,386

 

 

 

 

 

 

(Subtract) Add: Income tax expense

 

 

2,020

 

 

 

739

 

 

 

Adjusted Pre-tax pre-provision income

 

$

10,107

 

 

$

11,045

 

 

 

Adjusted Earnings per share - basic (non-GAAP pre-tax pre-provision)

 

$

0.56

 

 

$

0.63

 

 

 

Adjusted Earnings per share - diluted (non-GAAP pre-tax pre-provision)

 

$

0.55

 

 

$

0.61

 

 

 

 

 

 

 

 

 

 

Adjusted Return on average assets (non-GAAP pre-tax pre-provision)

 

 

0.93

%

 

 

0.97

%

 

 

Adjusted Return on average equity (non-GAAP pre-tax pre-provision)

 

 

9.11

%

 

 

10.70

%

 

 

FVCBankcorp, Inc.

Average Statements of Condition and Yields on Earning Assets and Interest-Bearing Liabilities

(Dollars in thousands)

(Unaudited)

 

 

 

For the Three Months Ended

 

 

6/30/2024

 

3/31/2024

 

6/30/2023

 

 

Average

Balance

 

Interest

Income/

Expense

 

Average

Yield

 

Average

Balance

 

Interest

Income/

Expense

 

Average

Yield

 

Average

Balance

 

Interest

Income/

Expense

 

Average

Yield

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans receivable, net of fees (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

1,087,064

 

 

$

13,795

 

5.08

%

 

$

1,091,088

 

 

$

13,561

 

4.97

%

 

$

1,119,042

 

 

$

13,541

 

4.84

%

Commercial and industrial

 

 

253,485

 

 

 

5,022

 

7.92

%

 

 

228,147

 

 

 

4,361

 

7.65

%

 

 

197,130

 

 

 

3,735

 

7.58

%

Commercial construction

 

 

162,711

 

 

 

2,918

 

7.17

%

 

 

152,535

 

 

 

2,752

 

7.22

%

 

 

156,471

 

 

 

2,814

 

7.19

%

Consumer real estate

 

 

347,180

 

 

 

4,116

 

4.74

%

 

 

358,886

 

 

 

4,439

 

4.95

%

 

 

360,161

 

 

 

4,241

 

4.71

%

Warehouse facilities

 

 

26,000

 

 

 

483

 

7.44

%

 

 

4,531

 

 

 

88

 

7.77

%

 

 

28,910

 

 

 

510

 

7.06

%

Consumer nonresidential

 

 

5,902

 

 

 

123

 

8.34

%

 

 

5,700

 

 

 

113

 

7.96

%

 

 

6,099

 

 

 

143

 

9.36

%

Total loans

 

 

1,882,342

 

 

 

26,457

 

5.62

%

 

 

1,840,887

 

 

 

25,314

 

5.50

%

 

 

1,867,813

 

 

 

24,984

 

5.35

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities (2)(3)

 

 

211,630

 

 

 

1,114

 

2.10

%

 

 

215,020

 

 

 

1,143

 

2.12

%

 

 

288,987

 

 

 

1,375

 

1.90

%

Interest-bearing deposits at other financial institutions

 

 

29,459

 

 

 

401

 

5.48

%

 

 

27,533

 

 

 

372

 

5.44

%

 

 

66,781

 

 

 

844

 

5.07

%

Total interest-earning assets

 

 

2,123,431

 

 

$

27,972

 

5.27

%

 

 

2,083,440

 

 

$

26,829

 

5.15

%

 

 

2,223,581

 

 

$

27,205

 

4.89

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

 

7,553

 

 

 

 

 

 

 

5,946

 

 

 

 

 

 

 

6,930

 

 

 

 

 

Premises and equipment, net

 

 

979

 

 

 

 

 

 

 

976

 

 

 

 

 

 

 

1,152

 

 

 

 

 

Accrued interest and other assets

 

 

57,755

 

 

 

 

 

 

 

87,983

 

 

 

 

 

 

 

96,656

 

 

 

 

 

Allowance for credit losses

 

 

(18,932

)

 

 

 

 

 

 

(18,882

)

 

 

 

 

 

 

(19,068

)

 

 

 

 

Total Assets

 

$

2,170,786

 

 

 

 

 

 

$

2,159,463

 

 

 

 

 

 

$

2,309,251

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest checking

 

$

549,071

 

 

$

4,622

 

3.39

%

 

$

499,923

 

 

$

3,942

 

3.17

%

 

$

531,440

 

 

$

3,546

 

2.68

%

Savings and money market

 

 

334,627

 

 

 

3,081

 

3.70

%

 

 

300,371

 

 

 

2,507

 

3.36

%

 

 

245,306

 

 

 

1,289

 

2.11

%

Time deposits

 

 

286,910

 

 

 

3,104

 

4.35

%

 

 

300,873

 

 

 

3,208

 

4.29

%

 

 

393,877

 

 

 

3,563

 

3.63

%

Wholesale deposits

 

 

249,846

 

 

 

2,087

 

3.36

%

 

 

305,392

 

 

 

2,884

 

3.80

%

 

 

377,126

 

 

 

3,615

 

3.84

%

Total interest-bearing deposits

 

 

1,420,454

 

 

 

12,894

 

3.65

%

 

 

1,406,559

 

 

 

12,541

 

3.59

%

 

 

1,547,748

 

 

 

12,012

 

3.11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other borrowed funds

 

 

99,758

 

 

 

1,150

 

4.63

%

 

 

107,830

 

 

 

1,237

 

4.61

%

 

 

57,176

 

 

 

546

 

3.83

%

Subordinated notes, net of issuance costs

 

 

19,639

 

 

 

257

 

5.27

%

 

 

19,624

 

 

 

257

 

5.28

%

 

 

19,583

 

 

 

258

 

5.27

%

Total interest-bearing liabilities

 

 

1,539,851

 

 

$

14,301

 

3.74

%

 

 

1,534,013

 

 

$

14,035

 

3.68

%

 

 

1,624,507

 

 

$

12,816

 

3.16

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

 

378,280

 

 

 

 

 

 

 

380,119

 

 

 

 

 

 

 

454,299

 

 

 

 

 

Other liabilities

 

 

28,740

 

 

 

 

 

 

 

25,288

 

 

 

 

 

 

 

23,146

 

 

 

 

 

Shareholders’ equity

 

 

223,914

 

 

 

 

 

 

 

220,043

 

 

 

 

 

 

 

207,299

 

 

 

 

 

Total Liabilities and Shareholders' Equity

 

$

2,170,786

 

 

 

 

 

 

$

2,159,463

 

 

 

 

 

 

$

2,309,251

 

 

 

 

 

Net Interest Margin

 

 

 

$

13,671

 

2.59

%

 

 

 

$

12,794

 

2.47

%

 

 

 

$

14,390

 

2.60

%

(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 22% for the three months ended June 30, 2024, March 31, 2024 and June 30, 2023. The taxable equivalent adjustment to interest income was ($8), $2 and $1 for the three months ended June 30, 2024. March 31, 2024 and June 30, 2023.

(3)

The average balances for investment securities includes restricted stock.

FVCBankcorp, Inc.

Average Statements of Condition and Yields on Earning Assets and Interest-Bearing Liabilities

(Dollars in thousands)

(Unaudited)

 

 

 

For the Six Months Ended

 

 

6/30/2024

 

6/30/2023

 

 

Average

Balance

 

Interest

Income/

Expense

 

Average

Yield

 

Average

Balance

 

Interest

Income/

Expense

 

Average

Yield

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

Loans receivable, net of fees (1)

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

1,089,076

 

 

$

27,356

 

5.02

%

 

$

1,108,700

 

 

$

26,221

 

4.73

%

Commercial and industrial

 

 

240,816

 

 

 

9,383

 

7.79

%

 

 

200,160

 

 

 

7,183

 

7.18

%

Commercial construction

 

 

157,622

 

 

 

5,670

 

7.19

%

 

 

155,010

 

 

 

5,453

 

7.04

%

Consumer real estate

 

 

353,033

 

 

 

8,557

 

4.85

%

 

 

352,728

 

 

 

8,289

 

4.71

%

Warehouse facilities

 

 

15,266

 

 

 

571

 

7.49

%

 

 

26,471

 

 

 

934

 

7.06

%

Consumer nonresidential

 

 

5,801

 

 

 

234

 

8.07

%

 

 

6,424

 

 

 

302

 

9.41

%

Total loans

 

 

1,861,614

 

 

 

51,771

 

5.56

%

 

 

1,849,493

 

 

 

48,382

 

5.23

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities (2)(3)

 

 

213,325

 

 

 

2,255

 

2.11

%

 

 

308,072

 

 

 

3,012

 

1.96

%

Interest-bearing deposits at other financial institutions

 

 

28,496

 

 

 

773

 

5.46

%

 

 

46,606

 

 

 

1,146

 

4.96

%

Total interest-earning assets

 

 

2,103,435

 

 

$

54,799

 

5.21

%

 

 

2,204,172

 

 

$

52,540

 

4.77

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

 

5,880

 

 

 

 

 

 

 

5,874

 

 

 

 

 

Premises and equipment, net

 

 

978

 

 

 

 

 

 

 

1,180

 

 

 

 

 

Accrued interest and other assets

 

 

73,739

 

 

 

 

 

 

 

95,670

 

 

 

 

 

Allowance for credit losses

 

 

(18,907

)

 

 

 

 

 

 

(18,061

)

 

 

 

 

Total Assets

 

$

2,165,125

 

 

 

 

 

 

$

2,288,835

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Interest checking

 

$

524,497

 

 

$

8,565

 

3.28

%

 

$

525,637

 

 

$

6,461

 

2.48

%

Savings and money market

 

 

317,499

 

 

 

5,589

 

3.54

%

 

 

268,867

 

 

 

2,763

 

2.07

%

Time deposits

 

 

293,891

 

 

 

6,310

 

4.32

%

 

 

347,972

 

 

 

5,742

 

3.33

%

Wholesale deposits

 

 

277,619

 

 

 

4,971

 

3.60

%

 

 

314,706

 

 

 

5,827

 

3.73

%

Total interest-bearing deposits

 

 

1,413,506

 

 

 

25,435

 

3.62

%

 

 

1,457,182

 

 

 

20,793

 

2.88

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Other borrowed funds

 

 

103,794

 

 

 

2,387

 

4.62

%

 

 

143,735

 

 

 

2,827

 

3.97

%

Subordinated notes, net of issuance costs

 

 

19,632

 

 

 

514

 

5.27

%

 

 

19,577

 

 

 

515

 

5.30

%

Total interest-bearing liabilities

 

 

1,536,932

 

 

$

28,336

 

3.71

%

 

 

1,620,494

 

 

$

24,135

 

3.00

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

 

379,199

 

 

 

 

 

 

 

437,161

 

 

 

 

 

Other liabilities

 

 

27,015

 

 

 

 

 

 

 

24,768

 

 

 

 

 

Shareholders’ equity

 

 

221,979

 

 

 

 

 

 

 

206,412

 

 

 

 

 

Total Liabilities and Shareholders' Equity

 

$

2,165,125

 

 

 

 

 

 

$

2,288,835

 

 

 

 

 

Net Interest Margin

 

 

 

$

26,463

 

2.53

%

 

 

 

$

28,405

 

2.60

%

(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 22% for the six months ended June 30, 2024, and June 30, 2023. The taxable equivalent adjustment to interest income was ($6) and $2 for the six months ended June 30, 2024 and 2023, respectively.

(3)

The average balances for investment securities includes restricted stock.

 

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