Business
FVCBankcorp, Inc. Announces Earnings for Fourth Quarter and Year End 2020
FAIRFAX, Va.--(BUSINESS WIRE)-- FVCBankcorp, Inc. (NASDAQ:FVCB) (the “Company”) today reported fourth quarter 2020 net income of $5.0 million, or $0.36
About this update from Fvcbankcorp, Inc.
[{"type":"text","content":" FAIRFAX, Va.--(BUSINESS WIRE)--\nFVCBankcorp, Inc. (NASDAQ:FVCB) (the “Company”) today reported fourth quarter 2020 net income of $5.0 million, or $0.36 diluted earnings per share, compared to $3.7 million, or $0.25 diluted earnings per share, for the quarter ended December 31, 2019. Net revenues, which include net interest income plus noninterest income, for the three months ended December 31, 2020 were $14.9 million, an increase of $2.5 million, from $12.4 million for the year ago quarter ended December 31, 2019.\n\nFor the year ended December 31, 2020, the Company reported net income of $15.5 million, or $1.10 diluted earnings per share, compared to $15.8 million, or $1.07 diluted earnings per share, for the same period of 2019. Net revenues for the year ended December 31, 2020 were $55.5 million, an increase of $4.9 million, from $50.6 million for the year ended December 31, 2019.\n\nThe Company believes the reporting of earnings to exclude branch closing impairment charges, gains on sales of securities, and merger and acquisition expenses are more reflective of the Company’s operating performance (“Operating Earnings”). Operating Earnings is not a measurement that is in accordance with generally accepted accounting principles in the United States (“GAAP”). Operating Earnings for the three months ended December 31, 2020 was $5.0 million, or $0.36 diluted earnings per share, compared to $3.7 million, or $0.25 diluted earnings per share, for the three months ended December 31, 2019. Operating Earnings for the year ended December 31, 2020 was $15.9 million, or $1.13 diluted earnings per share, compared to $15.9 million, or $1.07 diluted earnings per share, for the year ended December 31, 2019. A reconciliation of Operating Earnings can be found in the tables below.\n\nBoth the three and twelve month periods ended December 31, 2020 have been impacted by elevated provision for loan losses. In addition, during the second quarter of 2020, the Company announced the closure of two branch locations, which resulted in one-time branch closure costs of $676 thousand ($534 thousand after tax). The Company began to realize the benefits of annualized cost savings of approximately $350 thousand related to occupancy expense beginning in the fourth quarter of 2020. Other annual savings of approximately $250 thousand include salaries and benef...