Business
FVCBankcorp, Inc. Announces Record Earnings for Third Quarter 2019
FAIRFAX, Va.--(BUSINESS WIRE)-- FVCBankcorp, Inc. (NASDAQ:FVCB) (the “Company”) today reported third quarter 2019 net income of $4.1 million, or $0.28
About this update from Fvcbankcorp, Inc.
[{"type":"text","content":" FAIRFAX, Va.--(BUSINESS WIRE)--\nFVCBankcorp, Inc. (NASDAQ:FVCB) (the “Company”) today reported third quarter 2019 net income of $4.1 million, or $0.28 diluted earnings per share, compared to $3.4 million, or $0.27 diluted earnings per share, for the quarterly period ended September 30, 2018. Weighted-average common shares outstanding for the diluted earnings per share calculations were 14.9 million and 12.5 million for the three months ended September 30, 2019 and 2018, respectively, reflecting the increase from shares issued in 2018 for the initial public offering, completed in September 2018, and acquisition of Colombo Bank (“Colombo”), completed in October 2018.\n\n\nFor the nine month period ended September 30, 2019, net income was $12.1 million, or $0.82 per diluted earnings per share, compared to $9.5 million, or $0.78 diluted earnings per share, for the nine month period ended September 30, 2018. Before merger-related expenses net of taxes, net income for the nine months ended September 30, 2019 was $12.2 million, or $0.82 per diluted share and for the prior year net income for the nine month period was $10.0 million, or $0.82 diluted earnings per share.\n\n\nReturn on average assets was 1.10% and return on average equity was 9.46% for the third quarter of 2019. For the comparable quarterly September 30, 2018 period, return on average assets was 1.18% and return on average equity was 12.23%. For the nine months ended September 30, 2019 and 2018, return on average assets was 1.13% and 1.15%, respectively. Return on average equity for the nine months ended September 30, 2019 and 2018 was 9.65% and 12.09%, respectively.\n\n\nSelected Highlights\n\n\n\nContinued Loan Growth. Total loans, net of deferred fees, totaled $1.24 billion at September 30, 2019, an increase of $9.0 million from June 30, 2019. Year-over-year loan growth was $265.1 million, or 27% from September 30, 2018 to September 30, 2019. Excluding $104 million of loans associated with the Colombo acquisition, organic growth was $161 million, or 16%.\n\n\nStrong Core Deposit Growth. Total deposits increased $48.3 million, to $1.32 billion at September 30, 2019, or 15% annualized, from June 30, 2019. Noninterest-bearing deposits increased $61.5 million, or 26% during 2019 and represent 22% of the total deposit base at September 30, 2019.\n\n\nRecord Earnings. Earn...