Business
FVCBankcorp, Inc. Announces Record Quarterly and Year-to-Date Earnings for 2021
FAIRFAX, Va.--(BUSINESS WIRE)-- FVCBankcorp, Inc. (NASDAQ: FVCB) (the “Company”) today reported record net income of $6.5 million, or $0.44 diluted earnings
About this update from Fvcbankcorp, Inc.
[{"type":"text","content":" FAIRFAX, Va.--(BUSINESS WIRE)--\nFVCBankcorp, Inc. (NASDAQ: FVCB) (the “Company”) today reported record net income of $6.5 million, or $0.44 diluted earnings per share, for the fourth quarter of 2021 compared to $5.0 million, or $0.36 diluted earnings per share, for the quarterly period ended December 31, 2020, an increase of 30%. For the year ended December 31, 2021, the Company reported record net income of $21.9 million, or $1.50 diluted earnings per share, compared to $15.5 million, or $1.10 diluted earnings per share, for the same period of 2020, an increase of $6.4 million, or 41%. Net income for the three and twelve months ended December 31, 2021 includes the impact of merger-related expenses of $338 thousand and $1.4 million, respectively, which are associated with the Company’s previously announced proposed merger (the “Merger”) with Blue Ridge Bankshares, Inc. (NYSEAM:BRBS) (“Blue Ridge”) mutually terminated by the Company and Blue Ridge on January 20, 2022.\n\nAnnualized return on average assets was 1.27% and annualized return on average equity was 12.55% for the fourth quarter of 2021. For the comparable quarterly December 31, 2020 period, annualized return on average assets was 1.11% and annualized return on average equity was 10.68%. For the year ended December 31, 2021, return on average assets was 1.11% and return on average equity was 10.92% compared to return on average assets of 0.91% and return on average equity of 8.48% for the year ended December 31, 2020.\n\nOperating earnings, which exclude merger-related expenses, net of tax, for the three months ended December 31, 2021 and 2020 were $6.8 million and $5.0 million, respectively, an increase of $1.8 million, or 35%. Diluted earnings per share excluding merger-related expenses, net of tax, for the three months ended December 31, 2021 and 2020 were $0.46 and $0.36, respectively. On a linked quarter basis, operating earnings increased $930 thousand, or 16%, for the three months ended December 31, 2021 as compared to the operating earnings for the three months ended September 30, 2021. Operating earnings return on average assets for the three months ended December 31, 2021 and 2020 was 1.32% and 1.11%, respectively. Operating earnings return on average equity for the three months ended December 31, 2021 and 2020 was 13.06% and 10.68%, respectively. The Compan...