Business
FVCBankcorp, Inc. Announces Second Quarter 2022 Earnings and Record 10% Quarterly Loan Growth
FAIRFAX, Va.--(BUSINESS WIRE)-- FVCBankcorp, Inc. (NASDAQ: FVCB) (the “Company”) today reported second quarter 2022 net income of $6.4 million, or $0.43
About this update from Fvcbankcorp, Inc.
[{"type":"text","content":" FAIRFAX, Va.--(BUSINESS WIRE)--\nFVCBankcorp, Inc. (NASDAQ: FVCB) (the “Company”) today reported second quarter 2022 net income of $6.4 million, or $0.43 diluted earnings per share, compared to $5.2 million, or $0.36 diluted earnings per share, for the quarter ended June 30, 2021, an increase of $1.3 million or 24%. Annualized return on average assets was 1.21% and annualized return on average equity was 12.93% for the second quarter of 2022. For the comparable quarterly June 30, 2021 period, annualized return on average assets was 1.06% and annualized return on average equity was 10.41%.\n\nFor the six months ended June 30, 2022, the Company reported net income of $13.0 million, or $0.88 diluted earnings per share, compared to $10.7 million or $0.74 diluted earnings per share, for the same period of 2021, a year-over-year increase of $2.3 million, or 21%. For the year-to-date June 30, 2022 period, annualized return on average assets was 1.26% and annualized return on average equity was 12.78% compared to annualized return on average assets of 1.13% and annualized return on average equity of 10.96% for the six months ended June 30, 2021.\n\n“We are pleased with our financial performance for the second quarter of this year and we are cautiously optimistic as we begin the second half of the year with expectations of rising rates and recognizing the ongoing economic uncertainty,” stated David W. Pijor, Chairman and CEO. \"We continue to experience quality opportunities in our vibrant markets as we leverage our credit discipline, technology, and seasoned bankers to support our growing client base.”\n\nSecond Quarter Selected Highlights\n\n\nBalance Sheet Growth\n\n\nLoans receivable, net of deferred fees increased $151.8 million, or 10% for the June 30, 2022 quarter. During the second quarter of 2022, the Company had diversified loan growth (net of payoffs) of $82.3 million and purchased $69.5 million in consumer real estate loans through its affiliate, Atlantic Coast Mortgage, LLC (“ACM”), consistent with the Company’s underwriting criteria.\n\n\nThe Company continues to add experienced relationship bankers to support loan and deposit growth while maintaining the Company’s strong credit discipline. During the quarter, the Company added customer-facing bankers including two lenders, two portfolio managers, and two business developm...