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FVCBankcorp, Inc. Announces Second Quarter 2023 Earnings; Strong Deposit and Liquidity Growth
FAIRFAX, Va.--(BUSINESS WIRE)-- FVCBankcorp, Inc. (NASDAQ: FVCB) (the “Company”) today reported its financial results for the second quarter of 2023. Second
About this update from Fvcbankcorp, Inc.
[{"type":"text","content":" FAIRFAX, Va.--(BUSINESS WIRE)--\nFVCBankcorp, Inc. (NASDAQ: FVCB) (the “Company”) today reported its financial results for the second quarter of 2023.\n\n\nSecond Quarter Selected Financial Highlights\n\n\n\nStrong Well Capitalized Balance Sheet. All of the Bank’s regulatory capital components and ratios are well in excess of thresholds required to be considered \"well capitalized\" with total risk based capital to risk-weighted assets of 13.28% at June 30, 2023. Tangible Common Equity (\"TCE\") to Total Assets (\"TA\") ratio for FVCbank (the “Bank”) increased to 9.22% at June 30, 2023, from 8.92% at March 31, 2023. The Bank’s investment securities are classified as available-for-sale, and therefore, the decrease in market value of these securities is fully reflected in the TCE/TA ratio.\n\n\n\nContinued Core Deposit Growth. Total deposits increased $257.9 million, or 14%, to $2.09 billion at June 30, 2023 from $1.83 billion at December 31, 2022 and increased $160.9 million, or 8%, from June 30, 2022. Core deposits, which exclude wholesale deposits, increased $77.7 million during the quarter ended June 30, 2023, or 5%. Noninterest-bearing deposits increased $11.1 million during the second quarter of 2023.\n\n\n\nLow Uninsured Deposit Metrics to Total Deposits. As of June 30, 2023, estimated uninsured deposits improved to 27.6% of total deposits from 39.7% at December 31, 2022 (and from 32.5% at March 31, 2023). The Company has sufficient capital and liquidity resources to satisfy these obligations.\n\n\n\nSolid Credit Quality. Nonperforming loans to total assets decreased to 0.06% at June 30, 2023 from 0.19% at both December 31, 2022 and March 31, 2023, an improvement of 68%.\n\n\n\nDiverse Sources of Available Liquidity. At June 30, 2023, the Company’s liquidity position, which includes cash totaling $75.0 million, unencumbered investment securities of $104.1 million, and available unsecured and secured borrowing capacity totaling $813.0 million, was significantly in excess of its estimated uninsured deposits totaling $577.1 million, or 172% of uninsured deposits. The Company has the ability to access the Federal Reserve’s new Bank Term Funding Program (“BTFP”) but did not access the BTFP facility during the first half of 2023.\n\n\n\nNet income for the second quarter of 2023 was $4.2 million, or $0.23 diluted earnings per sha...