Business
FVCBankcorp, Inc. Announces Third Quarter 2021 Earnings; Record Quarterly and Year-to-Date Operating Earnings for 2021
FAIRFAX, Va.--(BUSINESS WIRE)-- FVCBankcorp, Inc. (NASDAQ: FVCB) (the “Company”) today reported third quarter 2021 net income of $4.7 million, or $0.32
About this update from Fvcbankcorp, Inc.
[{"type":"text","content":" FAIRFAX, Va.--(BUSINESS WIRE)--\nFVCBankcorp, Inc. (NASDAQ: FVCB) (the “Company”) today reported third quarter 2021 net income of $4.7 million, or $0.32 diluted earnings per share, compared to $3.9 million, or $0.28 diluted earnings per share, for the quarterly period ended September 30, 2020, an increase of 21%. For the nine months ended September 30, 2021, the Company reported net income of $15.4 million, or $1.06 diluted earnings per share, compared to $10.5 million or $0.74 diluted earnings per share, for the same period of 2020, a year-over-year increase of $4.9 million, or 47%. Net income for the three and nine months ended September 30, 2021 include merger-related expenses of $1.1 million which are associated with the Company’s previously announced proposed merger (the “merger”) with Blue Ridge Bankshares, Inc. (NYSEAM:BRBS) (“Blue Ridge”), and $380 thousand of accelerated recognition of debt issuance costs related to its 2016 subordinated debt issuance, which was redeemed at the Company’s option on September 30, 2021.\n\nOperating earnings, which exclude merger-related expenses and accelerated debt issuance costs, net of tax, for the three months ended September 30, 2021 and 2020 were $5.8 million and $3.9 million, respectively, an increase of $1.9 million, or 51%. Diluted earnings per share excluding merger-related expenses and accelerated debt issuance costs, net of tax, for the three months ended September 30, 2021 and 2020 were $0.40 and $0.28, respectively. On a linked quarter basis, operating earnings increased $684 thousand, or 13%, for the three months ended September 30, 2021 as compared to the operating earnings of June 30, 2021. Operating earnings return on average assets for the three months ended September 30, 2021 and 2020 was 1.14% and 0.89%, respectively. Operating earnings return on average equity for the three months ended September 30, 2021 and 2020 was 11.46% and 8.44%, respectively. The Company believes that operating earnings is a financial measure that is more reflective of the Company’s operating performance than net income. Operating earnings is determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). A reconciliation of non-GAAP financial measures to their most comparable financial measures in accordance with GAAP can be found in the tables bel...