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FVCBankcorp, Inc. Announces Third Quarter 2023 Earnings
FAIRFAX, Va.--(BUSINESS WIRE)-- FVCBankcorp, Inc. (NASDAQ: FVCB) (the “Company”) today reported its financial results for the third quarter of 2023. Third
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 third quarter of 2023.\n\n\nThird Quarter Selected Financial Highlights\n\n\n\nStellar Credit Quality. Nonperforming loans totaled $1.5 million at September 30, 2023, or 0.07% of total assets, and were comprised solely of residential mortgage loans. Net recoveries of $7 thousand were recorded during the third quarter of 2023. Loans on the Company’s watchlist decreased to $3.0 million during the quarter ended September 30, 2023, a decrease of 70% from the prior quarter end and 79% from December 31, 2022.\n\n\n\nContinued Core Deposit Growth and Reduced Reliance on Wholesale Funds. Wholesale funds at September 30, 2023 decreased $130.8 million during the third quarter as the Company managed a reduction in its reliance on wholesale deposits. Core deposits increased $38.7 million, or 2%, to $1.71 billion, at September 30, 2023 from $1.67 billion at June 30, 2023. Noninterest-bearing deposits decreased $9.9 million during the third quarter of 2023, but increased to 21.4% of total deposits as the Company decreased its wholesale deposits.\n\n\n\nLow Uninsured Deposit Metrics Compared to Total Deposits. As of September 30, 2023, estimated uninsured deposits improved to 31.8% of total deposits from 39.7% at December 31, 2022, when excluding collateralized deposits. The Company has sufficient capital and liquidity resources to satisfy these obligations.\n\n\n\nDiverse Sources of Available Liquidity. At September 30, 2023, the Company’s liquidity position, which includes cash totaling $97.0 million, unencumbered investment securities of $92.5 million, and available unsecured and secured borrowing capacity totaling $802.5 million, was significantly in excess of its estimated uninsured deposits (excluding collateralized deposits) totaling $635.1 million, or 31.8% of total deposits. The Company has access to the Federal Reserve’s Bank Term Funding Program (“BTFP”) but has not drawn on the facility during 2023.\n\n\n\nStrong Well Capitalized Balance Sheet. All of FVCbank’s (the “Bank”) 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 13.93% at September 30, 2023. The tangible common equity (...