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FVCBankcorp, Inc. Announces Third Quarter 2024 Earnings; Quarterly Net Income Increased 16% Year-Over-Year as Net Interest Income and Margin Continue to Improve
FAIRFAX, Va.--(BUSINESS WIRE)-- FVCBankcorp, Inc. (NASDAQ: FVCB) (the “Company”) today reported its financial results for the third quarter of 2024. 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 2024.\n\nThird Quarter Selected Financial Highlights\n\n\nEnhanced Profitability. Return on average assets for the quarter ended September 30, 2024 was 0.85%, an increase of 21%, from 0.70% for the quarter ended September 30, 2023, and increased 10%, from 0.77%, for the linked quarter ended June 30, 2024.\n\n\nIncreased Net Income. Net income increased compared to the year ago quarter and prior quarter. Net income totaled $4.7 million, or $0.25 diluted earnings per share, for the quarter ended September 30, 2024, compared to net income of $4.0 million, or $0.22 diluted earnings per share, for quarter ended September 30, 2023, and net income of $4.2 million, or $0.23 diluted earnings per share, for the quarter ended June 30, 2024.\n\n\nContinued Improvement in Net Interest Margin. Net interest margin increased 25 basis points, or 10%, to 2.64% for the third quarter of 2024, compared to 2.39% for the third quarter of 2023. On a linked quarter basis, net interest margin increased 5 basis points from 2.59% for the three months ended June 30, 2024.\n\n\nSolid Credit Quality. Classified loans decreased $19.9 million, or 86%, to $3.2 million at September 30, 2024 compared to the prior quarter. Nonaccrual loans decreased $744 thousand, or 23%, from prior quarter end, and were 0.16% of total assets at September 30, 2024. The Company recorded net recoveries of $63 thousand during the third quarter of 2024.\n\n\nSound, Well Capitalized Balance Sheet. All of FVCbank’s (the “Bank”) regulatory capital components and ratios were well in excess of thresholds required to be considered \"well capitalized\", with total risk-based capital to risk-weighted assets of 14.52% at September 30, 2024, compared to 13.83% at December 31, 2023. The tangible common equity (\"TCE\") to tangible assets (\"TA\") ratio for the Bank increased to 10.21% at September 30, 2024, from 9.40% at September 30, 2023. The Bank’s investment securities are classified as available-for-sale, and therefore the unrealized losses on these securities are fully reflected in the TCE/TA ratio.\n\n\nFor the three months ended September 30, 2024, the Company recorded net income of $4.7 million, or $0.25 diluted earnings per share, an increase o...