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FVCBankcorp, Inc. Announces Record First Quarter 2021 Earnings

FVCBankcorp, Inc. (NASDAQ: FVCB) (the “Company”) today reported first quarter 2021 net income of $5.6 million, or $0.38 diluted earnings per share, compared to $3.7 million, or $0.26 diluted earnings per share, for the quarterly period ended March 31, 2020. Net revenues, which include net interest income plus noninterest income, for the three months ended March 31, 2021 were $14.8 million, an increase of $1.9 million, from $12.9 million for the year ago quarter ended March 31, 2020.

Annualized return on average assets was 1.19% and annualized return on average equity was 11.53% for the first quarter of 2021. For the comparable quarterly March 31, 2020 period, annualized return on average assets was 0.96% and annualized return on average equity was 8.29%.

First Quarter Selected Highlights

  • Improved Credit Quality Metrics. During the first quarter of 2021, watchlist credits decreased $9.9 million, or 30%, to $22.8 million at March 31, 2021 from $32.7 million at December 31, 2020, a result of aggressive management of watchlist credits and loan payoffs. Nonperforming loans and loans past due 90 days or more and still accruing were 0.27% of total assets at March 31, 2021, compared to 0.31% at December 31, 2020.
  • Increased Pre-Tax Pre-Provision Income. For the three months ended March 31, 2021 and 2020, pre-tax pre-provision income was $7.0 million and $5.7 million, respectively, an increase of $1.3 million or 22%. On a linked quarter basis, pre-tax pre-provision income was also $7.0 million for the three months ended December 31, 2020. Pre-tax pre-provision annualized return on average assets for the three months ended March 31, 2021 and 2020 were 1.49% and 1.47%, respectively. A reconciliation of pre-tax pre-provision income, a non-GAAP financial measure, can be found in the tables below.
  • Strong Core Deposit Growth. Core deposits, which exclude wholesale deposits, increased $77.1 million, to $1.56 billion at March 31, 2021, or 21% annualized, from December 31, 2020. Noninterest-bearing deposits increased $102.8 million to $501.8 million at March 31, 2021, representing 31% of total deposits at March 31, 2021.
  • Increased Net Interest Income. Net interest income increased $1.8 million to $14.0 million for the first quarter of 2021, compared to $12.2 million for the same 2020 period. Net interest margin was 3.22% for the quarter ended March 31, 2021, compared to 3.37% for the year ago quarter of 2020 and 3.28% for the fourth quarter of 2020.

“Our second consecutive record quarterly earnings demonstrate our ability to generate continued profitable growth, building long term value for our shareholders. Our business development efforts and commitment to our markets continue to drive new relationships, as evidenced by our deposit growth during the quarter. Our conservative credit culture has resulted in lower loan losses than initially anticipated at the start of the pandemic. As a more optimistic economic outlook provides momentum heading into the second quarter, along with a robust pipeline of loan originations, we are positioned for strong loan growth for the remainder of 2021,” stated David W. Pijor, Chairman and CEO.

Balance Sheet

Total assets increased to $1.88 billion at March 31, 2021 compared to $1.82 billion at December 31, 2020, an increase of $63.0 million, or 3%. Loans receivable, net of deferred fees, totaled $1.45 billion at March 31, 2021, compared to $1.47 billion at December 31, 2020, a decrease of $19.2 million, or 1%. Loans receivable, net of deferred fees, excluding loans originated through the U.S. Small Business Administration’s Paycheck Protection Program (“PPP”), decreased $29.7 million during the three months ended March 31, 2021. During the first quarter of 2021, loans that paid off prior to maturity totaled $44.5 million, of which, $9.5 million were watch list credits that either paid off or were sold at a discount during the quarter, $13.5 million were related to borrowers selling the underlying collateral, and the remaining loans paid off were primarily a result of refinancing and general business activity. In addition, seasonal commercial line activity decreased $7.2 million during the first quarter of 2021. Offsetting these decreases were loan originations totaling $31.2 million (excluding PPP), of which $24.7 million funded during the quarter.

PPP loans, net of fees, totaled $163.5 million at March 31, 2021, an increase from $153.0 million at December 31, 2020. Loans forgiven during the first quarter of 2021 totaled $49.3 million, or 28% of PPP loans originated during 2020. PPP loans originated during the first quarter of 2021 totaled $62.6 million and net deferred fees associated with originating these loans totaled $2.1 million.

Investment securities increased $9.0 million to $135.4 million at March 31, 2021, compared to $126.4 million at December 31, 2020. During the three months ended March 31, 2021, the Company purchased $20.1 million in mortgage-backed securities to invest excess liquidity and improve net interest margin.

Total deposits increased to $1.59 billion at March 31, 2021 compared to $1.53 billion at December 31, 2020, an increase of $62.1 million, or 4%. Core deposits, which represent total deposits less wholesale deposits, increased $77.1 million, or 5%, to $1.56 billion at March 31, 2021 compared to $1.48 billion at December 31, 2020. Wholesale deposits totaled $35.0 million, or 2% of total deposits at March 31, 2021, a decrease of $15.0 million from December 31, 2020. Noninterest-bearing deposits increased $102.8 million to $501.8 million at March 31, 2021 from $399.1 million at December 31, 2020, and represented 31% of total deposits at March 31, 2021.

The Company’s bank subsidiary, FVCbank, remains well-capitalized at March 31, 2021 with a community bank leverage ratio of 11.65%.

Income Statement

Net income for the three months ended March 31, 2021 was $5.6 million, an increase of $1.8 million, or 49%, compared to $3.7 million for the same period of 2020. On a linked quarter basis, net income increased $555 thousand, or 11%, from $5.0 million for the quarter ended December 31, 2020.

Net interest income totaled $14.0 million, an increase of $1.8 million, for the quarter ended March 31, 2021, compared to the year ago quarter, and decreased by $76 thousand, compared to the fourth quarter of 2020. Interest expense on deposits decreased $2.2 million for the three months ended March 31, 2021 compared to the same period of 2020, and decreased $306 thousand compared to the three months ended December 31, 2020. All decreases were a result of continued targeted rate reductions and the repricing of the Company’s time deposits to lower interest rates upon renewal. Interest income includes loan mark accretion on acquired loans totaling $132 thousand, $335 thousand, and $163 thousand for the three months ended March 31, 2021, December 31, 2020 and March 31, 2020, respectively. Lastly, net interest income for the three months ended March 31, 2021 benefited from PPP loan origination, which contributed $1.8 million to interest income, of which $927 thousand was related to recognition of net deferred fees on forgiven loans. This compares to interest income from PPP loans of $1.2 million for the fourth quarter of 2020, which included recognition of net deferred fees of $330 thousand. Remaining net deferred fees related to PPP originations totaled $3.1 million at March 31, 2021 and are being recognized in interest income over the remaining lives of the PPP loans, or sooner upon PPP loan forgiveness or repayment.

The Company’s net interest margin decreased 15 basis points to 3.22% for the quarter ended March 31, 2021 compared to 3.37% for the quarter ended March 31, 2020. On a linked quarter basis, net interest margin decreased 6 basis points from 3.28% for the three months ended December 31, 2020. Excess liquidity continues to compress net interest margin, decreasing margin by 23 basis points during the first quarter of 2021. The average yield on total loans for the first quarter of 2021 was 4.38%, compared to 4.36% for the linked quarter ended December 31, 2020, and 4.88% for the year ago quarter. Net deferred fees recognized from PPP loan forgiveness has contributed to the average yield of the loan portfolio, as the yield on PPP loans increased to 4.52% for the first quarter of 2021, compared to 2.95% for the fourth quarter ended December 31, 2020.

Cost of interest-bearing deposits for the first quarter of 2021 was 0.74%, compared to 1.72% for the first quarter of 2020, a decrease of 98 basis points, or 57%, primarily as a result of the Company having aggressively decreased its deposit rates during 2020 to offset the repricing of its variable rate loan portfolio. The cost of deposits, which includes noninterest-bearing deposits, decreased 9 basis points to 0.51% for the first quarter of 2021 as compared to 0.60% for the fourth quarter of 2020, and decreased 79 basis points from 1.30% for the year ago quarter of 2020.

Noninterest income totaled $791 thousand and $693 thousand for the quarters ended March 31, 2021 and 2020, respectively. Fee income from loans was $20 thousand, a decrease of $376 thousand, for the quarter ended March 31, 2021 compared to 2020, primarily a result of loan swap fee income recorded during 2020 compared to none during 2021. Service charges on deposit accounts and other fee income totaled $523 thousand for the first quarter of 2021, an increase of 42%, or $155 thousand, from the year ago quarter, primarily resulting from a one-time commission bonus earned on the Company’s long-standing investment in Bankers’ Insurance during the first quarter of 2021. Income from bank-owned life insurance decreased $35 thousand to $248 thousand for the three months ended March 31, 2021 compared to $283 thousand for the same period of 2020.

For the three months ended March 31, 2021, the Company recorded no gains or losses on sales of assets. However, during the three months ended March 31, 2020, the Company recorded gains on sales of investment securities available-for-sale totaling $97 thousand and a loss on the loans held for sale portfolio of $451 thousand.

Noninterest expense totaled $7.9 million for the quarter ended March 31, 2021, compared to $7.2 million for the same three-month period of 2020. On a linked quarter basis, noninterest expense was also $7.9 million for the quarter ended December 31, 2020. The increase in noninterest expense compared to the year ago quarter was primarily related to an increase in salaries and benefits expense of $520 thousand, which is primarily related to accruals for incentive compensation during the first quarter of 2021. In addition, data processing and network administration expenses increased $129 thousand to $563 thousand for the three months ended March 31, 2021 compared to $434 thousand for the year ago quarter as planned 2020 network infrastructure upgrades were implemented during the second quarter of 2020.

The efficiency ratio for the quarter ended March 31, 2021 was 53.1%, an improvement from 55.9% for the year ago quarter and unchanged from 53.1% for the three months ended December 31, 2020.

The Company recorded a provision for income taxes of $1.4 million for the three months ended March 31, 2021, compared to $896 thousand for the same period of 2020. The effective tax rates for the three months ended March 31, 2021 and 2020 were 19.9% and 19.4%, respectively. The effective tax rates for each of the three months ended March 31, 2020 and 2019 are less than the Company’s combined federal and state statutory rate of 22.5% primarily because of discrete tax benefits recorded as a result of exercises of nonqualified stock options during 2021 and 2020.

Asset Quality

The Company recorded no provision for loan losses for the three months ended March 31, 2021, compared to $1.1 million for the year ago quarter, and $500 thousand for the fourth quarter of 2020. The Company is not required to implement the provisions of the current expected credit losses accounting standard until January 1, 2023, and is continuing to account for the allowance for loans losses under the incurred loss model. The decrease in the provision for loan losses for the three months ended March 31, 2021 is primarily related to a decrease in loans outstanding at March 31, 2021 and improvement in certain credit quality metrics during the first quarter of 2021, specifically, a reduction in the Company’s watchlist credits and the associated specific reserves for those loans.

The allowance for loan losses to total loans, excluding PPP loans, was 1.12% at March 31, 2021, compared to 1.14% at December 31, 2020. The effective reserve coverage, which includes both the allowance for loan losses and the remaining unaccreted fair value discount on acquired loans, to total loans, excluding PPP loans, was 1.25% at March 31, 2021 compared to 1.27% at December 31, 2020. Net charge-offs of $537 thousand recorded during the first quarter of 2021 were primarily related to two impaired loans the Company sold to mitigate the possibility of further losses.

Nonperforming loans and loans 90 days or more past due at March 31, 2021 totaled $5.0 million, or 0.27% of total assets. This compares to $5.6 million in nonperforming loans and loans 90 days or more past due at December 31, 2020, or 0.31% of total assets. All of the Company’s nonperforming loans are secured and have specific reserves totaling $1.4 million, representing the specific losses associated with those loans. The Company has one troubled debt restructuring at March 31, 2021 totaling $96 thousand which is a consumer residential loan. Nonperforming assets (including other real estate owned) to total assets was 0.47% at March 31, 2021 compared to 0.52% for December 31, 2020.

COVID-19 Pandemic Impact to Loan Portfolio

As a result of the COVID-19 pandemic, the Company implemented loan payment deferral programs to allow customers who were required to close or reduce business operations to defer loan principal and interest payments primarily for 90 days. At March 31, 2021, remaining payment deferred loans totaled $10.0 million, or 0.69% of the total loan portfolio, comprising three loans. One loan is a hotel participation loan totaling $9.7 million; one loan is SBA guaranteed totaling $330 thousand; and one loan is a consumer unsecured loan totaling $61 thousand. Each of these loans are appropriately reserved for in the allowance for loan losses.

The Company is closely and proactively monitoring the effects of the pandemic on its loan and deposit customers and is focused on assessing risks within the loan portfolio and working with customers to minimize losses. The Company considers pandemic impacted loans to include commercial real estate loans to hotels, churches, and certain retail and special purpose asset classes. During its assessment of the allowance for loan losses, the Company addressed the credit risks associated with these pandemic impacted segments and those loan customers that have requested payment deferrals.

About FVCBankcorp, Inc.

FVCBankcorp, Inc. is the holding company for FVCbank, a wholly-owned subsidiary that commenced operations in November 2007. FVCbank is a $1.88 billion asset-sized Virginia-chartered community bank serving the banking needs of commercial businesses, nonprofit organizations, professional service entities, their owners and employees located in the greater Baltimore and Washington D.C., metropolitan areas. FVCbank is based in Fairfax, Virginia, and has 9 full-service offices in Arlington, Fairfax, Manassas, Reston and Springfield, Virginia, Washington D.C., and Baltimore, Bethesda, and Rockville, Maryland.

For more information on the Company’s selected financial information, please visit the Investor Relations page of FVCBankcorp, Inc.’s website, www.fvcbank.com.

Caution about Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited, statements of goals, intentions, and expectations as to future trends, plans, events or results of the Company’s operations and policies and regarding general economic conditions. In some cases, forward-looking statements can be identified by use of words such as “may,” “will,” “anticipates,” “believes,” “expects,” “plans,” “estimates,” “potential,” “continue,” “should,” and similar words or phrases. These statements are based upon current and anticipated economic conditions, nationally and in the Company’s market, interest rates and interest rate policy, competitive factors, and other conditions which by their nature, are not susceptible to accurate forecast and are subject to significant uncertainty. Because of these uncertainties and the assumptions on which this discussion and the forward-looking statements are based, actual future operations and results in the future may differ materially from those indicated herein. These forward-looking statements are based on current beliefs that involve significant risks, uncertainties, and assumptions. Factors that could cause the Company’s actual results to differ materially from those indicated in these forward-looking statements, include, but are not limited to, the risk factors and other cautionary language included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and in other periodic and current reports filed with the Securities and Exchange Commission. Because of these uncertainties and the assumptions on which the forward-looking statements are based, actual operations and results in the future may differ materially from those indicated herein. Readers are cautioned against placing undue reliance on any such forward-looking statements. The Company’s past results are not necessarily indicative of future performance.

FVCBankcorp, Inc.

Selected Financial Data

(Dollars in thousands, except share data and per share data)

(Unaudited)
   
For the Quarters Ended
3/31/2021   12/31/2020   3/31/2020
Selected Balances    
Total assets

$

1,884,517

 

 

$

1,821,481

 

 

$

1,602,611

 

Total investment securities

 

141,745

 

 

 

132,978

 

 

 

133,586

 

Loans held for sale

 

- -

 

 

 

- -

 

 

 

9,640

 

Total loans, net of deferred fees

 

1,446,912

 

 

 

1,466,083

 

 

 

1,282,142

 

Allowance for loan losses

 

(14,421

)

 

 

(14,958

)

 

 

(11,226

)

Total deposits

 

1,594,639

 

 

 

1,532,493

 

 

 

1,344,044

 

Subordinated debt

 

44,116

 

 

 

44,085

 

 

 

24,507

 

Other borrowings

 

25,000

 

 

 

25,000

 

 

 

25,000

 

Total stockholders’ equity

 

194,929

 

 

 

189,500

 

 

 

177,688

 

Summary Results of Operations    
Interest income

$

16,778

 

 

$

17,129

 

 

$

16,931

 

Interest expense

 

2,735

 

 

 

3,010

 

 

 

4,720

 

Net interest income

 

14,043

 

 

 

14,119

 

 

 

12,211

 

Provision for loan losses

 

- -

 

 

 

500

 

 

 

1,066

 

Net interest income after provision for loan losses

 

14,043

 

 

 

13,619

 

 

 

11,145

 

Noninterest income - loan fees, service charges and other

 

543

 

 

 

476

 

 

 

764

 

Noninterest income - bank owned life insurance

 

248

 

 

 

264

 

 

 

283

 

Noninterest income - gain on sales of securities available-for-sale

 

- -

 

 

 

- -

 

 

 

97

 

Noninterest income - loss on loans held for sale

 

- -

 

 

 

- -

 

 

 

(451

)

Noninterest expense

 

7,882

 

 

 

7,885

 

 

 

7,209

 

Income before taxes

 

6,952

 

 

 

6,474

 

 

 

4,629

 

Income tax expense

 

1,383

 

 

 

1,460

 

 

 

896

 

Net income

 

5,569

 

 

 

5,014

 

 

 

3,733

 

Per Share Data    
Net income, basic

$

0.41

 

 

$

0.37

 

 

$

0.27

 

Net income, diluted

$

0.38

 

 

$

0.36

 

 

$

0.26

 

Book value

$

14.29

 

 

$

14.03

 

 

$

13.21

 

Tangible book value (1)

$

13.69

 

 

$

13.41

 

 

$

12.57

 

Shares outstanding

 

13,638,934

 

 

 

13,510,760

 

 

 

13,451,678

 

Selected Ratios    
Net interest margin (2)

 

3.22

%

 

 

3.28

%

 

 

3.37

%

Return on average assets (2)

 

1.19

%

 

 

1.11

%

 

 

0.96

%

Return on average equity (2)

 

11.53

%

 

 

10.68

%

 

 

8.29

%

Efficiency (3)

 

53.13

%

 

 

53.07

%

 

 

55.87

%

Loans, net of deferred fees to total deposits

 

90.74

%

 

 

95.67

%

 

 

95.39

%

Noninterest-bearing deposits to total deposits

 

31.47

%

 

 

26.04

%

 

 

21.41

%

Reconciliation of Net Income (GAAP) to Operating Earnings (Non-GAAP) (4)
Net income (from above)

$

5,569

 

 

$

5,014

 

 

$

3,733

 

Subtract: Gains on sales of securities available-for-sale

 

- -

 

 

 

- -

 

 

 

(97

)

Less: provision for income taxes associated with non-GAAP adjustments

 

- -

 

 

 

- -

 

 

 

20

 

Net income, as adjusted

$

5,569

 

 

$

5,014

 

 

$

3,656

 

Net income, diluted, on an operating basis

$

0.38

 

 

$

0.36

 

 

$

0.25

 

Return on average assets (non-GAAP operating earnings)

 

1.19

%

 

 

1.11

%

 

 

0.94

%

Return on average equity (non-GAAP operating earnings)

 

11.53

%

 

 

10.68

%

 

 

8.12

%

Efficiency ratio (non-GAAP operating earnings) (3)

 

53.13

%

 

 

53.07

%

 

 

56.29

%

Capital Ratios - Bank    
Tangible common equity (to tangible assets)

 

9.95

%

 

 

9.99

%

 

 

10.61

%

Tier 1 leverage (to average assets)

 

11.65

%

 

 

11.65

%

 

 

12.75

%

Asset Quality    
Nonperforming loans and loans 90+ past due

$

5,023

 

 

$

5,621

 

 

$

8,897

 

Performing troubled debt restructurings (TDRs)

 

96

 

 

 

97

 

 

 

- -

 

Other real estate owned

 

3,866

 

 

 

3,866

 

 

 

3,866

 

Nonperforming loans and loans 90+ past due to total assets (excl. TDRs)

 

0.27

%

 

 

0.31

%

 

 

0.56

%

Nonperforming assets to total assets

 

0.47

%

 

 

0.52

%

 

 

0.80

%

Nonperforming assets (including TDRs) to total assets

 

0.48

%

 

 

0.53

%

 

 

0.80

%

Allowance for loan losses to loans

 

1.00

%

 

 

1.02

%

 

 

0.88

%

Allowance for loan losses to nonperforming loans

 

287.10

%

 

 

266.11

%

 

 

126.18

%

Net charge-offs

$

537

 

 

$

98

 

 

$

71

 

Net charge-offs to average loans (2)

 

0.15

%

 

 

0.03

%

 

 

0.02

%

Selected Average Balances    
Total assets

$

1,866,477

 

 

$

1,812,298

 

 

$

1,550,958

 

Total earning assets

 

1,768,189

 

 

 

1,710,345

 

 

 

1,458,308

 

Total loans, net of deferred fees

 

1,456,310

 

 

 

1,485,121

 

 

 

1,281,969

 

Total deposits

 

1,574,581

 

 

 

1,527,313

 

 

 

1,280,693

 

Other Data    
Noninterest-bearing deposits

$

501,812

 

 

$

399,062

 

 

$

287,801

 

Interest-bearing checking, savings and money market

 

822,888

 

 

 

820,378

 

 

 

581,005

 

Time deposits

 

234,939

 

 

 

263,053

 

 

 

350,712

 

Wholesale deposits

 

35,000

 

 

 

50,000

 

 

 

124,526

 

   
(1) Non-GAAP Reconciliation For the Quarters Ended
(Dollars in thousands, except per share data) 3/31/2021   12/31/2020   3/31/2020
   
Total stockholders’ equity

$

194,929

 

 

$

189,500

 

 

$

177,688

 

Less: goodwill and intangibles, net

 

(8,277

)

 

 

(8,357

)

 

 

(8,612

)

Tangible Common Equity

$

186,652

 

 

$

181,143

 

 

$

169,076

 

   
Book value per common share

$

14.29

 

 

$

14.03

 

 

$

13.21

 

Less: intangible book value per common share

 

(0.60

)

 

 

(0.62

)

 

 

(0.64

)

Tangible book value per common share

$

13.69

 

 

$

13.41

 

 

$

12.57

 

(2) Annualized.

(3) Efficiency ratio is calculated as noninterest expense divided by the sum of net interest income and noninterest income. On a non-GAAP operating basis, the Company excludes gains (losses) on sales of investment securities.

(4) Some of the financial measures discussed throughout the press release are "non-GAAP financial measures." In accordance with SEC rules, the Company classifies a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP in our statements of income, balance sheets or statements of cash flows.

FVCBankcorp, Inc.

Summary Consolidated Statements of Condition

(Dollars in thousands)

(Unaudited)
 

3/31/2021

12/31/2020

% Change

Current

Quarter

3/31/2020

% Change

From

Year Ago

       
Cash and due from banks $

                   16,593

 

$

                   20,835

 

-20.4

%

  $

                23,158

 

-28.3

%

Interest-bearing deposits at                                                                                   
   other financial institutions

                 203,285

 

                 120,228

 

69.1

%

 

                62,402

 

225.8

%

Investment securities

                 135,368

 

                 126,415

 

7.1

%

 

              126,978

 

6.6

%

Restricted stock, at cost

                     6,377

 

                     6,563

 

-2.8

%

 

                  6,608

 

-3.5

%

Loans held for sale, at fair value

                          - -

 

                          - -

 

0.0

%

 

                  9,640

 

-100.0

%

Loans, net of fees:  
Commercial real estate

                 782,005

 

                 788,218

 

-0.8

%

 

              761,574

 

2.7

%

Commercial and industrial

                 109,737

 

                 119,200

 

-7.9

%

 

              106,302

 

3.2

%

Paycheck protection program

                 163,470

 

                 152,978

 

6.9

%

 

                       - -

 

100.0

%

Commercial construction

                 218,507

 

                 221,523

 

-1.4

%

 

              220,798

 

-1.0

%

Consumer real estate 

                 159,790

 

                 168,531

 

-5.2

%

 

              183,170

 

-12.8

%

Consumer nonresidential   

                   13,403

 

 

                   15,633

 

-14.3

%

   

                10,298

 

30.2

%

           Total loans, net of fees  

              1,446,912

 

 

              1,466,083

 

-1.3

%

   

           1,282,142

 

12.9

%

      Allowance for loan losses  

                 (14,421

)

 

                 (14,958

)

-3.6

%

   

              (11,226

)

28.5

%

            Loans, net  

              1,432,491

 

 

              1,451,125

 

-1.3

%

   

           1,270,916

 

12.7

%

 
Premises and equipment, net

                     1,520

 

                     1,654

 

-8.1

%

 

                  2,090

 

-27.3

%

Goodwill and intangibles, net 

                     8,277

 

                     8,357

 

-1.0

%

 

                  8,612

 

-3.9

%

Bank owned life insurance (BOLI)

                   38,425

 

                   38,178

 

0.6

%

 

                37,352

 

2.9

%

Other real estate owned 

                     3,866

 

                     3,866

 

0.0

%

 

                  3,866

 

0.0

%

Other assets  

                   38,315

 

 

                   44,260

 

-13.4

%

   

                50,989

 

-24.9

%

 
Total Assets $

              1,884,517

 

$

              1,821,481

 

3.5

%

  $

           1,602,611

 

17.6

%

 
Deposits:  
      Noninterest-bearing $

                 501,812

 

$

                 399,062

 

25.7

%

  $

              287,801

 

74.4

%

      Interest-bearing checking

                 534,436

 

                 537,834

 

-0.6

%

 

              309,458

 

72.7

%

      Savings and money market

                 288,452

 

                 282,544

 

2.1

%

 

              271,547

 

6.2

%

      Time deposits

                 234,939

 

                 263,053

 

-10.7

%

 

              350,712

 

-33.0

%

      Wholesale deposits  

                   35,000

 

 

                   50,000

 

-30.0

%

   

              124,526

 

-71.9

%

            Total deposits  

              1,594,639

 

 

              1,532,493

 

4.1

%

   

           1,344,044

 

18.6

%

 
Other borrowed funds

                   25,000

 

                   25,000

 

0.0

%

 

                25,000

 

0.0

%

Subordinated notes, net of   
   issuance costs

                   44,116

 

                   44,085

 

0.1

%

 

                24,507

 

80.0

%

Other liabilities

                   25,833

 

                   30,403

 

-15.0

%

 

                31,372

 

-17.7

%

 
Stockholders’ equity  

                 194,929

 

 

                 189,500

 

2.9

%

   

              177,688

 

9.7

%

 
Total Liabilities & Stockholders'   
   Equity $

              1,884,517

 

$

              1,821,481

 

3.5

%

  $

           1,602,611

 

17.6

%

FVCBankcorp, Inc.

Summary Consolidated Income Statements

(In thousands, except per share data)

(Unaudited)
For the Three Months Ended
3/31/2021 12/31/2020 % Change

Current

Quarter
3/31/2020 % Change

From

Year Ago
     
Net interest income $

                       14,043

 

$

                     14,119

 

-0.5

%

$

                    12,211

 

15.0

%

Provision for loan losses  

                               - -

 

 

                          500

 

-100.0

%

 

                      1,066

 

-100.0

%

Net interest income after provision for loan losses  

                       14,043

 

 

                     13,619

 

3.1

%

 

                    11,145

 

26.0

%

           
Noninterest income:
     Fees on loans

                              20

 

                            34

 

-41.2

%

                         396

 

-94.9

%

     Service charges on deposit accounts

                            243

 

                          271

 

-10.3

%

                         239

 

1.7

%

     Gain on sale of securities available-for-sale

                               - -

 

                            - -

 

0.0

%

                           97

 

-100.0

%

     Loss on loans held for sale

                               - -

 

                            - -

 

0.0

%

                        (451

)

-100.0

%

     BOLI income 

                            248

 

                          264

 

-6.1

%

                         283

 

-12.4

%

     Other fee income  

                            280

 

 

                          171

 

63.7

%

 

                         129

 

117.1

%

          Total noninterest income  

                            791

 

 

                          740

 

6.9

%

 

                         693

 

14.1

%

           
Noninterest expense:
     Salaries and employee benefits

                         4,548

 

                       4,461

 

2.0

%

                      4,028

 

12.9

%

     Occupancy and equipment expense

                            807

 

                          804

 

0.4

%

                         855

 

-5.6

%

     Data processing and network administration

                            563

 

                          562

 

0.2

%

                         434

 

29.7

%

     State franchise taxes

                            504

 

                          466

 

8.2

%

                         466

 

8.2

%

     Professional fees

                            354

 

                          251

 

41.0

%

                         225

 

57.3

%

     Other operating expense  

                         1,106

 

 

                       1,341

 

-17.5

%

 

                      1,201

 

-7.9

%

          Total noninterest expense  

                         7,882

 

 

                       7,885

 

0.0

%

 

7,209

 

9.3

%

Net income before income taxes  

                         6,952

 

 

                       6,474

 

7.4

%

 

                      4,629

 

50.2

%

Income tax expense  

                         1,383

 

 

                       1,460

 

-5.3

%

 

                         896

 

54.4

%

Net Income $

                         5,569

 

$

                       5,014

 

11.1

%

$

3,733

 

49.2

%

   
Earnings per share - basic $

                           0.41

 

$

                         0.37

 

10.3

%

$

                        0.27

 

51.1

%

Earnings per share - diluted $

                           0.38

 

$

                         0.36

 

7.9

%

$

                        0.26

 

49.8

%

Weighted-average common shares outstanding - basic  

                13,578,279

 

 

              13,482,741

 

 

             13,751,768

 

Weighted-average common shares outstanding - diluted  

                14,536,449

 

 

              14,123,593

 

 

             14,595,447

 

Reconciliation of Net Income (GAAP) to Pre-Tax Pre-Provision Income (Non-GAAP):
GAAP net income reported above  $

                         5,569

 

$

                       5,014

 

$

                      3,733

 

Add: Provision for loan losses

                               - -

 

 500

 

                      1,066

 

Add: Income tax expense  

                         1,383

 

 

                       1,460

 

 

                         896

 

Pre-tax pre-provision income $

                         6,952

 

$

                       6,974

 

$

                      5,695

 

Earnings per share - basic (non-GAAP operating earnings) $

                           0.51

 

$

        ��                0.52

 

$

                        0.41

 

Earnings per share - diluted  (non-GAAP operating earnings) $

                           0.48

 

$

                         0.49

 

$

                        0.39

 

Return on average assets (non-GAAP operating earnings)

1.49

%

1.54

%

1.47

%

Return on average equity (non-GAAP operating earnings)

14.40

%

14.85

%

12.64

%

FVCBankcorp, Inc.

Average Statements of Condition and Yields on Earning Assets and Interest-Bearing Liabilities

(Dollars in thousands)

(Unaudited)
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  For the Three Months Ended
  3/31/2021   12/31/2020   3/31/2020

 

 

Average

Balance

 

 Interest

Income/Expense

 

Average

Yield

 

Average

Balance

 

 Interest

Income/Expense

 

Average

Yield

 

Average

Balance

 

 Interest

Income/Expense

 

Average

Yield

Interest-earning assets:  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans receivable, net of fees (1)  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate   

$

782,639

 

 

$

8,396

 

4.29

%

 

$

797,575

 

 

$

8,677

 

4.35

%

 

$

756,989

 

 

$

9,026

 

4.77

%

Commercial and industrial  

 

111,360

 

 

 

1,344

 

4.83

%

 

 

110,766

 

 

 

1,677

 

6.06

%

 

 

110,186

 

 

 

1,570

 

5.70

%

Paycheck protection program  

 

162,066

 

 

 

1,832

 

4.52

%

 

 

164,302

 

 

 

1,211

 

2.95

%

 

 

- -

 

 

 

- -

 

0.0

%

Commercial construction  

 

220,835

 

 

 

2,427

 

4.40

%

 

 

222,302

 

 

 

2,533

 

4.56

%

 

 

220,104

 

 

 

2,802

 

5.09

%

Consumer real estate   

 

165,211

 

 

 

1,676

 

4.06

%

 

 

173,642

 

 

 

1,765

 

4.07

%

 

 

184,010

 

 

 

2,122

 

4.61

%

Consumer nonresidential   

 

14,199

 

 

 

258

 

7.27

%

 

 

16,534

 

 

 

326

 

7.88

%

 

 

10,680

 

 

 

129

 

4.81

%

Total loans  

 

1,456,310

 

 

 

15,933

 

4.38

%

 

 

1,485,121

 

 

 

16,189

 

4.36

%

 

 

1,281,969

 

 

 

15,649

 

4.88

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities (2)(3)  

 

128,988

 

 

 

806

 

2.50

%

 

 

113,665

 

 

 

912

 

3.21

%

 

 

143,634

 

 

 

971

 

2.70

%

Loans held for sale, at fair value  

 

- -

 

 

 

- -

 

0.0

%

 

 

- -

 

 

 

- -

 

0.0

%

 

 

10,492

 

 

 

236

 

8.99

%

Interest-bearing deposits at   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   other financial institutions  

 

182,891

 

 

 

45

 

0.10

%

 

 

111,559

 

 

 

34

 

0.12

%

 

 

22,213

 

 

 

81

 

1.48

%

Total interest-earning assets  

 

1,768,189

 

 

 

16,784

 

3.80

%

 

 

1,710,345

 

 

 

17,135

 

4.01

%

 

 

1,458,308

 

 

 

16,937

 

4.65

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest earning assets:  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks  

 

15,346

 

 

 

 

 

 

 

17,147

 

 

 

 

 

 

 

13,431

 

 

 

 

 

Premises and equipment, net  

 

1,610

 

 

 

 

 

 

 

1,717

 

 

 

 

 

 

 

1,941

 

 

 

 

 

Accrued interest and other   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   assets  

 

96,226

 

 

 

 

 

 

 

97,765

 

 

 

 

 

 

 

87,560

 

 

 

 

 

Allowance for loan losses  

 

(14,894

)

 

 

 

 

 

 

(14,676

)

 

 

 

 

 

 

(10,282

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets  

$

1,866,477

 

 

 

 

 

 

$

1,812,298

 

 

 

 

 

 

$

1,550,958

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest checking  

$

523,712

 

 

$

717

 

0.56

%

 

$

458,142

 

 

$

702

 

0.61

%

 

$

273,976

 

 

 

881

 

1.29

%

Savings and money market  

 

278,774

 

 

 

324

 

0.47

%

 

 

283,776

 

 

 

363

 

0.51

%

 

 

227,497

 

 

 

635

 

1.12

%

Time deposits  

 

246,486

 

 

 

917

 

1.51

%

 

 

284,634

 

 

 

1,185

 

1.66

%

 

 

353,809

 

 

 

2,080

 

2.35

%

Wholesale deposits  

 

45,778

 

 

 

43

 

0.38

%

 

 

67,935

 

 

 

57

 

0.33

%

 

 

121,047

 

 

 

580

 

1.92

%

Total interest-bearing deposits  

 

1,094,750

 

 

 

2,001

 

0.74

%

 

 

1,094,487

 

 

 

2,307

 

0.84

%

 

 

976,329

 

 

 

4,176

 

1.72

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other borrowed funds  

 

25,000

 

 

 

83

 

1.35

%

 

 

25,023

 

 

 

86

 

1.37

%

 

 

39,141

 

 

 

149

 

1.53

%

Subordinated notes, net of   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   issuance costs  

 

44,096

 

 

 

651

 

5.99

%

 

 

41,526

 

 

 

617

 

5.91

%

 

 

24,494

 

 

 

395

 

6.49

%

Total interest-bearing liabilities  

 

1,163,846

 

 

 

2,735

 

0.95

%

 

 

1,161,036

 

 

 

3,010

 

1.03

%

 

 

1,039,964

 

 

 

4,720

 

1.83

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing liabilities:  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits  

 

479,831

 

 

 

 

 

 

 

432,826

 

 

 

 

 

 

 

304,364

 

 

 

 

 

Other liabilities  

 

29,625

 

 

 

 

 

 

 

30,561

 

 

 

 

 

 

 

26,476

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity  

 

193,175

 

 

 

 

 

 

 

187,875

 

 

 

 

 

 

 

180,154

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Stockholders' Equity  

$

1,866,477

 

 

 

 

 

 

$

1,812,298

 

 

 

 

 

 

$

1,550,958

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Margin  

 

 

 

14,049

 

3.22

%

 

 

 

 

14,125

 

3.28

%

 

 

 

 

12,217

 

3.37

%

(1) Non-accrual loans are included in average balances.

(2) The average yields for investment securities are reported on a fully taxable-equivalent basis at a rate of 21%.

(3) The average balances for investment securities includes restricted stock.

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