FAIRFAX, Va.--(BUSINESS WIRE)--FVCBankcorp Inc. (OTCQX:FVCB) (the “Company”) today reported third quarter 2017 earnings increased 36% from a year ago to $2.2 million, or $0.19 diluted earnings per share, compared to $1.6 million, or $0.15 diluted earnings per share, for the quarterly period ended September 30, 2016. For the nine-month year-to-date 2017 period, earnings increased 29% to $6.7 million, or $0.59 per diluted earnings per share, compared to $5.2 million, or $0.47 per diluted earnings per share, for the year-to-date period of 2016. Earnings per share have been adjusted for the five-for-four split of the Company’s common stock in the form of a 25% dividend for shareholders which occurred during the third quarter of 2017.
The Company reported return on average equity of 9.83% and return on average assets of 0.93% for the third quarter of 2017 compared to a return on average equity of 8.28% and a return on average assets of 0.81% for the comparable 2016 quarterly period. For the year-to-date 2017 period, the Company reported return on average assets of 0.95% and return on average equity of 10.40% compared to a return on average assets of 0.90% and return on average equity of 9.00% for the year-to-date 2016 period.
Selected Highlights
- Total loans, net of deferred fees, increased $139 million, or 20%, from September 30, 2016 to September 30, 2017. Asset quality remains strong with nonperforming assets as a percentage of total assets being 0.31% at September 30, 2017, compared to 0.01% at September 30, 2016.
- Total deposits increased $118 million, or 16%, from September 30, 2016 to September 30, 2017. The Company’s increase in deposits is a result of several successful targeted promotions to continue its growth in core deposits.
- The Company maintains all regulatory capital ratios in excess of “well-capitalized” under the Basel III guidelines. During the third quarter of 2017, the Company completed an over-subscribed private placement of 500,000 shares of its common stock at a price of $20 per share, for gross proceeds of $10.0 million.
- Tangible book value per share at September 30, 2017 was $8.98, an increase from $7.81 as of September 30, 2016.
“We are seeing our efforts in introducing our community bank to displaced customers in the marketplace through increases in loans, deposits and resulting net income,” stated David W. Pijor, Chairman and CEO. “The bank consolidation that has occurred over the past year has given us the opportunity to increase our market share and ultimately our franchise value. And, our successful capital raise will support this growth as we rapidly approach a goal of over $1.0 billion in total assets.”
Balance Sheet
Total assets increased to $997.8 million compared to $837.0 million as of September 30, 2017 and 2016, respectively, an increase of $160.7 million, or 19%. The Company’s focus on its relationship banking strategy has resulted in increases in its loans receivable portfolio and total deposits.
Loans receivable, net of deferred fees, totaled $827.1 million as of September 30, 2017, compared to $687.7 million as of September 30, 2016, a year over year increase of $139 million, or 20%. For the third quarter of 2017, loans receivable, net of deferred fees, increased $29 million, or 14% on an annualized basis.
Total deposits increased to $846.9 million as of September 30, 2017 compared to $729.2 million as of September 30, 2016, an increase of $118 million, or 16%. Total deposits decreased $10 million compared to the quarter ended June 30, 2017, a result of a decrease in wholesale brokered deposits. Noninterest-bearing deposits increased 5% to $179.0 million at September 30, 2017, or 21% of total deposits, compared to $170.7 million at September 30, 2016. Wholesale deposits totaled $85.5 million, or 10% of total deposits at September 30, 2017.
Income Statement
Net interest income totaled $8.2 million, an increase of $1.3 million, or 19%, for the quarter ended September 30, 2017, compared to the quarter ended September 30, 2016. The Company’s net interest margin was 3.48% and 3.49% for the quarters ended September 30, 2017 and 2016, respectively. On a linked quarter basis, the margin increased to 3.48% from 3.46%.
Noninterest income excluding gains on securities sold totaled $338 thousand and $298 thousand for the quarters ended September 30, 2017 and 2016, respectively. The Company continues to enhance its fee income opportunities through ancillary services designed to serve its clients’ financial needs.
Noninterest expense totaled $4.9 million for the quarter ended September 30, 2017, as compared to $4.1 million for the same three-month period of 2016. The increase in noninterest expense is primarily a result of the Company taking advantage of the bank consolidation occurring in its market by strategically hiring business development officers and back office staff to support the Company’s growth plans. Salary and compensation related expenses increased $552 thousand, or 23%, for the quarter ended September 30, 2017, compared to the same three-month period of 2016, primarily due to the above mentioned new hires, including branch personnel for the Ashburn branch which opened in October 2016. The efficiency ratio increased slightly to 57.1% from 56.9%, for the quarters ended September 30, 2017 and 2016, respectively.
Asset Quality
Asset quality remains strong as nonperforming loans and loans ninety days or more past due totaled $3.1 million, or 0.31% of total assets. Troubled debt restructurings totaled $4.3 million at September 30, 2017, compared to $11.6 million at September 30, 2016. The allowance for loan losses to total loans was 0.88% at September 30, 2017, reflecting refinements to the loan loss allocation as the loan portfolio grows.
About FVCBankcorp Inc.
Celebrating 10 years of sound financial performance and continued growth, FVCbank commenced operations in November 2007 and is the wholly-owned subsidiary of FVCBankcorp Inc. FVCbank is a $996.6 million Virginia-chartered community bank serving the banking needs of commercial businesses, nonprofit organizations, professional service entities, their owners and employees located in the greater Washington, D.C., metropolitan and Northern Virginia area. Locally owned and managed, it is based in Fairfax, Virginia, and has six full-service offices in Arlington, Ashburn, Fairfax, Manassas, Reston and Springfield, Virginia. Visit www.fvcbank.com for more information.
For more information on the Company’s 2017 third quarter 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, to statements about the Company’s plans, objectives, estimates, intentions and expectations as to future trends, plans, events or results of the Company’s operations and policies and regarding general economic conditions. These forward-looking statements are based on current beliefs that involve significant risks, uncertainties, and assumptions. 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.
| FVCBankcorp, Inc. | ||||||||||||||||||
| Selected Financial Data | ||||||||||||||||||
| (Dollars in thousands, except share data and per share data) | ||||||||||||||||||
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For the quarters ended, |
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| For the quarters ended September 30, | For the nine-months ended September 30, | June 30, | December 31, | |||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
| 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||
| Selected Balances | ||||||||||||||||||
| Total assets | $ | 997,756 | $ | 837,014 | $ | 970,896 | $ | 909,305 | ||||||||||
| Total investment securities | 118,270 | 99,273 | 111,995 | 113,988 | ||||||||||||||
| Total loans, net of deferred fees | 827,101 | 687,723 | 798,510 | 768,102 | ||||||||||||||
| Allowance for loan losses | (7,271) | (5,891) | (7,012) | (6,452) | ||||||||||||||
| Total deposits | 846,854 | 729,248 | 856,443 | 775,991 | ||||||||||||||
| Subordinated debt | 24,307 | 24,227 | 24,287 | 24,247 | ||||||||||||||
| Other borrowings | 27,600 | 2,500 | 4,100 | 27,000 | ||||||||||||||
| Total shareholders’ equity | 97,545 | 79,658 | 85,048 | 79,811 | ||||||||||||||
| Summary Results of Operations | ||||||||||||||||||
| Interest income | $ | 10,312 | $ | 8,381 | $ | 29,501 | $ | 23,830 | $ | 9,801 | $ | 8,758 | ||||||
| Interest expense | 2,141 | 1,512 | 5,845 | 3,733 | 1,913 | 1,653 | ||||||||||||
| Net interest income | 8,171 | 6,869 | 23,656 | 20,097 | 7,888 | 7,105 | ||||||||||||
| Provision for loan losses | 250 | 585 | 765 | 910 | 165 | 561 | ||||||||||||
| Net interest income after provision for loan losses | 7,921 | 6,284 | 22,891 | 19,187 | 7,723 | 6,544 | ||||||||||||
| Noninterest income - gains on securities sold | 15 | - - | 134 | 71 | 23 | - - | ||||||||||||
| Noninterest income - service charges and other income | 338 | 298 | 1,370 | 854 | 335 | 295 | ||||||||||||
| Noninterest expense | 4,862 | 4,079 | 14,423 | 12,182 | 4,844 | 4,264 | ||||||||||||
| Income before taxes | 3,412 | 2,503 | 9,972 | 7,930 | 3,237 | 2,575 | ||||||||||||
| Income tax expense | 1,177 | 863 | 3,287 | 2,736 | 1,117 | 835 | ||||||||||||
| Net income | 2,235 | 1,640 | 6,685 | 5,194 | 2,120 | 1,740 | ||||||||||||
| Per Share Data (1) | ||||||||||||||||||
| Net income, basic | $ | 0.21 | $ | 0.16 | $ | 0.65 | $ | 0.51 | $ | 0.21 | $ | 0.17 | ||||||
| Net income, diluted | $ | 0.19 | $ | 0.15 | $ | 0.59 | $ | 0.47 | $ | 0.19 | $ | 0.16 | ||||||
| Book value | $ | 8.98 | $ | 7.83 | $ | 8.32 | $ | 7.84 | ||||||||||
| Tangible Book value | $ | 8.98 | $ | 7.81 | $ | 8.30 | $ | 7.83 | ||||||||||
| Shares outstanding | 10,856,704 | 10,178,909 | 10,224,971 | 10,178,909 | ||||||||||||||
| Selected Ratios | ||||||||||||||||||
| Net interest margin (2) | 3.48% | 3.49% | 3.46% | 3.59% | 3.46% | 3.38% | ||||||||||||
| Return on average assets | 0.93% | 0.81% | 0.95% |
|
0.90% | 0.91% | 0.81% | |||||||||||
| Return on average equity | 9.83% | 8.28% | 10.40% | 9.00% | 10.05% | 8.66% | ||||||||||||
| Efficiency (3) | 57.14% | 56.91% | 58.67% | 58.15% | 58.91% | 57.62% | ||||||||||||
| Loans, net of deferred to total deposits | 97.67% | 94.31% | 93.24% | 98.98% | ||||||||||||||
| Noninterest-bearing deposits to total deposits | 21.14% | 23.41% | 20.15% | 21.35% | ||||||||||||||
| Capital Ratios | ||||||||||||||||||
| Tangible common equity (to tangible assets) | 9.77% | 9.50% | 8.75% | 8.77% | ||||||||||||||
| Total capital (to risk weighted assets) | 13.69% | 14.61% | 13.10% | 13.11% | ||||||||||||||
| Common equity tier 1 capital (to risk weighted assets) | 12.90% | 13.80% | 12.30% | 12.34% | ||||||||||||||
| Tier 1 capital (to risk weighted assets) | 12.90% | 13.80% | 12.30% | 12.34% | ||||||||||||||
| Tier 1 leverage (to average assets) | 12.25% | 12.40% | 11.51% | 11.88% | ||||||||||||||
| Asset Quality | ||||||||||||||||||
| Nonperforming assets and loans 90+ past due | $ | 3,079 | $ | 73 | $ | 2,897 | $ | 249 | ||||||||||
| Troubled debt restructurings (TDRs) | $ | 4,348 | $ | 11,564 | $ | 4,723 | $ | 11,509 | ||||||||||
|
Nonperforming assets and loans 90+ past due to total assets (excl. TDRs) |
0.31% | 0.01% | 0.30% | 0.03% | ||||||||||||||
| Allowance for loan losses to loans | 0.88% | 0.86% | 0.88% | 0.84% | ||||||||||||||
| Allowance for loan losses to nonperforming assets | 236.15% |
8,103.94% |
242.04% | 2,591.16% | ||||||||||||||
| Net charge-offs (recovery) | $ | (9) | $ | 1,032 | $ | (54) | $ | 1,257 | $ | (71) | $ | - - | ||||||
| Net charge-offs (recovery) to average loans | 0.00% | 0.15% | -0.01% | 0.19% | -0.01% | 0.00% | ||||||||||||
| Selected Average Balances | ||||||||||||||||||
| Total assets | $ | 964,418 | $ | 807,960 | $ | 936,624 | $ | 766,753 | $ | 936,590 | $ | 860,948 | ||||||
| Total earning assets | $ | 938,895 | $ | 788,300 | $ | 938,895 | $ | 727,179 | $ | 910,836 | $ | 840,881 | ||||||
| Total loans, net of deferred | $ | 811,901 | $ | 666,978 | $ | 789,704 | $ | 636,608 | $ | 791,731 | $ | 708,432 | ||||||
| Total deposits | $ | 838,328 | $ | 695,440 | $ | 838,328 | $ | 669,406 | $ | 793,503 | $ | 749,430 | ||||||
| Other Data | ||||||||||||||||||
| Noninterest-bearing | $ | 178,989 | $ | 170,721 | $ | 172,584 | $ | 165,662 | ||||||||||
| Interest-bearing checking, savings and money market | $ | 349,804 | $ | 344,740 | $ | 380,261 | $ | 369,281 | ||||||||||
| Time deposits | $ | 232,526 | $ | 168,007 | $ | 209,548 | $ | 178,884 | ||||||||||
| Wholesale deposits | $ | 85,535 | $ | 45,780 | $ | 94,050 | $ | 62,164 | ||||||||||
|
(1) |
All per share data calculations have been retroactively adjusted for the five-for-four stock split declared September 2017. |
|
|
(2) |
The average yields for investment securities are reported on a fully taxable-equivalent basis at a rate of 34.5% for 2017 and 2016. |
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|
(3) |
Efficiency ratio is calculated as total non-interest expense divided by the total of net interest income and non-interest income less net securities gains (losses). |
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| FVCBankcorp, Inc. | ||||||||||||||||||
| Summary Consolidated Statements of Condition | ||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| % Change | % Change | |||||||||||||||||
| Current | From | |||||||||||||||||
| 9/30/2017 | 6/30/2017 | Quarter | 12/31/2016 | 9/30/2016 | Year Ago | |||||||||||||
| Cash and due from banks | $ | 7,144 | $ | 8,885 | -19.6 | % | $ | 5,174 | $ | 4,096 | 74.4 | % | ||||||
| Interest-bearing deposits at other financial institutions | 22,126 |
29,072 |
-23.9 | % | 3,510 | 29,450 | -24.9 | % | ||||||||||
| Investment securities | 118,270 | 111,995 | 5.6 | % | 113,988 | 99,273 | 19.1 | % | ||||||||||
| Restricted stock, at cost | 4,607 | 3,613 | 27.5 | % | 4,432 | 3,391 | 35.9 | % | ||||||||||
| Loans, net of fees: | ||||||||||||||||||
| Commercial real estate | 516,300 | 497,794 | 3.7 | % | 475,949 | 412,631 | 25.1 | % | ||||||||||
| Commercial and industrial | 89,228 | 87,282 | 2.2 | % | 112,047 | 81,559 | 9.4 | % | ||||||||||
| Commercial construction | 99,999 | 90,994 | 9.9 | % | 52,883 | 63,838 | 56.6 | % | ||||||||||
| Consumer residential | 105,428 | 106,030 | -0.6 | % | 107,711 | 104,307 | 1.1 | % | ||||||||||
| Consumer nonresidential | 16,146 | 16,410 | -1.6 | % | 19,512 | 21,154 | -23.7 | % | ||||||||||
| Consumer construction | 0 | 0 | 0.0 | % | 0 | 4,234 | -100.0 | % | ||||||||||
| Total loans, net of fees | 827,101 | 798,510 | 3.6 | % | 768,102 | 687,723 | 20.3 | % | ||||||||||
| Allowance for loan losses | (7,271) | (7,012) | 3.7 | % | (6,452) | (5,891) | 23.4 | % | ||||||||||
| Loans, net | 819,830 | 791,498 | 3.6 | % | 761,650 | 681,832 | 11.7 | % | ||||||||||
| Premises and equipment, net | 1,254 | 1,378 | -9.0 | % | 1,271 | 1,186.00 | 5.7 | % | ||||||||||
| Bank-owned life insurance | 15,854 | 15,739 | 0.7 | % | 10,828 | 10,753.00 | 47.4 | % | ||||||||||
| Other assets | 8,671 | 8,716 | -0.5 | % | 8,452 | 7,033.00 | 23.3 | % | ||||||||||
| TOTAL ASSETS | $ | 997,756 | $ | 970,896 | 2.8 | % | $ | 909,305 | $ | 837,014 | 19.2 | % | ||||||
| Deposits: | ||||||||||||||||||
| Noninterest-bearing | $ | 178,989 | $ | 172,584 | 3.7 | % | $ | 165,662 | $ | 170,721 | 4.8 | % | ||||||
| Interest-bearing checking | 182,457 | 236,471 | -22.8 | % | 196,208 | 191,623 | -4.8 | % | ||||||||||
| Savings and money market | 167,347 | 143,790 | 16.4 | % | 173,073 | 153,118 | 9.3 | % | ||||||||||
| Time deposits | 232,526 | 209,548 | 11.0 | % | 178,884 | 153,072 | 51.9 | % | ||||||||||
| Wholesale deposits | 85,535 | 94,050 | -9.1 | % | 62,164 | 60,714 | 40.9 | % | ||||||||||
| Total deposits | 846,854 | 856,443 | -1.1 | % | 775,991 | 729,248 | 16.1 | % | ||||||||||
| Other borrowed funds | 27,600 | 4,100 | 573.2 | % | 27,000 | 2,500 | 1,004.0 | % | ||||||||||
| Subordinated notes, net of issuance costs | 24,307 | 24,287 | 0.1 | % | 24,247 | 24,227 | 0.3 | % | ||||||||||
| Other liabilities | 1,450 | 1,018 | 42.4 | % | 2,256 | 1,381 | 5.0 | % | ||||||||||
| Shareholders’ equity | 97,545 | 85,048 | 14.7 | % | 79,811 | 79,658 | 22.5 | % | ||||||||||
|
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY |
$ | 997,756 | $ | 970,896 | 2.8 | % | $ | 909,305 | $ | 837,014 | 19.2 | % | ||||||
| FVCBankcorp, Inc. | |||||||||||||||
| Summary Consolidated Income Statements | |||||||||||||||
| (In thousands, except per share data) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| For the Three Months Ended | |||||||||||||||
| % Change | % Change | ||||||||||||||
| Current | From | ||||||||||||||
| 9/30/2017 | 6/30/2017 | Quarter | 9/30/2016 | Year Ago | |||||||||||
| Net interest income | $ | 8,170 | $ | 7,888 | 3.6 | % | $ | 6,869 | 18.9 | % | |||||
| Provision for loan losses | 250 | 165 | 51.5 | % | 585 | -57.3 | % | ||||||||
| Net interest income after provision for loan losses | 7,920 | 7,723 | 2.6 | % | 6,284 | 26.0 | % | ||||||||
| Noninterest income: | |||||||||||||||
| Fees on Loans | 19 | 11 | 72.7 | % | 21 | -9.5 | % | ||||||||
| Service charges on deposit accounts | 146 | 140 | 4.3 | % | 148 | -1.4 | % | ||||||||
| Gains on sale of securities available-for-sale | 15 | 23 | -34.8 | % | 0 | 0.0 | % | ||||||||
| BOLI income | 115 | 111 | 3.6 | % | 76 | 51.3 | % | ||||||||
| Other fee income | 58 | 73 | -20.5 | % | 53 | 9.4 | % | ||||||||
| Total noninterest income | 353 | 358 | -1.4 | % | 298 | 18.5 | % | ||||||||
| Noninterest expense: | |||||||||||||||
| Salaries and employee benefits | 2,950 | 3,007 | -1.9 | % | 2,398 | 23.0 | % | ||||||||
| Occupancy and equipment expense | 559 | 539 | 3.7 | % | 514 | 8.8 | % | ||||||||
| Data processing and network administration | 261 | 246 | 6.1 | % | 240 | 8.8 | % | ||||||||
| State franchise taxes | 252 | 260 | -3.1 | % | 187 | 34.8 | % | ||||||||
| Professional fees | 123 | 111 | 10.8 | % | 89 | 38.2 | % | ||||||||
| Other operating expense | 716 | 681 | 5.1 | % | 651 | 10.0 | % | ||||||||
| Total non-interest expense | 4,861 | 4,844 | 0.4 | % | 4,079 | 19.2 | % | ||||||||
| Income before income taxes | 3,412 | 3,237 | 5.4 | % | 2,503 | 36.3 | % | ||||||||
| Income tax expense | 1,177 | 1,117 | 5.4 | % | 864 | 36.3 | % | ||||||||
| NET INCOME | $ | 2,235 | $ | 2,120 | 5.4 | % | $ | 1,639 | 36.3 | % | |||||
| Earnings per common share - basic | $ | 0.21 | $ | 0.21 | 2.5 | % | $ | 0.16 | 32.3 | % | |||||
| Earnings per common share - diluted | $ | 0.19 | $ | 0.19 | -1.0 | % | $ | 0.15 | 25.0 | % | |||||
| FVCBankcorp, Inc. | |||||||||
| Summary Consolidated Income Statements | |||||||||
| (In thousands, except per share data) | |||||||||
| (Unaudited) | |||||||||
| For the Nine Months Ended | |||||||||
| % Change | |||||||||
| From | |||||||||
| 9/30/2017 | 9/30/2016 | Year Ago | |||||||
| Net interest income | $ | 23,656 | $ | 20,096 | 17.7 | % | |||
| Provision for loan losses | 765 | 910 | -15.9 | % | |||||
| Net interest income after provision for loan losses | 22,891 | 19,186 | 19.3 | % | |||||
| Noninterest income: | |||||||||
| Fees on Loans | 46 | 44 | 4.5 | % | |||||
| Service charges on deposit accounts | 402 | 413 | -2.7 | % | |||||
| Gains on sale of securities available-for-sale | 134 | 71 | 88.7 | % | |||||
| BOLI income | 740 | 228 | 224.6 | % | |||||
| Other fee income | 182 | 169 | 7.7 | % | |||||
| Total noninterest income | 1,504 | 925 | 62.6 | % | |||||
| Noninterest expense: | |||||||||
| Salaries and employee benefits | 8,798 | 7,346 | 19.8 | % | |||||
| Occupancy and equipment expense | 1,672 | 1,549 | 7.9 | % | |||||
| Data processing and network administration | 732 | 672 | 8.9 | % | |||||
| State franchise taxes | 787 | 561 | 40.3 | % | |||||
| Professional fees | 352 | 266 | 32.3 | % | |||||
| Other operating expense | 2,083 | 1,787 | 16.6 | % | |||||
| Total non-interest expense | 14,424 | 12,181 | 18.4 | % | |||||
| Income before income taxes | 9,971 | 7,930 | 25.7 | % | |||||
| Income tax expense | 3,287 | 2,736 | 20.1 | % | |||||
| NET INCOME | $ | 6,684 | $ | 5,194 | 28.7 | % | |||
| Earnings per common share - basic | $ | 0.65 | $ | 0.51 | 26.9 | % | |||
| Earnings per common share - diluted | $ | 0.59 | $ | 0.47 | 24.4 | % | |||
| FVCBankcorp, Inc. | ||||||||||||||||||
| Average Statements of Condition and Yields on Earning Assets and Interest-Bearing Liabilities | ||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| For the Three Months Ended | ||||||||||||||||||
| 9/30/2017 | 6/30/2017 | 9/30/2016 | ||||||||||||||||
| Average | Average | Average | Average | Average | Average | |||||||||||||
| Balance | Yield | Balance | Yield | Balance | Yield | |||||||||||||
| Interest-earning assets: | ||||||||||||||||||
| Loans receivable, net of fees | ||||||||||||||||||
| Commercial real estate | $ | 514,045 | 4.62 | % | $ | 487,249 | 4.59 | % | $ | 394,723 | 4.58 | % | ||||||
| Commercial and industrial | 85,975 | 5.04 | % | 88,909 | 4.93 | % | 83,664 | 5.29 | % | |||||||||
| Commercial construction | 91,445 | 4.77 | % | 92,779 | 4.65 | % | 63,314 | 5.53 | % | |||||||||
| Consumer residential | 103,875 | 4.34 | % | 105,681 | 4.17 | % | 99,277 | 3.80 | % | |||||||||
| Consumer nonresidential | 16,561 | 3.91 | % | 17,114 | 3.79 | % | 21,756 | 3.33 | % | |||||||||
| Consumer construction | 0 | 0.00 | % | 0 | 0.00 | % | 4,244 | 4.43 | % | |||||||||
| Total loans | 811,901 | 4.55 | % | 791,732 | 4.61 | % | 666,978 | 4.60 | % | |||||||||
| Investment securities (1) | 119,424 | 2.27 | % | 113,904 | 2.31 | % | 102,799 | 2.01 | % | |||||||||
| Interest-bearing deposits at other financial institutions | 7,571 | 1.27 | % | 5,200 | 0.92 | % | 18,523 | 0.56 | % | |||||||||
| Total interest-earning assets | 938,896 | 4.39 | % | 910,836 | 4.30 | % | 788,300 | 4.16 | % | |||||||||
| Non-interest earning assets: | ||||||||||||||||||
| Cash and due from banks | 7,143 | 7,306 | 6,949 | |||||||||||||||
| Premises and equipment, net | 1,337 | 1,455 | 1,261 | |||||||||||||||
| Accrued interest and other assets | 24,167 | 23,854 | 17,583 | |||||||||||||||
| Allowance for loan losses | (7,125) | (6,861) | (6,133) | |||||||||||||||
| TOTAL ASSETS | $ | 964,418 | $ | 936,590 | $ | 807,960 | ||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||
| Interest checking | $ | 195,721 | 0.85 | % | $ | 223,563 | 0.78 | % | $ | 178,940 | 0.75 | % | ||||||
| Savings and money market | 157,448 | 0.77 | % | 137,845 | 0.63 | % | 161,850 | 0.51 | % | |||||||||
| Time deposits | 228,587 | 1.34 | % | 190,984 | 1.26 | % | 154,317 | 1.18 | % | |||||||||
| Wholesale deposits | 81,465 | 1.09 | % | 73,970 | 1.21 | % | 41,567 | 0.93 | % | |||||||||
| Total interest-bearing deposits | 663,221 | 1.04 | % | 626,362 | 0.91 | % | 536,674 | 0.81 | % | |||||||||
| Other borrowed funds | 8,083 | 1.44 | % | 32,446 | 1.19 | % | 7,610 | 0.89 | % | |||||||||
| Subordinated notes, net of issuance costs | 24,294 | 6.45 | % | 24,274 | 6.53 | % | 24,253 | 6.45 | % | |||||||||
| Total interest-bearing liabilities | 695,598 | 1.23 | % | 683,082 | 1.12 | % | 568,537 | 1.06 | % | |||||||||
| Noninterest-bearing liabilities: | ||||||||||||||||||
| Noninterest-bearing deposits | 175,106 | 167,142 | 158,766 | |||||||||||||||
| Other liabilities | 2,773 | 1,968 | 1,384 | |||||||||||||||
| Shareholders’ equity | 90,948 | 84,398 | 79,273 | |||||||||||||||
|
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY |
$ | 964,425 | $ | 936,590 | $ | 807,960 | ||||||||||||
| NET INTEREST MARGIN (1) | 3.48 | % | 3.46 | % | 3.49 | % | ||||||||||||
|
(1) |
The average yields for investment securities are reported on a fully taxable-equivalent basis at a rate of 34.5% for 2017 and 2016. |
|
| FVCBankcorp, Inc. | ||||||||||||
| Average Statements of Condition and Yields on Earning Assets and Interest-Bearing Liabilities | ||||||||||||
| (Dollars in thousands) | ||||||||||||
| (Unaudited) | ||||||||||||
| For the Nine Months Ended | ||||||||||||
| 9/30/2017 | 9/30/2016 | |||||||||||
| Average | Average | Average | Average | |||||||||
| Balance | Yield | Balance | Yield | |||||||||
| Interest-earning assets: | ||||||||||||
| Loans receivable, net of fees | ||||||||||||
| Commercial real estate | $ | 493,388 | 4.60 | % | $ | 386,867 | 4.61 | % | ||||
| Commercial and industrial | 92,184 | 4.84 | % | 84,434 | 4.93 | % | ||||||
| Commercial construction | 81,383 | 4.92 | % | 57,958 | 5.20 | % | ||||||
| Consumer residential | 105,220 | 4.17 | % | 93,834 | 3.82 | % | ||||||
| Consumer nonresidential | 17,529 | 3.74 | % | 19,525 | 3.49 | % | ||||||
| Consumer construction | 0 | 0.00 | % | 4,188 | 4.42 | % | ||||||
| Total loans | 789,704 | 4.58 | % | 646,806 | 4.56 | % | ||||||
| Investment securities (1) | 116,480 | 2.30 | % | 83,705 | 2.12 | % | ||||||
| Interest-bearing deposits at other financial institutions | 6,533 | 1.02 | % | 17,191 | 0.50 | % | ||||||
| Total interest-earning assets | 912,717 | 4.32 | % | 747,702 | 4.26 | % | ||||||
| Non-interest earning assets: | ||||||||||||
| Cash and due from banks | 7,010 | 6,450 | ||||||||||
| Premises and equipment, net | 1,414 | 1,362 | ||||||||||
| Accrued interest and other assets | 22,330 | 17,462 | ||||||||||
| Allowance for loan losses | (6,847) | (6,223) | ||||||||||
| TOTAL ASSETS | $ | 936,624 | $ | 766,753 | ||||||||
| Interest-bearing liabilities: | ||||||||||||
| Interest checking | $ | 207,969 | 0.80 | % | $ | 164,376 | 0.78 | % | ||||
| Savings and money market | 156,275 | 0.68 | % | 153,608 | 0.55 | % | ||||||
| Time deposits | 200,576 | 1.28 | % | 154,638 | 1.13 | % | ||||||
| Wholesale deposits | 73,324 | 0.98 | % | 53,360 | 0.84 | % | ||||||
| Total interest-bearing deposits | 638,144 | 0.94 | % | 525,982 | 0.82 | % | ||||||
| Other borrowed funds | 19,018 | 1.13 | % | 9,643 | 0.82 | % | ||||||
| Subordinated notes, net of issuance costs | 24,274 | 6.53 | % | 9,144 | 6.52 | % | ||||||
| Total interest-bearing liabilities | 681,436 | 1.15 | % | 544,769 | 0.92 | % | ||||||
| Noninterest-bearing liabilities: | ||||||||||||
| Noninterest-bearing deposits | 167,262 | 143,424 | ||||||||||
| Other liabilities | 2,249 | 1,583 | ||||||||||
| Shareholders’ equity | 85,677 | 76,977 | ||||||||||
| TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY | $ | 936,624 | $ | 766,753 | ||||||||
| NET INTEREST MARGIN (1) | 3.46 | % | 3.59 | % | ||||||||
|
(1) |
The average yields for investment securities are reported on a fully taxable-equivalent basis at a rate of 34.5% for 2017 and 2016. |
|
