FVCBankcorp, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company’s total assets increased to $2,033.5 million, up from $1,878.2 million at the end of 2023. Total deposits rose by 6% to $1,960.8 million, reflecting a $115.5 million increase, while net loans grew to $1,855.9 million from $1,809.7 million.

For the three months ended September 30, 2024, FVCBankcorp recorded net income of $4.7 million, a 16% increase from $4.0 million in the same period of 2023. Earnings per share (EPS) also improved, with basic EPS rising to $0.26 from $0.23 year-over-year. The nine-month net income reached $10.2 million, compared to $8.9 million in the prior year, driven by increased interest income and a reduction in noninterest expenses.

Net interest income for Q3 2024 was $14.2 million, a 7% increase from $13.3 million in Q3 2023. The net interest margin improved to 2.64%, up from 2.39% in the previous year. Total interest income for the quarter was $29.2 million, reflecting a 7% increase, while interest expense also rose to $15.0 million, up from $14.1 million.

Noninterest income showed a notable recovery, totaling $815,000 for Q3 2024, compared to $225,000 in Q3 2023. This increase was attributed to improved performance in service charges and income from minority interests. For the nine months ended September 30, 2024, noninterest income was $2.1 million, a significant turnaround from a loss of $3.5 million in the same period of 2023.

The company’s strategic decisions included the surrender of bank-owned life insurance (BOLI) policies, which generated a cash payout of $48.0 million but resulted in additional tax expenses of $2.3 million. The allowance for credit losses remained stable at $19.1 million as of September 30, 2024, with nonperforming loans increasing to $3.6 million, representing 0.16% of total assets.

FVCBankcorp's total stockholders' equity rose to $230.8 million, up from $217.1 million at the end of 2023, supported by retained earnings growth and a decrease in accumulated other comprehensive losses. The company continues to maintain a strong capital position, with a total risk-based capital ratio of 14.52%, exceeding regulatory requirements.

Overall, FVCBankcorp, Inc. demonstrated solid financial performance and strategic resilience in a challenging market environment, with improvements in profitability, asset quality, and capital strength.