FVCBankcorp, Inc. reported a significant increase in financial performance for the fiscal year ending December 31, 2024, with net income rising to $15.1 million, or $0.82 per diluted share, compared to $3.8 million, or $0.21 per diluted share, in 2023. This growth was attributed to a combination of factors, including a $1.2 million increase in net interest income, which reached $55.6 million, and a substantial recovery in noninterest income, which totaled $2.5 million compared to a loss of $13.4 million in the previous year. The increase in noninterest income was primarily driven by the absence of losses related to the sale of available-for-sale securities, which had negatively impacted the previous year's results.
Total assets for FVCBankcorp increased to $2.20 billion, up from $2.19 billion in 2023, while total loans, net of deferred fees, rose by $41.7 million, or 2%, to $1.87 billion. The bank's asset quality remained stable, with nonperforming loans and loans past due 90 days or more representing 0.58% of total assets, a notable increase from 0.08% in the prior year. The allowance for credit losses decreased to $18.1 million from $18.9 million, reflecting a decline in the qualitative factor related to real estate concentration.
Strategically, FVCBankcorp has focused on organic growth and enhancing its market position through customer acquisition and product diversification. The bank's investment in Atlantic Coast Mortgage, LLC, which began in 2021, has contributed to its portfolio diversification. Additionally, the bank has maintained a disciplined approach to credit risk management, which has been crucial in navigating the current economic environment characterized by rising interest rates and inflation.
Operationally, FVCBankcorp's total deposits increased by $25.3 million, or 1%, to $1.87 billion, with noninterest-bearing deposits accounting for 19.5% of total deposits. The bank's employee headcount stood at 110 full-time employees as of December 31, 2024. Looking ahead, FVCBankcorp remains optimistic about its growth prospects, although it acknowledges potential challenges from higher interest rates and inflation that could impact loan demand and credit quality. The bank's management is committed to maintaining strong asset quality while continuing to enhance customer service and operational efficiency.
About FVCBankcorp, Inc.
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