• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
Operating Out of the DC Metro Area
703.436.4740
  • Investor Relations
  • Blog
  • Careers
  • Press
  • Announcements
FVCbank: One Bank. Unlimited Possibilities.

FVCbank

One Bank. Unlimited Possibilities.

Business Account Personal Account
  • About
    • Community Banking
    • Community Involvement
    • Directors
    • Executive Management
    • Governance Documents
    • Investor Relations
    • Mortgage Partner
  • Business
    • Checking Accounts
    • Savings Accounts
    • Business Credit Cards
    • Government Contractor 
    • Insurance Products
    • Commercial Lending Products
    • Merchant Services Program
    • Employee Programs
    • Order New Checks
    • Treasury Management
  • Personal
    • Checking Accounts
    • Savings Accounts
    • Personal Credit Cards
    • Health Savings Accounts
    • Insurance Products
    • Loan Products
    • Home Equity Line of Credit (HELOC)
    • Retirement Accounts
    • Order New Checks
  • Digital
    • Zelle®
  • Interest Rates
  • Find A Branch
  • Contact
  • Account Login
    • Online Banking
    • Cash Management
  • Resources
    • Investor Relations
    • Blog
    • Career Opportunities
    • Press
    • Announcements
› Press Releases › FVCbank Realizes Significant 3rd Quarter Income Growth Over Last Year; Credit Quality Remains Strong

FVCbank Realizes Significant 3rd Quarter Income Growth Over Last Year; Credit Quality Remains Strong

October 17, 2014

Ending 2014 with improved assets and stellar loan growth

For Immediate Release — October 17, 2014

Fairfax, VA — FVCbank (OBB:FRCV) the Virginia chartered community bank serving small and mid-sized businesses and personal banking customers, reported today net income of $1.1 million for the third quarter, representing a 108.4% increase over last year’s third quarter net income and a 10.1% increase over the second quarter’s net income. Year-to-date net income was $2.9 million or 91.9% higher than the $1.5 million earned for the nine months ended September 30, 2013. Strong loan growth funded by low-cost deposits coupled with stable operating expenses contributed to the improved earnings.

“With our consistently accelerated income growth and stable operating expenses, FVCbank continues to strengthen performance and realize institutional goals,” stated David Pijor, Chairman, President and Chief Executive Officer of FVCbank. “It is the dedication of our talented team that allows us to realize operational efficiencies as we grow our balance sheet, ultimately contributing to the success of our clients and shareholders.”

FVCbank completed the third quarter with $571.7 million in total assets, $475.1 million in total loans and $487.0 million in total deposits. Loans have grown approximately $100 million or 26.6% since September 30, 2013 and $37.3 million or 8.5% in the third quarter. Deposits have grown $77.0 million or 18.8% since September 30, 2013 and $20.3 million or 4.4% in the third quarter. The loan to deposit ratio increased to 97.6% as we have deployed excess liquidity to fund loans.

FVCbank’s net interest margin improved to 3.71% for the third quarter compared with 3.49% for the third quarter of last year and 3.63% on a linked quarter basis. Average non-interest bearing deposits comprised 21.0% of average deposits and interest checking, money market and savings accounts comprised 42.0% of average deposits during the third quarter. The level of low-cost deposits combined with growth in loans as a percentage of earning assets has contributed to the improved margin.

Noninterest expense was flat at $3.2 million on a linked quarter basis and increased only $519 thousand or 5.6% for the nine months ended September 30, 2014, compared with the same 2013 period. FVCbank continues to realize efficiencies as we grow our balance sheet without significant increases in our expense structure and make refinements to improve our operations and streamline processes.

Our credit quality remains very strong. We have realized net recoveries totaling $128 thousand over the last five quarters. Our nonperforming loans and loans 90 days or more past due totaled $1.5 million and represent only 0.27% of total assets. We are committed to maintaining solid credit quality as we grow the loan portfolio and extend our footprint.

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 FVCbank’s plans, objectives, estimates, intentions and expectations as to future trends, plans, events or results of FVCbank’s operations and polices 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.

Primary Sidebar

Banking Hours

9am — 5pm EST
Monday — Friday
703.436.4740

If your debit card is lost or stolen after hours, please call us for assistance: 703.436.4740

Contact Us

Branch Locations

Conveniently located in your
neighborhood, we are right
around the corner.

Find a Branch

Footer

Contact Us

Headquarters:
  • 11325 Random Hills Road
  • Suite 240
  • Fairfax, VA 22030
Phone: 703.436.4740
Routing Number: 056009505
Social Icon
Social Icon
FVCbank Member FDIC

Download Our Mobile App

Business
Apple Store Badge
Google Play Badge
Personal
Apple Store Badge
Google Play Badge

Business Banking

  • Checking Accounts
  • Savings Accounts
  • Business Credit Cards
  • Government Contractor
  • Insurance Products
  • Commercial Lending Products
  • Merchant Services Program
  • Employee Programs
  • Order New Checks
  • Treasury Management

Personal Banking

  • Checking Accounts
  • Savings Accounts
  • Personal Credit Cards
  • Insurance Products
  • Loan Products
  • Home Equity Line of Credit (HELOC)
  • Retirement Accounts
  • Health Savings Accounts (HSAs)
  • Order New Checks

Quick Links

  • Press Releases
  • Online Security
  • About FVCbank
  • Forms
  • Privacy Policy
  • Accessibility
  • Mobile Banking Best Practices

© 2023 FVCbank · Powered by 321 Web Marketing