Tue, May 14, 6:41 PM (73 days ago)
FVCBankcorp, Inc. reported a net income of $1.3 million for Q1 2024, a 116% increase from $621 thousand in Q1 2023. The increase in net income was despite a decrease in net interest income by $1.2 million due to higher funding costs. Noninterest income improved significantly, recording $395 thousand compared to a loss of $4.6 million in Q1 2023, driven by the absence of securities sale losses. Noninterest expenses decreased by 4.3% to $8.6 million. The company's liquidity position remains strong with liquid assets at 11% of total assets. Total deposits increased slightly by 1% to $1.86 billion. The allowance for credit losses remained stable at $18.9 million, with nonperforming loans at 0.14% of total assets. The bank's capital ratios are robust, with a total risk-based capital ratio of 14.05%.