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FVCBankcorp Inc. (FVCB-6.29%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total assets of $2.20 billion, a slight increase from $2.19 billion at the end of 2023. The company's net income for 2024 was $15.1 million, compared to $3.8 million in 2023. This increase was partly due to the surrender of certain bank-owned life insurance policies, which resulted in a nonrecurring tax expense.
Net interest income for the year increased by $1.2 million to $55.6 million, driven by higher interest income on loans. The net interest margin improved to 2.62% from 2.49% in the previous year.
The provision for credit losses was minimal at $6 thousand, reflecting a stable credit environment. Nonperforming loans increased to $12.9 million, primarily due to one commercial real estate loan.
Noninterest income rose to $2.5 million from a loss of $13.4 million in 2023, largely due to the absence of securities sales losses that impacted the previous year.
Noninterest expenses decreased by $842 thousand to $35.8 million, mainly due to lower salaries and benefits from reduced staffing.
Total deposits increased by $25.3 million to $1.87 billion, with noninterest-bearing deposits accounting for 19.5% of total deposits.
The company's regulatory capital ratios remain strong, with a total risk-based capital ratio of 14.73% and a leverage ratio of 11.74%.
FVCBankcorp continues to focus on organic growth and maintaining asset quality, with a loan portfolio primarily composed of commercial real estate and commercial and industrial loans.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the FVCBankcorp Inc. annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.