News Column

FVCbank Announces Increase in End-of-Year Earnings, Assets

May 7, 2014



FAIRFAX, Va.--(BUSINESS WIRE)-- First Virginia Community Bank (OBB: FRCV), one of the fastest-growing companies in Virginia, announced today that its 2013 end-of-year earnings and assets increased, across the board.

This year has been another great year for FVCbank, said David Pijor, President and CEO of FVCbank. FVCbank is well positioned to grow in 2014, with the recent addition of our Springfield branch and some key personnel we hired to enhance our loan production and deposit growth. We have built a strong infrastructure, and we are continuously making improvements to respond to our changing and vibrant market.

End-of-Year Financial Summary

For the 2013 year, FVCBank earned a net profit of $2.2 million, or $0.48 diluted earnings per share compared with $1.5 million, or $0.43 for 2012, an increase of $749,918 or 50.7%. The improved earnings were primarily attributable to loan growth, which was funded by the banks growing customer deposit base.

Total assets as of December 31, 2013 were $506.7 million, an increase of $83.9 million, or 19.8% compared with $422.8 million as of December 31, 2012. Total loans increased to $411.0 million, or $79.6 million, or 24.0% for the same period. FVCbank recorded strong loan growth, despite the historically high loan prepayments during the year. The bank also reduced its level of nonperforming loans (including loans 90 days or more past due) as a percentage of total assets to 0.59% from 1.09% as of December 31, 2013 and 2012, respectively.

Year over year, deposits increased to $430.0 million compared with $378.7 million, an increase of $51.3 million or 13.5%. Noninterest-bearing deposits increased to $86.4 million from $68.9 million, an increase of $17.5 million or 25.4%. Noninterest-bearing deposits represent approximately 20% of total deposits, reflecting FVCbanks commitment to grow through relationship banking. Noninterest-bearing deposits are largely comprised of commercial customers who use FVCbanks suite of cash management services and have loans with the financial institution.

FVCbanks net interest margin declined to 3.59%, compared with 4.09% for the years ended December 31, 2013 and 2012, respectively. The decline in yield is attributable to excess liquidity resulting from the capital raise, as well as historically high prepayments on mortgage loans due to the lower interest rate environment during the year.

FVCbanks Forward-Looking Statement

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 FVCbanks plans, objectives, estimates, intentions and expectations as to future trends, plans, events or results of FVCbanks operations and policies 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 future 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. For details on factors that could affect these expectations, see the risk factors and other cautionary language included in the offering circular, as amended and supplemented.

About First Virginia Community Bank

First Virginia Community Bank is a state-charted bank serving small and mid-sized businesses and personal banking customers in Northern Virginia. Locally owned and managed, FVCbank is headquartered in Fairfax, Va., and has additional full-service offices in Arlington, Manassas, Reston and Springfield. The Virginia Chamber of Commerce named FVCbank one of the top 50 fastest-growing businesses in the state, the only organization in the banking industry to receive the award in 2013. Visit www.fvcbank.com for more information.




First Virginia Community Bank

Investor Relations Contact:

David Pijor, 703-436-3802

dpijor@fvcbank.com

or

PR Contact:

Jack Novak, 703-436-3848

jnovak@fvcbank.com




Source: First Virginia Community Bank


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Business Wire


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters