FAIRFAX, Va.--(BUSINESS WIRE)--
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 bank’s
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
FVCbank’s commitment to grow through relationship banking.
Noninterest-bearing deposits are largely comprised of commercial
customers who use FVCbank’s suite of cash management services and have
loans with the financial institution.
FVCbank’s 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.
FVCbank’s 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 FVCbank’s
plans, objectives, estimates, intentions and expectations as to future
trends, plans, events or results of FVCbank’s 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
About First Virginia Community Bank
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.
for more information.
First Virginia Community Bank
Investor Relations Contact:
Jack Novak, 703-436-3848
Source: First Virginia Community Bank