Fvcbankcorp Inc Stock Price, News & Analysis

Blue Ridge Bankshares and FVCBankcorp announced a merger agreement, forming Virginia's 4th largest community bank by assets. This all-stock merger aims to enhance growth, profitability, and shareholder value through increased fee income and product lines. FVCB shareholders will receive 1.1492 shares of Blue Ridge common stock for each share held, resulting in approximately 47.5% ownership for FVCB and 52.5% for Blue Ridge. The merger is projected to close in Q4 2021 to early Q1 2022, pending approvals. The combined firm plans to target top-tier profitability, with an estimated 2022 ROAA of 1.4% and EPS accretion of 16%+ for Blue Ridge.

FVCBankcorp, Inc. (NASDAQ: FVCB) reported a net income of $5.6 million, or $0.38 diluted EPS for Q1 2021, a 49% increase from $3.7 million in Q1 2020. Net revenues rose to $14.8 million, up $1.9 million year-over-year. The bank's annualized return on average assets improved to 1.19% from 0.96%, while return on equity increased to 11.53% from 8.29%. Core deposits surged by $77.1 million, or 21% annualized. However, net interest margin declined to 3.22%. Overall, the results indicate strong growth and improved credit quality metrics.

FVCbank has appointed Eric Pietras as SVP, Director of the Government Contractor Banking Group, emphasizing its commitment to enhancing services in this sector. With over 35 years of experience in government contract-focused banking, Pietras previously held senior roles at Wells Fargo and Bank of America. His expertise is expected to support FVCbank's growth in community banking for government contractors. FVCbank, a Virginia-chartered community bank with $1.82 billion in assets, focuses on serving commercial businesses and nonprofits in the greater Washington D.C. area.

FVCBankcorp, Inc. (NASDAQ:FVCB) announced the appointment of Meena Krishnan to its board of directors effective January 21, 2021. Ms. Krishnan, with a significant background in business analytics and health information technology, serves as President and CEO of Inoventures, LLC and SciMetrika, LLC. Her extensive experience in government contracting and community service is expected to contribute to FVCbank's growth strategy. Chairman and CEO David W. Pijor emphasized her expertise will be invaluable for the bank's future success.

FVCBankcorp, Inc. (Nasdaq – FVCB) has extended its share repurchase program originally started in 2020, now allowing repurchase of up to 1,080,860 shares, representing about 8% of outstanding shares as of December 31, 2020. This extension is set to expire on December 31, 2021. The program allows for flexibility in execution, enabling repurchases through open market purchases, block trades, or privately negotiated transactions, depending on market conditions. The repurchased shares will be canceled, reverting to authorized but unissued shares.

FVCBankcorp, Inc. (NASDAQ:FVCB) reported a strong fourth quarter 2020, achieving net income of $5.0 million, or $0.36 diluted EPS, up from $3.7 million, or $0.25 diluted EPS, in Q4 2019. Annual net income was $15.5 million, a slight decrease from $15.8 million in 2019. Net revenues increased to $14.9 million in Q4, up $2.5 million from the previous year. Key metrics included a 25% rise in core deposits to $1.48 billion and an improved efficiency ratio of 53.1%. The provision for loan losses rose to $500 thousand in Q4, influenced by COVID-19 uncertainties, but nonperforming loans decreased significantly.

FVCBankcorp, Inc. (NASDAQ:FVCB) reported Q3 2020 net income of $3.9 million, matching Q3 2019's $0.28 EPS, despite challenges from increased loan loss provisions of $3.3 million. Year-to-date, net income fell to $10.5 million from $12.1 million. However, net revenues rose to $14.4 million, up 12.5% year-over-year. Core deposits grew by 19.7% to $1.42 billion, with a net interest margin increase of 14 basis points to 3.30%. Additionally, nonperforming loans decreased to 0.45% of total assets. The company successfully completed a $20 million subordinated notes offering.

FVCBankcorp, Inc. (NASDAQ:FVCB) has successfully completed a private placement of $20 million in 4.875% Fixed to Floating Rate Subordinated Notes, maturing in 2030. The oversubscription of this offering indicates strong investor confidence. The capital raised will support corporate purposes, including bolstering capital ratios at FVCbank and potential repayment of existing subordinated debt. The fixed interest rate applies for the first five years, transitioning to a variable rate thereafter.

FVCBankcorp, Inc. (NASDAQ:FVCB) has been included in the prestigious Piper Sandler Sm-All Stars list, recognizing it as a top-performing small-cap financial institution. The selection process evaluated nearly 400 banks with a market cap below $2.5 billion, and FVCB excelled in growth, profitability, and credit quality metrics. This is the first time FVCB has made the list, joining only two other institutions from the Virginia and Maryland markets. FVCB's achievements in Earnings Per Share (EPS) growth, loan and deposit growth, and Return on Average Equity (ROAE) contributed to this accolade.