David W. Pijor, Esq., Chairman and Chief Executive Officer
Phone: (703) 436-3802
Email: dpijor@fvcbank.com
Patricia A. Ferrick, President
Phone: (703) 436-3822
Email: pferrick@fvcbank.com
FOR IMMEDIATE RELEASE – October 22, 2026
FVCBankcorp, Inc. Announces Earnings;
19% Increase in Net Income Compared to Year Ago Quarter
Fairfax, VA-FVCBankcorp, Inc. (NASDAQ: FVCB) (the “Company”) today reported net income of $6.6 million for the quarter ended September 30, 2026 compared to net income of $5.6 million for the quarter ended September 30, 2025, an increase of $1.0 million, or 19%. For the nine months ended September 30, 2026, net income increased $4.8 million, or 29%, to $21.2 million, compared to $16.4 million for the nine months ended September 30, 2025.
Diluted earnings per share was $0.37 for the quarter ended September 30, 2026 compared to $0.31 for the quarter ended September 30, 2025, an increase of 20%. For the nine months ended September 30, 2026, diluted earnings per share was $1.17, an increase of 30%, compared to diluted earnings per share of $0.90 for the nine months ended September 30, 2025.
Return on average assets for the quarter ended September 30, 2026 was 1.17%, an increase from 1.00% for the year ago quarter ended September 30, 2025. Return on average equity increased to 9.77% for the quarter ended September 30, 2026, compared to 9.05% for the year ago quarter ended September 30, 2025. For the nine months ended September 30, 2026, return on average assets was 1.27%, an increase from 0.98% for the nine months ended September 30, 2025. Return on average equity for the nine months ended September 30, 2026 was 10.77%, an increase from 9.01% for the same period of 2025.
Third Quarter Selected Financial Highlights
•Net Interest Margin Increased to 3.32%, Up 14% Compared to the Year Ago Quarter. For the quarter ended September 30, 2026, net interest margin improved 41 basis points to 3.32% from 2.91% for the three months ended September 30, 2025.
•Cost of Funds Continues to Decline. The Company's cost of funds decreased to 2.42% for the quarter ended September 30, 2026, a decrease of 36 basis points from 2.78% for the year ago quarter ended September 30, 2025, and a decrease of 5 basis points from the linked quarter ended June 30, 2026.
•Efficiency Ratio Improved to 53.29% for the Current Quarter. The efficiency ratio decreased 4% to 53.29% for the third quarter of 2026 compared to 55.50% for the same period of 2025.
•Loans Increased 3% Year-Over-Year. Loans, net of fees, increased $55.5 million, or 3%, to $1.91 billion at September 30, 2026 compared to $1.86 billion at September 30, 2025, and increased $14.6 million, when compared to June 30, 2026.
•Noninterest-Bearing Deposits Grew 14% Year-Over-Year. Noninterest-bearing deposits increased $52.9 million, or 14%, to $427.3 million at September 30, 2026 compared to $374.4 million at September 30, 2025, and were 21% of total deposits at September 30, 2026.
•Continued Solid Credit Quality. Watchlist loans decreased $32.4 million, or 56%, to $25.5 million at September 30, 2026 compared to prior quarter end. Nonperforming loans at September 30, 2026 decreased to $11.0 million from $11.4 million at June 30, 2026. Nonperforming loans to total assets were 0.48% at September 30, 2026 and December 31, 2025.
•Sound, Well Capitalized Balance Sheet. Total risk-based capital to risk-weighted assets for FVCbank (the “Bank”) was 16.61% at September 30, 2026, compared to 15.38% at December 31, 2025. The tangible common equity ("TCE") to tangible assets ("TA") ratio for the Bank was 11.99% at September 30, 2026, up from 11.38% at December 31, 2025. The Bank’s investment securities are classified as available-for-sale, and therefore the unrealized losses on these securities are fully reflected in the TCE/TA ratio.
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•Quarterly Cash Dividend. On October 15, 2026, the Company declared a quarterly cash dividend of $0.07 for each share of its common stock outstanding. The dividend is payable on November 16, 2026 to shareholders of record on October 26, 2026. Based on the current number of shares outstanding, the aggregate payment will be approximately $1.3 million.
Management Comments
David W. Pijor, Esq., Chairman and Chief Executive Officer of the Company, said:
“The third quarter was another quarter of strong performance. Our focus on diversifying our loan portfolio has contributed to the reduction in our commercial real estate concentrations to 275% of risk-based capital, the lowest in our recent history. Our loan pipeline is very strong giving us solid momentum going into the fourth quarter to continue to selectively grow our loan portfolio and customer base, balance sheet, earnings and shareholder value.”
Patricia A. Ferrick, President of the Company, said:
“Our continuing strong bank operating financial results reflect both the successful execution of our strategic initiatives and our continued commitment to deliver enhanced value to our shareholders and our customers. We are inspired by our team's passion and expertise to deliver best in class service to our growing relationship driven customer base."
Statement of Condition
Total assets were $2.31 billion at September 30, 2026, $2.29 billion at December 31, 2025, and $2.32 billion at September 30, 2025.
Loans, net of fees, were $1.91 billion at September 30, 2026, $1.94 billion at December 31, 2025, and $1.86 billion at September 30, 2025. During the most recent quarter, loans, net of fees, increased $14.6 million. Compared to the year ago period ended September 30, 2025, loans, net of fees, increased $55.5 million, or 3%. For the third quarter of 2026, loan originations totaled $71.2 million with a weighted average rate of 7.02%. Loan renewals totaled $61.3 million and had a weighted average rate of 6.84%. Loans that paid off during the third quarter of 2026 totaled $62.6 million and had a weighted average rate of 5.89%, and were primarily comprised of commercial real estate ("CRE") and construction loans. The outstanding balance of the Company’s warehouse lending facilities increased $3.7 million for the quarter ended September 30, 2026 to end at $71.0 million and had a weighted average yield of 5.76%.
Investment securities were $138.9 million at September 30, 2026, $153.4 million at December 31, 2025, and $157.2 million at September 30, 2025. For the quarter ended September 30, 2026, investment securities decreased due to principal repayments totaling $4.8 million, partially offset by purchases of $1.0 million, and an increase in the portfolio’s unrealized losses totaling $4.5 million due to rising interest rates.
Total deposits were $2.00 billion at September 30, 2026, $2.00 billion at December 31, 2025, and $1.98 billion at September 30, 2025. For the third quarter of 2026, total deposits decreased $55.2 million, or 3%. Core deposits, which exclude wholesale deposits, decreased $45.1 million, or 2%, for the quarter ended September 30, 2026. Noninterest-bearing deposits increased $12.0 million, or 3%, for the quarter ended September 30, 2026, and were 21.0% of total deposits. The decrease in core deposits for the quarter ended September 30, 2026 was primarily due to large customer deposit transactions that occurred at the end of the second quarter, and therefore, the decrease in core deposits at September 30, 2026 was expected. At September 30, 2026 and December 31, 2025, reciprocal deposits, which are mostly comprised of interest checking and savings accounts, totaled $210.6 million and $291.8 million, respectively, and are considered part of the Company’s core deposit base.
At September 30, 2026 and December 31, 2025, wholesale deposits totaled $231.1 million and $285.0 million, respectively, a decrease of $53.8 million or 19% from year end. For the third quarter of 2026, wholesale deposits decreased $10.0 million, or 4%. Wholesale deposits at September 30, 2026 had a weighted average rate of 3.51%.
Shareholders’ equity at September 30, 2026 was $268.5 million, $253.6 million at December 31, 2025, and $249.8 million at September 30, 2025. Shareholders’ equity at September 30, 2026 increased $14.9 million, or 6%, from December 31, 2025. Earnings for the nine months ended September 30, 2026 contributed $21.2 million to the increase in shareholders’ equity. The increase to shareholders’ equity from earnings was partially offset by increased cash dividends paid during 2026 totaling $3.6 million and shares repurchased during 2026 totaling $2.1 million. Accumulated other comprehensive loss increased $3.5 million for the nine months ended September 30, 2026, and is attributable to market value decreases in the Company’s available-for-sale investment securities portfolio.
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Tangible book value per share (a non-GAAP financial measure which is defined in the tables below) at September 30, 2026 and December 31, 2025 was $14.49 and $13.74, respectively, an increase of 5%.
The Bank was well-capitalized at September 30, 2026, with a total risk-based capital ratio of 16.66%, a common equity tier 1 risk-based capital ratio of 15.64%, and a tier 1 leverage ratio of 13.08%.
Asset Quality
For the three months ended September 30, 2026 and 2025, the Company recorded a provision for credit losses totaling $186 thousand and $375 thousand, respectively. For the nine months ended September 30, 2026 and 2025, provision for credit losses was $596 thousand and $680 thousand, respectively. At September 30, 2026 and December 31, 2025, the allowance for credit losses (“ACL”) was $18.8 million and $18.9 million, respectively. The ACL to total loans, net of fees, was 0.98% at September 30, 2026, compared to 0.97% at December 31, 2025. Excluding the warehouse facilities, the ACL to loans ratio was 1.02% and 0.99% at September 30, 2026 and December 31, 2025, respectively. The Company recorded net charge-offs of $499 thousand for the nine months ended September 30, 2026 compared to net charge-offs of $876 thousand for the nine months ended September 30, 2025.
The Company assesses credit risks proactively within its loan portfolio through its established portfolio monitoring programs, working diligently with its customers to minimize losses. At September 30, 2026, the Company’s watchlist loans totaled $25.5 million, a decrease of $32.4 million, or 56%, compared to $57.9 million at December 31, 2025. The decrease in watchlist loans is primarily a result of sufficiently improved performance of a construction loan totaling $31.3 million. The Company continues to work with its watchlist borrowers and believes there will be satisfactory resolution to each of these loans.
Nonperforming loans at September 30, 2026 totaled $11.0 million, or 0.48% of total assets, compared to $10.9 million, or 0.48% of total assets, at December 31, 2025. The Company had no other real estate owned at each of September 30, 2026 and December 31, 2025.
Commercial Real Estate Portfolio
The regulatory concentration ratio of CRE and construction loans to total risk-based capital was 275% and the ratio of construction loans to total risk-based capital was 45%, at September 30, 2026.
At September 30, 2026, CRE loans totaled $935.3 million, or 49% of total loans, net of fees, and construction loans totaled $143.8 million, or 8% of total loans, net of fees. Included in CRE loans are loans secured by office properties totaling $126.9 million, or 7% of total loans, which are primarily located in the Virginia and Maryland suburbs of the Company’s market area, with $959 thousand, or 0.05% of total loans, located in Washington, D.C. Loans secured by retail properties totaled $206.8 million, or 11% of total loans, at September 30, 2026, with $8.5 million, or 0.45% of total loans, located in Washington, D.C. Loans secured by multi-family properties totaled $176.7 million, or 9% of total loans, at September 30, 2026, with $76.2 million, or 4% of total loans, located in Washington, D.C. (a decrease from $98.7 million at December 31, 2025). The CRE portfolio, including construction loans, is diversified by asset type and geographic concentration.
The Company manages the CRE portfolio in a disciplined manner, and has comprehensive policies to monitor, measure, and mitigate its loan concentrations within this portfolio segment, including rigorous credit approval, monitoring and administrative practices. The following table provides further stratification of these and additional classes of real estate loans at September 30, 2026 (dollars in thousands).
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Owner Occupied CRE (1)
Non-Owner Occupied CRE (1)
Construction
Asset Class
Average Loan-to-Value (2)
Number of Total Loans
Bank Owned Principal
Average Loan-to-Value (2)
Number of Total Loans
Bank Owned Principal
Top 3 Market Areas
Number of Total Loans
Bank Owned Principal
Total Bank Owned Principal
% of Total Loans
Office, Class A
66%
6
$
7,627
40%
2
$
14,906
Counties of Fairfax and Loudoun, VA and Montgomery County, MD
—
$
—
$
22,533
Office, Class B
54%
26
11,015
44%
20
36,354
—
—
47,369
Office, Class C
41%
9
4,928
27%
6
7,286
3
1,779
13,993
Office, Medical
36%
6
893
56%
5
27,542
1
14,591
43,026
Subtotal
47
$
24,463
33
$
86,088
4
$
16,370
$
126,921
7%
Retail- Neighborhood/Community Shop
—
$
—
41%
30
$
84,793
Counties of Prince George's and Baltimore, MD and Fairfax County, VA
—
$
—
$
84,793
Retail- Restaurant
48%
3
3,713
33%
12
19,603
—
—
23,316
Retail- Single Tenant
55%
6
3,739
40%
16
27,490
—
—
31,229
Retail- Anchored,Other
—
—
50%
12
31,872
—
—
31,872
Retail- Grocery-anchored
—
—
40%
6
35,566
1
55
35,621
Subtotal
9
$
7,452
76
$
199,324
1
$
55
$
206,831
11%
Multi-family, Class A
—
$
—
29%
2
$
1,414
Washington, D.C., Baltimore City, MD and Richmond City, VA
2
$
33,110
$
34,524
Multi-family, Class B
—
—
59%
17
61,596
—
—
61,596
Multi-family, Class C
—
—
51%
56
70,943
1
966
71,909
Multi-Family-Affordable Housing
—
—
54%
2
8,658
—
—
8,658
Subtotal
—
$
—
77
$
142,611
3
$
34,076
$
176,687
9%
Industrial
45%
36
$
104,942
53%
24
$
104,695
Counties of Prince William and Fairfax, VA and Howard County, MD
—
$
—
$
209,637
Warehouse
42%
9
7,174
20%
6
5,131
—
—
12,305
Flex
44%
13
10,265
49%
13
53,991
1
—
64,256
Subtotal
58
$
122,381
43
$
163,817
1
$
—
$
286,198
15%
Hotels
$
—
38%
6
$
27,639
1
$
7,501
$
35,140
2%
Mixed Use
42%
8
$
6,418
57%
24
$
41,978
—
$
—
$
48,396
3%
Land
—%
—
$
—
—%
—
$
—
16
$
28,332
$
28,332
1%
1-4 Family construction
—
$
—
$
—
43
$
36,867
$
36,867
2%
Other (including net deferred fees)
$
56,137
$
56,943
$
20,570
$
133,650
7%
Total commercial real estate and construction loans, net of fees, at September 30, 2026
$
216,851
$
718,400
$
143,771
$
1,079,022
57%
At December 31, 2025
$
266,317
$
766,332
$
153,006
$
1,185,655
61%
(1) Minimum debt service coverage policy is 1.30x for owner occupied and 1.25x for non-owner occupied at origination.
(2) Loan-to-value is determined at origination date against current bank-owned principal.
During its assessment of the ACL, the Company addressed the credit risks associated with these portfolio segments and believes that as a result of its conservative underwriting discipline at loan origination and its ongoing loan monitoring procedures, the Company has appropriately reserved for possible credit concerns in the event of a downturn in economic activity.
Minority Investment in Mortgage Banking Operation
For the three months ended September 30, 2026 and 2025, the Company recorded a loss of $403 thousand and income of $508 thousand, respectively, related to its investment in Atlantic Coast Mortgage, LLC ("ACM"). For the nine months ended September 30, 2026 and 2025, income from ACM totaled $437 thousand and $999 thousand, respectively. The decrease in income for 2026 as compared to 2025 is primarily due to the recent increase in mortgage interest rates. ACM's loan originations for the nine months ended September 30, 2026 increased 64% compared to the same period ended September 30, 2025.
The Company’s investment in ACM is reflected as a nonconsolidated minority investment, and as such, the Company’s income generated from the investment is included in noninterest income.
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Income Statement
The Company recorded net income of $6.6 million for the three months ended September 30, 2026 compared to net income of $5.6 million for the three months ended September 30, 2025, an increase of $1.0 million, or 19%. Compared to the linked quarter, net income for the three months ended September 30, 2026 decreased $1.6 million, or 19%, from $8.2 million for the three months ended June 30, 2026. The Company recorded net income of $21.2 million for the nine months ended September 30, 2026 compared to net income of $16.4 million for the nine months ended September 30, 2025, an increase of $4.8 million, or 30%. Included in net income for the nine months ended September 30, 2026 is a one-time pre-tax gain of $847 thousand attributable to the completed sale of the Bank’s interest in Bearing Insurance Group, LLC to an unaffiliated third party that occurred in the second quarter of 2026.
Net interest income increased $2.4 million, or 15%, to $18.4 million for the quarter ended September 30, 2026, compared to $16.0 million for the same period of 2025, and decreased $715 thousand, or 4%, compared to the linked quarter ended June 30, 2026. Net interest income for the third quarter of 2026 decreased as net interest income for the second quarter of 2026 included $1.0 million in loan prepayment fee income. Excluding this prepayment fee income, net interest income for the third quarter of 2026 increased $285 thousand, or 2%. The increase in net interest income for the third quarter of 2026 compared to the year ago quarter was due to an increase in interest income from both increased yields and average loans receivable combined with a decrease in interest expense on deposits.
The Company's net interest margin increased 41 basis points to 3.32% for the quarter ended September 30, 2026 compared to 2.91% for the quarter ended September 30, 2025. The increase in net interest margin from a year ago is a result of scheduled repricing and maturities of its loans receivable portfolio along with improvement in the cost of funding sources. Compared to the linked quarter ended June 30, 2026, net interest margin decreased 21 basis points from 3.53%. As previously mentioned, net interest income for the second quarter of 2026 included $1.0 million in loan fees related to the prepayment of a commercial real estate loan. When excluding these loan fees, net interest margin was 3.35% for the second quarter of 2026, which was 3 basis points higher than the quarter ended September 30, 2026. Compared to the linked quarter, net interest income for the third quarter of 2026 was impacted by a decrease in average loans, which decreased $50.7 million, as expected loan closings were rescheduled to the fourth quarter of 2026 due to customary closing delays. The funds available for the delayed loan originations were temporarily invested in lower yielding interest-bearing deposits at other financial institutions, which increased the average balance by $83.4 million during the third quarter of 2026 compared to the linked quarter ended June 30, 2026.
Compared to the year ago quarter, interest income increased $583 thousand, or 2%, to $30.4 million, for the third quarter of 2026, and decreased $671 thousand, or 2%, compared to the linked quarter ended June 30, 2026. Loan interest income increased $1.0 million, or 4%, to $28.0 million for the three months ended September 30, 2026, compared to $27.0 million for the three months ended September 30, 2025. This increase in loan interest income was a result of both an increase in average loans and an increase in the yields earned as loans are originated or renewed at higher interest rates compared to maturing loans. The yield on loans increased 9 basis points to 5.99% for the three months ended September 30, 2026 compared to 5.90% for the same period of 2025, and increased 6 basis points when compared to the linked quarter ended June 30, 2026, when excluding the aforementioned $1.0 million in loan fees recorded for the commercial real estate loan prepayment during the second quarter of 2026.
The Company anticipates a continued increase in loan yields due to scheduled loan repricings and maturities. Within 12 months of September 30, 2026, $152.6 million in fixed rate commercial loans with a weighted average rate of 5.30% and $39.4 million in variable rate commercial loans with a weighted average rate of 4.07% are expected to reprice or mature. Within the following 24-36 months of September 30, 2026, $299.7 million in fixed rate commercial loans with a weighted average rate of 5.93% and an additional $109.6 million in variable rate commercial loans with a weighted average rate of 5.92% are scheduled to reprice or mature. In the near-term, the Company’s efforts to attain appropriate yields on new originations and the repricing of the commercial loan portfolio are expected to provide continued improvement in loan yields.
Interest expense decreased $1.8 million, or 13%, to $12.0 million, for the quarter ended September 30, 2026, compared to $13.8 million for the quarter ended September 30, 2025, which is primarily attributable to the decrease in deposit costs. Interest expense on deposits decreased $1.6 million to $11.5 million for the three months ended September 30, 2026, compared to $13.1 million for the three months ended September 30, 2025. On a linked quarter basis, interest expense on deposits increased $131 thousand, or 1%, compared to the quarter ended June 30, 2026. The cost of deposits (which includes noninterest-bearing deposits) for the third quarter ended September 30, 2026 was 2.36%, a decrease of 33 basis points from the year ago quarter ended September 30, 2025, and a decrease of 4
5
basis points compared to the linked quarter ended June 30, 2026, demonstrating the Company's ability to grow its customer base while reducing deposit costs.
Interest expense on other borrowed funds for the quarter ended September 30, 2026 decreased $475 thousand, to $3 thousand from $478 thousand, for the quarter ended September 30, 2025. Compared to the linked quarter ended June 30, 2026, interest expense on other borrowed funds decreased $93 thousand for the third quarter of 2026. Interest expense on long-term debt for the three months ended September 30, 2026, June 30, 2026, and September 30, 2025, was $482 thousand, $476 thousand, and $245 thousand, respectively. During the first quarter of 2026, the Company redeemed $18.8 million of its subordinated debt and issued $25 million of senior unsecured notes, which pay a fixed rate of 6.75%.
The cost of interest-bearing liabilities for the third quarter of 2026 was 3.04% compared to 3.41% for the third quarter of 2025, a decrease of 37 basis points, and compared to the linked quarter ended June 30, 2026, decreased 3 basis points from 3.07%. Cost of funds, which includes noninterest-bearing deposits, decreased to 2.42% for the quarter ended September 30, 2026, a decrease from 2.47% for the linked quarter ended June 30, 2026, and a decrease from 2.78% for the year ago quarter ended September 30, 2025.
Net interest income for the nine months ended September 30, 2026 and 2025 was $55.0 million and $46.8 million, respectively, an increase of $8.1 million, or 17%, year-over-year. Interest income increased $3.5 million, or 4%, to $91.3 million for the nine months ended September 30, 2026 compared to $87.8 million for the comparable 2025 period. Interest expense totaled $36.3 million for the nine months ended September 30, 2026, a decrease of $4.6 million, or 11%, compared to $41.0 million for the nine months ended September 30, 2025. The Company’s net interest margin for the nine months ended September 30, 2026 was 3.37% compared to 2.88% for the year-ago nine month period of 2025, an increase of 49 basis points, or 17%.
Noninterest income for the three months ended September 30, 2026 and 2025 totaled $303 thousand and $1.0 million, respectively. Compared to the linked quarter, noninterest income for the third quarter of 2026 decreased from $2.2 million for the three months ended June 30, 2026. The decrease in noninterest income during the most recent quarter is primarily attributable to a pre-tax gain of $847 thousand recorded during the second quarter of 2026 from the completed sale of the Bank’s interest in Bearing Insurance Group, LLC to an unaffiliated third party. Additionally, the Company recorded a $403 thousand loss from its minority membership interest related to ACM during the third quarter of 2026.
Service charges on deposit accounts totaled $475 thousand for the third quarter of 2026, an increase of $154 thousand, or 48%, compared to $321 thousand for the year ago quarter, and increased $49 thousand, or 12%, when compared to $426 thousand for the linked quarter ended June 30, 2026. The increase in service charges for the most recent quarter is a result of an increase in the Bank's fees during 2026 in addition to an increase in transactional activity from new and existing customers.
For the nine months ended September 30, 2026, the Company recorded noninterest income of $3.3 million, compared to $2.7 million for the nine months ended September 30, 2025, an increase of $627 thousand, or 23%. Fee income from loans was $238 thousand for the nine months ended September 30, 2026, compared to $145 thousand for the same period of 2025. Service charges on deposit accounts totaled $1.3 million for the nine months ended September 30, 2026, compared to $873 thousand for the nine months ended September 30, 2025, an increase of $391 thousand, or 45%. Income from the Company's minority interest in ACM was $437 thousand for the nine months ended September 30, 2026, compared to $999 thousand for the same period of 2025, a decrease of $562 thousand. Included in net income for the nine months ended September 30, 2026 is a one-time pre-tax gain of $847 thousand attributable to the completed sale of the Bank’s interest in Bearing Insurance Group, LLC to an unaffiliated third party that occurred in the second quarter of 2026.
Noninterest expense totaled $10.0 million for the quarter ended September 30, 2026, an increase of $514 thousand, or 5%, compared to $9.5 million for the year ago quarter ended September 30, 2025. On a linked quarter basis, noninterest expense decreased $603 thousand, or 6%, from $10.6 million for the three months ended June 30, 2026. Compared to the year ago quarter, salaries and benefits expense increased $419 thousand, or 8%, for the three months ended September 30, 2026. The increase in salaries and benefits expense when compared to the year ago quarter was primarily a result of the addition of lending and business development personnel and the filling of vacant positions, along with an increase in other incentive accruals and equity compensation vesting during the third quarter of 2026. Full-time equivalent employees have increased from 118 at September 30, 2025, and 122 at December 31, 2025, to 134 at September 30, 2026. The decrease in salaries and benefits expense for the third quarter of 2026 as
6
compared to the linked quarter ended June 30, 2026 was due to decreased expense related to payroll taxes, equity compensation and incentives.
Internet banking and software expense increased $35 thousand to $925 thousand for the third quarter of 2026 compared to $890 thousand for the year ago quarter ended September 30, 2025, and increased $41 thousand compared to the linked quarter ended June 30, 2026. Data processing and network administration expense increased $2 thousand to $561 thousand for the quarter ended September 30, 2026 when compared to the year ago quarter, and decreased $135 thousand when compared to the linked quarter ended June 30, 2026. The Company is focused on operating efficiencies and diligently identifying opportunities to reduce expenses.
For the nine months ended September 30, 2026 and 2025, noninterest expense was $30.4 million and $28.0 million, respectively, an increase of $2.4 million, or 9%, primarily as a result of the aforementioned increases in salaries and benefits expense due to the increase in lending and business development personnel and decrease in vacant positions.
The efficiency ratios for the quarters ended September 30, 2026, June 30, 2026, and September 30, 2025, were 53.3%, 49.7%, and 55.5%, respectively. For the nine months ended September 30, 2026 and 2025, the efficiency ratio was 52.2% and 56.6%, respectively. Excluding the gain on the sale of minority interest of $847 thousand recorded during the second quarter of 2026, the adjusted efficiency ratio for the nine months ended September 30, 2026 was 52.6%. A reconciliation of the aforementioned adjusted efficiency ratio, a non-GAAP financial measure, can be found in the tables below.
The Company recorded a provision for income taxes of $1.9 million and $1.6 million for the three months ended September 30, 2026 and 2025, respectively. The effective tax rates for the three months ended September 30, 2026 and 2025 were 22.5% and 22.7%, respectively. For the nine months ended September 30, 2026 and 2025, provision for income taxes was $6.0 million and $4.4 million, respectively, and the effective tax rates for those same periods were 22.1% and 21.3%, respectively.
About FVCBankcorp, Inc.
FVCBankcorp, Inc. is the holding company for FVCbank, a wholly-owned subsidiary that commenced operations in November 2007. FVCbank is a $2.31 billion asset-sized Virginia-chartered community bank serving the banking needs of commercial businesses, nonprofit organizations, professional service entities, their owners and employees located in the greater Baltimore and Washington, D.C. metropolitan areas. FVCbank is based in Fairfax, Virginia, and has 8 full-service offices in Arlington, Fairfax, Manassas, Reston and Springfield, Virginia, Washington, D.C., and Baltimore, and Bethesda, Maryland.
For more information about the Company, please visit the Investor Relations page of FVCBankcorp, Inc.’s website, www.fvcbank.com.
Cautionary Note About Forward-Looking Statements
This press release may contain statements relating to future events or future results of the Company that are considered “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phrases of similar meaning. The Company cautions that the forward-looking statements are based largely on its expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond its control. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements. The following factors, among others, could cause the Company's financial performance to differ materially from that expressed in such forward-looking statements: general business and economic conditions, including higher inflation and its impacts, nationally or in the markets that the Company serves could adversely affect, among other things, real estate valuations, unemployment levels, the ability of businesses to remain viable, consumer and business confidence, and consumer or business spending, which could lead to decreases in demand for loans, deposits, and other financial services that the Company provides and increases in loan delinquencies and defaults; the concentration of the Company’s business in and around the Washington, D.C. metropolitan area and the effects of changes in the economic, political, and environmental conditions on this market, including shutdowns of the U.S. government, and potential reductions in spending by the U.S. government and related reductions in the federal workforce; the impact of the interest rate
7
environment on the Company’s business, financial condition and results of operations, and its impact on the composition and costs of deposits, loan demand, and the values and liquidity of loan collateral, securities, and interest sensitive assets and liabilities; changes in the Company’s liquidity requirements could be adversely affected by changes in its assets and liabilities; changes in the assumptions underlying the establishment of reserves for possible credit losses and the possibility that future credit losses may be higher than currently expected; the management of risks inherent in the Company’s real estate loan portfolio, and the risk of a prolonged downturn in the real estate market, which could impair the value of loan collateral and the ability to sell collateral upon any foreclosure; changes in market conditions, specifically declines in the commercial and residential real estate market, volatility and disruption of the capital and credit markets, and soundness of other financial institutions that the Company does business with; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System, inflation, interest rate, market and monetary fluctuations; the Company's investment securities portfolio is subject to credit risk, market risk, and liquidity risk as well as changes in the estimates used to value the securities in the portfolio; declines in the Company’s common stock price or the occurrence of what management would deem to be a triggering event that could, under certain circumstances, cause the Company to record a noncash impairment charge to earnings in future periods; the effect of any change in federal government enforcement of federal laws affecting the cannabis industry; potential exposure to fraud, negligence, computer theft and cyber-crime, and the Company’s ability to maintain the security of its data processing and information technology systems; the impact of changes in bank regulatory conditions, including laws, regulations and policies concerning capital requirements, deposit insurance premiums, taxes, securities, and the application thereof by regulatory bodies; the effect of changes in accounting policies and practices, as may be adopted from time to time by bank regulatory agencies, the Securities and Exchange Commission (the “SEC”), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setting bodies; competitive pressures among financial services companies, including the timely development of competitive new products and services and the acceptance of these products and services by new and existing customers; the effect of acquisitions and partnerships the Company may make, including, without limitation, the failure to achieve the expected revenue growth and/or expense savings from such acquisitions; the Company's involvement, from time to time, in legal proceedings and examination and remedial actions by regulators; geopolitical conditions, including trade restrictions and tariffs, and acts or threats of terrorism and/or military conflicts, or actions taken by the United States or other governments in response to trade restrictions and tariffs, and acts or threats of terrorism and/or military conflicts, which could impact business and economic conditions in the United States and abroad; and the occurrence of significant natural disasters, including severe weather conditions, floods, health related issues or emergencies, and other catastrophic events. The foregoing factors should not be considered exhaustive and should be read together with other cautionary statements that are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, including those discussed in the section entitled “Risk Factors,” and in the Company’s other periodic and current reports filed with the SEC. If one or more of the factors affecting our forward-looking information and statements proves incorrect, then the Company’s actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, the Company cautions you not to place undue reliance on our forward-looking information and statements. The Company will not update the forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict their occurrence or how they will affect the Company’s operations, financial condition or results of operations.
8
FVCBankcorp, Inc.
Selected Financial Data
(Dollars in thousands, except per share data)
(Unaudited)
At or For the Three Months Ended,
At or For the Nine Months Ended,
At or For the Three Months Ended,
September 30, 2026
September 30, 2025
September 30, 2026
September 30, 2025
June 30, 2026
December 31, 2025
Selected Balances
Total assets
$
2,313,181
$
2,319,052
$
2,367,194
$
2,292,256
Total investment securities
138,894
157,165
147,199
158,870
Total loans, net of deferred fees
1,913,938
1,858,422
1,899,382
1,941,283
Allowance for credit losses on loans
(18,796)
(17,943)
(19,151)
(18,886)
Total deposits
1,996,569
1,977,882
2,051,728
1,997,277
Long-term debt, net of issuance costs
24,531
18,737
24,481
18,750
Other borrowings
—
50,000
—
—
Reserve for unfunded commitments
658
502
615
471
Total shareholders' equity
268,501
249,804
265,351
253,600
Summary Results of Operations
Interest income
$
30,410
$
29,827
$
91,313
$
87,813
$
31,081
$
30,583
Interest expense
11,976
13,794
36,325
40,969
11,932
13,658
Net interest income
18,434
16,033
54,988
46,844
19,149
16,925
Provision for credit losses
186
375
596
680
241
909
Net interest income after provision for credit losses
18,248
15,658
54,392
46,164
18,907
16,016
Noninterest income - loan fees, service charges and other
631
452
1,832
1,342
632
667
Noninterest income - bank owned life insurance
75
73
222
215
74
74
Noninterest income (loss) - minority membership interest
(403)
508
437
1,000
600
247
Noninterest income - gain on sale of minority interest
—
—
847
—
847
—
Noninterest income - gain/(loss) on termination of derivative instruments
—
—
—
154
—
(62)
Noninterest expense
9,986
9,472
30,448
28,032
10,589
9,537
Income before taxes
8,565
7,219
27,282
20,843
10,471
7,405
Income tax expense
1,924
1,640
6,033
4,432
2,248
1,758
Net income
6,641
5,579
21,249
16,411
8,223
5,647
Per Share Data
Net income, basic
$
0.37
$
0.31
$
1.18
$
0.90
$
0.46
$
0.31
Net income, diluted
$
0.37
$
0.31
$
1.17
$
0.90
$
0.45
$
0.31
Book value
$
14.89
$
13.82
$
14.71
$
14.15
Tangible book value (1)
$
14.49
$
13.41
$
14.31
$
13.74
Tangible book value, excluding accumulated other comprehensive losses (1)
$
15.78
$
14.57
$
15.40
$
14.83
Shares outstanding
18,034,205
18,074,327
18,034,205
17,917,504
Selected Ratios
Net interest margin (2)
3.32
%
2.91
%
3.37
%
2.88
%
3.53
%
3.05
%
Return on average assets (2)
1.17
%
1.00
%
1.27
%
0.98
%
1.48
%
1.00
%
Return on average equity (2)
9.77
%
9.05
%
10.77
%
9.01
%
12.50
%
8.94
%
Efficiency (3)
53.29
%
55.50
%
52.20
%
56.57
%
49.71
%
53.43
%
Loans, net of deferred fees to total deposits
95.86
%
93.96
%
92.57
%
97.20
%
Noninterest-bearing deposits to total deposits
21.40
%
18.93
%
20.24
%
18.19
%
Reconciliation of Net Income (GAAP) to Core Operating Earnings (Non-GAAP)(4)
GAAP net income reported above
$
6,641
$
5,579
$
21,249
$
16,411
$
8,223
$
5,647
(Gain) Loss on termination of derivative instruments
—
—
—
(154)
—
62
Gain on sale of minority interest
—
—
(847)
—
(847)
—
Accelerated debt issuance costs on long-term debt
—
—
244
—
—
—
Income tax (benefit) expense associated with non-GAAP adjustments
—
—
139
35
195
(14)
Adjusted Net Income, core operating earnings (non-GAAP)
$
6,641
$
5,579
$
20,785
$
16,292
$
7,571
$
5,695
Adjusted Earnings per share - basic (non-GAAP core operating earnings)
$
0.37
$
0.31
$
1.16
$
0.90
$
0.42
$
0.32
Adjusted Earnings per share - diluted (non-GAAP core operating earnings)
$
0.37
$
0.31
$
1.15
$
0.89
$
0.42
$
0.31
Adjusted Return on average assets (non-GAAP core operating earnings) (2)
1.17
%
1.00
%
1.25
%
0.98
%
1.37
%
1.01
%
Adjusted Return on average equity (non-GAAP core operating earnings) (2)
9.77
%
9.05
%
10.53
%
8.94
%
11.51
%
9.02
%
Adjusted Efficiency ratio (non-GAAP core operating earnings)(3)
53.29
%
55.50
%
52.55
%
56.74
%
51.77
%
53.24
%
Capital Ratios - Bank
Tangible common equity (to tangible assets)
11.99
%
11.04
%
11.52
%
11.38
%
Total risk-based capital (to risk weighted assets)
16.66
%
15.77
%
16.46
%
15.38
%
Common equity tier 1 capital (to risk weighted assets)
15.64
%
14.78
%
15.41
%
14.37
%
Tier 1 leverage (to average assets)
13.08
%
12.13
%
12.94
%
12.23
%
Asset Quality
Nonperforming loans
$
10,994
$
11,068
$
11,356
$
10,926
Nonperforming loans to total assets
0.48
%
0.48
%
0.48
%
0.48
%
Nonperforming assets to total assets
0.48
%
0.48
%
0.48
%
0.48
%
Allowance for credit losses on loans
0.98
%
0.97
%
1.01
%
0.97
%
Allowance for credit losses to nonperforming loans
170.97
%
162.12
%
168.64
%
172.86
%
Net charge-offs (recoveries)
$
498
$
498
$
499
$
876
$
(2)
$
(5)
Net charge-offs (recoveries) to average loans (2)
0.11
%
0.11
%
0.03
%
0.06
%
—
%
—
%
Selected Average Balances
Total assets
$
2,253,911
$
2,239,138
$
2,230,715
$
2,223,653
$
2,223,787
$
2,253,977
Total earning assets
2,203,486
2,186,727
2,182,061
2,174,161
2,175,056
2,202,453
Total loans, net of deferred fees
1,871,312
1,829,587
1,908,056
1,852,754
1,921,965
1,890,939
Total deposits
1,934,616
1,900,735
1,912,653
1,888,621
1,901,652
1,953,693
Deposit Balances
Noninterest-bearing deposits
427,325
374,414
415,286
363,228
Interest-bearing checking, savings and money market
987,934
1,094,682
1,082,491
1,072,082
Time deposits
350,161
273,837
312,763
277,010
Wholesale deposits
231,149
234,949
241,188
284,957
(1) Non-GAAP Reconciliation
Total shareholders’ equity
$
268,501
$
249,804
$
265,351
$
253,600
Goodwill and intangibles, net
(7,227)
(7,322)
(7,247)
(7,295)
Tangible Common Equity (non-GAAP)
$
261,274
$
242,482
$
258,104
$
246,305
Accumulated Other Comprehensive Loss ("AOCI")
(23,238)
(20,940)
(19,715)
(19,581)
Tangible Common Equity excluding AOCI (non-GAAP)
$
284,512
$
263,422
$
277,819
$
265,886
Book value per common share
$
14.89
13.82
$
14.71
$
14.15
Intangible book value per common share
(0.40)
(0.41)
(0.40)
(0.41)
Tangible book value per common share (non-GAAP)
$
14.49
$
13.41
$
14.31
$
13.74
AOCI per common share
(1.29)
(1.16)
(1.09)
(1.09)
Tangible book value per common share, excluding AOCI (non-GAAP)
$
15.78
$
14.57
$
15.40
$
14.83
(1)See non-GAAP reconciliation.
(2)Annualized.
(3)Efficiency ratio is calculated as noninterest expense divided by the sum of net interest income and noninterest income.
(4)Some of the financial measures discussed throughout the press release are “non-GAAP financial measures.” In accordance with SEC rules, the Company classifies a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP in our consolidated statements of income, condition, or statements of cash flows.
9
FVCBankcorp, Inc.
Summary Consolidated Statements of Condition
(Dollars in thousands)
(Unaudited)
September 30, 2026
June 30, 2026
% Change Current Quarter
December 31, 2025
September 30, 2025
% Change From Year Ago
Cash and due from banks
$
6,899
$
12,240
(43.6)
%
$
5,684
$
14,917
(53.8)
%
Interest-bearing deposits at other financial institutions
182,983
238,746
(23.4)
%
121,947
214,007
(14.5)
%
Investment securities
138,894
147,199
(5.6)
%
153,424
157,165
(11.6)
%
Restricted stock, at cost
5,465
5,465
—
%
5,446
7,774
(29.7)
%
Loans, net of fees:
Commercial real estate
935,251
962,332
(2.8)
%
1,032,649
994,552
(6.0)
%
Commercial and industrial
491,160
445,254
10.3
%
423,360
335,813
46.3
%
Commercial construction
143,771
139,273
3.2
%
153,006
170,252
(15.6)
%
Consumer real estate
272,014
283,049
(3.9)
%
297,018
301,993
(9.9)
%
Warehouse facilities
71,049
67,337
5.5
%
30,033
50,336
41.1
%
Consumer nonresidential
693
2,137
(67.6)
%
5,217
5,476
(87.3)
%
Total loans, net of fees
1,913,938
1,899,382
0.8
%
1,941,283
1,858,422
3.0
%
Allowance for credit losses on loans
(18,796)
(19,151)
(1.9)
%
(18,886)
(17,943)
4.8
%
Loans, net
1,895,142
1,880,231
0.8
%
1,922,397
1,840,479
3.0
%
Premises and equipment, net
626
635
(1.4)
%
693
723
(13.4)
%
Goodwill and intangibles, net
7,227
7,247
(0.3)
%
7,295
7,322
(1.3)
%
Bank owned life insurance (BOLI)
9,731
9,655
0.8
%
9,508
9,434
3.1
%
Other assets
66,214
65,776
0.7
%
65,862
67,231
(1.5)
%
Total Assets
$
2,313,181
$
2,367,194
(2.3)
%
$
2,292,256
$
2,319,052
(0.3)
%
Deposits:
Noninterest-bearing
$
427,325
$
415,286
2.9
%
$
363,228
$
374,414
14.1
%
Interest checking
650,070
705,016
(7.8)
%
741,034
803,291
(19.1)
%
Savings and money market
337,864
377,475
(10.5)
%
331,048
291,391
15.9
%
Time deposits
350,161
312,763
12.0
%
277,010
273,837
27.9
%
Wholesale deposits
231,149
241,188
(4.2)
%
284,957
234,949
(1.6)
%
Total deposits
1,996,569
2,051,728
(2.7)
%
1,997,277
1,977,882
0.9
%
Other borrowed funds
—
—
—
%
—
50,000
(100.0)
%
Long-term debt, net of issuance costs
24,531
24,481
0.2
%
18,750
18,737
30.9
%
Reserve for unfunded commitments
658
615
7.0
%
471
502
31.1
%
Other liabilities
22,922
25,019
(8.4)
%
22,158
22,127
3.6
%
Shareholders’ equity
268,501
265,351
1.2
%
253,600
249,804
7.5
%
Total Liabilities & Shareholders' Equity
$
2,313,181
$
2,367,194
(2.3)
%
$
2,292,256
$
2,319,052
(0.3)
%
10
FVCBankcorp, Inc.
Summary Consolidated Statements of Income
(Dollars in thousands, except per share data)
(Unaudited)
For the Three Months Ended
September 30, 2026
June 30, 2026
% Change Current Quarter
September 30, 2025
% Change From Year Ago
Net interest income
$
18,434
$
19,149
(3.7)
%
$
16,033
15.0
%
Provision for credit losses
186
241
(22.8)
%
375
(50.4)
%
Net interest income after provision for credit losses
18,248
18,908
(3.5)
%
15,658
16.5
%
Noninterest income:
Fees on loans
51
76
(32.9)
%
35
45.7
%
Service charges on deposit accounts
475
426
11.5
%
321
48.0
%
BOLI income
75
74
1.4
%
73
2.7
%
(Loss) Income from minority membership interests
(403)
600
(167.2)
%
508
(179.3)
%
Gain on sale of minority interest
—
847
(100.0)
%
—
—
%
Other fee income
105
129
(18.6)
%
96
9.4
%
Total noninterest income
303
2,152
(85.9)
%
1,033
(70.7)
%
Noninterest expense:
Salaries and employee benefits
5,534
5,928
(6.6)
%
5,115
8.2
%
Occupancy expense
524
510
2.7
%
520
0.8
%
Internet banking and software expense
925
884
4.6
%
890
3.9
%
Data processing and network administration
561
696
(19.4)
%
559
0.4
%
State franchise taxes
577
577
—
%
583
(1.0)
%
Professional fees
241
331
(27.2)
%
294
(18.0)
%
Other operating expense
1,624
1,663
(2.3)
%
1,511
7.5
%
Total noninterest expense
9,986
10,589
(5.7)
%
9,472
5.4
%
Net income before income taxes
8,565
10,471
(18.2)
%
7,219
18.6
%
Income tax expense
1,924
2,248
(14.4)
%
1,640
17.3
%
Net Income
$
6,641
$
8,223
(19.2)
%
$
5,579
19.0
%
Earnings per share - basic
$
0.37
$
0.46
(19.6)
%
$
0.31
19.7
%
Earnings per share - diluted
$
0.37
$
0.45
(17.8)
%
$
0.31
20.6
%
Weighted-average common shares outstanding - basic
18,034,205
18,016,471
0.1
%
18,049,623
(0.1)
%
Weighted-average common shares outstanding - diluted
18,124,259
18,159,210
(0.2)
%
18,179,295
(0.3)
%
Reconciliation of Net Income (GAAP) to Core Operating Earnings (Non-GAAP):
GAAP net income reported above
$
6,641
$
8,223
$
5,579
Gain on sale of minority interest
—
(847)
—
Income tax expense associated with non-GAAP adjustments
—
195
—
Adjusted Net Income, core operating earnings (non-GAAP)
$
6,641
$
7,571
$
5,579
Adjusted Earnings per share - basic (non-GAAP core operating earnings)
$
0.37
$
0.42
$
0.31
Adjusted Earnings per share - diluted (non-GAAP core operating earnings)
$
0.37
$
0.42
$
0.31
Adjusted Return on average assets (non-GAAP core operating earnings)
1.17
%
1.37
%
1.00
%
Adjusted Return on average equity (non-GAAP core operating earnings)
9.77
%
11.51
%
9.05
%
Adjusted Efficiency ratio (non-GAAP core operating earnings)
53.29
%
51.77
%
55.50
%
11
For the Three Months Ended
September 30, 2026
June 30, 2026
% Change Current Quarter
September 30, 2025
% Change From Year Ago
Reconciliation of Net Income (GAAP) to Pre-Tax Pre-Provision Income (Non-GAAP):
GAAP net income reported above
$
6,641
$
8,223
$
5,579
Provision for credit losses
186
241
375
Gain on sale of minority interest
—
(847)
—
Income tax expense
1,924
2,248
1,640
Adjusted Pre-tax pre-provision income
$
8,751
$
9,865
$
7,594
Adjusted Earnings per share - basic (non-GAAP pre-tax pre-provision)
$
0.49
$
0.55
$
0.42
Adjusted Earnings per share - diluted (non-GAAP pre-tax pre-provision)
$
0.48
$
0.54
$
0.42
Adjusted Return on average assets (non-GAAP pre-tax pre-provision)
1.54
%
1.78
%
1.36
%
Adjusted Return on average equity (non-GAAP pre-tax pre-provision)
12.87
%
15.00
%
12.32
%
12
FVCBankcorp, Inc.
Summary Consolidated Statements of Income
(Dollars in thousands, except per share data)
(Unaudited)
For the Nine Months Ended
September 30, 2026
September 30, 2025
% Change
Net interest income
$
54,988
$
46,844
17.4
%
Provision for credit losses
596
680
(12.4)
%
Net interest income after provision for credit losses
54,392
46,164
17.8
%
Noninterest income:
Fees on loans
238
145
64.1
%
Service charges on deposit accounts
1,264
873
44.8
%
BOLI income
222
215
3.3
%
Income from minority membership interests
437
1,000
(56.3)
%
Gain on termination of derivative instruments
—
154
(100.0)
%
Gain on sale of minority interest
847
—
100.0
%
Other fee income
330
324
1.9
%
Total noninterest income
3,338
2,711
23.1
%
Noninterest expense:
Salaries and employee benefits
16,903
14,933
13.2
%
Occupancy expense
1,572
1,588
(1.0)
%
Internet banking and software expense
2,693
2,580
4.4
%
Data processing and network administration
1,875
1,728
8.5
%
State franchise taxes
1,723
1,761
(2.2)
%
Professional fees
844
864
(2.3)
%
Other operating expense
4,838
4,578
5.7
%
Total noninterest expense
30,448
28,032
8.6
%
Net income before income taxes
27,282
20,843
30.9
%
Income tax expense
6,033
4,432
36.1
%
Net Income
$
21,249
$
16,411
29.5
%
Earnings per share - basic
$
1.18
$
0.90
30.6
%
Earnings per share - diluted
$
1.17
$
0.90
30.6
%
Weighted-average common shares outstanding - basic
17,994,144
18,158,126
(0.9)
%
Weighted-average common shares outstanding - diluted
18,120,084
18,300,767
(1.0)
%
13
For the Nine Months Ended
September 30, 2026
September 30, 2025
% Change
Reconciliation of Net Income (GAAP) to Core Operating Earnings (Non-GAAP):
GAAP net income reported above
$
21,249
$
16,411
Gain on termination of derivative instruments
—
(154)
Accelerated debt issuance costs on long-term debt
244
—
Gain on sale of minority interest
(847)
—
Provision for income taxes associated with non-GAAP adjustments
139
35
Adjusted Net Income, core bank operating earnings (non-GAAP)
$
20,785
$
16,292
Adjusted Earnings per share - basic (non-GAAP core operating earnings)
$
1.16
$
0.90
Adjusted Earnings per share - diluted (non-GAAP core operating earnings)
$
1.15
$
0.89
Adjusted Return on average assets (non-GAAP core operating earnings)
1.25
%
0.98
%
Adjusted Return on average equity (non-GAAP core operating earnings)
10.53
%
8.94
%
Adjusted Efficiency ratio (non-GAAP core operating earnings)
52.55
%
56.74
%
Reconciliation of Net Income (GAAP) to Pre-Tax Pre-Provision Income (Non-GAAP):
GAAP net income reported above
$
21,249
$
16,411
Provision for credit losses
596
680
Gain on termination of derivative instruments
—
(154)
Accelerated debt issuance costs on long-term debt
244
—
Gain on sale of minority interest
(847)
—
Income tax expense
6,033
4,432
Adjusted Pre-tax pre-provision income
$
27,275
$
21,369
Adjusted Earnings per share - basic (non-GAAP pre-tax pre-provision)
$
1.52
$
1.18
Adjusted Earnings per share - diluted (non-GAAP pre-tax pre-provision)
$
1.51
$
1.17
Adjusted Return on average assets (non-GAAP pre-tax pre-provision)
1.63
%
1.28
%
Adjusted Return on average equity (non-GAAP pre-tax pre-provision)
13.82
%
11.73
%
14
FVCBankcorp, Inc.
Average Statements of Condition and Yields on Earning Assets and Interest-Bearing Liabilities
(Dollars in thousands)
(Unaudited)
For the Three Months Ended
9/30/2026
6/30/2026
9/30/2025
Average Balance
Interest Income/Expense
Average Yield
Average Balance
Interest Income/Expense
Average Yield
Average Balance
Interest Income/Expense
Average Yield
Interest-earning assets:
Loans receivable, net of fees (1)
Commercial real estate
$
954,732
$
12,904
5.41
%
$
997,888
$
14,455
5.79
%
$
965,153
$
12,425
5.15
%
Commercial and industrial
450,506
8,702
7.72
%
444,719
8,564
7.70
%
340,510
6,906
8.11
%
Commercial construction
135,352
2,323
6.86
%
142,199
2,290
6.44
%
177,620
3,310
7.45
%
Consumer real estate
276,739
3,290
4.76
%
286,829
3,434
4.79
%
301,687
3,618
4.80
%
Warehouse facilities
52,790
761
5.76
%
48,268
690
5.72
%
39,104
617
6.31
%
Consumer nonresidential
1,193
20
6.71
%
2,062
42
8.15
%
5,513
108
7.83
%
Total loans
1,871,312
28,000
5.99
%
1,921,965
29,475
6.13
%
1,829,587
26,984
5.90
%
Investment securities (2)
176,006
925
2.10
%
180,369
938
2.08
%
193,262
1,026
2.12
%
Interest-bearing deposits at other financial institutions
156,168
1,485
3.77
%
72,722
668
3.67
%
163,878
1,817
4.40
%
Total interest-earning assets
2,203,486
$
30,410
5.52
%
2,175,056
$
31,081
5.72
%
2,186,727
$
29,827
5.46
%
Noninterest earning assets:
Cash and due from banks
12,997
10,908
14,265
Premises and equipment, net
633
657
755
Accrued interest and other assets
55,943
56,316
55,379
Allowance for credit losses
(19,148)
(19,150)
(17,988)
Total Assets
$2,253,911
$2,223,787
$2,239,138
Interest-bearing liabilities:
Interest checking
$
685,040
$
4,286
2.48
%
$
665,592
$
4,255
2.56
%
$
702,037
$
5,496
3.11
%
Savings and money market
351,989
2,630
2.96
%
337,632
2,472
2.94
%
321,399
2,755
3.40
%
Time deposits
307,850
2,841
3.66
%
319,816
2,940
3.69
%
277,760
2,783
3.97
%
Wholesale deposits
195,148
1,734
3.53
%
199,327
1,693
3.41
%
234,925
2,037
3.44
%
Total interest-bearing deposits
1,540,027
11,491
2.96
%
1,522,367
11,360
2.99
%
1,536,121
13,071
3.38
%
Other borrowed funds
369
3
3.23
%
9,725
96
3.96
%
50,011
478
3.78
%
Long-term debt, net of issuance costs
24,498
482
7.80
%
24,456
476
7.81
%
18,728
245
5.20
%
Total interest-bearing liabilities
1,564,894
$
11,976
3.04
%
1,556,548
$
11,932
3.07
%
1,604,860
$
13,794
3.41
%
Noninterest-bearing liabilities:
Noninterest-bearing deposits
394,589
379,285
364,614
Other liabilities
24,697
24,148
23,121
Shareholders’ equity
269,731
263,806
246,543
Total Liabilities and Shareholders' Equity
$2,253,911
$2,223,787
$2,239,138
Net Interest Margin
$
18,434
3.32
%
$
19,149
3.53
%
$
16,033
2.91
%
(1)Non-accrual loans are included in average balances.
(2)The average balances for investment securities includes restricted stock.
15
FVCBankcorp, Inc.
Average Statements of Condition and Yields on Earning Assets and Interest-Bearing Liabilities
(Dollars in thousands)
(Unaudited)
For the Nine Months Ended
9/30/2026
9/30/2025
Average Balance
Interest Income/Expense
Average Yield
Average Balance
Interest Income/Expense
Average Yield
Interest-earning assets:
Loans receivable, net of fees (1)
Commercial real estate
$
998,758
$
41,377
5.52
%
$
996,337
$
37,935
5.08
%
Commercial and industrial
435,191
25,235
7.73
%
334,858
20,122
8.01
%
Commercial construction
144,031
7,134
6.60
%
171,434
9,454
7.35
%
Consumer real estate
285,550
10,167
4.75
%
310,921
11,103
4.76
%
Warehouse facilities
41,731
1,797
5.74
%
32,248
1,533
6.34
%
Consumer nonresidential
2,795
155
7.39
%
6,956
419
8.02
%
Total loans
1,908,056
85,865
6.00
%
1,852,754
80,566
5.80
%
Investment securities (2)
179,924
2,820
2.09
%
196,223
3,103
2.11
%
Interest-bearing deposits at other financial institutions
94,081
2,628
3.74
%
125,184
4,144
4.43
%
Total interest-earning assets
2,182,061
$
91,313
5.58
%
2,174,161
$
87,813
5.39
%
Noninterest earning assets:
Cash and due from banks
10,555
11,269
Premises and equipment, net
658
801
Accrued interest and other assets
56,504
55,617
Allowance for credit losses
(19,063)
(18,195)
Total Assets
$2,230,715
$2,223,653
Interest-bearing liabilities:
Interest checking
$
677,077
$
12,982
2.56
%
$
655,651
$
15,342
3.13
%
Savings and money market
341,052
7,510
2.94
%
358,003
8,907
3.33
%
Time deposits
307,005
8,524
3.71
%
270,565
8,286
4.09
%
Wholesale deposits
210,932
5,539
3.51
%
244,084
6,286
3.44
%
Total interest-bearing deposits
1,536,066
34,555
3.01
%
1,528,303
38,821
3.38
%
Other borrowed funds
8,393
247
3.93
%
50,007
1,412
3.78
%
Long-term debt, net of issuance costs
21,755
1,523
9.36
%
18,714
736
5.26
%
Total interest-bearing liabilities
1,566,214
$
36,325
3.10
%
1,597,024
$
40,969
3.41
%
Noninterest-bearing liabilities:
Noninterest-bearing deposits
376,587
360,318
Other liabilities
24,018
23,429
Shareholders’ equity
263,896
242,882
Total Liabilities and Shareholders' Equity
$2,230,715
$2,223,653
Net Interest Margin
$
54,988
3.37
%
$
46,844
2.88
%
(1)Non-accrual loans are included in average balances.
(2)The average balances for investment securities includes restricted stock.