FVCBankcorp, Inc. Announces Record Earnings and Annualized Loan Growth of 15% for First Quarter 2019

FAIRFAX, Va.–(BUSINESS WIRE)–FVCBankcorp, Inc. (NASDAQ:FVCB) (the “Company”) today reported first
quarter 2019 net income of $3.9 million, or $0.27 diluted earnings per
share, compared to $3.0 million, or $0.25 diluted earnings per share,
for the quarterly period ended March 31, 2018. Weighted-average common
shares outstanding for the diluted earnings per share calculations were
14.8 million and 12.1 million for the three months ended March 31, 2019
and 2018, respectively, reflecting the increase from shares issued in
2018 for the initial public offering and acquisition of Colombo Bank.

During the first quarter of 2019, the Company incurred merger and
acquisition expense of $52 thousand, net of tax. Excluding
merger-related expenses net of tax, earnings for the three months ended
March 31, 2019 were $4.0 million, or $0.27 per diluted earnings per
share. There were no merger and acquisition expenses recorded during the
three months ended March 31, 2018.

The Company believes the reporting of non-GAAP earnings to exclude
merger-related expenses are more reflective of the Company’s operating
performance and future operating performance (“Operating Earnings”). On
a GAAP basis, return on average assets was 1.16% and return on average
equity was 9.74% for the first quarter of 2019. For the comparable March
31, 2018 period, return on average assets was 1.13% and return on
average equity was 12.03%. On an Operating Earnings basis, return on
average assets and return on average equity for the three months ended
March 31, 2019 were 1.17% and 9.86%, respectively.

Selected Highlights

• Record Operating Earnings. Operating Earnings increased $981
  thousand, or 33%, to $4.0 million for the first quarter of 2019 as
  compared to the same 2018 period. Net interest margin increased to
  3.65% for the quarter ended March 31, 2019 compared to 3.59% for the
  linked quarter ended December 31, 2018 and 3.39% for the year ago
  quarter ended March 31, 2018.
• Strong Loan Growth. Total loans, net of deferred fees, totaled
  $1.18 billion at March 31, 2019, an increase of $42.2 million, or 15%
  annualized, from December 31, 2018. Year-over-year loan growth was
  $257.7 million, or 28% from March 31, 2018 to March 31, 2019.
• Sound Asset Quality. Asset quality remains strong, with
  nonperforming loans and loans past due 90 days or more as a percentage
  of total assets was 0.27% at March 31, 2019. Nonperforming loans and
  loans past due 90 days or more totaled $3.8 million at March 31, 2019,
  of which $838 thousand were acquired loans.
• Strong Core Deposit Growth. Total deposits increased $50.3
  million, to $1.21 billion at March 31, 2019, or 17% annualized, from
  December 31, 2018. Noninterest-bearing deposits increased $20.4
  million, or 9% during the first quarter of 2019 and represent 21% of
  the total deposit base at March 31, 2019.
• Improved Efficiency Ratio. Efficiency ratio for the three
  months ended March 31, 2019 was 55.2%, an improvement from 57.5% for
  the year ago quarter.
• Improved Tangible Book Value. Tangible book value per share at
  March 31, 2019 was $11.32, a 24% increase from $9.15 at March 31, 2018.

“I am pleased with the growth our Company experienced during the first
quarter, specifically within our loan portfolio. Over half of our net
loan growth this quarter represents our efforts within our expanded
Maryland and Washington D.C. markets, as we began leveraging our
post-acquisition opportunities within these markets. We are excited
about the strength of our loan pipeline as we head into the second
quarter,” stated David W. Pijor, Chairman and CEO.

Balance Sheet

Total assets increased to $1.42 billion at March 31, 2019 compared to
$1.35 billion at December 31, 2018, an increase of $68.2 million, or 5%.
Loans receivable, net of deferred fees, totaled $1.18 billion at March
31, 2019, compared to $921.2 million at March 31, 2018, a year-over-year
increase of $257.7 million, or 28%. During the first quarter of 2019,
loans grew $42.2 million, or 15% on an annualized basis, and average
loans grew $36.4 million, or 13% annualized. While the Company
experienced strong loan growth during the first quarter of 2019, this
loan growth predominantly occurred towards the end of the quarter, and
as such, interest income only slightly offset the impact of increased
loan loss reserves recorded for the quarter ended March 31, 2019.

During the quarter, loan originations totaled approximately $121
million, of which $77 million funded during the quarter. Construction
loans and commercial loan originations represented the larger portion of
originations during the quarter ended March 31, 2019 totaling $72
million, and consequently represented the majority of the loan
commitments not funded during the quarter.

Investment securities increased $14.2 million to $139.5 million at March
31, 2019, compared to $125.3 million at December 31, 2018.

Total deposits increased to $1.21 billion at March 31, 2019 compared to
$1.16 billion at December 31, 2018, an increase of $50.3 million, or 17%
on an annualized basis. Core deposits, which represent total deposits
less wholesale deposits, increased $19.2 million or 7% on an annualized
basis, which reflects declines in certain deposit concentrations which
were more than offset by growth in core deposit relationships. Wholesale
deposits totaled $115.4 million, or 10% of total deposits at March 31,
2019, an increase of $31.0 million from December 31, 2018.
Noninterest-bearing deposits increased $20.4 million to $253.7 million
at March 31, 2019 from $233.3 million at December 31, 2018, and
represented 21% of total deposits at March 31, 2019.

Income Statement

Net interest income totaled $11.8 million, an increase of $3.0 million,
or 34%, for the quarter ended March 31, 2019, compared to the year ago
quarter, and a decrease of $53 thousand compared to the fourth quarter
of 2018. The Company’s net interest margin increased 26 basis points to
3.65% for the quarter ended March 31, 2019 compared to 3.39% for the
quarter ended March 31, 2018. On a linked quarter basis, net interest
margin increased 6 basis points from 3.59% for the three months ended
December 31, 2018, a result of increases in yields on earning assets and
loan mark accretion.

Cost of deposits for the first quarter of 2019 was 1.30%, compared to
0.93% for the first quarter of 2018, a 40% year-over-year increase,
reflecting the Company’s continued management of its funding costs
driven by the increased rate environment. Loan yields for the first
quarter of 2019 were 5.23% compared to 4.73% for the year ago quarter.
Included in net interest income for the first quarter of 2019 is $245
thousand in loan mark accretion associated with the Company’s acquired
loan portfolio, which has contributed to the increase in margin. For the
fourth quarter of 2018, the loan mark accretion was $169 thousand.

Noninterest income totaled $738 thousand and $385 thousand for the
quarters ended March 31, 2019 and 2018, respectively. Fee income from
loans was $347 thousand, an increase of $289 thousand for the quarter
ended March 31, 2019 compared to 2018, primarily a result of an increase
in loan income from interest rate swaps. Service charges on deposit
accounts and other fee income totaled $286 thousand for the first
quarter of 2019, an increase of 32% or $217 thousand from the year ago
quarter. This increase in fee income resulted from the increase in core
deposit relationships, both organic and acquired, year over year.

Noninterest expense totaled $6.9 million for the quarter ended March 31,
2019, compared to $5.3 million for the same three-month period of 2018.
Approximately $825 thousand of the increase in noninterest expense from
the year ago quarter is attributable to expenses associated with
Colombo’s former operations, in addition to merger-related expenses of
$67 thousand for the three months ended March 31, 2019. Salary and
compensation related expenses increased $753 thousand, or 24%, for the
quarter ended March 31, 2019, compared to the same three-month period of
2018, resulting from the increase in staffing from the acquisition and
increases in back-office support staff. Occupancy and equipment expense
increased $256 thousand year-over-year primarily as a result of the
branch locations acquired from Colombo. Increases in data processing and
network administration, franchise taxes and other operating expenses for
the quarter ended March 31, 2019 compared to the same three-month period
of 2018 is primarily growth related. On a linked quarter basis,
noninterest expense excluding non-recurring merger-related expenses
increased $86 thousand from the three months ended December 31, 2018.
The efficiency ratio for the quarter ended March 31, 2019 was 55.2%, or
54.7% excluding merger-related expenses, a decrease from 57.5% from the
year ago quarter.

Asset Quality

Asset quality remains strong as nonperforming loans and loans ninety
days or more past due totaled $3.8 million, or 0.27% of total assets, of
which $838 thousand related to acquired loans. Performing troubled debt
restructurings (“TDR”) increased to $4.1 million at March 31, 2019,
compared to $203 thousand at December 31, 2018, primarily as a result of
one loan which was restructured during the quarter because of a specific
borrower issue for which a specific reserve was not required.
Nonperforming assets (including TDRs and other real estate owned) to
total assets was 0.83% at March 31, 2019, 0.57% for December 31, 2018
and 0.60% for March 31, 2018. The allowance for loan losses to total
loans was 0.81% for each of the periods ended March 31, 2019 and
December 31, 2018. The allowance for loan losses on the Company’s
originated portfolio was 0.92% of loan outstanding at March 31, 2019.
Charge-offs of $162 thousand were recorded during the first quarter of
2019 and were related to the Company’s purchased consumer installment
loan portfolio.

About FVCBankcorp Inc.

FVCBankcorp, Inc. is the holding company for FVCbank, a wholly-owned
subsidiary of FVCB which commenced operations in November 2007. FVCbank
is a $1.42 billion 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. Locally owned and
managed, FVCbank is based in Fairfax, Virginia, and has 11 full-service
offices in Arlington, Ashburn, Fairfax, Manassas, Reston and
Springfield, Virginia, Washington D.C., and Baltimore, Bethesda,
Rockville and Silver Spring, Maryland.

For more information on the Company’s selected financial information,
please visit the Investor Relations page of FVCBankcorp Inc.’s website, www.fvcbank.com.

Caution about Forward-Looking Statements

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, statements of goals,
intentions, and expectations as to future trends, plans, events or
results of the Company’s operations and policies and regarding general
economic conditions. In some cases, forward-looking statements can be
identified by use of words such as “may,” “will,” “anticipates,”
“believes,” “expects,” “plans,” “estimates,” “potential,” “continue,”
“should,” and similar words or phrases. These statements are based upon
current and anticipated economic conditions, nationally and in the
Company’s market, interest rates and interest rate policy, competitive
factors, and other conditions which by their nature, are not susceptible
to accurate forecast and are subject to significant uncertainty. Because
of these uncertainties and the assumptions on which this discussion and
the forward-looking statements are based, actual future operations and
results in the future may differ materially from those indicated herein.
These forward-looking statements are based on current beliefs that
involve significant risks, uncertainties, and assumptions. Factors that
could cause the Company’s actual results to differ materially from those
indicated in these forward-looking statements, include, but are not
limited to, the risk factors and other cautionary language included in
the Company’s Annual Report on Form 10-K for the year ended December 31,
2018 and in other periodic and current reports filed with the Securities
and Exchange Commission. Because of these uncertainties and the
assumptions on which the forward-looking statements are based, actual
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. The Company’s past
results are not necessarily indicative of future performance.

FVCBankcorp, Inc.
Selected Financial Data
(Dollars in thousands, except share data and per share data)
(Unaudited)
				For the Quarters Ended
				3/31/2019					12/31/2018					3/31/2018
Selected Balances
Total assets				$	1,419,763				$	1,351,576				$	1,078,697
Total investment securities					144,865					130,597					124,031
Total loans, net of deferred fees					1,178,941					1,136,743					921,231
Allowance for loan losses					(9,512	)				(9,159	)				(8,102	)
Total deposits					1,212,695					1,162,440					938,661
Subordinated debt					24,427					24,407					24,347
Other borrowings					–					–					12,500
Total stockholders’ equity					163,993					158,336					100,651
Summary Results of Operations
Interest income				$	15,960				$	15,640				$	11,341
Interest expense					4,196					3,823					2,578
Net interest income					11,764					11,817					8,763
Provision for loan losses					515					930					358
Net interest income after provision for loan losses					11,249					10,887					8,405
Noninterest income – loan fees, service charges and other					633					519					275
Noninterest income – bank owned life insurance					105					109					110
Noninterest income – gain (loss) on securities sold					–					(462	)				–
Noninterest expense					6,904					9,419					5,260
Income before taxes					5,083					1,634					3,530
Income tax expense					1,157					224					533
Net income					3,926					1,410					2,997
Per Share Data
Net income, basic				$	0.29				$	0.10				$	0.27
Net income, diluted				$	0.27				$	0.10				$	0.25
Book value				$	11.92				$	11.55				$	9.17
Tangible book value				$	11.32				$	10.90				$	9.16
Shares outstanding					13,755,249					13,712,615					10,990,572
Selected Ratios
Net interest margin (2)					3.65	%				3.59	%				3.39	%
Return on average assets (2)					1.16	%				0.42	%				1.13	%
Return on average equity (2)					9.74	%				3.65	%				12.03	%
Efficiency (1)					55.22	%				75.69	%				57.50	%
Loans, net of deferred fees to total deposits					97.22	%				97.79	%				98.14	%
Noninterest-bearing deposits to total deposits					20.92	%				20.07	%				19.11	%
Reconciliation of Net Income (GAAP) to Operating Earnings (Non-GAAP) (3)
Net income (from above)				$	3,926				$	1,410				$	2,997
Add: Merger and acquisition expense					67					2,668					–
Add: Loss on sales of securities available-for-sale					–					462					–
Less: provision for income taxes associated with merger and acquisition expense					(15	)				(649	)				– –
Net income, as adjusted				$	3,978				$	3,891				$	2,997
Net income, diluted, on an operating basis				$	0.27				$	0.26				$	0.25
Return on average assets (non-GAAP operating earnings)					1.17	%				1.16	%				1.13	%
Return on average equity (non-GAAP operating earnings)					9.86	%				10.07	%				12.03	%
Efficiency ratio (non-GAAP operating earnings)					54.69	%				54.25	%				57.50	%
Capital Ratios – Bank
Tangible common equity (to tangible assets)					11.03	%				11.16	%				9.32	%
Total capital (to risk weighted assets)					13.21	%				14.02	%				12.97	%
Common equity tier 1 capital (to risk weighted assets)					12.50	%				13.27	%				12.17	%
Tier 1 capital (to risk weighted assets)					12.50	%				13.27	%				12.17	%
Tier 1 leverage (to average assets)					12.57	%				12.41	%				11.62	%
Asset Quality
Nonperforming loans and loans 90+ past due				$	3,791				$	3,211				$	1,003
Performing troubled debt restructurings (TDRs)					4,092					203					1,624
Other real estate owned					3,866					4,224					3,866
Nonperforming loans and loans 90+ past due to total assets (excl. TDRs)					0.27	%				0.24	%				0.09	%
Nonperforming assets to total assets					0.54	%				0.55	%				0.45	%
Nonperforming assets (including TDRs) to total assets					0.83	%				0.57	%				0.60	%
Allowance for loan losses to loans					0.81	%				0.81	%				0.88	%
Allowance for loan losses to nonperforming loans					250.91	%				285.24	%				807.78	%
Net charge-offs (recovery)				$	162				$	347				$	(19	)
Net charge-offs (recovery) to average loans (2)					0.06	%				0.13	%				(0.01	)%
Selected Average Balances
Total assets				$	1,354,814				$	1,341,991				$	1,056,463
Total earning assets					1,307,278					1,305,573					1,033,427
Total loans, net of deferred fees					1,137,948					1,101,539					893,716
Total deposits					1,148,646					1,141,500					921,625
Other Data
Noninterest-bearing deposits				$	253,723				$	233,318				$	179,407
Interest-bearing checking, savings and money market					546,067					533,732					401,059
Time deposits					297,469					310,985					253,444
Wholesale deposits					115,436					84,405					104,751

(1) Efficiency ratio is calculated as noninterest expense divided by the sum of net interest income and noninterest income, excluding gains on sales of investment securities and other real estate owned.

(2) Annualized.

(3) 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 statements of income, balance sheets or statements of cash flows.

FVCBankcorp, Inc.
Summary Consolidated Statements of Condition
(Dollars in thousands)
(Unaudited)
														% Change									% Change
														Current									From
				3/31/2019					12/31/2018					Quarter				3/31/2018					Year Ago
Cash and due from banks				$	13,404				$	9,435				42.1	%			$	8,258				62.3	%
Interest-bearing deposits at other financial institutions					30,359					34,060				-10.9	%				3,898				678.8	%
Investment securities					139,474					125,298				11.3	%				119,806				16.4	%
Restricted stock, at cost					5,391					5,299				1.7	%				4,225				27.6	%
Loans, net of fees:
Commercial real estate					693,439					682,203				1.6	%				581,464				19.3	%
Commercial and industrial					137,869					137,080				0.6	%				98,985				39.3	%
Commercial construction					187,760					152,526				23.1	%				100,176				87.4	%
Consumer residential					132,638					132,280				0.3	%				110,404				20.1	%
Consumer nonresidential					27,235					32,654				-16.6	%				30,202				-9.8	%
Total loans, net of fees					1,178,941					1,136,743				3.7	%				921,231				28.0	%
Allowance for loan losses					(9,512	)				(9,159	)			3.9	%				(8,102	)			17.4	%
Loans, net					1,169,429					1,127,584				3.7	%				913,129				28.1	%
Premises and equipment, net					2,218					2,271				-2.3	%				1,349				64.4	%
Goodwill and intangibles, net					8,342					8,443				-1.2	%				– –				100.0	%
Bank owned life insurance (BOLI)					16,511					16,406				0.6	%				16,079				2.7	%
Other real estate owned					3,866					4,224				-8.5	%				3,866				0.0	%
Other assets					30,769					18,556				65.8	%				8,087				280.5	%
Total Assets				$	1,419,763				$	1,351,576				5.0	%			$	1,078,697				31.6	%
Deposits:
Noninterest-bearing				$	253,723				$	233,318				8.7	%			$	179,407				41.4	%
Interest-bearing checking					284,150					312,446				-9.1	%				201,949				40.7	%
Savings and money market					261,917					221,286				18.4	%				199,110				31.5	%
Time deposits					297,469					310,985				-4.3	%				253,444				17.4	%
Wholesale deposits					115,436					84,405				36.8	%				104,751				10.2	%
Total deposits					1,212,695					1,162,440				4.3	%				938,661				29.2	%
Other borrowed funds					– –					– –				0.0	%				12,500				-100.0	%
Subordinated notes, net of issuance costs					24,427					24,407				0.1	%				24,347				0.3	%
Other liabilities					18,648					6,393				191.7	%				2,538				634.8	%
Stockholders’ equity					163,993					158,336				3.6	%				100,651				62.9	%
Total Liabilities & Stockholders’ Equity				$	1,419,763				$	1,351,576				5.0	%			$	1,078,697				31.6	%

FVCBankcorp, Inc.
Summary Consolidated Income Statements
(In thousands, except per share data)
(Unaudited)
				For the Three Months Ended
														% Change								% Change
														Current								From
				3/31/2019					12/31/2018					Quarter				3/31/2018				Year Ago
Net interest income				$	11,764				$	11,817				-0.4	%			$	8,763			34.2	%
Provision for loan losses					515					930				-44.6	%				358			43.9	%
Net interest income after provision for loan losses					11,249					10,887				3.3	%				8,405			33.8	%
Noninterest income:
Fees on loans					347					249				39.4	%				58			498.3	%
Service charges on deposit accounts					182					184				-1.1	%				141			29.1	%
Gains on sale of securities available-for-sale					– –					(462)				100.0	%				– –			0.0	%
BOLI income					105					109				-3.7	%				110			-4.5	%
Other fee income					104					86				20.9	%				76			36.8	%
Total noninterest income					738					166				344.6	%				385			91.7	%
Noninterest expense:
Salaries and employee benefits					3,938					4,008				-1.7	%				3,185			23.6	%
Occupancy and equipment expense					827					781				5.9	%				571			44.8	%
Data processing and network administration					439					347				26.5	%				269			63.2	%
State franchise taxes					422					296				42.6	%				296			42.6	%
Professional fees					130					214				-39.3	%				156			-16.7	%
Merger and acquisition expense					67					2,668				-97.5	%				– –			100.0	%
Other operating expense					1,081					1,105				-2.2	%				783			38.1	%
Total noninterest expense					6,904					9,419				-26.7	%				5,260			31.3	%
Net income before income taxes					5,083					1,634				211.1	%				3,530			44.0	%
Income tax expense					1,157					224				416.5	%				533			117.1	%
Net Income				$	3,926				$	1,410				178.4	%			$	2,997			31.0	%
Earnings per share – basic				$	0.29				$	0.10				186.1	%			$	0.27			4.8	%
Earnings per share – diluted				$	0.27				$	0.10				165.6	%			$	0.25			6.3	%
Weighted-average common shares outstanding – basic					13,724,232					13,575,616									10,934,318
Weighted-average common shares outstanding – diluted					14,779,955					14,700,167									12,053,053
Reconciliation of Net Income (GAAP) to Operating Earnings (Non-GAAP):
GAAP net income reported above				$	3,926				$	1,410								$	2,997
Add: Merger and acquisition expense above					67					2,668									– –
Add: Loss on sales of securities available-for-sale					– –					462									– –
Subtract: provision for income taxes associated with merger and acquisition expense					(15)					(649)									– –
Net income, excluding above merger and acquisition charges				$	3,978				$	3,891								$	2,997
Earnings per share – basic (excluding merger and acquisition charges)				$	0.29				$	0.29								$	0.27
Earnings per share – diluted (excluding merger and acquisition charges)				$	0.27				$	0.26								$	0.25
Return on average assets (non-GAAP operating earnings)					1.17%					1.16%									1.13%
Return on average equity (non-GAAP operating earnings)					9.86%					10.07%									12.03%
Efficiency ratio (non-GAAP operating earnings)					54.69%					54.25%									57.50%

FVCBankcorp, Inc.
Average Statements of Condition and Yields on Earning Assets and Interest-Bearing Liabilities
(Dollars in thousands)
(Unaudited)
				For the Three Months Ended
				3/31/2019									12/31/2018									3/31/2018
				Average					Average				Average					Average				Average					Average
				Balance					Yield				Balance					Yield				Balance					Yield
Interest-earning assets:
Loans receivable, net of fees (1)
Commercial real estate				$	679,268				4.72	%			$	668,609				4.91	%			$	538,334				4.63	%
Commercial and industrial					134,803				6.63	%				127,520				5.86	%				94,596				5.17	%
Commercial construction					158,880				5.73	%				148,745				5.81	%				122,182				4.85	%
Consumer residential					133,939				5.26	%				130,222				5.09	%				108,815				4.31	%
Consumer nonresidential					31,058				7.58	%				26,443				7.23	%				29,789				6.22	%
Total loans					1,137,948				5.23	%				1,101,539				5.22	%				893,716				4.73	%
Investment securities (2)(3)					144,109				2.72	%				136,099				2.69	%				122,860				2.27	%
Interest-bearing deposits at other financial institutions					25,221				1.95	%				67,935				2.08	%				16,851				1.09	%
Total interest-earning assets					1,307,278				4.88	%				1,305,573				4.79	%				1,033,427				4.39	%
Non-interest earning assets:
Cash and due from banks					5,807									3,459									2,532
Premises and equipment, net					2,294									2,172									1,229
Accrued interest and other assets					48,489									39,404									27,102
Allowance for loan losses					(9,054	)								(8,617	)								(7,827	)
Total Assets				$	1,354,814								$	1,341,991								$	1,056,463
Interest-bearing liabilities:
Interest checking				$	296,010				1.27	%			$	259,202				1.32	%			$	187,251				0.87	%
Savings and money market					235,926				1.46	%				303,375				1.18	%				188,911				0.96	%
Time deposits					307,780				1.93	%				302,838				1.89	%				263,736				1.40	%
Wholesale deposits					74,781				2.42	%				33,557				1.79	%				107,265				1.47	%
Total interest-bearing deposits					914,497				1.66	%				898,972				1.47	%				747,163				1.17	%
Other borrowed funds					9,302				2.68	%				15,693				2.35	%				8,327				1.72	%
Subordinated notes, net of issuance costs					24,414				6.56	%				24,394				6.42	%				24,334				6.58	%
Total interest-bearing liabilities					948,213				1.79	%				939,059				1.62	%				779,824				1.34	%
Noninterest-bearing liabilities:
Noninterest-bearing deposits					234,149									242,528									174,462
Other liabilities					11,170									5,883									2,519
Stockholders’ equity					161,282									154,521									99,658
Total Liabilities and Stockholders’ Equity				$	1,354,814								$	1,341,991								$	1,056,463
Net Interest Margin (1)									3.65	%								3.59	%								3.39	%

Contacts

David W. Pijor, Chairman and Chief Executive Officer
Phone: (703)
436-3802
Email: [email protected]

Patricia A. Ferrick, President
Phone: (703) 436-3822
Email: [email protected]

Read full story here