FVCBankcorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017
January 25, 2018 at 04:00 pm
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FVCBankcorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported interest income $10,801,000 against $8,757,000 a year ago. Net interest income was $8,451,000 against $7,104,000 a year ago. Income before taxes was $4,563,000 against $2,575,000 a year ago. Net income was $1,005,000 against $1,740,000 a year ago. Net income, diluted was $0.08 against $0.16 a year ago. Return on average assets was 1.19% against 0.81% a year ago. Return on average equity was 12.14% against 8.66% a year ago.
For the year, the company reported interest income $40,302,000 against $32,587,000 a year ago. Net interest income was $32,107,000 against $27,200,000 a year ago. Income before taxes was $14,536,000 against $10,503,000 a year ago. Net income was $7,690,000 against $6,932,000 a year ago. Net income, diluted was $0.67 against $0.63 a year ago. Return on average assets was 1.01% against 0.88% a year ago. Return on average equity was 10.88% against 8.91% a year ago. Tangible book value per share at December 31, 2017 was $9.03, an increase from $7.83 at December 31, 2016.
FVCBankcorp, Inc. is a holding company. The Company operates primarily through its subsidiary, FVCbank (the Bank), which is a community oriented, locally-owned and managed commercial bank. It emphasizes providing commercial banking services to small and medium-sized businesses, professionals, non-profit organizations and associations, and investors living and working in and near its service area. It offers retail banking services to accommodate the individual needs of both corporate customers as well as the communities it serves. The Company also offers online banking, mobile banking and a remote deposit service. The Company provides a variety of lending products to small and medium-sized businesses, including commercial real estate loans; commercial construction loans, and Small Business Administration (SBA) lending. Through third party networks, the Company offers its customers access to a full range of business insurance products and business and consumer credit card products.