FVCBankcorp reports Q1 EPS 7c, two estimates 19c

Net interest income increased $133 thousand to $12.8 million, or 1%, compared to $12.7 million for the fourth quarter of 2023. David W. Pijor, Esq., CEO said: “We are pleased that our continued efforts to improve our net interest margin and to decrease noninterest expense are demonstrated in our results for the first quarter of 2024. The surrender of $48.0 million in BOLI, which was only paying the Bank 3.34% on a tax-equivalent basis, will further improve our net interest income and margin going forward. We continue to increase core relationships in our market area, through both the origination of over $42 million in new loans this quarter and $113 million in new non-time deposit accounts. We remain committed to providing personalized client service coupled, with innovative technology which continues to drive new customer relationships through the efforts of our dedicated team of bankers who exemplify our Bank’s core values each day.”