FVCBankcorp, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>FVCBankcorp, Inc. has filed its 2023 10-K report, providing a comprehensive overview of its financial performance and position.</b>

AI Summary

FVCBankcorp, Inc. (FVCB) filed a Annual Report (10-K) with the SEC on March 21, 2024. FVCBankcorp, Inc. filed its 2023 Form 10-K on March 21, 2024, reporting on the fiscal year ending December 31, 2023. The filing details financial data including common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income for the fiscal years 2021, 2022, and 2023. Key financial statement items such as Retained Earnings and Accumulated Other Comprehensive Income were subject to adjustments related to accounting standards updates. The company's business address is located at 11325 Random Hills Road, Suite 240, Fairfax, VA 22030. The filing references specific valuation techniques and measurement inputs, including 'Discounted Appraised Value' and 'Cost to Sell'.

Why It Matters

For investors and stakeholders tracking FVCBankcorp, Inc., this filing contains several important signals. This 10-K filing provides investors with detailed financial statements and disclosures for the fiscal year 2023, enabling a thorough assessment of FVCBankcorp's financial health and operational performance. The inclusion of specific accounting standard updates and adjustments highlights the company's commitment to transparent financial reporting and compliance with evolving regulatory requirements.

Risk Assessment

Risk Level: low — FVCBankcorp, Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) with no immediate red flags, indicating a routine disclosure of financial information.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand FVCBankcorp's performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period for the 10-K)
• 2024-03-21 — Filing Date (Date the 10-K was filed with the SEC)
• 6022 — SIC Code (Standard Industrial Classification for Commercial Banks)

Key Players & Entities

• FVCBankcorp, Inc. (company) — Filer of the 10-K report
• Fairfax, VA (location) — Business and mailing address location
• 2023-12-31 (date) — Fiscal year end date
• 2024-03-21 (date) — Filing date of the 10-K

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K
• 2024-03-21: Filing Date — Date the 10-K was officially submitted to the SEC

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (Provides a detailed overview of FVCBankcorp's financial health and operations for the fiscal year 2023.)

Common Stock

A security that represents ownership in a corporation and entitles the owner to a proportion of the corporation's assets and profits. (Key component of the company's equity structure, detailed in the financial statements.)

Retained Earnings

The cumulative amount of net income of a corporation that has not been distributed to its shareholders as dividends. (Indicates the company's profitability and its ability to reinvest earnings back into the business.)

Key Financial Figures

• $0.01 — nge on Which Registered: Common Stock, $0.01 par value FVCB The Nasdaq Stock Market
• $58.9 million — nk of Virginia ("1 st Commonwealth"), a $58.9 million asset savings and loan association in A
• $20.4 million — tlantic Coast Mortgage, LLC ("ACM") for $20.4 million to obtain a 28.7% ownership interest in
• $298.3 billion — he Washington MSA had total deposits of $298.3 billion and the Baltimore MSA had total deposit
• $96.5 b — the Baltimore MSA had total deposits of $96.5 billion, based on Federal Deposit Insuran
• $111,252 — on MSA had a median household income of $111,252, which ranks as sixth highest among all
• $90,505 — re MSA had a median household income of $90,505 which represented 4.0% growth over the
• $311.4 million — ments to government contractors totaled $311.4 million at December 31, 2023. Government contra

Filing Documents

• fvcb-20231231.htm (10-K) — 3486KB
• fvcb-20231231xex4d3.htm (EX-4.3) — 25KB
• fvcb-20231231xex21.htm (EX-21.1) — 3KB
• fvcb-20231231xex23d1.htm (EX-23.1) — 2KB
• fvcb-20231231xexx311.htm (EX-31.1) — 8KB
• fvcb-20231231xexx312.htm (EX-31.2) — 8KB
• fvcb-20231231xexx321.htm (EX-32.1) — 4KB
• fvcb-20231231xexx322.htm (EX-32.2) — 4KB
• a2023fvcclawbackpolicy.htm (EX-97) — 29KB
• fvcb-20231231_g1.jpg (GRAPHIC) — 5KB
• fvcb-20221231xex23d1001.jpg (GRAPHIC) — 6KB
• 0001675644-24-000036.txt (&nbsp;) — 17723KB
• fvcb-20231231.xsd (EX-101.SCH) — 88KB
• fvcb-20231231_cal.xml (EX-101.CAL) — 154KB
• fvcb-20231231_def.xml (EX-101.DEF) — 536KB
• fvcb-20231231_lab.xml (EX-101.LAB) — 1049KB
• fvcb-20231231_pre.xml (EX-101.PRE) — 849KB
• fvcb-20231231_htm.xml (XML) — 3642KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 19 Item 1B. Unresolved Staff Comments 31

C

Item 1 C . Cyber s ecurit y 32 Item 2.

Properties

Properties 33 Item 3.

Legal Proceedings

Legal Proceedings 33 Item 4. Mine Safety Disclosures 32 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34 Item 6. [Reserved] 35 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 35 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 59 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 60 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 111 Item 9A.

Controls and Procedures

Controls and Procedures 111 Item 9B. Other Information 111 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 107 PART III Item 10. Directors, Executive Officers and Corporate Governance 113 Item 11.

Executive Compensation

Executive Compensation 113 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 113 Item 13. Certain Relationships and Related Transactions, and Director Independence 113 Item 14. Principal Accountant Fees and Services 113 PART IV Item 15. Exhibit and Financial Statement Schedules 114 Item 16. Form 10-K Summary 110 2 Table of Contents Cautionary Note About Forward-Looking Statements This Annual Report on Form 10-K, as well as other periodic reports filed with the U.S. Securities and Exchange Commission ("SEC"), and written or oral communications made from time to time by or on behalf of FVCBankcorp, Inc. and its subsidiary ("Company"), 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 phases of similar meaning. We caution that the forward-looking statements are based largely on our 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 our 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 our financi

Business

Item 1. Business Overview The Company is a registered bank holding company headquartered in Fairfax, Virginia. We operate primarily through our sole subsidiary, FVCbank, (the "Bank"), a community oriented, locally-owned and managed commercial bank organized under the laws of the Commonwealth of Virginia. We serve the banking needs of commercial businesses, nonprofit organizations, professional service entities, and their respective owners and employees located in the greater Washington, D.C. and Baltimore metropolitan areas. The Company was established as the holding company for the Bank in 2015. Since the Bank began operations in November 2007, it has grown largely organically, through de novo branch expansion, banker and customer acquisition, and two whole-bank acquisitions. In 2012, we completed the acquisition of 1st Commonwealth Bank of Virginia ("1 st Commonwealth"), a $58.9 million asset savings and loan association in Arlington, Virginia. On October 12, 2018, we completed our acquisition of Colombo Bank ("Colombo"), which was headquartered in Rockville, Maryland, and which added banking locations in Washington, D.C., and Montgomery County and the City of Baltimore in Maryland. Our acquisition of Colombo supported our business allowing us to expand our presence in adjacent markets where we lend, but in which we had no physical presence. Our strong infrastructure and wide range of products and services allowed us to develop deeper relationships with Colombo's customers, as well as enhance our platform for generating new relationships. On August 31, 2021, we announced that the Bank made an investment in Atlantic Coast Mortgage, LLC ("ACM") for $20.4 million to obtain a 28.7% ownership interest in ACM. The Bank provides a warehouse lending facility to ACM, which includes a construction-to-permanent financing line, and has developed portfolio mortgage products to diversify our held to investment loan portfolio. Market Area We operate in one of the most ec

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View this 10-K filing on SEC EDGAR