FVCBankcorp reports Q4 net loss of $5.1M on securities repositioning; full-year EPS drops to $0.21

FVCBankcorp, Inc.

2023-FY EPS reported $0.21 revenue$1,474,000

Q4 net loss of $5.1M ($0.28 diluted loss per share) vs net income of $4.9M ($0.27) in Q4 2022.
Full-year 2023 net income $3.8M ($0.21 diluted EPS) down from $25.0M ($1.35) in 2022.
Sold $61.4M of low-yield securities, recording $8.5M after-tax loss; reduces future interest rate risk.
Nonperforming loans fell 59% to $1.8M (0.08% of total assets); net charge-offs only $49k.
Cost actions: lease write-offs and severance reduce 2024 operating expenses by over $1.0M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.96

FVCBankcorp, Inc. reported the fourth quarter and full year of 2023 results: net income net loss of $5.1 million, or $0.28 diluted loss per share, for the quarter ended December 31, 2023.

Period: the fourth quarter and full year of 2023
Net income: net loss of $5.1 million, or $0.28 diluted loss per share, for the quarter ended December 31, 2023
Result: reported results

Exact text from the filing

On January 23, 2024, FVCBankcorp, Inc. (the “Company”) issued a press release reporting its financial results for the period ended December 31, 2023.

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Source: SEC EDGAR

accession 0001675644-24-000005

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