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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2025

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _______ to _________

Commission File Number: 001-38647

FVCBankcorp, Inc.

(Exact name of registrant as specified in its charter)


Virginia						47-5020283
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


11325 Random Hills Road
Suite 240
Fairfax,	Virginia	22030
(Address of principal executive offices)		(Zip Code)

(703) 436-3800

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, $0.01 par value

FVCB

The Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o

Accelerated filer o

Non-accelerated filer x

Smaller reporting company x

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Table of Contents

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

17,991,528 shares of common stock, par value $0.01 per share, outstanding as of May 9, 2025.

Table of Contents

FVCBankcorp, Inc.

INDEX TO FORM 10-Q


PART I — FINANCIAL INFORMATION			3

Item 1. Financial Statements:			3

Consolidated Statements of Condition at March 31, 2025 (unaudited) and December 31, 2024			4

Consolidated Statements of Income For the Three Months Ended March 31, 2025 and 2024 (unaudited)			5

Consolidated Statements of Comprehensive Income For the Three Months Ended March 31, 2025 and 2024 (unaudited)			6

Consolidated Statements of Cash Flows For the Three Months Ended March 31, 2025 and 2024 (unaudited)			7

Consolidated Statements of Changes in Stockholders’ Equity For the Three Months Ended March 31, 2025 and 2024 (unaudited)			8

Notes to Unaudited Consolidated Financial Statements			9

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			32

Item 3. Quantitative and Qualitative Disclosures About Market Risk			55

Item 4. Controls and Procedures			55

PART II — OTHER INFORMATION			55

Item 1. Legal Proceedings			55

Item 1A. Risk Factors			55

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			55

Item 3. Defaults Upon Senior Securities			55

Item 4. Mine Safety Disclosures			55

Item 5. Other Information			55

Item 6. Exhibits			55

SIGNATURES			56

Table of Contents

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

FVCBankcorp, Inc. and Subsidiary

Consolidated Statements of Condition

March 31, 2025 and December 31, 2024

(In thousands, except share data)

[Unaudited


			March 31, 2025		December 31, 2024

Assets
Cash and due from banks			$	12,957	$	8,161
Interest-bearing deposits at other financial institutions			110,973		82,789
Securities held-to-maturity (fair value of $257 thousand and $256 thousand at March 31, 2025 and December 31, 2024, respectively), net of allowance for credit losses of $0 and $0 at March 31, 2025 and December 31, 2024, respectively			265		265
Securities available-for-sale, at fair value			158,717		156,475
Restricted stock, at cost			7,774		8,186
Loans, net of allowance for credit losses of $18.4 million and $18.1 million at March 31, 2025 and December 31, 2024, respectively			1,863,711		1,852,106
Premises and equipment, net			814		858
Accrued interest receivable			10,114		10,315
Prepaid expenses			3,537		3,413
Deferred tax assets, net			12,870		13,273
Goodwill and intangibles, net			7,385		7,420
Bank owned life insurance			9,289		9,219

Operating lease right-of-use assets			6,779		7,124
Other assets			35,612		39,346
Total assets			$	2,240,797	$	2,198,950
Liabilities and Stockholders' Equity
Liabilities
Deposits:
Nonnterest-bearing			$	367,124	$	365,666
Interest-bearing checking			617,845		623,811
Savings and money market			396,791		383,087
Time deposits			274,949		248,154
Wholesale deposits			249,912		249,887
Total deposits			$	1,906,621	$	1,870,605


Other borrowed funds			$	50,000	$	50,000
Subordinated notes, net of issuance costs			18,709		18,695
Accrued interest payable			2,338		2,505
Operating lease liabilities			7,271		7,638
Reserves for unfunded commitments			557		510
Accrued expenses and other liabilities			12,973		13,643
Total liabilities			$	1,998,469	$	1,963,596



Shareholders' Equity	2025	2024
Preferred stock, $0.01 par value
Shares authorized	1,000,000	1,000,000
Shares issued and outstanding	—	—	$	—	$	—
Common stock, $0.01 par value
Shares authorized	20,000,000	20,000,000
Shares issued and outstanding	18,406,216	18,204,455	184		182
Additional paid-in capital			127,898		127,471
Retained earnings			136,132		130,967
Accumulated other comprehensive (loss), net			(21,886)		(23,266)
Total shareholders' equity			$	242,328	$	235,354
Total liabilities and shareholders' equity			$	2,240,797	$	2,198,950

See Notes to Consolidated Financial Statements.

Table of Contents

FVCBankcorp, Inc. and Subsidiary

Consolidated Statements of Income

For the Three Months Ended March 31, 2025 and 2024

(In thousands, except per share data)

(Unaudited)


	For the Three Months Ended March 31,
		2025		2024
Interest and Dividend Income
Interest and fees on loans		$	26,553	$	25,314
Interest and dividends on securities held-to-maturity		3		1
Interest and dividends on securities available-for-sale		914		964
Dividends on restricted stock		124		176
Interest on deposits at other financial institutions		963		372
Total interest and dividend income		$	28,557	$	26,827
Interest Expense
Interest on deposits		$	12,792	$	12,541

Interest on short-term debt		468		1,237
Interest on subordinated notes		245		257
Total interest expense		$	13,505	$	14,035
Net Interest Income		$	15,052	$	12,792
Provision for credit losses		200		—
Net interest income after provision for credit losses		$	14,852	$	12,792
Noninterest Income
Service charges on deposit accounts		$	270	$	261



BOLI income		70		190
Gain (loss) income from minority membership interests		141		(203)

Other income		190		147
Total noninterest income		$	671	$	395
Noninterest Expenses
Salaries and employee benefits		$	4,783	$	4,531
Occupancy and equipment expense		529		522
Data processing and network administration		619		635
Internet banking and software expense		825		694
State franchise taxes		596		589
FDIC insurance		330		345
Marketing, business development and advertising		169		204
Loan related expenses		279		222
Director's fees		150		135
Core deposit intangible amortization		35		45
Other operating expenses		818		703
Total noninterest expenses		$	9,133	$	8,625
Net income before income tax expense		$	6,390	$	4,562
Income tax expense		1,225		3,222
Net income		$	5,165	$	1,340
Earnings per share, basic		$	0.28	$	0.08
Earnings per share, diluted		$	0.28	$	0.07

See Notes to Consolidated Financial Statements.

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FVCBankcorp, Inc. and Subsidiary

Consolidated Statements of Comprehensive Income

For the Three Months Ended March 31, 2025 and 2024

(In thousands)

(Unaudited)


	For the Three Months Ended March 31,
		2025		2024
Net income		$	5,165	$	1,340
Other comprehensive income:
Unrealized gain (loss) on securities available for sale, net of tax expense of $1,058 thousand for the three months ended March 31, 2025 and net of tax benefit of $435 thousand for the three months ended March 31, 2024.		3,578		(1,544)
Unrealized (loss) gain on interest rate swaps, net of tax benefit of $637 thousand for the three months ended March 31, 2025 and net of tax expense of $911 thousand for the three months ended March 31, 2024.		(2,198)		3,231

Total other comprehensive income		$	1,380	$	1,687
Total comprehensive income		$	6,545	$	3,027

See Notes to Consolidated Financial Statements.

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FVCBankcorp, Inc. and Subsidiary

Consolidated Statements of Cash Flows

For the Three Months Ended March 31, 2025 and 2024

(In thousands)

(Unaudited)



	2025		2024
Cash Flows From Operating Activities
Net income	$	5,165	$	1,340
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	60		77
Provision for credit losses	200		—
Net amortization of premium of securities	47		57
Net accretion of deferred loan costs, fees, and other acquisition accounting adjustments	(403)		(377)



Loss (income) from minority membership interest	(141)		203



Amortization of subordinated debt issuance costs	13		13
Core deposits intangible amortization	35		45

Equity-based compensation expense	219		135
BOLI income	(70)		(190)

Changes in assets and liabilities:
Increase in accrued interest receivable, prepaid expenses and other assets	1,463		1,258
Increase (decrease) in accrued interest payable, accrued expenses and other liabilities	(1,172)		4,591
Net cash provided by operating activities	$	5,416	$	7,152
Cash Flows From Investing Activities
(Decrease) in interest-bearing deposits at other financial institutions	$	(28,184)	$	(21,118)
Purchases of available-for-sale securities	(989)		—


Proceeds from repayments of securities available-for-sale	3,336		2,762
Net redemption of restricted stock	412		1,771
Net (increase) in loans	(11,404)		(23,775)
Proceeds from surrender of bank-owned life insurance	—		47,774



Purchases of premises and equipment, net	(16)		(14)
Net cash provided by (used in) investing activities	$	(36,845)	$	7,400
Cash Flows From Financing Activities
Net increase (decrease) in non-maturing deposits	$	9,195	$	(40,637)
Net increase in time deposits	26,819		52,610
Redemption of subordinated debt, net	1		—

Net decrease in FHLB advances	—		(28,000)

Repurchase of shares to satisfy tax withholding for stock-based compensation	(27)		(27)


Common stock issuance	237		396
Net cash (used in) provided by financing activities	$	36,225	$	(15,658)
Net increase (decrease) in cash and cash equivalents	$	4,796	$	(1,106)
Cash and cash equivalents, beginning of year	8,161		8,042
Cash and cash equivalents, end of period	$	12,957	$	6,936

See Notes to Consolidated Financial Statements.

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FVCBankcorp, Inc. and Subsidiary

Consolidated Statements of Changes in Stockholders' Equity

For the Three Months Ended March 31, 2025 and 2024

(In thousands)


	Shares	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss), net		Total
Balance at December 31, 2023	17,807	$	178	$	125,209	$	115,890	$	(24,160)	$	217,117
Net income	—	—		—		1,340		—		1,340
Impact of adoption of ASU 2023-02	—	—		—		13		—		13
Other comprehensive income	—	—		—		—		1,687		1,687

Common stock issuance for options exercised, net	70	1		395		—		—		396
Vesting of restricted stock grants, net	27	—		(27)		—		—		(27)

Stock-based compensation expense	—	—		135		—		—		135
Balance at March 31, 2024	17,904	$	179	$	125,712	$	117,243	$	(22,473)	$	220,661








Balance at December 31, 2024	18,204	182		127,471		130,967		(23,266)		235,354
Net income	—	—		—		5,165		—		5,165

Other comprehensive income	—	—		—		—		1,380		1,380

Common stock issuance for options exercised, net	171	2		235		—		—		237
Vesting of restricted stock grants, net	31	—		(27)		—		—		(27)

Stock-based compensation expense	—	—		219		—		—		219
Balance at March 31, 2025	18,406	$	184	$	127,898	$	136,132	$	(21,886)	$	242,328

See Notes to Consolidated Financial Statements.

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Notes to Consolidated Financial Statements

($ in thousands, except per share data)

Note 1. Organization and Summary of Significant Accounting Policies

Organization

FVCBankcorp, Inc. (the "Company"), a Virginia corporation, was formed in 2015 and is registered as a bank holding company under the Bank Holding Company Act of 1956, as amended. The Company is headquartered in Fairfax, Virginia. The Company conducts its business activities through the branch offices of its wholly owned subsidiary bank, FVCbank (the "Bank"). The Company exists primarily for the purposes of holding the stock of its subsidiary, the Bank.

The Bank was organized under the laws of the Commonwealth of Virginia to engage in a general banking business serving the Washington, D.C. and Baltimore metropolitan areas. The Bank commenced operations on November 27, 2007 and is a member of the Federal Reserve System (the "Federal Reserve"). It is supervised and regulated by the Board of Governors of the Federal Reserve and the Bureau of Financial Institutions of the Virginia State Corporation Commission. Consequently, it undergoes periodic examinations by these regulatory authorities.

Basis of Presentation

The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and follow general practice within the banking industry. Accordingly, the unaudited consolidated financial statements do not include all the information and footnotes required by GAAP for complete financial statements; however, in the opinion of management, all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the results of the interim periods presented have been made. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s audited financial statements for the year ended December 31, 2024. Certain prior period amounts have been reclassified to conform to current period presentation. There is no impact to Shareholder's Equity or Net Income from these adjustments.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and the Bank. All material intercompany balances and transactions have been eliminated in consolidation.

Significant Accounting Policies

The accounting and reporting policies of the Company are in accordance with GAAP and conform to general practices within the banking industry.

Recent Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” ASU 2024-03 requires public companies to disclose, in the notes to the financial statements, specific information about certain costs and expenses at each interim and annual reporting period. This includes disclosing amounts related to employee compensation, depreciation, and intangible asset amortization. In addition, public companies will need to provide qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. The FASB subsequently issued ASU 2025-01, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date”, which amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in ASU 2024-03 in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption of ASU 2024-03 is permitted. Implementation of ASU 2024-03 may be applied prospectively or retrospectively. The Company does not expect the adoption of ASU 2024-03 to have a material impact on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The amendments in this ASU require an entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, which is greater than five percent of

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Notes to Consolidated Financial Statements

($ in thousands, except per share data)

the amount computed by multiplying pretax income by the entity’s applicable statutory rate, on an annual basis. Additionally, the amendments in this ASU require an entity to disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions that are equal to or greater than five percent of total income taxes paid (net of refunds received). Lastly, the amendments in this ASU require an entity to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. This ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis; however, retrospective application is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements.

Note 2. Securities

Amortized cost and fair values of securities held-to-maturity and securities available-for-sale as of March 31, 2025 and December 31, 2024, were as follows:


	March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Held-to-maturity
Securities of state and local municipalities tax exempt	$	265	$	—	$	(8)	$	257
Total Held-to-maturity Securities	$	265	$	—	$	(8)	$	257
Available-for-sale
Securities of U.S. government and federal agencies	$	9,998	$	—	$	(1,194)	$	8,804

Securities of state and local municipalities taxable	395		—		(55)		340
Corporate bonds	19,000		—		(1,491)		17,509
SBA pass-through securities	44		—		(3)		41
Mortgage-backed securities	155,666		—		(27,333)		128,333
Collateralized mortgage obligations	$	4,398	$	—	$	(708)	$	3,690
Total Available-for-sale Securities	$	189,501	$	—	$	(30,784)	$	158,717


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Held-to-maturity
Securities of state and local municipalities tax exempt	$	265	$	—	$	(9)	$	256
Total Held-to-maturity Securities	$	265	$	—	$	(9)	$	256
Available-for-sale
Securities of U.S. government and federal agencies	$	9,998	$	—	$	(1,437)	$	8,561

Securities of state and local municipalities taxable	404		—		(55)		349
Corporate bonds	19,000		—		(1,883)		17,117
SBA pass-through securities	48		—		(3)		45
Mortgage-backed securities	158,956		—		(31,280)		127,676
Collateralized mortgage obligations	3,488		—		(761)		2,727
Total Available-for-sale Securities	$	191,894	$	—	$	(35,419)	$	156,475

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Notes to Consolidated Financial Statements

($ in thousands, except per share data)

No allowance for credit losses was recognized as of March 31, 2025 and December 31, 2024 related to the Company's investment portfolio.

The Company had no securities pledged to secure borrowings at March 31, 2025 and December 31, 2024, respectively. The Company had securities of $20.2 million and $55.1 million pledged to secure public deposits at March 31, 2025 and December 31, 2024, respectively.

The Company monitors the credit quality of held-to-maturity securities through the use of credit ratings. The Company monitors credit ratings on a periodic basis. The following table summarizes the amortized cost of held-to-maturity securities at March 31, 2025 and December 31, 2024, aggregated by credit quality indicator:


Held-to-Maturity: State maturity municipal and tax exempt	March 31, 2025		December 31, 2024
Aa3	$	265	$	265
Total	$	265	$	265

The following tables show the fair value and gross unrealized losses, aggregated by investment category and length of time that individual available-for-sale securities have been in a continuous unrealized loss position, at March 31, 2025 and December 31, 2024, respectively. The reference point for determining when securities are in an unrealized loss position is month-end. Therefore, it is possible that a security’s market value exceeded its amortized cost on other days during the past twelve-month period. Available-for-sale securities that have been in a continuous unrealized loss position as of March 31, 2025 are as follows:


	Less Than 12 Months				12 Months or Longer				Total
At March 31, 2025	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Securities of U.S. government and federal agencies	$	—	$	—	$	8,804	$	(1,194)	$	8,804	$	(1,194)

Securities of state and local municipalities taxable	—		—		340		(55)		340		(55)
Corporate bonds	645		(105)		16,864		(1,386)		17,509		(1,491)
SBA pass-through securities	—		—		41		(3)		41		(3)
Mortgage-backed securities	—		—		126,432		(27,351)		126,432		(27,351)
Collateralized mortgage obligations	972		(17)		2,718		(691)		3,690		(708)
Total	$	1,617	$	(122)	$	155,199	$	(30,680)	$	156,816	$	(30,802)

Available-for-sale securities that have been in a continuous unrealized loss position as of December 31, 2024 are as follows:

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Notes to Consolidated Financial Statements

($ in thousands, except per share data)


	Less Than 12 Months				12 Months or Longer				Total
At December 31, 2024	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Securities of U.S. government and federal agencies	$	—	$	—	$	8,561	$	(1,437)	$	8,561	$	(1,437)

Securities of state and local municipalities taxable	—		—		349		(55)		349		(55)
Corporate bonds	645		(105)		16,472		(1,778)		17,117		(1,883)
SBA pass-through securities	—		—		45		(3)		45		(3)
Mortgage-backed securities	1,856		(28)		125,820		(31,252)		127,676		(31,280)
Collateralized mortgage obligations	—		—		2,727		(761)		2,727		(761)
Total	$	2,501	$	(133)	$	153,974	$	(35,286)	$	156,475	$	(35,419)

Securities of U.S. government and federal agencies: The unrealized losses on two available-for-sale securities were caused by interest rate increases. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments.

Securities of state and local municipalities tax-exempt: The unrealized loss on one of the investments in securities of state and local municipalities was caused by interest rate increases. The contractual terms of this investment does not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. The investment carries an S&P investment grade rating of AA3.

Securities of state and local municipalities taxable: The unrealized loss on one of the investments in securities of state and local municipalities was caused by interest rate increases. The contractual terms of this investment do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investment. The investment carries an S&P investment grade rating of AAA.

Corporate bonds: The unrealized losses on 14 of the investments in corporate bonds were caused by interest rate increases. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. Some of these investments do not carry a rating.

SBA pass-through securities: The unrealized losses on one available-for-sale security was caused by interest rate increases. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments.

Mortgage-backed securities: The unrealized losses on the Company’s investment on 36 mortgage-backed securities were caused by interest rate increases. The contractual cash flows of those investments are guaranteed by an agency of the U.S. Government. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost basis of the Company’s investments.

Collateralized mortgage obligations ("CMOs"): The unrealized loss associated with 11 CMOs was caused by interest rate increases. The contractual cash flows of these investments are guaranteed by an agency of the U.S. Government. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost basis of the Company’s investments.

The Company has evaluated its available-for-sale investments securities in an unrealized loss position for credit related impairment at March 31, 2025 and December 31, 2024 and concluded no impairment existed based on several factors which included: (1) the majority of these securities are of high credit quality, (2) unrealized losses are primarily the result of market volatility and increases in market interest rates, (3) issuers continue to make timely principal and interest payments, and (4) the Company does not intend to sell any of the investments and the accounting standard of “more likely than not” has not been met for the Company to be required to sell any of the investments before recovery of its amortized cost basis. Additionally, the Company’s mortgage-backed investment securities are primarily guaranteed by the Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, or the Government National Mortgage Association and do not have credit risk given the implicit and explicit government guarantees associated with these agencies.

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Notes to Consolidated Financial Statements

($ in thousands, except per share data)

The amortized cost and fair value of securities at March 31, 2025, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without penalties.


	March 31, 2025
	Held-to-maturity				Available-for-sale
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
3 months or less	$	—	$	—	$	—	$	—
After 1 year through 5 years	265		257		3,815		3,615
After 5 years through 10 years	—		—		27,871		25,377
After 10 years	—		—		157,815		129,725
Total	$	265	$	257	$	189,501	$	158,717

For the three months ended March 31, 2025 and 2024, principal repayments of securities totaled $3.3 million and $2.8 million, respectively. During the three months ended March 31, 2025 and 2024, $989 thousand and $0 of available-for-sale securities were purchased. No securities were sold or matured during the three months ended March 31, 2025 and 2024.

Note 3. Loans and Allowance for Credit Losses

A summary of loan balances at amortized cost by type at March 31, 2025 and December 31, 2024 follows:


	March 31, 2025		December 31, 2024

Commercial real estate	$	1,009,842	$	1,038,307
Commercial and industrial	383,327		336,662
Commercial construction	165,665		162,367
Consumer real estate	314,971		325,313
Consumer nonresidential	8,328		7,586
	$	1,882,133	$	1,870,235
Less:
Allowance for credit losses	18,422		18,129

Loans, net	$	1,863,711	$	1,852,106

An analysis of the allowance for credit losses for the three months ended March 31, 2025 and 2024, and for the year ended December 31, 2024 follows:


	Commercial Real Estate		Commercial and Industrial		Commercial Construction		Consumer Real Estate		Consumer Nonresidential		Total
March 31, 2025
Allowance for credit losses:
Beginning Balance, January 1	$	9,434	$	3,139	$	1,713	$	3,775	$	68	$	18,129
Charge-offs	—		(50)		—		—		—		(50)
Recoveries	—		186		—		—		3		189
Provision (reversal)	(458)		412		316		(139)		23		154
Ending Balance	$	8,976	$	3,687	$	2,029	$	3,636	$	94	$	18,422

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Notes to Consolidated Financial Statements

($ in thousands, except per share data)


	Commercial Real Estate			Commercial and Industrial			Commercial Construction			Consumer Real Estate			Consumer Nonresidential			Total
March 31, 2024
Allowance for credit losses:
Beginning Balance, January 1, 2023	$	10,174		$	3,385		$	1,425		$	3,822		$	65		$	18,871

Charge-offs	—			—			—			—			(4)			(4)
Recoveries	—			—			—			—			34			34
Provision (reversal)	(123)			42			48			85			(35)			17
Ending Balance	$	10,051	0	$	3,427	0	$	1,473	0	$	3,907	0	$	60	0	$	18,918


	Commercial Real Estate		Commercial and Industrial		Commercial Construction		Consumer Real Estate		Consumer Nonresidential		Total
December 31, 2024
Allowance for credit losses:
Beginning Balance, January 1, 2023	$	10,174	$	3,385	$	1,425	$	3,822	$	65	$	18,871

Charge-offs	—		(821)		—		(122)		(26)		(969)
Recoveries	—		74		—		1		54		129
Provision (reversal)	(740)		501		288		74		(25)		98
Ending Balance	$	9,434	$	3,139	$	1,713	$	3,775	$	68	$	18,129

The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of March 31, 2025 and December 31, 2024:


	March 31, 2025				December 31, 2024
	Real Estate		Business / Other Assets		Real Estate		Business / Other Assets
Collateral-Dependent Loans
Commercial real estate	$	10,184	$	—	$	10,244	$	—
Commercial and industrial	—		455		—		471
Commercial construction	—		—		—		—
Consumer real estate	108		—		490		—
Consumer nonresidential	—		—		—		—
Total	$	10,292	$	455	$	10,734	$	471

Pass — Loans listed as pass include larger non-homogeneous loans not meeting the risk rating definitions below and smaller, homogeneous loans not assessed on an individual basis.

Special Mention — Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date.

Substandard — Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the enhanced possibility that the Company will sustain some loss if the deficiencies are not corrected.

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Notes to Consolidated Financial Statements

($ in thousands, except per share data)

Doubtful — Loans classified as doubtful include those loans which have all the weaknesses inherent in those classified as "Substandard," with the added characteristic that the weaknesses make collection or liquidation in full, based on currently known facts, conditions and values, improbable.

Loss — Loans classified as loss include those loans which are considered uncollectible and of such little value that their continuance as loans is not warranted. Even though partial recovery may be achieved in the future, it is neither practical nor desirable to defer writing off these loans.

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Notes to Consolidated Financial Statements

($ in thousands, except per share data)

Based on the most recent analysis performed, amortized cost basis of loans by risk category, class, and year of origination and gross charge-offs by year of origination for the three months ended March 31, 2025, were as follows:


	Prior		2021		2022		2023		2024		2025		Revolving Loans Amort. Cost Basis		Revolving Loans Convert. to Term		Total
Commercial Real Estate
Grade:
Pass	$	423,308	$	131,022	$	206,708	$	70,129	$	13,062	$	386	$	152,668	$	—	$	997,283
Special mention	2,375		—		—		—		—		—		—		—		2,375
Substandard	—		—		10,184		—		—		—		—		—		10,184
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	425,683	$	131,022	$	216,892	$	70,129	$	13,062	$	386	$	152,668	$	—	$	1,009,842
Gross Charge-offs	—		—		—		—		—		—		—		—		—
Commercial and Industrial
Grade:
Pass	$	50,752	$	6,073	$	24,326	$	33,767	$	116,339	$	1,639	$	147,773	$	—	$	380,669
Special mention	—		—		853		—		—		—		1,350		—		2,203
Substandard	—		—		—		410		—		—		45		—		455
Doubtful	—		—		—		—		—		—		—		—		—

Total	$	50,752	$	6,073	$	25,179	$	34,177	$	116,339	$	1,639	$	149,168	$	—	$	383,327
Gross Charge-offs	—		—		—		—		(50)		—		—		—		(50)
Commercial Construction
Grade:
Pass	$	8,226	$	6,071	$	—	$	—	$	—	$	—	$	151,368	$	—	$	165,665
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	8,226	$	6,071	$	—	$	—	$	—	$	—	$	151,368	$	—	$	165,665
Gross Charge-offs	—		—		—		—		—		—		—		—		—
Consumer Real Estate
Grade:
Pass	$	40,446	$	26,615	$	172,922	$	45,308	$	1,637	$	—	$	27,884	$	—	$	314,812
Special mention	—		—		—		—		—		—		51		—		51
Substandard	108		—		—		—		—		—		—		—		108
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	40,554	$	26,615	$	172,922	$	45,308	$	1,637	$	—	$	27,935	$	—	$	314,971
Gross Charge-offs	—		—		—		—		—		—		—		—		—

Consumer Nonresidential
Grade:
Pass	$	503	$	—	$	16	$	92	$	115	$	5	$	7,597	$	—	$	8,328
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	503	$	—	$	16	$	92	$	115	$	5	$	7,597	$	—	$	8,328
Charge-offs	—		—		—		—		—		—		—				—

Total Recorded Investment	$	525,718	$	169,781	$	415,009	$	149,706	$	131,153	$	2,030	$	488,736	$	—	$	1,882,133
Total Gross Charge-Offs	$	—	$	—	$	—	$	—	$	(50)	$	—	$	—	$	—	$	(50)

Table of Contents

Notes to Consolidated Financial Statements

($ in thousands, except per share data)

Based on the most recent analysis performed, amortized cost basis of loans by risk category, class, and year of origination and gross charge-offs by year of origination for the year ended December 31, 2024, were as follows:


	Prior		2020		2021		2022		2023		2024		Revolving Loans Amort. Cost Basis		Revolving Loans Convert. to Term		Total
Commercial Real Estate
Grade:
Pass	$	377,345	$	68,364	$	134,808	$	207,568	$	70,488	$	13,027	$	153,448	$	—	$	1,025,048
Special mention	2,385		—		—		—		630		—		—		—		3,015
Substandard	—		—		—		10,244		—		—		—		—		10,244
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	379,730	$	68,364	$	134,808	$	217,812	$	71,118	$	13,027	$	153,448	$	—	$	1,038,307
Charge-offs	(122)		—		—		—		—		—		—		—		(122)
Commercial and Industrial
Grade:
Pass	$	27,989	$	2,033	$	7,938	$	26,557	$	35,381	$	111,507	$	124,786	$	—	$	336,191
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		424		—		47		—		471
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	27,989	$	2,033	$	7,938	$	26,557	$	35,805	$	111,507	$	124,833	$	—	$	336,662
Charge-offs	—		(186)		—		(635)		—		—		—		—		(821)
Commercial Construction
Grade:
Pass	$	8,267	$	—	$	6,098	$	—	$	—	$	—	$	148,002	$	—	$	162,367
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	8,267	$	—	$	6,098	$	—	$	—	$	—	$	148,002	$	—	$	162,367
Charge-offs	—		—		—		—		—		—		—		—		—
Consumer Real Estate
Grade:
Pass	$	38,023	$	4,621	$	27,154	$	178,257	$	47,005	$	571	$	28,925	$	—	$	324,556
Special mention	—		—		—		—		—		—		266		—		266
Substandard	108		—		—		—		—		—		383		—		491
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	38,131	$	4,621	$	27,154	$	178,257	$	47,005	$	571	$	29,574	$	—	$	325,313
Charge-offs	—		—		—		—		—		—		—		—		—
Consumer Nonresidential
Grade:
Pass	$	536	$	1	$	1	$	25	$	101	$	120	$	6,802	$	—	$	7,586
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	536	$	1	$	1	$	25	$	101	$	120	$	6,802	$	—	$	7,586
Charge-offs	(23)		(1)		—		—		—		(2)		—		—		(26)
Total Recorded Investment	$	454,653	$	75,019	$	175,999	$	422,651	$	154,029	$	125,225	$	462,659	$	—	$	1,870,235
Total Charge-offs	$	(145)	$	(187)	$	—	$	(635)	$	—	$	(2)	$	—	$	—	$	(969)

Table of Contents

Notes to Consolidated Financial Statements

($ in thousands, except per share data)

Total Loan Portfolio - As of and for the Year-to-Date Periods Ended March 31, 2025 and December 31, 2024


	March 31, 2025		December 31, 2024
Grade:
Pass	$	1,866,757	$	1,855,748
Special mention	4,629		3,281
Substandard	10,747		11,206
Doubtful	—		—
Total Recorded Investment	1,882,133		1,870,235
Charge-offs	(50)		(969)

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, collateral adequacy, credit documentation, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis includes larger non-homogeneous loans such as commercial real estate and commercial and industrial loans. This analysis is performed on an ongoing basis as new information is obtained. At March 31, 2025, the Company had $4.6 million in loans identified as special mention, an increase from $3.3 million at December 31, 2024. Special mention rated loans are loans that have a potential weakness that deserves management’s close attention, however, the borrower continues to pay in accordance with their contract. Loans rated as special mention do not have a specific reserve and are considered well-secured.

At March 31, 2025, the Company had $10.7 million in loans identified as substandard, a decrease of $11.2 million from December 31, 2024. Substandard rated loans are loans that are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard loans are individually evaluated, typically on the basis of the underlying collateral. At March 31, 2025, an individually assessed allowance for credit losses totaling $462 thousand has been estimated to supplement any shortfall of collateral.

Table of Contents

Notes to Consolidated Financial Statements

($ in thousands, except per share data)

Past due and nonaccrual loans presented by loan class were as follows at March 31, 2025 and December 31, 2024:


	Accruing
As of March 31, 2025	30-59 days past due		60-89 days past due		90 days or more past due		Total past due loans		Current		Nonaccruals		Total Recorded Investment in Loans
Commercial real estate	$	—	$	—	$	—	$	—	$	999,658	$	10,184	$	1,009,842
Commercial and industrial	—		—		—		—		382,872		455		383,327
Commercial construction	—		—		—		—		165,665		—		165,665
Consumer real estate	576		767		—		1,343		313,520		108		314,971
Consumer nonresidential	—		10		—		10		8,318		—		8,328
Total	$	576	$	777	$	—	$	1,353	$	1,870,033	$	10,747	$	1,882,133

	Accruing
As of December 31, 2024	30-59 days past due		60-89 days past due		90 days or more past due		Total past due loans		Current		Nonaccruals		Total Recorded Investment in Loans
Commercial real estate	$	1,300	$	—	$	214	$	1,514	$	1,026,513	$	10,280	$	1,038,307
Commercial and industrial	50		—		—		50		336,140		472		336,662
Commercial construction	—		—		—		—		162,367		—		162,367
Consumer real estate	4,764		752		1,405		6,921		317,903		489		325,313
Consumer nonresidential	2		—		—		2		7,584		—		7,586
Total	$	6,116	$	752	$	1,619	$	8,487	$	1,850,507	$	11,241	$	1,870,235

The following presents nonaccrual loans as of March 31, 2025 and December 31, 2024 and interest income recognized for those year to date periods:


As of March 31, 2025	Nonaccrual with No Allowance for Credit Losses		Nonaccrual with an Allowance for Credit Losses		Total Nonaccrual Loans		Interest Income Recognized
Nonaccrual Loans
Commercial real estate	$	—	$	10,184	$	10,184	$	177
Commercial and industrial	455		—		455		16
Commercial construction	—		—		—		—
Consumer real estate	108		—		108		2
Consumer nonresidential	—		—		—		—
Total	$	563	$	10,184	$	10,747	$	195

As of December 31, 2024	Nonaccrual with No Allowance for Credit Losses		Nonaccrual with an Allowance for Credit Losses		Total Nonaccrual Loans		Interest Income Recognized
Nonaccrual Loans
Commercial real estate	$	—	$	10,280	$	10,280	$	379
Commercial and industrial	472		—		472		40
Commercial construction	—		—		—		—
Consumer real estate	489		—		489		55
Consumer nonresidential	—		—		—		—
Total	$	961	$	10,280	$	11,241	$	474

There were two consumer mortgage loans totaling $108 thousand secured by residential real estate properties for which formal foreclosure proceedings were in process at both March 31, 2025 and December 31, 2024.

Table of Contents

Notes to Consolidated Financial Statements

($ in thousands, except per share data)

There were overdrafts of $86 thousand and $32 thousand at March 31, 2025 and December 31, 2024, respectively, which have been reclassified from deposits to loans. At March 31, 2025 and December 31, 2024, loans with a carrying value of $357.8 million and $493.1 million were pledged to the Federal Home Loan Bank of Atlanta ("FHLB").

Modifications with Borrowers Experiencing Financial Difficulty

Loan modifications when a borrower is experiencing financial difficulty ("FDMs") occur as a result of loss mitigation activities. A variety of solutions are offered to borrowers, including loan modifications that may result in principal forgiveness, interest rate reductions, term extensions, payment delays, repayment plans or combinations thereof. FDMs exclude loans held for sale and loans accounted for under the fair value option. Loans with guarantor support, or guaranteed loans are included in the Company's disclosed population of FDMs when those loan modifications are granted to a borrower experiencing financial difficulty.

There were no loans designated as modifications for borrowers who were experiencing financial difficulty during the years ended March 31, 2025, and December 31, 2024, respectively.

As of March 31, 2025, the reserve for unfunded commitments increased to $557 thousand from $510 thousand at December 31, 2024.

The following table presents a breakdown of the provision for credit losses included in the Consolidated Statements of Income for the applicable periods:


	For the Three Months Ended
		March 31, 2025		March 31, 2024
Provision for credit losses - loans		$	154	$	17
Provision for (reversal of) credit losses - unfunded commitments		46		(17)
Total provision for credit losses		$	200	$	—

Note 4. Derivative Financial Instruments

The Company enters into interest rate swap agreements ("swap agreements") to facilitate the risk management strategies needed in order to accommodate the needs of its banking customers. The Company mitigates the risk of entering into these loan agreements by entering into equal and offsetting swap agreements with highly-rated third party financial institutions. These back-to-back swap agreements are free-standing derivatives and are recorded at fair value in the Company's Consolidated Statements of Condition (asset positions are included in other assets and liability positions are included in other liabilities) as of March 31, 2025 and December 31, 2024. The Company is party to master netting arrangements with its financial institution counterparty; however, the Company does not offset assets and liabilities under these arrangements for financial statement presentation purposes. The master netting arrangements provide for a single net settlement of all swap agreements, as well as collateral, in the event of default on, or termination of, any one contract. Parties to a centrally cleared over-the-counter derivative exchange daily payments that reflect the daily change in value of the derivative. These payments, commonly referred to as variation margin, are recorded as settlements of the derivatives' mark-to-market exposure rather than collateral against the exposures, which effectively results in any centrally cleared derivative having a Level 2 fair value that approximates zero on a daily basis, and therefore, these swap agreements were not included in the offsetting table in the Fair Value Measurement section below. As of March 31, 2025 and December 31, 2024, the Company had entered into 16 and 17 interest rate swap agreements, respectively, which were collateralized by $30 thousand in cash.

Table of Contents

Notes to Consolidated Financial Statements

($ in thousands, except per share data)

The notional amount and fair value of the Company's derivative financial instruments as of March 31, 2025 and December 31, 2024 were as follows:


	March 31, 2025
	Notional Amount		Fair Value
Interest Rate Swap Agreements
Receive Fixed/Pay Variable Swaps	$	76,893	$	2,464
Pay Fixed/Receive Variable Swaps	76,893		(2,464)


	December 31, 2024
	Notional Amount		Fair Value
Interest Rate Swap Agreements
Receive Fixed/Pay Variable Swaps	$	80,512	$	3,536
Pay Fixed/Receive Variable Swaps	80,512		(3,536)

Interest Rate Risk Management—Cash Flow Hedging Instruments

The Company uses wholesale funding (in the form of FHLB advances and brokered certificates of deposit) from time to time as a source of funds for use in the Company's lending and investment activities and other general business purposes. This wholesale funding exposes the Company to increased interest rate risk as a result of the variability in cash flows (future interest payments). The Company believes it is prudent to reduce this interest rate risk. To meet this objective, the Company entered into interest rate swap agreements whereby the Company reduces the interest rate risk associated with the Company's variable rate wholesale funding from the designation date and going through the maturity date.

At March 31, 2025 and December 31, 2024, the information pertaining to outstanding interest rate swap agreements used to hedge variability in cash flows is as follows:


	March 31, 2025			December 31, 2024
Notional amount	$	250,000		$	250,000
Weighted average pay rate	3.25		%	3.25		%
Weighted average receive rate	4.33		%	5.15		%
Weighted average maturity in years	2.78 years			3.03 years
Unrealized gain relating to interest rate swaps	$	2,536		$	5,371

These agreements provided for the Company to receive payments determined by a specific index in exchange for making payments at a fixed rate. At March 31, 2025 and December 31, 2024, the unrealized gain or loss relating to interest rate swaps designated as hedging instruments of the variability of cash flows associated with wholesale funding are reported in other comprehensive income. These amounts are subsequently reclassified into interest expense as a yield adjustment in the same period in which the related interest on wholesale funding affects earnings. The Company measures cash flow hedging relationships for effectiveness on a monthly basis, and at March 31, 2025 and 2024, the hedges were highly effective and the amount of ineffectiveness reflected in earnings was de minimus.

Table of Contents

Notes to Consolidated Financial Statements

($ in thousands, except per share data)

Note 5. Financial Instruments with Off-Balance Sheet Risk

The Company is party to credit-related financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the balance sheet.

The Company's exposure to credit loss is represented by the contractual amount of these commitments. The Company follows the same credit policies in making commitments as it does for on-balance sheet instruments.

At March 31, 2025 and December 31, 2024, the following financial instruments were outstanding, which contract amounts represent credit risk:


	March 31, 2025		December 31, 2024
Commitments to grant loans	$	38,220	$	24,989
Unused commitments to fund loans and lines of credit	148,038		171,752
Commercial and standby letters of credit	24,321		25,221

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The commitments for equity lines of credit may expire without being drawn upon. Therefore, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if it is deemed necessary by the Company, is based on management's credit evaluation of the customer.

Unfunded commitments under commercial lines of credit, revolving credit lines, and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit usually do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed. The amount of collateral obtained, if it is deemed necessary by the Company, is based on management's credit evaluation of the customer.

Commercial and standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those letters of credit are primarily issued to support public and private borrowing arrangements. Substantially all letters of credit issued have expiration dates within one year. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company generally holds collateral supporting those commitments, if deemed necessary.

The Company enters into rate lock commitments to finance residential mortgage loans with its customers. These commitments offer the borrower an interest rate guarantee provided the loan meets underwriting guidelines and closes within the timeframe established by the Company.

The Company maintains its cash accounts with the Federal Reserve Bank of Richmond ("FRB") and correspondent banks. The total amount of cash on deposit in correspondent banks exceeding the federally insured limits was $5.2 million and $6.8 million at March 31, 2025 and 2024, respectively.

Note 6. Stock-Based Compensation Plan

The Company’s Amended and Restated 2008 Option Plan (the "Plan"), which is stockholder-approved, was adopted to advance the interests of the Company by providing selected key employees of the Company, their affiliates, and directors with the opportunity to acquire shares of common stock in connection with their service to the Company. In May 2022, the stockholders approved an amendment to the Plan to extend the term and increase the number of shares authorized for issuance under the Plan by 200,000 shares. The Company has granted stock options and restricted stock units under the Plan.

The maximum number of shares with respect to which awards may be made is 2,929,296 shares of common stock, subject to adjustment for certain corporate events. Option awards are granted with an exercise price equal to the market

Table of Contents

Notes to Consolidated Financial Statements

($ in thousands, except per share data)

price of the Company's stock at the date of grant, generally vest annually over four years of continuous service and have contractual terms of ten years. At March 31, 2025, 107,063 shares were available to grant under the Plan.

No options were granted during the three months ended March 31, 2025 and 2024. For the three months ended March 31, 2025, there were 218,916 shares withheld from issuance upon exercise of options in order to cover the cost of the exercise by the participant.

A summary of option activity under the Plan as of March 31, 2025, and changes during the three months ended is presented below:


Options	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
Outstanding at January 1, 2025	704,622	$	7.94	0.74
Granted	—	—
Exercised	(389,384)	7.02
Forfeited or expired	—	—
Outstanding and Exercisable at March 31, 2025	315,238	$	9.22	1.13	$	426,880

________________________

(1)The aggregate intrinsic value of stock options represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on March 31, 2025. This amount changes based on changes in the market value of the Company's stock.

As of March 31, 2025, all outstanding options of the Plan were fully vested. Tax benefits recognized for qualified and non-qualified stock option exercises during 2025 and 2024 totaled $294 thousand and $55 thousand, respectively.

A summary of the Company's restricted stock unit activity for the three months ended March 31, 2025 is shown below.


	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2025	89,055	$	14.41
Granted	133,400	10.44
Vested	(27,899)	13.99
Forfeited	(582)	14.63
Balance at March 31, 2025	193,974	$	11.77

The compensation cost that has been charged to income for the Plan was $219 thousand and $135 thousand for the three months ended March 31, 2025 and 2024, respectively. For the three months ended March 31, 2025 and 2024, 2,544 shares and 2,175 shares were withheld from issuance upon vesting of restricted stock units in order to cover the cost of the exercise by the participant. As of March 31, 2025, there was $1.9 million of total unrecognized compensation cost related to nonvested restricted shares granted under the Plan. The cost is expected to be recognized over a weighted-average period of 39 months.

Table of Contents

Notes to Consolidated Financial Statements

($ in thousands, except per share data)

Note 7. Fair Value Measurements

Determination of Fair Value

The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In accordance with fair value measurements and disclosures topic of FASB Accounting Standards Codification ("ASC") 820, the fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date (exit price). Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument.

The fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions.

Fair Value Hierarchy

In accordance with this guidance, the Company groups its financial assets and financial liabilities generally measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value.

Level 1 — Valuation is based on quoted prices in active markets for identical assets and liabilities.

Level 2 — Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market.

Level 3 — Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market.

The following describes the valuation techniques used by the Company to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements:

Securities available-for-sale: Securities available-for-sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Third party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that considers observable market data (Level 2).

Derivatives: The Company has interest rate swap derivatives on certain loans and interest rate swap derivatives on certain time deposits and borrowings, which the latter are designated as cash flow hedges. These derivatives are recorded at fair value using published yield curve rates from a national valuation service. These observable rates and inputs are applied to a third party industry-wide valuation model, and therefore, the valuations fall into a Level 2 category.

Table of Contents

Notes to Consolidated Financial Statements

($ in thousands, except per share data)

The following tables present the balances of financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024:


			Fair Value Measurements at March 31, 2025 Using
	Balance as of March 31, 2025		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description			(Level 1)		(Level 2)		(Level 3)
Assets
Available-for-sale
Securities of U.S. government and federal agencies	$	8,804	$	—	$	8,804	$	—

Securities of state and local municipalities taxable	340		—		340		—
Corporate bonds	17,509		—		17,509		—
SBA pass-through securities	41		—		41		—
Mortgage-backed securities	128,333		—		128,333		—
Collateralized mortgage obligations	3,690		—		3,690		—
Total Available-for-Sale Securities	$	158,717	$	—	$	158,717	$	—
Derivative assets - interest rate swaps	$	2,464	$	—	$	2,464	$	—
Derivative assets - cash flow hedge	2,536		—		2,536		—
Liabilities
Derivative liabilities - interest rate swaps	$	2,464	$	—	$	2,464	$	—


			Fair Value Measurements at December 31, 2024 Using
	Balance as of December 31, 2024		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description			(Level 1)		(Level 2)		(Level 3)
Assets
Available-for-sale
Securities of U.S. government and federal agencies	$	8,561	$	—	$	8,561	$	—

Securities of state and local municipalities taxable	349		—		349		—
Corporate bonds	17,117		—		17,117		—
SBA pass-through securities	45		—		45		—
Mortgage-backed securities	127,676		—		127,676		—
Collateralized mortgage obligations	2,727		—		2,727		—
Total Available-for-Sale Securities	$	156,475	$	—	$	156,475	$	—
Derivative assets - interest rate swaps	$	3,536	$	—	$	3,536	$	—
Derivative assets - cash flow hedge	5,371		—		5,371		—
Liabilities
Derivative liabilties - interest rate swaps	$	3,536	$	—	$	3,536	$	—

Table of Contents

Notes to Consolidated Financial Statements

($ in thousands, except per share data)

Certain financial assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower of cost or market accounting or write-downs of individual assets.

The following describes the valuation techniques used by the Company to measure certain financial assets recorded at fair value on a nonrecurring basis in the financial statements:

At March 31, 2025 and December 31, 2024, all of the Company's individually evaluated loans were evaluated based upon the fair value of the collateral. In accordance with ASC 820, individually evaluated loans where an allowance is established based on the the fair value of collateral (i.e., those loans that are collateral dependent) require classification in the fair value hierarchy. Fair value is measured based on the value of the collateral securing the loans. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. The vast majority of the collateral is real estate. The value of real estate collateral is determined utilizing a market valuation approach based on an appraisal conducted by an independent, licensed appraiser outside of the Company using observable market data (Level 2). However, if the collateral is a house or building in the process of construction, has the value derived by discounting comparable sales due to lack of similar properties, or is discounted by the Company due to marketability, then the fair value is considered Level 3. The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable business’s financial statements if not considered significant using observable market data. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports (Level 3). Any fair value adjustments are recorded in the period incurred as provision for credit losses on the Consolidated Statements of Income.

The following tables summarize the Company's assets that were measured at fair value on a nonrecurring basis at March 31, 2025 and December 31, 2024:


			Fair Value Measurements Using
	Balance as of March 31, 2025		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description			(Level 1)		(Level 2)		(Level 3)
Assets
Collateral-dependent loans

Commercial real estate	$	9,758	$	—	$	—	$	9,758

Total Collateral-dependent loans	$	9,758	$	—	$	—	$	9,758


			Fair Value Measurements Using
	Balance as of December 31, 2024		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description			(Level 1)		(Level 2)		(Level 3)
Assets
Collateral-dependent loans
Commercial real estate	$	9,812	$	—	$	—	$	9,812

Total Collateral-dependent loans	$	9,812	$	—	$	—	$	9,812

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Notes to Consolidated Financial Statements

($ in thousands, except per share data)

The following tables display quantitative information about Level 3 Fair Value Measurements at March 31, 2025 and December 31, 2024:

Quantitative information about Level 3 Fair Value Measurements at March 31, 2025

Assets

Fair Value

Valuation Technique(s)

Unobservable input

Range

(Avg.)

Collateral-dependent loans

Commercial real estate

9,758

Discounted appraised value

Marketability/Selling costs

10% - 10%

10.00

Quantitative information about Level 3 Fair Value Measurements at December 31, 2024

Assets

Fair Value

Valuation Technique(s)

Unobservable input

Range

(Avg.)

Collateral-dependent loans

Commercial real estate

9,812

Discounted appraised value

Marketability/Selling costs

10% - 10%

10.00

The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company's financial instruments as of March 31, 2025 and December 31, 2024.


			Fair Value Measurements as of March 31, 2025 using
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
			Level 1		Level 2		Level 3
Financial assets:
Cash and due from banks	$	12,957	$	12,957	$	—	$	—
Interest-bearing deposits at other institutions	110,973		110,973		—		—
Securities held-to-maturity	265		—		257		—
Securities available-for-sale	158,717		—		158,717		—
Restricted stock	7,774		—		7,774		—
Loans, net	1,863,711		—		—		1,795,236
Bank owned life insurance	9,289		—		9,289		—
Accrued interest receivable	10,114		—		10,114		—
Derivative assets - interest rate swaps	2,464		—		2,464		—
Derivative assets - cash flow hedge	2,536		—		2,536		—

Financial liabilities:
Checking	$	984,969	$	—	$	984,969	$	—
Savings and money market	396,791		—		396,791		—
Time deposits	274,949		—		273,209		—
Wholesale deposits	249,912		—		250,072		—
FHLB advances	50,000		—		50,000		—
Subordinated notes	18,709		—		18,720		—
Accrued interest payable	2,338		—		2,338		—
Derivative liabilities - interest rate swaps	2,464		—		2,464		—

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Notes to Consolidated Financial Statements

($ in thousands, except per share data)


			Fair Value Measurements as of December 31, 2024 using
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
			Level 1		Level 2		Level 3
Financial assets:
Cash and due from banks	$	8,161	$	8,161	$	—	$	—
Interest-bearing deposits at other institutions	82,789		82,789		—		—
Securities held-to-maturity	265		—		256		—
Securities available-for-sale	156,475		—		156,475		—
Restricted stock	8,186		—		8,186		—
Loans, net	1,852,106		—		—		1,779,966
Bank owned life insurance	9,219		—		9,219		—
Accrued interest receivable	10,315		—		10,315		—
Derivative assets - interest rate swaps	3,536		—		3,536		—
Derivative assets - cash flow hedge	5,371		—		5,371		—

Financial liabilities:
Checking	$	989,477	$	—	$	989,477	$	—
Savings and money market	383,087		—		383,087		—
Time deposits	248,154		—		248,674		—
Wholesale deposits	249,887		—		250,168		—

FHLB advances	50,000		—		50,000		—
Subordinated notes	18,695		—		18,709		—
Accrued interest payable	2,505		—		2,505		—
Derivative liabilities - interest rate swaps	3,536		—		3,536		—

Note 8. Earnings Per Share

Basic earnings per share ("EPS") excludes dilution and is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if contracts to issue common stock were exercised or converted into common stock, or resulted in the issuance of stock which then shared in the earnings of the Company. Weighted average shares – diluted includes only the potential dilution of stock options and unvested restricted stock units for the three months ended March 31, 2025 and 2024, respectively.

The following shows the weighted average number of shares used in computing EPS and the effect of weighted average number of shares of dilutive potential common stock. Dilutive potential common stock has no effect on income available to common shareholders. There were 0 and 5,001 anti-dilutive shares for the three months ended March 31, 2025 and 2024, respectively.

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Notes to Consolidated Financial Statements

($ in thousands, except per share data)

The holders of restricted stock units do not share in dividends and do not have voting rights during the vesting period.


(Net income and average shares are in thousands)	Three months ended March 31,

	2025		2024
Net income	$	5,165	$	1,340

Weighted average - basic shares	18,295		17,829
Effect of dilutive securities, restricted stock units and options	171		488
Weighted average - diluted shares	18,466		18,317

Basic EPS	$	0.28	$	0.08
Diluted EPS	$	0.28	$	0.07

Note 9. Accumulated Other Comprehensive (Loss)

Changes in accumulated other comprehensive income (loss) ("AOCI") for the three months ended March 31, 2025 and 2024 are shown in the following tables. The Company has two components of AOCI, which are available-for-sale securities and cash flow hedges, for the periods presented.



Three Months Ended March 31, 2025	Available-for- Sale Securities		Cash Flow Hedges		Total
Balance, beginning of period	$	(27,492)	$	4,226	$	(23,266)
Net unrealized gains (losses) during the period	3,578		(2,198)		1,380

Other comprehensive (loss) income, net of tax	3,578		(2,198)		1,380
Balance, end of period	$	(23,914)	$	2,028	$	(21,886)



Three Months Ended March 31, 2024	Available-for- Sale Securities		Cash Flow Hedges		Total
Balance, beginning of period	$	(26,476)	$	2,316	$	(24,160)
Net unrealized gains (losses) during the period	(1,544)		3,231		1,687

Other comprehensive (loss), net of tax	(1,544)		3,231		1,687
Balance, end of period	$	(28,020)	$	5,547	$	(22,473)

There were no reclassifications from AOCI into income for the three months ended March 31, 2025 and 2024.

Note 10. Subordinated Notes

On October 13, 2020, the Company completed the private placement of $20.0 million of its 4.875% Fixed to Floating Subordinated Notes due 2030 (the "Notes") to certain qualified institutional buyers and accredited investors. The Notes have a maturity date of October 15, 2030 and carry a fixed rate of interest of 4.875% for the first five years. Thereafter, the Notes will pay interest at the 3-month Secured Overnight Financing Rate (SOFR) plus 471 basis points, resetting quarterly. The Notes include a right of prepayment without penalty on or after October 15, 2025. The Notes were structured to qualify as Tier 2 capital for regulatory purposes. The Company paid approximately $984 thousand to repurchase and retire a portion of the notes in 2024.

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Notes to Consolidated Financial Statements

($ in thousands, except per share data)

Note 11. Revenue Recognition

The Company recognizes revenue in accordance with ASC 606 ‘‘Revenue from Contracts with Customers’’ ("Topic 606"). Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and securities. In addition, certain noninterest income streams such as fees associated with mortgage servicing rights, gain on sale of securities, bank-owned life insurance income, financial guarantees, derivatives, and certain credit card fees are also not in scope of the new guidance. Topic 606 is applicable to noninterest revenue streams such as trust and asset management income, deposit related fees, interchange fees, merchant income, and insurance commissions. However, the recognition of these revenue streams did not change significantly upon adoption of Topic 606. Substantially all of the Company’s revenue is generated from contracts with customers. Noninterest revenue streams in-scope of Topic 606 are discussed below.

Service Charges on Deposit Accounts

Service charges on deposit accounts consist of account analysis fees (i.e., net fees earned on analyzed business and personal checking accounts), monthly service fees, check orders, and other deposit account related fees. The Company’s performance obligation for account analysis fees and monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Check orders and other deposit account related fees are largely transactional based, and therefore, the Company’s performance obligation is satisfied, and related revenue recognized, at a point in time. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers’ accounts.

Fees, Exchange and Other Service Charges

Fees, exchange, and other service charges are primarily comprised of debit and credit card income, ATM fees, merchant services income, and other service charges and are included in other income on the Company’s consolidated statements of income. Debit and credit card income is primarily comprised of interchange fees earned whenever the Company’s debit and credit cards are processed through card payment networks such as Visa. ATM fees are primarily generated when a Company cardholder uses a non-Company ATM or a non-Company cardholder uses a Company ATM. Merchant services income mainly represents fees charged to merchants to process their debit and credit card transactions, in addition to account management fees. Other service charges include revenue from processing wire transfers, bill pay service, cashier’s checks, and other services. The Company’s performance obligation for fees, exchange, and other service charges are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month. This income is reflected in other income on the Company’s Consolidated Statements of Income.

Other Income

Other noninterest income consists of loan swap fees, insurance commissions, and other miscellaneous revenue streams not meeting the criteria above. When the Company enters into an interest rate swap agreement, the Company may receive an additional one-time payment fee which is recognized as income when received. The Company receives monthly recurring commissions based on a percentage of premiums issued and revenue is recognized when received. Any residual miscellaneous fees are recognized as they occur, and therefore, the Company determined this consistent practice satisfies the obligation for performance.

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Notes to Consolidated Financial Statements

($ in thousands, except per share data)

The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three months ended March 31, 2025 and 2024:


	Three months ended March 31,
		2025		2024
Noninterest income
In-scope of topic 606
Service charges on deposit accounts		$	270	$	261
Fees, exchange, and other service charges		100		73
Other income		12		25
Noninterest income (in-scope of topic 606)		382		359
Noninterest income (out-scope of topic 606)		289		36
Total noninterest (loss) income		$	671	$	395

Contract Balances

A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity has already received payment (or payment is due) from the customer. The Company’s noninterest revenue streams are largely based on transactional activity. Consideration is often received immediately or shortly after the Company satisfies its performance obligation and revenue is recognized. The Company does not typically enter into long-term revenue contracts with customers, and therefore, does not experience significant contract balances. As of March 31, 2025 and December 31, 2024, the Company did not have any significant contract balances.

Contract Acquisition Costs

Under Topic 606, an entity is required to capitalize, and subsequently amortize into expense, certain incremental costs of obtaining a contract with a customer if these costs are expected to be recovered. The incremental costs of obtaining a contract are those costs that an entity incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained (for example, sales commission). The Company utilizes the practical expedient which allows entities to immediately expense contract acquisition costs when the asset that would have resulted from capitalizing these costs would have been amortized in one year or less. The Company did not capitalize any contract acquisition costs during the years ended March 31, 2025 or December 31, 2024.

Note 12. Supplemental Cash Flow Information

Below is additional information regarding the Company’s cash flows for the three months ended March 31, 2025 and 2024.


	Three months ended March 31,
	2025		2024

Supplemental Disclosure of Cash Flow Information:
Cash paid for:
Interest on deposits and borrowed funds	$	13,505	$	13,601
Income taxes	1,225		—
Noncash investing and financing activities:
Unrealized gain (loss) on securities available-for-sale	4,636		(1,979)
Unrealized (loss) gain on interest rate swaps	(2,825)		4,142


Adoption of ASU 2023-02	—		13

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Notes to Consolidated Financial Statements

($ in thousands, except per share data)

Note 13. Subsequent Events

During the quarter ended March 31, 2025, the Company announced the extension of its share repurchase program that was initiated in 2020. Under the repurchase program, the Company may repurchase up to 1,300,000 shares of its common stock, or approximately 7% of its outstanding shares of common stock at December 31, 2024. The repurchase program will expire on March 31, 2026, subject to earlier termination of the program by the Company's Board of Directors. Shares may be purchased in the open market or through privately negotiated transactions.

Subsequent to March 31, 2025, the Company repurchased 415,000 shares of its common stock at a total cost of $4.6 million. All of these shares have been cancelled and returned to the status of authorized but unissued.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following presents management’s discussion and analysis of our consolidated financial condition at March 31, 2025 and December 31, 2024 and the results of our operations for the three months ended March 31, 2025 and 2024. This discussion should be read in conjunction with our unaudited consolidated financial statements and the notes thereto appearing elsewhere in this report and the audited consolidated financial statements and the notes to consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024. Results of operations for the three months ended March 31, 2025 are not necessarily indicative of the results of operations for the balance of 2025, or for any other period. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause results to differ materially from management’s expectations.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Form 10-Q, as well as other periodic reports filed with the U.S. Securities and Exchange Commission (the "SEC"), and written or oral communications made from time to time by or on behalf of FVCBankcorp, Inc. and our subsidiary (the “Company”), may contain statements relating to future events or our future results 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 financial performance to differ materially from that expressed in such forward-looking statements:

•general business and economic conditions, including higher inflation and its impacts, nationally or in the markets that we serve could adversely affect, among other things, real estate valuations, unemployment levels, the ability of businesses to remain viable, consumer and business confidence, and consumer or business spending, which could lead to decreases in demand for loans, deposits, and other financial services that we provide and increases in loan delinquencies and defaults;

•the concentration of our business in and around the Washington, D.C. metropolitan area and the effects of changes in the economic, political, and environmental conditions on this market, including potential reductions in spending by the U.S. government and related reductions in the federal workforce;

•the impact of the interest rate environment on our business, financial condition and results of operation, and its impact on the composition and costs of deposits, loan demand, and the values and liquidity of loan collateral, securities, and interest sensitive assets and liabilities;

•changes in our liquidity requirements could be adversely affected by changes in our assets and liabilities;

•changes in the assumptions underlying the establishment of reserves for possible credit losses and the possibility that future credit losses may be higher than currently expected;

•the management of risks inherent in our real estate loan portfolio, and the risk of a prolonged downturn in the real estate market, which could impair the value of loan collateral and the ability to sell collateral upon any foreclosure;

•changes in market conditions, specifically declines in the commercial and residential real estate market, volatility and disruption of the capital and credit markets, and soundness of other financial institutions that we do business with;

•the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System (the "Federal Reserve"), inflation, interest rate, market and monetary fluctuations;

•our investment securities portfolio is subject to credit risk, market risk, and liquidity risk as well as changes in the estimates used to value the securities in the portfolio;

•declines in our common stock price or the occurrence of what management would deem to be a triggering event that could, under certain circumstances, cause us to record a noncash impairment charge to earnings in future periods;

•potential exposure to fraud, negligence, computer theft and cyber-crime, and our ability to maintain the security of our data processing and information technology systems;

•the impact of changes in bank regulatory conditions, including laws, regulations and policies concerning capital requirements, deposit insurance premiums, taxes, securities, and the application thereof by regulatory bodies;

•the effect of changes in accounting policies and practices, as may be adopted from time to time by bank regulatory agencies, the SEC, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board ("FASB") or other accounting standards setting bodies;

•competitive pressures among financial services companies, including the timely development of competitive new products and services and the acceptance of these products and services by new and existing customers;

•the effect of acquisitions and partnerships we may make, including, without limitation, the failure to achieve the expected revenue growth and/or expense savings from such acquisitions;

•our involvement, from time to time, in legal proceedings and examination and remedial actions by regulators;

•geopolitical conditions, including trade restrictions and tariffs, and acts or threats of terrorism, or actions taken by the United States or other governments in response to trade restrictions and tariffs, and acts or threats of terrorism and/or military conflicts, which could impact business and economic conditions in the United States and abroad; and

•the occurrence of significant natural disasters, including severe weather conditions, floods, health related issues or emergencies, and other catastrophic events.

The foregoing factors should not be considered exhaustive and should be read together with other cautionary statements that are included in our Annual Report on Form 10-K for the year ended December 31, 2024, including those discussed in the section entitled “Risk Factors”. If one or more of the factors affecting our forward-looking information and statements proves incorrect, then our actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this Form 10-Q. Therefore, we caution you not to place undue reliance on our forward-looking information and statements. We will not update the forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible for us to predict their occurrence or how they will affect our operations, financial condition, or results of operations.

Overview

We are a bank holding company headquartered in Fairfax County, Virginia. Our sole subsidiary, FVCbank (the "Bank"), was formed in November 2007 as a community-oriented, locally-owned and managed commercial bank under the laws of the Commonwealth of Virginia. The Bank offers a wide range of traditional bank loan and deposit products and services to both our commercial and retail customers. Our commercial relationship officers focus on attracting small and medium sized businesses, commercial real estate developers and builders, including government contractors, non-profit organizations, and professionals. Our approach to our market features competitive customized financial services offered to customers and prospects in a personal relationship context by seasoned professionals.

Net interest income is our primary source of revenue. We define revenue as net interest income plus noninterest income. We manage our balance sheet and interest rate risk exposure to maximize, and concurrently stabilize, net interest income. We do this by monitoring our liquidity position and the spread between the interest rates earned on interest-earning assets and the interest rates paid on interest-bearing liabilities. We attempt to minimize our exposure to interest rate risk, but are unable to eliminate it entirely. In addition to managing interest rate risk, we also analyze our loan portfolio for exposure to credit risk. Loan defaults and foreclosures are inherent risks in the banking industry, and we attempt to limit our exposure to these risks by carefully underwriting and then monitoring our extensions of credit. In addition to net interest income, noninterest income is a complementary source of revenue for us and includes, among other things, service charges on deposits and loans, income from our minority membership interest in Atlantic Coast Mortgage, LLC ("ACM"), merchant services fee income, insurance commission income, income from bank owned life insurance ("BOLI"), and gains and losses on sales of investment securities available-for-sale.

Critical Accounting Policies

General

The accounting principles we apply under the accounting principles generally accepted in the United States of America ("GAAP") are complex and require management to apply significant judgment to various accounting, reporting, and disclosure matters. Management must use assumptions, judgments, and estimates when applying these principles where precise measurements are not possible or practical. These policies are critical because they are highly dependent upon subjective or complex judgments, assumptions, and estimates. Changes in such judgments, assumptions, and estimates may have a significant impact on the consolidated financial statements. Actual results, in fact, could differ from initial estimates.

The accounting policies we view as critical are those

FVCBankcorp, Inc. 10-Q