Amogy and GreenHarvest Target First Ammonia-to-Power Deployment in Taiwan to Accelerate Industrial Decarbonization
Under the partnership, Amogy will provide the ammonia-to-power system while GreenHarvest will lead local integration as the power generation and distribution partner. The pilot system is scheduled for installation between late 2026 and early 2027 at a selected large industrial electricity consumer facility in Taiwan, with the potential to scale across the island's high-tech and manufacturing sectors.
'We are proud to bring our ammonia-powered technology to Taiwan with a forward-looking partner like GreenHarvest,' said Seonghoon Woo, CEO at Amogy. 'This project not only represents the first deployment of our technology in Taiwan, but also a critical step toward decarbonizing industrial energy use in one of the world's most important digital infrastructure economies.'
Amogy's system utilizes advanced catalyst materials to convert ammonia into hydrogen on-site. The hydrogen is then funneled into a hydrogen engine, generating high performance power with zero carbon emissions. The system is modular, efficient, and uniquely suited to hard-to-abate industrial operations that demand both reliability and scalability.
This project with GreenHarvest builds on Amogy's growing footprint in Asia, following the company's expansion into South Korea earlier this year to support regional commercialization and collaboration.
As Taiwan seeks to meet ambitious decarbonization goals under its Nationally Determined Contributions (NDCs), the partnership offers an innovative pathway for reducing Scope 1 and Scope 2 emissions in eco-conscious manufacturing sectors. The collaboration also aligns with Taiwan's developing carbon trading framework, providing industrial electricity users with a future-proof energy solution that can reduce operational carbon footprints while supporting compliance with evolving regulatory policies.
KH Chen, Chairman of GreenHarvest, commented: 'GreenHarvest has long been committed to rooftop solar development, providing industrial electricity users with a reliable and user-friendly source of green power. At the same time, we are actively deploying next-generation green electricity technologies. Through our 2024 collaboration with H2U in Australia on a green hydrogen project and this deployment of Amogy's ammonia-to-power energy solution at customer sites, it further reinforces our confidence and momentum in ammonia-based energy applications.'
The project builds on GreenHarvest's extensive renewable energy experience, including large-scale rooftop solar installations and its international green hydrogen ventures. By combining GreenHarvest's market leadership in Taiwan's energy transition with Amogy's cutting-edge technology, the partnership opens a new chapter in Asia's clean industrial power landscape.
About Amogy
Amogy provides carbon-free energy solutions to decarbonize hard-to-abate sectors like maritime shipping, power generation, and heavy industry. Proven in real-world applications, its patented ammonia cracking technology offers a mature, scalable, and highly efficient method for splitting ammonia into hydrogen and nitrogen. The resulting hydrogen is directed into an integrated fuel cell or hydrogen engine, generating high-performance power with zero carbon emissions.
Amogy is headquartered in Brooklyn, New York, with additional locations including Texas, South Korea, Norway, and Singapore. Amogy is backed by investors including Amazon's Climate Pledge Fund, SK Innovation, Aramco Ventures, Mitsubishi Corporation, Samsung Heavy Industries, BHP Ventures, and AP Ventures. For more information, follow Amogy on LinkedIn, X, Instagram, Threads, Facebook, and YouTube, or visit www.amogy.co.
About GreenHarvest
GreenHarvest has been a key player in Taiwan's renewable energy sector for over a decade. Its operations include renewable power generation and retailing, energy information services, solar operation and maintenance(O&M), and community energy management system. The core mission, "Sustainability", focuses on eco-friendly renewable energy, mainly through rooftop PV systems. We are dedicated to environmental friendliness in every aspect, among society communication, developing, design, construction, O&M during energy transition. It provides RE100 and net-zero total solution by diversified renewable energy, power generation and loading prediction, energy storage system, hydrogen application and virtual power plant(VPP) technology.
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FVCBankcorp, Inc. Announces Sixth Consecutive Quarter of Improved Earnings;
FAIRFAX, Va.--(BUSINESS WIRE)--FVCBankcorp, Inc. (NASDAQ: FVCB) (the 'Company') today reported its financial results for the second quarter of 2025. Second Quarter Selected Financial Highlights Net Income Increased 10% Compared to the Prior Quarter. Net income totaled $5.7 million, or $0.31 diluted earnings per share, for the quarter ended June 30, 2025, compared to net income of $5.2 million, or $0.28 diluted earnings per share, for the quarter ended March 31, 2025. Compared to the year ago quarter, net income increased 36%, or $1.5 million, from $4.2 million for the three months ended June 30, 2024. Return on Average Assets Improved to 1.02%. Return on average assets for the quarter ended June 30, 2025 was 1.02%, an increase from 0.94% for the quarter ended March 31, 2025, and up from 0.77% for the quarterly period ended June 30, 2024. Net Interest Margin Up 12% and Net Interest Income Improved 15%, Compared to the Year Ago Quarter. 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All of FVCbank's (the 'Bank') regulatory capital components and ratios were in excess of thresholds required to be considered "well capitalized", with total risk-based capital to risk-weighted assets of 15.28% at June 30, 2025, compared to 14.73% at December 31, 2024. The tangible common equity ("TCE") to tangible assets ("TA") ratio for the Bank increased to 11.16% at June 30, 2025, from 10.87% at December 31, 2024. The Bank's investment securities are classified as available-for-sale, and therefore the unrealized losses on these securities are fully reflected in the TCE/TA ratio. Shares Repurchased During the Second Quarter. During the second quarter of 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 canceled and returned to the status of authorized but unissued. These share repurchases reduced weighted average shares outstanding for the second quarter of 2025 by 279,066 shares. Initiation of Quarterly Cash Dividend. On July 17, 2025, the Company announced it was initiating a quarterly cash dividend program. The initial quarterly cash dividend of $0.06 was declared for each share of its common stock outstanding. The dividend is payable on August 18, 2025 to shareholders of record on July 28, 2025. Based on the current number of shares outstanding, the aggregate payment will be approximately $1.1 million. For the three months ended June 30, 2025, the Company recorded net income of $5.7 million, or $0.31 diluted earnings per share, compared to net income of $4.2 million, or $0.23 diluted earnings per share, for the quarter ended June 30, 2024, an increase of $1.5 million, or 36%. During the second quarter of 2025, the Company unwound $15 million of its pay-fixed/receive floating interest rate swaps and the funding associated with that hedge, resulting in a gain of $154 thousand (which was recorded in non-interest income). For the six months ended June 30, 2025, the Company reported net income of $10.8 million, or $0.59 diluted earnings per share, compared to $5.5 million, or $0.30 diluted earnings per share, for the six months ended June 30, 2024, an increase of $5.3 million, or 97%. During 2024, the Company surrendered $48.0 million in bank-owned life insurance ('BOLI'), which resulted in a nonrecurring increase of $2.4 million to the tax provisioning related to the loss of the tax favored status of prior appreciation. Commercial bank operating earnings (non-GAAP) exclude the above noted derivative gain recorded during 2025 for the three months ended June 30, 2025. Excluding this nonrecurring item, commercial bank operating earnings for the three months ended June 30, 2025 and 2024 were $5.5 million and $4.2 million, respectively, an increase of $1.3 million, or 34%. Diluted commercial bank operating earnings per share (non-GAAP) for the three months ended June 30, 2025 and 2024 were $0.30 and $0.23, respectively. Adjusted return on average assets for the three months ended June 30, 2025 and 2024 was 1.00% and 0.77%, respectively. Commercial bank operating earnings (non-GAAP) for the six months ended June 30, 2025 and 2024 exclude the 2025 derivative gain and tax provisioning recorded for the BOLI surrender during 2024. Excluding these nonrecurring items, commercial bank operating earnings for the six months ended June 30, 2025 and 2024 were $10.7 million and $7.9 million, respectively, an increase of $2.8 million, or 36%. Diluted commercial bank operating earnings per share (non-GAAP) for the six months ended June 30, 2025 and 2024 were $0.58 and $0.43, respectively. The Company considers commercial bank operating earnings a useful comparative financial measure of the Company's operating performance over multiple periods. Commercial bank operating earnings are determined by methods other than in accordance with U.S. generally accepted accounting principles ('GAAP'). A reconciliation of non-GAAP financial measures to their most comparable financial measure in accordance with GAAP can be found in the tables below. Management Comments David W. Pijor, Esq., Chairman and Chief Executive Officer of the Company, said: 'We are pleased to see our annualized return on average assets reach 1.02% for the quarter ended June 30, 2025. The strategic initiatives we have deployed have contributed to our attaining a sixth quarter of consecutive earnings growth. We remain focused on improved profitability and disciplined lending while supporting and growing our customer base. Additionally, in July, the Board approved the initiation of a quarterly cash dividend, reflecting the Bank's financial strength and its maturity. This quarterly cash dividend also demonstrates our continued commitment to enhance shareholder value.' Patricia A. Ferrick, President of the Company, said: 'We continue to deepen our customer relationships with personalized service and technology solutions that improve the customer experience and streamline processes. Our online banking platform, with upgraded security features, combined with process automation across the Bank, have contributed to the 9% improvement in our efficiency ratio to 56.2% for the quarter ended June 30, 2025, compared to 61.9% for the year ago quarter ended June 30, 2024.' Statement of Condition Total assets were $2.24 billion at June 30, 2025 and $2.20 billion at December 31, 2024, an increase of $38.3 million. Compared to June 30, 2024, total assets decreased $61.9 million from $2.30 billion, year-over-year. Loans receivable, net of deferred fees, were $1.87 billion at each of June 30, 2025 and December 31, 2024, and $1.89 billion at June 30, 2024. During the second quarter of 2025, loan originations totaled $29.2 million with a weighted average rate of 7.66%, and were primarily comprised of commercial and industrial loans. Loan renewals totaled $37.9 million and had a weighted average rate of 7.72%. Loans that paid off during the second quarter of 2025 totaled $38.5 million and had a weighted average rate of 6.01%, and were primarily comprised of commercial real estate and construction loans. At June 30, 2025, the Company's warehouse lending facility increased $8.4 million to end at $52.5 million, with a weighted average yield of 6.39% for the quarter ended June 30, 2025. Investment securities were $157.1 million at June 30, 2025, $156.7 million at December 31, 2024 and $162.4 million at June 30, 2024. For the six months ended June 30, 2025, investment securities increased primarily due to a decrease in the portfolio's unrealized losses totaling $6.0 million, security purchases totaling $2.0 million, offset by principal repayments totaling $7.5 million. Total deposits were $1.90 billion at June 30, 2025, $1.87 billion at December 31, 2024, and $1.97 billion at June 30, 2024. Core deposits, which exclude wholesale deposits, increased $47.8 million, or 6% an annualized basis, for the six months ended June 30, 2025. During the second quarter of 2025, wholesale deposits decreased $15.0 million, as the Company unwound $15 million of its pay-fixed/receive floating interest rate swaps and the funding associated with that hedge, resulting in a gain of $154 thousand. As a member of the IntraFi Network, the Bank offers products to its customers who seek to maximize FDIC insurance protection ('reciprocal deposits'). At June 30, 2025 and December 31, 2024, reciprocal deposits, which are mostly comprised of interest checking and savings accounts, totaled $320.7 million and $269.7 million, respectively, and are considered part of the Company's core deposit base. Time deposits increased $30.0 million to $278.8 million during the first six months of 2025. The Company continues to build core deposits at lower interest rates. At June 30, 2025, wholesale funding totaled $284.9 million, a decrease of $15.0 million, or 5%, from March 31, 2025. Wholesale funding at June 30, 2025 includes wholesale deposits totaling $234.9 million and other borrowed funds totaling $50.0 million. For the quarter ended June 30, 2025, the cost of wholesale funding (including $235 million in pay-fixed/receive-floating interest rate swaps at an average rate of 3.26%) was 3.46% compared to a cost of 3.54% for the quarter ended March 31, 2025. Shareholders' equity at June 30, 2025 was $243.2 million, an increase of $7.8 million, or 3%, from December 31, 2024. Earnings for the six months ended June 30, 2025 contributed $10.8 million to the increase in shareholders' equity. During the second quarter of 2025, the Company repurchased 415,000 shares of its common stock at a total cost of $4.6 million, decreasing shareholders' equity. Accumulated other comprehensive loss decreased $1.0 million for the six months ended June 30, 2025, and was primarily related to the change in the Company's other comprehensive income associated with its available-for-sale investment securities portfolio at June 30, 2025. Tangible book value per share (a non-GAAP financial measure which is defined in the tables below) at June 30, 2025 and December 31, 2024 was $13.08 and $12.52, respectively. Tangible book value per share, excluding accumulated other comprehensive loss (a non-GAAP financial measure which is defined in the tables below), at June 30, 2025 and December 31, 2024 was $14.32 and $13.80, respectively. The Bank was well-capitalized at June 30, 2025, with total risk-based capital ratio of 15.28%, common equity tier 1 risk-based capital ratio of 14.29%, and tier 1 leverage ratio of 11.97%. Asset Quality For the three and six months ended June 30, 2025, the Company recorded a provision for credit losses totaling $105 thousand and $305 thousand, respectively, compared to $206 thousand for each of the three and six months ended June 30, 2024. At June 30, 2025 and December 31, 2024, the allowance for credit losses ('ACL') was $18.1 million. The ACL to total loans, net of fees, was 0.97% at each of June 30, 2025 and December 31, 2024. The Company generally does not record reserves for the warehouse lending facility it provides to ACM. Excluding the warehouse lending facility, the ACL to total loans, net of fees, was 0.99% at June 30, 2025. The reserve for unfunded commitments and the ACL on loans combined at June 30, 2025 was 0.99% of total loans, net of fees. The Company recorded net charge-offs of $517 thousand, or 0.11% annualized to average loans, for the three months ended June 30, 2025. Net charge-offs for the quarter ended June 30, 2025 were primarily comprised of one commercial loan, and not indicative of a systemic issue with the Company's loan portfolio credit quality. For the six months ended June 30, 2025, net charge-offs totaled $378 thousand, or 0.04% annualized to average loans. Nonperforming loans at June 30, 2025 totaled $10.5 million, or 0.46% of total assets, compared to $12.8 million, or 0.58% of total assets, at December 31, 2024. The decrease in nonperforming loans at June 30, 2025 was due to a decrease in nonaccrual loans of $990 thousand, and a decrease in loans past due over 90 days of $1.3 million at June 30, 2025. Total watchlist loans decreased to $12.6 million, or 13%, from $14.5 million at December 31, 2024. The Company had no other real estate owned at June 30, 2025 and December 31, 2024. At June 30, 2025, commercial real estate loans totaled $981.5 million, or 53% of total loans, net of fees, and construction loans totaled $177.1 million, or 9% of total loans, net of fees. Included in commercial real estate loans are loans secured by office properties totaling $119.8 million, or 6% of total loans, which are primarily located in the Virginia and Maryland suburbs of the Company's market area, with $1.6 million, or 0.09% of total loans, located in Washington, D.C. Loans secured by retail properties totaled $236.9 million, or 13% of total loans, at June 30, 2025, with $12.3 million, or less than 1% of total loans, located in Washington, D.C. Loans secured by multi-family properties totaled $155.7 million, or 8% of total loans, at June 30, 2025, with $73.3 million, or 4% of total loans, located in Washington, D.C. The commercial real estate portfolio, including construction loans, is diversified by asset type and geographic concentration. The Company manages the portfolio in a disciplined manner, and has comprehensive policies to monitor, measure, and mitigate its loan concentrations within its commercial real estate portfolio segment, including rigorous credit approval, monitoring and administrative practices. The following table provides further stratification of these and additional classes of real estate loans at June 30, 2025 (dollars in thousands). The loans shown in the above table exhibit strong credit quality, with one nonaccrual loan at June 30, 2025 totaling $10.2 million, which has a specific reserve totaling $365 thousand. During its assessment of the ACL, the Company addressed the credit risks associated with these portfolio segments and believes that as a result of its conservative underwriting discipline at loan origination and its ongoing loan monitoring procedures, the Company has appropriately reserved for possible credit concerns in the event of a downturn in economic activity. Minority Investment in Mortgage Banking Operation For the three and six months ended June 30, 2025, the Company recorded income of $350 thousand and $491 thousand, respectively, compared to income of $350 thousand and $123 thousand, respectively, for the three and six months ended June 30, 2024, related to its investment in Atlantic Coast Mortgage, LLC ("ACM"). The increase in earnings at ACM are a direct result of continued success in executing their strategic growth and geographic diversification initiatives, resulting in a 15% increase in loan originations for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. As of June 30, 2025, ACM is now licensed in 38 states with four additional state license applications currently in process. The Company's investment in ACM is reflected as a nonconsolidated minority investment, and as such, the Company's income generated from the investment is included in non-interest income. Income Statement The Company recorded net income of $5.7 million for the three months ended June 30, 2025 compared to net income of $4.2 million for the three months ended June 30, 2024, an increase of $1.5 million, or 36%. Compared to the linked quarter, net income for the three months ended June 30, 2025 increased $502 thousand, or 10%, from $5.2 million for the three months ended March 31, 2025. Net interest income increased $2.1 million, or 15%, to $15.8 million for the quarter ended June 30, 2025, compared to $13.7 million for the same period of 2024, and increased $707 thousand, or 5%, compared to the linked quarter ended March 31, 2025. The increase in net interest income for the second quarter of 2025 compared to both the year ago and linked quarters was primarily due to an increase in loan interest income as the loan portfolio reprices to higher interest rates. The Company's net interest margin increased 31 basis points to 2.90% for the quarter ended June 30, 2025 compared to 2.59% for the quarter ended June 30, 2024, and increased 7 basis points from 2.83% for the linked quarter ended March 31, 2025. The increase in net interest margin is a result of improved yields on earning assets, primarily from the loan portfolio, in addition to continued improvement in the cost of funding sources. Cost of funds decreased to 2.79% for the quarter ended June 30, 2025, a decrease from 2.83% for the quarter ended March 31, 2025, and a decrease from 3.00% for the year ago quarter ended June 30, 2024. Compared to the year ago quarter, interest income increased $1.5 million, or 5%, to $29.4 million, for the second quarter of 2025, and increased $873 thousand, or 3%, compared to the linked quarter ended March 31, 2025. Loan interest income increased $571 thousand, or 2%, to $27.0 million for the three months ended June 30, 2025, compared to $26.5 million for the three months ended June 30, 2024, as average loan yields increased during this same comparable period. Loan yields increased 18 basis points to 5.80% for the three months ended June 30, 2025 compared to 5.62% for the same period of 2024, and increased 11 basis points from 5.69% for the three months ended March 31, 2025. The yield on earning assets increased 12 basis points to 5.39% for the three months ended June 30, 2025 compared to 5.27% for the same period of 2024. Compared to the linked quarter, the yield on earnings assets increased 8 basis points to 5.39% for the quarter ended June 30, 2025, compared to 5.31% for the quarter ended March 31, 2025, a result of loans repricing upwards as compared to the prior quarter. The Company anticipates continued increase in loan yields due to scheduled loan repricings. Within 12 months of June 30, 2025, $81.3 million in fixed rate commercial loans with a weighted average rate of 4.74% and $21.0 million in variable rate commercial loans with a weighted average rate of 4.00% are expected to reprice. Within the following 24-36 months of June 30, 2025, $268.0 million in fixed rate commercial loans with a weighted average rate of 4.83% and an additional $129.9 million in variable rate commercial loans with a weighted average rate of 4.95% are scheduled to reprice. These scheduled repricings represent 33% of the Company's total commercial loan portfolio. In the near-term, the Company's efforts to attain appropriate yields on new originations and the repricing of the commercial loan portfolio are expected to provide continued improvement in loan yields. The Company has actively managed its maturing commercial real estate loan portfolio and further diversified its loan mix toward commercial & industrial loans. Commercial real estate loan maturities scheduled for 2024 totaling $36.0 million with a weighted average interest rate of 6.04% paid off as expected. Through June 30, 2025, scheduled commercial real estate maturities totaling $22.5 million with a weighted average interest rate of 5.31% have paid off or are expected to pay off later in 2025. Interest expense decreased $630 thousand, or 4%, to $13.7 million, for the quarter ended June 30, 2025, compared to $14.3 million for the quarter ended June 30, 2024, which is attributable to the decrease in other borrowed funds. On a linked quarter basis, interest expense increased $166 thousand, or 1%, compared to the quarter ended March 31, 2025. Interest expense on deposits increased slightly by $64 thousand to $13.0 million for the three months ended June 30, 2025, compared to $12.9 million for the three months ended June 30, 2024, as average total deposits increased $114.2 million for the three months ended June 30, 2025 when compared to the year ago quarter. On a linked quarter basis, interest expense on deposits increased $166 thousand, or 1%, from $12.8 million for the quarter ended March 31, 2025. The cost of deposits (which includes noninterest-bearing deposits) for the second quarter ended June 30, 2025 was 2.74%, a decrease of 27 basis points from the year ago quarter ended June 30, 2024, and a decrease of 4 basis points compared to the linked quarter ended March 31, 2025, demonstrating the Company's ability to grow its customer base while reducing deposit costs. Net interest income for the six months ended June 30, 2025 and 2024 was $30.8 million and $26.5 million, respectively, an increase of $4.3 million, or 16%, year-over-year. Interest income increased $3.2 million, or 6%, to $58.0 million for the six months ended June 30, 2025 compared to $54.8 million for the comparable 2024 period. Interest expense totaled $27.2 million for the six months ended June 30, 2025, a decrease of $1.2 million, or 4%, compared to $28.3 million for the six months ended June 30, 2024. The Company's net interest margin for the six months ended June 30, 2025 was 2.87% compared to 2.53% for the year-ago six month period of 2024, an increase of 34 basis points, or 13%. Noninterest income for the three months ended June 30, 2025 totaled $1.0 million compared to income of $671 thousand for the three months ended March 31, 2025, and $871 thousand for the three months ended June 30, 2024. Fee income from loans was $33 thousand for the quarter ended June 30, 2025, compared to $38 thousand for the second quarter of 2024. Service charges on deposit accounts totaled $282 thousand for the second quarter of 2025, compared to $279 thousand for the year ago quarter, and $270 thousand for the linked quarter ended March 31, 2025. Income from BOLI increased to $71 thousand for the three months ended June 30, 2025, compared to $66 thousand for the same period of 2024. Income from the minority interest in ACM for both of the quarters ended June 30, 2025 and 2024 was $350 thousand. As mentioned previously, during the quarter ended June 30, 2025, the Company unwound $15 million of its pay-fixed/receive floating interest rate swaps and the funding associated with that hedge, resulting in a gain of $154 thousand. For the six months ended June 30, 2025, the Company recorded noninterest income totaling $1.7 million, compared to $1.3 million for the six months ended June 30, 2024. Fee income from loans was $110 thousand for the six months ended June 30, 2025, compared to $87 thousand for the same period of 2024. Service charges on deposit accounts totaled $552 thousand for the six months ended June 30, 2025, compared to $540 thousand for the six months ended June 30, 2024. Income from BOLI decreased to $141 thousand for the six months ended June 30, 2025 compared to $256 thousand for the same period of 2024, a direct result of the BOLI surrendered during 2024. Income from its minority interest in ACM was $491 thousand for the six months ended June 30, 2025, compared to $123 thousand for the same period of 2024. Noninterest expense totaled $9.4 million for the quarter ended June 30, 2025, an increase of $432 thousand, or 5%, compared to $9.0 million for the year ago quarter ended June 30, 2024. On a linked quarter basis, noninterest expense increased $295 thousand, or 3%, from $9.1 million for the three months ended March 31, 2025, primarily due to an increase in salaries and benefits expense during the second quarter of 2025. Compared to the year ago quarter, salaries and benefits expense increased $346 thousand, or 7%, for the three months ended June 30, 2025, and increased $253 thousand, or 5%, compared to the linked quarter ended March 31, 2025. The increase in salaries and benefits expense for the second quarter of 2025 as compared to both the year ago and linked quarters is primarily a result of an increase in incentive accruals for the second quarter of 2025 along with the filling of open positions that were vacant in the previous periods. Internet banking and software expense increased $134 thousand to $864 thousand for the second quarter of 2025 compared to the year ago quarter ended June 30, 2024, primarily as a result of the implementation of enhanced customer software solutions. Data processing and network administration expense decreased $117 thousand to $550 thousand for the three months ended June 30, 2025 compared to the same period of 2024, primarily as a result of contract renewals with certain service providers for the Bank. The Company continues to identify and assess opportunities to reduce operating expenses. For the six months ended June 30, 2025 and 2024, noninterest expense was $18.6 million and $17.6 million, respectively, an increase of $940 thousand, or 5%, primarily as a result of the aforementioned increases in salaries and benefits expenses and internet banking and software expense. The efficiency ratio for the quarters ended June 30, 2025, March 31, 2025, and June 30, 2024, was 56.2%, 58.1%, and 61.9%, respectively. For the six months ended June 30, 2025 and 2024, the efficiency ratio was 57.1% and 63.5%, respectively. A reconciliation of the aforementioned efficiency ratios, a non-GAAP financial measure, can be found in the tables below. The Company recorded a provision for income taxes of $1.6 million and $1.2 million for the three months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and 2024, provision for income taxes was $2.8 million and $4.4 million, respectively. The 2024 period included an additional $2.4 million which was associated with the Company's surrender of BOLI policies in the first quarter of 2024. About FVCBankcorp, Inc. FVCBankcorp, Inc. is the holding company for FVCbank, a wholly-owned subsidiary that commenced operations in November 2007. FVCbank is a $2.24 billion asset-sized Virginia-chartered community bank serving the banking needs of commercial businesses, nonprofit organizations, professional service entities, their owners and employees located in the greater Baltimore and Washington, D.C. metropolitan areas. FVCbank is based in Fairfax, Virginia, and has 8 full-service offices in Arlington, Fairfax, Manassas, Reston and Springfield, Virginia, Washington, D.C., and Baltimore, and Bethesda, Maryland. For more information about the Company, please visit the Investor Relations page of FVCBankcorp, Inc.'s website, Cautionary Note About Forward-Looking Statements This press release 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 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, 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 Securities and Exchange Commission (the 'SEC'), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board 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 the Company's Annual Report on Form 10-K for the year ended December 31, 2024, including those discussed in the section entitled 'Risk Factors,' and in the Company's other periodic and current reports filed with the SEC. 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 press release. Therefore, the Company cautions 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 to predict their occurrence or how they will affect the Company's operations, financial condition or results of operations. June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 March 31, 2025 December 31, 2024 Selected Balances Total assets $ 2,237,250 $ 2,299,194 $ 2,240,797 $ 2,198,950 Total investment securities 157,129 162,429 166,756 164,926 Total loans, net of deferred fees 1,869,098 1,886,929 1,882,133 1,870,235 Allowance for credit losses on loans (18,065 ) (19,208 ) (18,422 ) (18,129 ) Total deposits 1,903,472 1,968,750 1,906,621 1,870,605 Subordinated debt 18,723 19,652 18,709 18,695 Other borrowings 50,000 57,000 50,000 50,000 Reserve for unfunded commitments 503 506 557 510 Total shareholders' equity 243,163 226,491 242,328 235,354 Summary Results of Operations Interest income $ 29,430 $ 27,972 $ 57,987 $ 54,799 $ 28,557 $ 29,281 Interest expense 13,671 14,301 27,176 28,336 13,505 14,367 Net interest income 15,759 13,670 30,811 26,462 15,052 14,913 Provision for credit losses 105 206 305 206 200 — Net interest income after provision for credit losses 15,654 13,464 30,506 26,256 14,852 14,913 Noninterest income - loan fees, service charges and other 432 454 892 862 460 431 Noninterest income - bank owned life insurance 71 66 141 256 70 71 Noninterest income (loss) on minority 351 351 492 148 141 (49 ) Noninterest income - gain on termination of derivative instruments 154 — 154 — — — Noninterest expense 9,428 8,996 18,561 17,621 9,133 9,002 Income before taxes 7,234 5,340 13,624 9,902 6,390 6,363 Income tax expense 1,567 1,185 2,792 4,407 1,225 1,463 Net income 5,667 4,155 10,832 5,495 5,165 4,900 Per Share Data Net income, basic $ 0.31 $ 0.23 $ 0.59 $ 0.31 $ 0.28 $ 0.27 Net income, diluted $ 0.31 $ 0.23 $ 0.59 $ 0.30 $ 0.28 $ 0.26 Book value $ 13.49 $ 12.45 $ 13.17 $ 12.93 Tangible book value $ 13.08 $ 12.04 $ 12.75 $ 12.52 Tangible book value, excluding accumulated other comprehensive losses $ 14.32 $ 13.26 $ 13.94 $ 13.80 Shares outstanding 18,019,204 18,186,147 18,406,216 18,204,455 Selected Ratios Net interest margin (2) 2.90 % 2.59 % 2.87 % 2.53 % 2.83 % 2.77 % Return on average assets (2) 1.02 % 0.77 % 0.98 % 0.51 % 0.94 % 0.90 % Return on average equity (2) 9.37 % 7.42 % 8.99 % 4.95 % 8.61 % 8.37 % Efficiency (3) 56.22 % 61.86 % 57.13 % 63.54 % 58.08 % 58.58 % Loans, net of deferred fees to total deposits 98.19 % 95.84 % 98.72 % 99.98 % Noninterest-bearing deposits to total deposits 18.71 % 18.99 % 19.26 % 19.55 % Reconciliation of Net Income (GAAP) to Commercial Bank Operating Earnings (Non-GAAP) (4) GAAP net income reported above $ 5,667 $ 4,155 $ 10,832 $ 5,495 $ 5,165 $ 4,900 Gain on termination of derivative instruments (154 ) — (154 ) — — — Non-recurring tax and 10% modified endowment contract penalty on early surrender of BOLI policies — — — 2,386 — — Income tax benefit associated with non-GAAP adjustments 35 — 35 — — — Adjusted Net Income, commercial bank operating earnings (non-GAAP) $ 5,548 $ 4,155 $ 10,713 $ 7,881 $ 5,165 $ 4,900 Adjusted Earnings per share - basic (non-GAAP commercial bank operating earnings) (2) $ 0.31 $ 0.23 $ 0.59 $ 0.44 $ 0.28 $ 0.27 Adjusted Earnings per share - diluted (non-GAAP commercial bank operating earnings) (2) $ 0.30 $ 0.23 $ 0.58 $ 0.43 $ 0.28 $ 0.26 Adjusted Return on average assets (non-GAAP commercial bank operating earnings) (2) 1.00 % 0.77 % 0.97 % 0.73 % 0.94 % 0.90 % Adjusted Return on average equity (non-GAAP commercial bank operating earnings) (2) 9.17 % 7.42 % 8.89 % 7.10 % 8.61 % 8.36 % Adjusted Efficiency ratio (non-GAAP commercial bank operating earnings) (3) 56.74 % 61.86 % 57.40 % 63.55 % 58.08 % 58.62 % Capital Ratios - Bank Tangible common equity (to tangible assets) 11.16 % 9.56 % 10.98 % 10.87 % Total risk-based capital (to risk weighted assets) 15.28 % 14.13 % 15.07 % 14.73 % Common equity tier 1 capital (to risk weighted assets) 14.29 % 13.09 % 14.07 % 13.74 % Tier 1 leverage (to average assets) 11.97 % 11.31 % 11.92 % 11.74 % Asset Quality Nonperforming loans $ 10,529 $ 3,187 $ 10,747 $ 12,823 Nonperforming loans to total assets 0.47 % 0.13 % 0.48 % 0.58 % Nonperforming assets to total assets 0.47 % 0.13 % 0.48 % 0.58 % Allowance for credit losses on loans 0.97 % 1.02 % 0.98 % 0.97 % Allowance for credit losses to nonperforming loans 171.57 % 602.70 % 171.42 % 141.38 % Net charge-offs (recoveries) $ 517 $ (5 ) $ 378 $ (35 ) $ (139 ) $ 937 Net charge-offs (recoveries) to average loans (2) 0.11 % — % 0.04 % — % (0.03 )% 0.20 % Selected Average Balances Total assets $ 2,229,432 $ 2,170,786 $ 2,215,782 $ 2,165,125 $ 2,201,982 $ 2,185,879 Total earning assets 2,182,180 2,123,431 2,167,775 2,103,435 2,153,209 2,139,505 Total loans, net of deferred fees 1,862,488 1,882,342 1,864,529 1,861,614 1,866,593 1,875,328 Total deposits 1,896,263 1,798,734 1,882,466 1,792,705 1,868,514 1,851,402 Other Data Noninterest-bearing deposits $ 356,208 $ 373,848 $ 367,124 $ 365,666 Interest-bearing checking, savings and money market 1,033,577 1,070,360 1,014,636 1,006,898 Time deposits 278,758 274,684 274,949 248,154 Wholesale deposits 234,929 249,860 249,912 249,887 (1) Non-GAAP Reconciliation Total shareholders' equity $ 243,163 $ 226,491 $ 242,328 $ 235,354 Goodwill and intangibles, net (7,352 ) (7,497 ) (7,613 ) (7,420 ) Tangible Common Equity $ 235,811 $ 218,993 $ 234,715 $ 227,934 Accumulated Other Comprehensive Income (Loss) ("AOCI") (22,266 ) (22,152 ) (21,886 ) (23,266 ) Tangible Common Equity excluding AOCI $ 258,077 $ 241,146 $ 256,601 $ 251,200 Book value per common share $ 13.49 12.45 $ 13.17 $ 12.93 Intangible book value per common share (0.41 ) (0.41 ) (0.42 ) (0.41 ) Tangible book value per common share $ 13.08 $ 12.04 $ 12.75 $ 12.52 AOCI (loss) per common share (1.24 ) (1.22 ) (1.19 ) (1.28 ) Tangible book value per common share, excluding AOCI $ 14.32 $ 13.26 $ 13.94 $ 13.80 Expand (2) Annualized. (3) Efficiency ratio is calculated as noninterest expense divided by the sum of net interest income and noninterest income. (4) Some of the financial measures discussed throughout the press release are 'non-GAAP financial measures.' In accordance with SEC rules, the Company classifies a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP in our consolidated statements of income, condition, or statements of cash flows. Expand FVCBankcorp, Inc. Summary Consolidated Statements of Condition (Dollars in thousands) (Unaudited) June 30, 2025 March 31, 2025 % Change Current Quarter December 31, 2024 June 30, 2024 % Change From Year Ago Cash and due from banks $ 14,627 $ 12,957 12.9 % $ 8,161 $ 10,226 43.0 % Interest-bearing deposits at other financial institutions 120,505 110,973 8.6 % 82,789 154,359 (21.9 )% Investment securities 157,129 158,982 (1.2 )% 156,740 162,429 (3.3 )% Restricted stock, at cost 7,774 7,774 — % 8,186 8,186 (5.0 )% Loans, net of fees: Commercial real estate 981,479 1,009,842 (2.8 )% 1,038,307 1,083,481 (9.4 )% Commercial and industrial 344,931 339,173 1.7 % 314,274 268,921 28.3 % Commercial construction 177,135 165,665 6.9 % 162,367 164,735 7.5 % Consumer real estate 307,423 314,971 (2.4 )% 325,313 339,146 (9.4 )% Warehouse facilities 52,529 44,154 19.0 % 22,388 24,425 115.1 % Consumer nonresidential 5,601 8,328 (32.7 )% 7,586 6,220 (10.0 )% Total loans, net of fees 1,869,098 1,882,133 (0.7 )% 1,870,235 1,886,929 (0.9 )% Allowance for credit losses on loans (18,065 ) (18,422 ) (1.9 )% (18,129 ) (19,208 ) (6.0 )% Loans, net 1,851,033 1,863,711 (0.7 )% 1,852,106 1,867,721 (0.9 )% Premises and equipment, net 773 814 (5.0 )% 858 915 (15.5 )% Goodwill and intangibles, net 7,352 7,385 (0.4 )% 7,420 7,497 (1.9 )% Bank owned life insurance (BOLI) 9,361 9,289 0.8 % 9,219 9,078 3.1 % Other assets 68,696 68,912 (0.3 )% 73,471 78,783 (12.8 )% Total Assets $ 2,237,250 $ 2,240,797 (0.2 )% $ 2,198,950 $ 2,299,194 (2.7 )% Deposits: Noninterest-bearing $ 356,208 $ 367,124 (3.0 )% $ 365,666 $ 373,848 (4.7 )% Interest checking 669,054 617,845 8.3 % 623,811 631,162 6.0 % Savings and money market 364,523 396,791 (8.1 )% 383,087 439,198 (17.0 )% Time deposits 278,758 274,949 1.4 % 248,154 274,684 1.5 % Wholesale deposits 234,929 249,912 (6.0 )% 249,887 249,860 (6.0 )% Total deposits 1,903,472 1,906,621 (0.2 )% 1,870,605 1,968,752 (3.3 )% Other borrowed funds 50,000 50,000 — % 50,000 57,000 (12.3 )% Subordinated notes, net of issuance costs 18,723 18,709 0.1 % 18,695 19,652 (4.7 )% Reserve for unfunded commitments 503 557 (9.7 )% 510 506 (0.6 )% Other liabilities 21,389 22,582 (5.3 )% 23,786 26,793 (20.2 )% Shareholders' equity 243,163 242,328 0.3 % 235,354 226,491 7.4 % Total Liabilities & Shareholders' Equity $ 2,237,250 $ 2,240,797 (0.2 )% $ 2,198,950 $ 2,299,194 (2.7 )% Expand FVCBankcorp, Inc. Summary Consolidated Statements of Income (Dollars in thousands, except per share data) (Unaudited) For the Three Months Ended June 30, 2025 March 31, 2025 % Change Current Quarter June 30, 2024 % Change From Year Ago Net interest income $ 15,759 $ 15,052 4.7 % $ 13,671 15.3 % Provision for credit losses 105 200 (47.5 )% 206 (49.0 )% Net interest income after provision for credit losses 15,654 14,852 5.4 % 13,465 16.3 % Noninterest income: Fees on loans 33 77 (57.1 )% 38 (13.2 )% Service charges on deposit accounts 282 270 4.4 % 279 1.1 % BOLI income 71 70 1.4 % 66 7.6 % Income from minority membership interests 351 141 (149.8 )% 351 — % Gain on termination of derivative instruments 154 — 100.0 % — — % Other fee income 117 113 3.5 % 137 (14.6 )% Total noninterest income 1,008 671 50.3 % 871 15.7 % Noninterest expense: Salaries and employee benefits 5,036 4,783 5.3 % 4,690 7.4 % Occupancy expense 539 529 1.9 % 515 4.7 % Internet banking and software expense 864 825 4.7 % 730 18.4 % Data processing and network administration 550 619 (11.1 )% 667 (17.5 )% State franchise taxes 583 596 (2.2 )% 590 (1.2 )% Professional fees 328 242 35.5 % 228 43.9 % Other operating expense 1,528 1,539 (0.7 )% 1,575 (3.0 )% Total noninterest expense 9,428 9,133 3.2 % 8,996 4.8 % Net income before income taxes 7,234 6,390 13.2 % 5,340 35.5 % Income tax expense 1,567 1,225 27.9 % 1,185 32.2 % Net Income $ 5,667 $ 5,165 9.7 % $ 4,155 36.4 % Earnings per share - basic $ 0.31 $ 0.28 10.7 % $ 0.23 34.8 % Earnings per share - diluted $ 0.31 $ 0.28 10.7 % $ 0.23 34.8 % Weighted-average common shares outstanding - basic 18,129,487 18,295,268 (0.9 )% 18,000,491 0.7 % Weighted-average common shares outstanding - diluted 18,256,496 18,466,509 (1.1 )% 18,341,906 (0.5 )% Reconciliation of Net Income (GAAP) to Commercial Bank Operating Earnings (Non-GAAP): GAAP net income reported above $ 5,667 $ 5,165 $ 4,155 Gain on termination of derivative instruments (154 ) — — Income tax benefit associated with non-GAAP adjustments 35 — — Adjusted Net Income, commercial bank operating earnings (non-GAAP) $ 5,548 $ 5,165 $ 4,155 Adjusted Earnings per share - basic (non-GAAP commercial bank operating earnings) $ 0.31 $ 0.28 $ 0.23 Adjusted Earnings per share - diluted (non-GAAP commercial bank operating earnings) $ 0.30 $ 0.28 $ 0.23 Adjusted Return on average assets (non-GAAP commercial bank operating earnings) 1.00 % 0.94 % 0.77 % Adjusted Return on average equity (non-GAAP commercial bank operating earnings) 9.17 % 8.61 % 7.42 % Adjusted Efficiency ratio (non-GAAP commercial bank operating earnings) 56.74 % 58.08 % 61.86 % Reconciliation of Net Income (GAAP) to Pre-Tax Pre-Provision Income (Non-GAAP): GAAP net income reported above $ 5,667 $ 5,165 $ 4,155 Provision for credit losses 105 200 206 Gain on termination of derivative instruments (154 ) — — Income tax expense 1,567 1,225 1,185 Adjusted Pre-tax pre-provision income $ 7,185 $ 6,590 $ 5,546 Adjusted Earnings per share - basic (non-GAAP pre-tax pre-provision) $ 0.40 $ 0.36 $ 0.31 Adjusted Earnings per share - diluted (non-GAAP pre-tax pre-provision) $ 0.39 $ 0.36 $ 0.30 Adjusted Return on average assets (non-GAAP pre-tax pre-provision) 1.29 % 1.20 % 1.02 % Adjusted Return on average equity (non-GAAP pre-tax pre-provision) 11.88 % 10.98 % 9.91 % Expand FVCBankcorp, Inc. Summary Consolidated Statements of Income (Dollars in thousands, except per share data) (Unaudited) For the Six Months Ended June 30, 2025 June 30, 2024 % Change Net interest income $ 30,811 $ 26,462 16.4 % Provision for credit losses 305 206 48.1 % Net interest income after provision for credit losses 30,506 26,256 16.2 % Noninterest income: Fees on loans 110 87 26.4 % Service charges on deposit accounts 552 540 2.2 % BOLI income 141 256 (44.9 )% Income from minority membership interests 492 148 232.4 % Gain on termination of derivative instruments 154 — 100.0 % Other fee income 230 235 (2.1 )% Total noninterest income 1,679 1,266 32.6 % Noninterest expense: Salaries and employee benefits 9,818 9,221 6.5 % Occupancy expense 1,067 1,037 2.9 % Internet banking and software expense 1,689 1,424 18.6 % Data processing and network administration 1,169 1,302 (10.2 )% State franchise taxes 1,178 1,179 (0.1 )% Professional fees 569 471 20.8 % Other operating expense 3,071 2,987 2.8 % Total noninterest expense 18,561 17,621 5.3 % Net income before income taxes 13,624 9,901 37.6 % Income tax expense 2,792 4,406 (36.6 )% Net Income $ 10,832 $ 5,495 97.1 % Earnings per share - basic $ 0.59 $ 0.31 90.3 % Earnings per share - diluted $ 0.59 $ 0.30 96.7 % Weighted-average common shares outstanding - basic 18,212,377 17,914,625 1.7 % Weighted-average common shares outstanding - diluted 18,361,502 18,329,695 0.2 % Reconciliation of Net Income (GAAP) to Commercial Bank Operating Earnings (Non-GAAP): GAAP net income reported above $ 10,832 $ 5,495 Gain on termination of derivative instruments (154 ) — Non-recurring tax and 10% modified endowment contract penalty on early surrender of BOLI policies — 2,386 Provision for income taxes associated with non-GAAP adjustments 35 — Adjusted Net Income, core bank operating earnings (non-GAAP) $ 10,713 $ 7,881 Adjusted Earnings per share - basic (non-GAAP core bank operating earnings) $ 0.59 $ 0.44 Adjusted Earnings per share - diluted (non-GAAP core bank operating earnings) $ 0.58 $ 0.43 Adjusted Return on average assets (non-GAAP core bank operating earnings) 0.97 % 0.73 % Adjusted Return on average equity (non-GAAP core bank operating earnings) 8.89 % 7.10 % Adjusted Efficiency ratio (non-GAAP core bank operating earnings) 57.40 % 63.55 % Reconciliation of Net Income (GAAP) to Pre-Tax Pre-Provision Income (Non-GAAP): GAAP net income reported above $ 10,832 $ 5,495 Provision for credit losses 305 206 Gain on termination derivative instruments (154 ) — Non-recurring tax and 10% modified endowment contract penalty on early surrender of BOLI policies — 2,386 Income tax expense 2,792 2,020 Adjusted Pre-tax pre-provision income $ 13,775 $ 10,107 Adjusted Earnings per share - basic (non-GAAP pre-tax pre-provision) $ 0.76 $ 0.56 Adjusted Earnings per share - diluted (non-GAAP pre-tax pre-provision) $ 0.75 $ 0.55 Adjusted Return on average assets (non-GAAP pre-tax pre-provision) 1.24 % 0.93 % Adjusted Return on average equity (non-GAAP pre-tax pre-provision) 11.43 % 9.11 % Expand FVCBankcorp, Inc. Average Statements of Condition and Yields on Earning Assets and Interest-Bearing Liabilities (Dollars in thousands) (Unaudited) For the Three Months Ended 6/30/2025 3/31/2025 6/30/2024 Interest-earning assets: Loans receivable, net of fees (1) Commercial real estate $ 996,979 $ 12,625 5.07 % $ 1,027,564 $ 12,885 5.02 % $ 1,087,064 $ 13,795 5.08 % Commercial and industrial 339,859 6,847 8.06 % 324,023 6,369 7.86 % 253,485 5,022 7.92 % Commercial construction 171,434 3,175 7.41 % 165,111 2,969 7.19 % 162,711 2,918 7.17 % Consumer real estate 311,331 3,662 4.70 % 319,946 3,822 4.78 % 347,180 4,116 4.74 % Warehouse facilities 35,603 569 6.39 % 21,847 347 6.35 % 26,000 483 7.44 % Consumer nonresidential 7,282 150 8.24 % 8,102 161 7.95 % 5,902 123 8.34 % Total loans 1,862,488 27,028 5.80 % 1,866,593 26,553 5.69 % 1,882,342 26,457 5.62 % Investment securities (2) 196,693 1,038 2.11 % 198,776 1,041 2.09 % 211,630 1,115 2.10 % Interest-bearing deposits at other financial institutions 122,999 1,364 4.45 % 87,840 963 4.39 % 29,459 401 5.48 % Total interest-earning assets 2,182,180 $ 29,430 5.39 % $ 2,153,209 $ 28,557 5.31 % $ 2,123,431 $ 27,973 5.27 % Non-interest earning assets: Cash and due from banks 10,981 11,138 7,553 Premises and equipment, net 800 849 979 Accrued interest and other assets 53,874 54,981 57,755 Allowance for credit losses (18,403 ) (18,195 ) (18,932 ) Total Assets $ 2,229,432 $ 2,201,982 $ 2,170,786 Interest-bearing liabilities: Interest checking $ 646,842 $ 5,025 3.12 % $ 617,141 $ 4,821 3.17 % $ 549,071 $ 4,622 3.39 % Savings and money market 362,904 3,011 3.33 % 390,467 3,141 3.26 % 334,627 3,081 3.70 % Time deposits 277,311 2,823 4.08 % 256,389 2,680 4.24 % 286,910 3,104 4.35 % Wholesale deposits 247,603 2,099 3.40 % 249,888 2,150 3.49 % 249,846 2,087 3.36 % Total interest-bearing deposits 1,534,660 12,958 3.39 % 1,513,885 12,792 3.43 % 1,420,454 12,894 3.65 % Other borrowed funds 50,011 468 3.75 % 50,000 468 3.80 % 99,758 1,150 4.63 % Subordinated notes, net of issuance costs 18,714 245 5.26 % 18,699 245 5.32 % 19,639 257 5.27 % Total interest-bearing liabilities 1,603,385 $ 13,671 3.42 % $ 1,582,584 $ 13,505 3.46 % $ 1,539,851 $ 14,301 3.74 % Noninterest-bearing liabilities: Noninterest-bearing deposits 361,602 354,629 378,280 Other liabilities 22,437 24,747 28,740 Shareholders' equity 242,008 240,022 223,914 Total Liabilities and Shareholders' Equity $ 2,229,432 $ 2,201,982 $ 2,170,786 Net Interest Margin $ 15,759 2.90 % $ 15,052 2.83 % $ 13,672 2.59 % Expand (1) Non-accrual loans are included in average balances. (2) The average balances for investment securities includes restricted stock. Expand FVCBankcorp, Inc. Average Statements of Condition and Yields on Earning Assets and Interest-Bearing Liabilities (Dollars in thousands) (Unaudited) For the Six Months Ended 6/30/2025 6/30/2024 Average Balance Interest Income/Expense Average Yield Average Balance Interest Income/Expense Average Yield Interest-earning assets: Loans receivable, net of fees (1) Commercial real estate $ 1,012,187 $ 25,510 5.04 % $ 1,089,076 $ 27,356 5.02 % Commercial and industrial 331,985 13,216 7.96 % 240,816 9,383 7.79 % Commercial construction 168,290 6,144 7.30 % 157,622 5,670 7.19 % Consumer real estate 315,615 7,484 4.74 % 353,033 8,557 4.85 % Warehouse facilities 28,763 917 6.38 % 15,266 571 7.49 % Consumer nonresidential 7,689 311 8.08 % 5,801 234 8.07 % Total loans 1,864,529 53,582 5.72 % 1,861,614 51,771 5.56 % Investment securities (2) 197,729 2,078 2.10 % 213,325 2,259 2.12 % Interest-bearing deposits at other financial institutions 105,517 2,327 4.45 % 28,496 773 5.46 % Total interest-earning assets 2,167,775 $ 57,987 5.32 % 2,103,435 $ 54,803 5.21 % Non-interest earning assets: Cash and due from banks 10,199 5,880 Premises and equipment, net 824 978 Accrued interest and other assets 55,283 73,739 Allowance for credit losses (18,299 ) (18,907 ) Total Assets $ 2,215,782 $ 2,165,125 Interest-bearing liabilities: Interest checking $ 632,074 $ 9,846 3.14 % $ 524,497 $ 8,565 3.28 % Savings and money market 376,609 6,152 3.29 % 317,499 5,589 3.54 % Time deposits 266,908 5,503 4.16 % 293,891 6,310 4.32 % Wholesale deposits 248,740 4,249 3.44 % 277,619 4,971 3.60 % Total interest-bearing deposits 1,524,331 25,750 3.41 % 1,413,506 25,435 3.62 % Other borrowed funds 50,006 936 3.77 % 103,794 2,387 4.62 % Subordinated notes, net of issuance costs 18,707 490 5.29 % 19,632 514 5.27 % Total interest-bearing liabilities 1,593,044 $ 27,176 3.44 % 1,536,932 $ 28,336 3.71 % Noninterest-bearing liabilities: Noninterest-bearing deposits 358,135 379,199 Other liabilities 23,583 27,015 Shareholders' equity 241,020 221,979 Total Liabilities and Shareholders' Equity $ 2,215,782 $ 2,165,125 Net Interest Margin $ 30,811 2.87 % $ 26,468 2.53 % Expand (1) Non-accrual loans are included in average balances. (2) The average balances for investment securities includes restricted stock. Expand
Business Wire
10 minutes ago
- Business Wire
EnerSys Announces Workforce Reduction as Part of Strategic Organizational Realignment to Support Future Growth
READING, Pa.--(BUSINESS WIRE)-- EnerSys (NYSE: ENS), a global leader in stored energy solutions for industrial applications, today announced a workforce reduction affecting approximately 575 employees, or 11% of its non-production global workforce, and is focused primarily on corporate and management positions. This action is part of a strategic restructuring plan under the Company's new leadership to better align resources with current business priorities and long-term objectives. 'Today's actions, while difficult, are necessary for EnerSys to remain competitive in our markets,' said Shawn O'Connell, President and Chief Executive Officer of EnerSys. 'We've spent the past six months listening, evaluating, and testing how we can best serve our customers, deliver stronger returns, and build a more agile organization. This decision reflects our commitment to those priorities, ensuring we have the right structure in place to operate more efficiently, optimize cross-functional collaboration, and deliver even greater value - for our customers and shareholders. 'EnerSys is powered by an incredible team, and this decision in no way reflects the dedication or contributions of the individuals impacted,' Mr. O'Connell added. 'We are committed to supporting our employees through this transition with care and respect.' The Company expects the separations to be substantially complete by the end of the second quarter of fiscal 2026, subject to local law requirements. Combined with other non-headcount-related actions, these changes are expected to result in approximately $80 million in annualized savings beginning in fiscal year 2026. This estimate is comprised of approximately $70 million in savings, representing a reduction of over 10% of the Company's fiscal 2025 operating expenses as well as an estimated $10 million reduction in cost of goods sold. The Company expects to realize approximately $30 million to $35 million of savings in fiscal year 2026, with material benefits beginning in the third fiscal quarter. Estimated savings exclude one-time charges related to the restructuring, which are anticipated in the range of $15 million to $20 million with the majority occurring in the second and third quarter of fiscal 2026, primarily for severance and other related costs. This action is part of a broader strategic plan that will be discussed during the Company's regularly scheduled fiscal first quarter 2026 earnings report, which is scheduled to be published August 6, 2025 after market close, followed by the Company's earnings conference call scheduled for August 7, 2025 at 9:00 a.m. Eastern Time. About EnerSys EnerSys is a global leader in stored energy solutions for industrial applications and designs, manufactures, and distributes energy systems solutions and motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. The company goes to market through four lines of business: Energy Systems, Motive Power, Specialty and New Ventures. Energy Systems, which combine power conversion, power distribution, energy storage, and enclosures, are used in the telecommunication, broadband and utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions. Motive power batteries and chargers are utilized in electric forklift trucks and other industrial electric powered vehicles. Specialty batteries are used in aerospace and defense applications, portable power solutions for soldiers in the field, large over-the-road trucks, premium automotive, medical and security systems applications. New Ventures provides energy storage and management systems for various applications including demand charge reduction, utility back-up power, and dynamic fast charging for electric vehicles. EnerSys also provides aftermarket and customer support services to its customers in over 100 countries through its sales and manufacturing locations around the world. To learn more about EnerSys please visit Caution Concerning Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the workforce reduction (the 'Plan'), the estimated total cash and non-cash charges and the timing thereof in connection with the Plan, the impact of the Plan on EnerSys' results of operations and workforce, EnerSys' long-term objectives, and the expected timing for completion of the actions associated with the Plan, that are based on EnerSys' current expectations and involve numerous risks and uncertainties that may cause these forward-looking statements to be inaccurate. Risks that may cause these forward-looking statements to be inaccurate include, among others: (i) EnerSys' ability to realize the anticipated benefits of the Plan, including, but not limited to, annualized cost savings; (ii) the risk that the restructuring costs and charges for the Plan may be greater than anticipated or that the timing of such charges may change; (iii) the risk that EnerSys' restructuring efforts may be distracting to employees and management and harm our internal programs and ability to attract and retain the highly skilled employees EnerSys needs to support its business; (iv) potential disruptions to EnerSys' business or operations as it executes on the Plan; (v) the risk that EnerSys' restructuring efforts may harm its revenue, business, operations and reputation with or ability to serve its customers; and (vi) the risk that the Plan and the expense reductions therefrom may not generate the intended benefits to the extent or as quickly as anticipated. For a discussion of such other risks and uncertainties that could cause actual results to differ materially from those matters expressed or implied by forward-looking statements, please see EnerSys' risk factors as disclosed from time-to-time under the caption 'Risk Factors' and elsewhere in its Securities and Exchange Commission filings and reports, including, but not limited to, EnerSys' most recent annual report on Form 10-K and quarterly reports on Form 10-Q. Such forward-looking statements speak only as of the date hereof, even if subsequently made available by EnerSys on its website or otherwise. EnerSys undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.
