FVCBankcorp posted Q2 net income of $8.2 million, up 45%, with diluted EPS of $0.45.
Revenue climbed to $21.3 million from $16.8 million a year earlier as net interest income rose 22% to $19.1 million.
Net interest margin widened 63 basis points to 3.53%, reflecting loan repricing and lower deposit costs; results included $1 million in loan prepayment fees.
Noninterest income more than doubled to $2.2 million, driven by an $847,000 gain on the sale of a minority interest.
Noninterest expense increased 12% to $10.6 million, led by higher salaries and benefits tied to added lending and business development staff.
FVCB•
