FVCBankcorp Q2 net income rises on higher loan yields, lower costs
FVCB•One-time gain lifted results
The quarter included a one-time gain from the sale of an insurance group stake.
Key details for the quarter included:
| Metric | Actual |
|---|---|
| Q2 net income | $8.22 million |
| Q2 net interest income | $19.15 million |
| Q2 net interest margin | 3.53% |
Q2 net income rises on higher loan yields
FVCBankcorp said second-quarter net income rose 45% year-over-year, driven by higher loan yields.
Diluted earnings per share for the quarter rose 45% to $0.45 from $0.31 a year ago.
Outlook remains focused on loan repricing and growth
FVCBankcorp said it anticipates continued improvement in loan yields due to scheduled loan repricings.
The company expects efforts to attain appropriate yields on new originations to support loan yield growth, while remaining focused on expanding its customer base and operating efficiency.
Loan yields and lower deposit costs drove margin expansion
The company said increased loan yields and higher average loan balances drove net interest income and margin expansion.
