FVCBankcorp, Inc. FVCB Form 8-K filing Earnings

For further information, contact:

David W. Pijor, Esq., Chairman and Chief Executive Officer

Phone: (703) 436-3802

Email: dpijor@fvcbank.com

Patricia A. Ferrick, President

Phone: (703) 436-3822

Email: pferrick@fvcbank.com

FOR IMMEDIATE RELEASE – July 21, 2026 FVCBankcorp, Inc. Announces Record Earnings; 45% Increase in Net Income Compared to Year Ago Quarter Fairfax, VA-FVCBankcorp, Inc. (NASDAQ: FVCB) (the “Company”) today reported net income of $8.2 million for the quarter ended June 30, 2026 compared to net income of $5.7 million for the quarter ended June 30, 2025, an increase of $2.6 million, or 45%. Compared to the linked quarter, net income increased $1.8 million, or 29%, from $6.4 million for the quarter ended March 31, 2026. Included in net income for the three months ended June 30, 2026 is a one-time pre-tax gain of $847 thousand attributable to the completed sale of the Company’s interest in Bearing Insurance Group, LLC to an unaffiliated third party.

Diluted earnings per share were $0.45 for the quarter ended June 30, 2026 compared to $0.31 for the quarter ended June 30, 2025, an increase of 45%. Compared to the quarter ended March 31, 2026, diluted earnings per share for the second quarter of 2026 increased $0.10, or 29%, from $0.35.

Return on average assets for the quarter ended June 30, 2026 was 1.48%, an increase from 1.17% for the quarter ended March 31, 2026, and an increase from 1.02% for the year ago quarter ended June 30, 2025. Return on average equity increased to 12.50% for the quarter ended June 30, 2026, compared to 10.04% for the quarter ended March 31, 2026, and 9.39% for the year ago quarter ended June 30, 2025.

Second Quarter Selected Financial Highlights

• Quarterly Core Operating Earnings Increased 36% Year-Over-Year. Core operating earnings (non-GAAP), which excludes from net income the gain on the sale of a minority interest totaling $847 thousand in 2026 and termination of derivative instruments totaling $154 thousand in 2025, increased 36%, or $2.0 million, to $7.6 million for the quarter ended June 30, 2026 compared to $5.5 million for the quarter ended June 30, 2025. Refer below to the “Reconciliation of Net Income (GAAP) to Core Operating Earnings (Non-GAAP)” table for further information.
• Net Interest Margin Increased to 3.53%, Up 22% Compared to the Year Ago Quarter. For the quarter ended June 30, 2026, net interest margin improved 63 basis points to 3.53% from 2.90% for the three months ended June 30, 2025, and increased 27 basis points compared to 3.26% for the linked quarter ended March 31, 2026. Net interest income for the second quarter of 2026 included $1.0 million in loan fees related to the prepayment of a commercial real estate ("CRE") loan at the end of the quarter. When excluding these loan fees, net interest margin was 3.35% for the second quarter of 2026, an increase of 9 basis points from the linked quarter ended March 31, 2026. Additionally, the Company's cost of deposits decreased to 2.40% for the quarter ended June 30, 2026, a decrease of 34 basis points from 2.74% for the year ago quarter ended June 30, 2025.
• Efficiency Ratio Improved to 49.71% for the Current Quarter. The efficiency ratio decreased 12% to 49.71% for the second quarter of 2026 compared 56.23% for the same period of 2025, and decreased 8% from 53.98% for the linked quarter ended March 31, 2026. Excluding the gain on the sale of minority interest of $847 thousand recorded during the second quarter of 2026, the adjusted efficiency ratio (non-GAAP) for the second quarter of 2026 was 51.77%.
• Core Deposits Grew 2% During the Quarter; 9% Year-Over-Year. Core deposits increased $42.8 million, or 2%, to $1.81 billion at June 30, 2026 compared to $1.77 billion at March 31, 2026, and increased $142.0 million, or 9%, when compared to $1.67 billion at June 30, 2025. Noninterest-bearing deposits increased $46.0 million, or 12%, to $415.3 million during the quarter ended June 30, 2026, and

increased $59.1 million, or 17%, year-over-year. During the quarter, wholesale deposits decreased $18.8 million, or 7%, to end at $241.2 million at June 30, 2026.

• Continued Solid Credit Quality. Loans past due 30 days or more totaled $2.3 million at June 30, 2026, a decrease of $1.0 million, or 30%, from $3.3 million at March 31, 2026. Nonperforming loans to total assets remained at 0.48% at June 30, 2026 and at December 31, 2025. Nonperforming loans at June 30, 2026 decreased to $11.4 million from $12.2 million at March 31, 2026. The Company recorded net recoveries of $2 thousand for the quarter ended June 30, 2026.
• Sound, Well Capitalized Balance Sheet. Total risk-based capital to risk-weighted assets for FVCbank (the “Bank”) was 16.43% at June 30, 2026, compared to 15.38% at December 31, 2025. The tangible common equity ("TCE") to tangible assets ("TA") ratio for the Bank was 11.52% at June 30, 2026, up from 11.38% at December 31, 2025. 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.
• Quarterly Cash Dividend. On July 16, 2026, the Company declared a quarterly cash dividend of $0.07 for each share of its common stock outstanding. The dividend is payable on August 17, 2026 to shareholders of record on July 27, 2026. Based on the current number of shares outstanding, the aggregate payment will be approximately $1.3 million.

For the six months ended June 30, 2026, the Company reported net income of $14.6 million, or $0.81 diluted earnings per share, compared to $10.8 million, or $0.59 diluted earnings per share, for the six months ended June 30, 2025, an increase of $3.8 million, or 35%.

Return on average assets for the six months ended June 30, 2026 was 1.33%, an increase from 0.98% for the six months ended June 30, 2025. Return on average equity increased to 11.29% for the six months ended June 30, 2026, an increase from 8.99% for the six months ended June 30, 2025.

The Company considers core operating earnings a useful comparative financial measure of the Company’s operating performance over multiple periods. Core operating earnings is 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:

“Our record earnings are the result of our relationship driven strategy and disciplined approach to grow our core customer base. We continue to see margin expansion, our tenth consecutive quarter, improving to 3.53%. This is our fifth consecutive quarter reporting an annualized return of average assets of 1% or better, improving to 1.48% for the second quarter of 2026. We are also pleased to see continued growth in our core deposits, growing 9% year-over-year. Lastly, we have focused on reducing our regulatory concentration of commercial real estate loans, which as of June 30, 2026, is now 287% of regulatory capital.”

Patricia A. Ferrick, President of the Company, said:

“We remain focused on enhancing profitability and continued operating efficiency. We are equally committed to increasing our loans and deposits by adding new customers and by deepening our existing customer relationships. Our recently announced Hampton Roads loan production office will further support this strategic objective. " Statement of Condition Total assets were $2.37 billion at June 30, 2026 and $2.29 billion at December 31, 2025, an increase of $74.9 million, or 3%. Compared to the year ago quarter ended June 30, 2025, total assets increased $129.9 million, or 6%, from $2.24 billion.

Loans, net of fees, were $1.90 billion at June 30, 2026, $1.94 billion at December 31, 2025, and $1.87 billion at June 30, 2025. During the most recent quarter, loans, net of fees, decreased $23.9 million, or 1%, primarily due to two unexpected loan payoffs totaling $48.7 million which contributed to the recognition of $1.0 million in loan prepayment fees. When compared to June 30, 2025, loans, net of fees, increased $30.3 million, or 2%. For the second quarter of 2026, loan originations totaled $36.6 million with a weighted average rate of 7.32%. Additional loan originations that were expected to close during the second quarter of 2026 are now anticipated to close during the early part of the third quarter of 2026. Loan renewals totaled $29.2 million and had a weighted average rate of 6.81%. Loans that paid off during the second quarter of 2026 totaled $87.2 million and had a weighted average rate of 6.90%, and were primarily comprised of CRE and construction loans. Commercial lines of credit decreased $11.8 million at June 30, 2026 when compared to March 31, 2026, contributing to the decrease in net loans for the second quarter. The outstanding balance of the Company’s warehouse lending facility increased $33.3 million for the quarter ended June 30, 2026 to end at $67.3 million and had a weighted average yield of 5.72%.

Investment securities were $147.2 million at June 30, 2026, $153.4 million at December 31, 2025, and $157.1 million at June 30, 2025. For the quarter ended June 30, 2026, investment securities decreased due to principal repayments totaling $3.2 million, offset by an increase in the portfolio’s unrealized losses totaling $186 thousand.

Total deposits were $2.05 billion at June 30, 2026, $2.00 billion at December 31, 2025, and $1.90 billion at June 30, 2025. For the second quarter of 2026, total deposits increased $24.0 million, or 1%. Core deposits, which exclude wholesale deposits, increased $42.8 million, or 2%, for the quarter ended June 30, 2026. Noninterest-bearing deposits increased $46.0 million, or 12%, for the quarter ended June 30, 2026, and were 20.2% of total deposits. At June 30, 2026 and December 31, 2025, reciprocal deposits, which are mostly comprised of interest checking and savings accounts, totaled $291.9 million and $291.8 million, respectively, and are considered part of the Company’s core deposit base. The Company continues to build core deposits at lower interest rates.

At June 30, 2026 and December 31, 2025, wholesale funding totaled $241.2 million and $285.0 million, respectively, a decrease of $43.8 million or 15% from year end. Wholesale funding at June 30, 2026 was fully comprised of wholesale time deposits and had a weighted average rate of 3.45%. During the second quarter of 2026, the Company unwound $170 million in pay-fixed/receive-floating interest rate swaps that had an average rate of 3.27%. The gain associated with this unwind totaled $1.7 million and is amortized over the remaining term of the cash flow hedges into interest expense, as the funding associated with these cash flow hedges is still in place.

Shareholders’ equity at June 30, 2026 was $265.4 million, $253.6 million at December 31, 2025, and $243.2 million at June 30, 2025. Shareholders’ equity at June 30, 2026 increased $11.8 million, or 5%, from December 31, 2025. Earnings for the six months ended June 30, 2026 contributed $14.6 million to the increase in shareholders’ equity. The increase to shareholders’ equity from earnings was partially offset by increased cash dividends paid during 2026 totaling $2.3 million and shares repurchased during the second quarter of 2026 totaling $2.1 million. Accumulated other comprehensive loss increased $135 thousand for the six months ended June 30, 2026, and is attributable to market value decreases in the Company’s available-for-sale investment securities portfolio.

Tangible book value per share (a non-GAAP financial measure which is defined in the tables below) at June 30, 2026 and December 31, 2025 was $14.31 and $13.74, respectively, an increase of 4%.

The Bank was well-capitalized at June 30, 2026, with total risk-based capital ratio of 16.43%, common equity tier 1 risk-based capital ratio of 15.41%, and tier 1 leverage ratio of 12.94%.

Asset Quality

For the three months ended June 30, 2026 and 2025, the Company recorded a provision for credit losses totaling $242 thousand and $105 thousand, respectively. For the six months ended June 30, 2026 and 2025, provision for credit losses was $409 thousand and $305 thousand, respectively. At June 30, 2026 and December 31, 2025, the allowance for credit losses (“ACL”) was $19.2 million and $18.9 million, respectively. The ACL to total loans, net of fees, was 1.01% at June 30, 2026, compared to 0.97% at December 31, 2025. The increase in the ACL was primarily attributable to the updated economic forecast used for the quantitative portion of the ACL calculation for the quarter ended June 30, 2026. The Company recorded net charge-offs of $1 thousand for the six months ended June 30, 2026 compared to net charge-offs of $378 thousand for the six months ended June 30, 2025.

The Company proactively assesses the credit risks within its loan portfolio through its established portfolio monitoring programs, working diligently with its customers to minimize losses. At June 30, 2026 and December 31, 2025, the Company’s watch list loans totaled $57.9 million. The Company continues to work with the borrowers of these loans and believes there will be satisfactory resolution to each of these loans.

Nonperforming loans at June 30, 2026 totaled $11.4 million, or 0.48% of total assets, compared to $10.9 million, or 0.48% of total assets, at December 31, 2025. The increase in nonperforming loans at June 30, 2026 was primarily due to one loan placed on nonaccrual totaling $744 thousand, which is a consumer residential loan, offset by a decrease in loans past due over 90 days of $279 thousand. The Company had no other real estate owned at each of June 30, 2026 and December 31, 2025.

Commercial Real Estate Portfolio

The regulatory concentration ratio of CRE and construction loans to total risk-based capital was 287% and the ratio of construction loans to total risk-based capital was 45%, at June 30, 2026.

At June 30, 2026, CRE loans totaled $962.3 million, or 51% of total loans, net of fees, and construction loans totaled $139.3 million, or 7% of total loans, net of fees. Included in CRE loans are loans secured by office properties totaling $131.3 million, or 7% of total loans, which are primarily located in the Virginia and Maryland suburbs of the Company’s market area, with $982 thousand, or 0.05% of total loans, located in Washington, D.C. Loans secured by retail properties totaled $207.6 million, or 11% of total loans, at June 30, 2026, with $9.0 million, or 0.47% of total loans, located in Washington, D.C. Loans secured by multi-family properties totaled $180.7 million, or 10% of total loans, at June 30, 2026, with $79.9 million, or 4% of total loans, located in Washington, D.C. (a decrease from $98.7 million at December 31, 2025). The CRE portfolio, including construction loans, is diversified by asset type and geographic concentration.

The Company manages the CRE portfolio in a disciplined manner, and has comprehensive policies to monitor, measure, and mitigate its loan concentrations within this 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, 2026 (dollars in thousands).

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 months ended June 30, 2026 and 2025, the Company recorded income of $600 thousand and $351 thousand, respectively, related to its investment in Atlantic Coast Mortgage, LLC ("ACM"). For the six months ended June 30, 2026 and 2025, income from ACM totaled $840 thousand and $491 thousand, respectively. The increase in earnings at ACM is a direct result of continued success in executing their strategic growth and geographic diversification initiatives, resulting in a 72% increase in loan originations for the six months ended June 30, 2026 compared to the same period ended June 30, 2025.

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 $8.2 million for the three months ended June 30, 2026 compared to net income of $5.7 million for the three months ended June 30, 2025, an increase of $2.6 million, or 45%. Compared to the linked quarter, net income for the three months ended June 30, 2026 increased $1.8 million, or 29%, from $6.4 million for the three months ended March 31, 2026. The Company recorded net income of $14.6 million for the six months ended June 30, 2026 compared to net income of $10.8 million for the six months ended June 30, 2025, an increase of $3.8 million, or 35%. Included in net income for both the three and six months ended June 30, 2026 is a one-time pre-tax gain of $847 thousand attributable to the completed sale of the Bank’s interest in Bearing Insurance Group, LLC to an unaffiliated third party.

Net interest income increased $3.4 million, or 22%, to $19.1 million for the quarter ended June 30, 2026, compared to $15.8 million for the same period of 2025, and increased $1.7 million, or 10%, compared to the linked quarter ended March 31, 2026. The increase in net interest income for the second quarter of 2026 compared to the year ago quarter was primarily due to an increase in interest income from both increased yields on and level of average loans receivable. Additionally, the Company recorded $1.0 million in loan fees related to the prepayment of a commercial real estate loan at the end of the quarter. Interest expense continues to decrease compared to the year ago and linked quarters as deposits continue to reprice to lower interest rates.

The Company's net interest margin increased 63 basis points to 3.53% for the quarter ended June 30, 2026 compared to 2.90% for the quarter ended June 30, 2025, and increased 27 basis points from 3.26% for the linked quarter ended March 31, 2026. The increase in net interest margin is a result of continued repricing of its loans receivable portfolio along with improvement in the cost of funding sources as the Company decreases interest rates on its various deposit products proportionately with any decrease in its yield on earning assets. In addition, net interest income for the second quarter of 2026 included $1.0 million in loan fees related to the prepayment of a commercial real estate loan at the end of the quarter. When excluding these loan fees, net interest margin was 3.35% for the second quarter of 2026, an increase of 9 basis points from the linked quarter ended March 31, 2026.

Compared to the year ago quarter, interest income increased $1.7 million, or 6%, to $31.1 million, for the second quarter of 2026, and increased $1.3 million, or 4%, compared to the linked quarter ended March 31, 2026. Loan interest income increased $2.4 million, or 9%, to $29.5 million for the three months ended June 30, 2026, compared to $27.0 million for the three months ended June 30, 2025. This increase in loan interest income was a result of both an increase in average loans and an increase in the yields earned as loans are originated or renewed at higher interest rates compared to maturing loans. The yield on loans increased 33 basis points to 6.13% for the three months ended June 30, 2026 compared to 5.80% for the same period of 2025, and increased 25 basis points compared to the linked quarter ended March 31, 2026. As previously mentioned, interest income for the quarter ended June 30, 2026 included $1.0 million in loan fees related to the prepayment of a commercial real estate loan. Excluding these loan fees, the yield on loans was 5.93% for the quarter ended June 30, 2026, an increase from 5.80% for the year ago quarter ended June 30, 2025 and 5.88% for the linked quarter ended March 31, 2026.

The Company anticipates continued increase in loan yields due to scheduled loan repricings. Within 12 months of June 30, 2026, $127.8 million in fixed rate commercial loans with a weighted average rate of 5.05% and $45.1 million in variable rate commercial loans with a weighted average rate of 4.21% are expected to reprice or mature. Within the following 24-36 months of June 30, 2026, $337.6 million in fixed rate commercial loans with a weighted average rate of 5.75% and an additional $117.5 million in variable rate commercial loans with a weighted average rate of 5.75% are scheduled to reprice or mature. 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.

Interest expense decreased $1.7 million, or 13%, to $11.9 million, for the quarter ended June 30, 2026, compared to $13.7 million for the quarter ended June 30, 2025, which is primarily attributable to the decrease in deposit costs. Interest expense on deposits decreased $1.6 million to $11.4 million for the three months ended June 30, 2026, compared to $13.0 million for the three months ended June 30, 2025. On a linked quarter basis, interest expense on deposits decreased $343 thousand, or 3%, compared to the quarter ended March 31, 2026. The cost of deposits (which includes noninterest-bearing deposits) for the second quarter ended June 30, 2026 was 2.40%, a decrease of 34 basis points from the year ago quarter ended June 30, 2025, and a decrease of 10 basis points compared to the linked quarter ended March 31, 2026, demonstrating the Company's ability to grow its customer base while reducing deposit costs.

Interest expense on other borrowed funds for the quarter ended June 30, 2026 decreased $372 thousand, or 79%, to $96 thousand from $468 thousand, for the quarter ended June 30, 2025. Compared to the linked quarter ended March 31, 2026, interest expense on other borrowed funds decreased $52 thousand for the second quarter of 2026. Interest expense on long-term debt for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, was $476 thousand, $566 thousand, and $245 thousand, respectively. During the first quarter of 2026, the Company redeemed $18.8 million of its subordinated debt and issued $25 million of senior unsecured notes, and in doing so, recognized $244 thousand of unamortized debt issuance costs associated with the redemption during the first quarter of 2026. On February 11, 2026, the Company replaced this funding source through the issuance of $25 million in senior unsecured notes, which pay a fixed rate of 6.75%.

The cost of interest-bearing liabilities for the second quarter of 2026 was 3.07% compared to 3.42% for the second quarter of 2025, a decrease of 35 basis points, and compared to the linked quarter ended March 31, 2026, decreased 12 basis points from 3.19%. Cost of funds, which includes noninterest-bearing deposits, decreased to 2.47% for the quarter ended June 30, 2026, a decrease from 2.61% for the linked quarter ended March 31, 2026, and a decrease from 2.79% for the year ago quarter ended June 30, 2025.

Net interest income for the six months ended June 30, 2026 and 2025 was $36.6 million and $30.8 million, respectively, an increase of $5.7 million, or 19%, year-over-year. Interest income increased $2.9 million, or 5%, to $60.9 million for the six months ended June 30, 2026 compared to $58.0 million for the comparable 2025 period. Interest expense totaled $24.3 million for the six months ended June 30, 2026, a decrease of $2.8 million, or 10%, compared to $27.2 million for the six months ended June 30, 2025. The Company’s net interest margin for the six months ended June 30, 2026 was 3.40% compared to 2.87% for the year-ago six month period of 2025, an increase of 53 basis points, or 18%.

Noninterest income for the three months ended June 30, 2026 and 2025 totaled $2.2 million and $1.0 million, respectively, an increase of $1.1 million. Compared to the linked quarter, noninterest income for the second quarter of 2026 increased $1.3 million from $883 thousand for the three months ended March 31, 2026. The increase in noninterest income during the most recent quarter is primarily attributable to the completed sale of the Bank’s interest in Bearing Insurance Group, LLC to an unaffiliated third party, which resulted in a pre-tax gain of $847 thousand.

Service charges on deposit accounts totaled $427 thousand for the second quarter of 2026, an increase of $145 thousand, or 51%, compared to $282 thousand for the year ago quarter, and increased $66 thousand, or 18%, when compared to $361 thousand for the linked quarter ended March 31, 2026. The increase in service charges for the most recent quarter is a result of an increase in the Bank's fees during 2026 in addition to an increase in transactional activity from new and existing customers. Income from bank-owned life insurance increased to $74 thousand for the three months ended June 30, 2026, compared to $71 thousand for the same period of 2025. Income from the minority interest in ACM for the quarter ended June 30, 2026 was $600 thousand, an increase of $249 thousand, or 71%, compared to $351 thousand for the year ago quarter ended June 30, 2025. 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. No such gain was recorded for the second quarter of 2026.

For the six months ended June 30, 2026, the Company recorded noninterest income of $3.0 million, compared to $1.7 million for the six months ended June 30, 2025, an increase of $1.4 million, or 81%. Fee income from loans was $187 thousand for the six months ended June 30, 2026, compared to $110 thousand for the same period of 2025. Service charges on deposit accounts totaled $789 thousand for the six months ended June 30, 2026, compared to $552 thousand for the six months ended June 30, 2025, an increase of $237 thousand, or 43%. Income from BOLI increased to $147 thousand for the six months ended June 30, 2026 compared to $141 thousand for the same period of 2025. Income from its minority interest in ACM was $840 thousand for the six months ended June 30, 2026, compared to $492 thousand for the same period of 2025, an increase of $348 thousand, or 71%.

Noninterest expense totaled $10.6 million for the quarter ended June 30, 2026, an increase of $1.2 million, or 12%, compared to $9.4 million for the year ago quarter ended June 30, 2025. On a linked quarter basis, noninterest expense increased $717 thousand, or 7%, from $9.9 million for the three months ended March 31, 2026, primarily due to an increase in salaries and benefits expense during the second quarter of 2026. Compared to the year ago quarter, salaries and benefits expense increased $892 thousand, or 18%, for the three months ended June 30, 2026. The increases in salaries and benefits expense when compared to the linked and year ago quarters was primarily a result of the addition of lending and business development personnel, the filling of vacant positions, along with an increase in other incentive accruals and equity compensation vesting during the second quarter of 2026. Full-time equivalent employees have increased from 118 at June 30, 2025, and 122 at December 31, 2025, to 135 at June 30, 2026.

Internet banking and software expense increased $20 thousand to $884 thousand for the second quarter of 2026 compared to $864 thousand for the year ago quarter ended June 30, 2025, and remained flat compared to the linked quarter ended March 31, 2026. Data processing and network administration expense increased $146 thousand to $696 thousand for the quarter ended June 30, 2026 when compared to the year ago quarter, and increased $78 thousand when compared to the linked quarter ended March 31, 2026, primarily as a result of an increase in customer banking transactions processed by the Company's core processor. The Company is focused on operating efficiencies and diligently identifying opportunities to reduce expenses.

For the six months ended June 30, 2026 and 2025, noninterest expense was $20.5 million and $18.6 million, respectively, an increase of $1.9 million, or 10%, primarily as a result of the aforementioned increases in salaries and benefits expenses.

The efficiency ratios for the quarters ended June 30, 2026, March 31, 2026, and June 30, 2025, were 49.7%, 54.0%, and 56.2%, respectively. For the six months ended June 30, 2026 and 2025, the efficiency ratio was 51.7% and 57.1%, respectively. Excluding the gain on the sale of minority interest of $847 thousand recorded during the second quarter of 2026, the adjusted efficiency ratio for the three and six months ended June 30, 2026 was 51.8% and 52.8%, respectively. A reconciliation of the aforementioned adjusted efficiency ratio, a non-GAAP financial measure, can be found in the tables below.

The Company recorded a provision for income taxes of $2.2 million and $1.6 million for the three months ended June 30, 2026 and 2025, respectively. The effective tax rates for the three months ended June 30, 2026 and 2025 were 21.5% and 21.7%, respectively. For the six months ended June 30, 2026 and 2025, provision for income taxes was $4.1 million and $2.8 million, respectively, and the effective tax rates for those same periods were 22.0% and 20.5%, respectively.

About FVCBankcorp, Inc.

FVCBankcorp, Inc. is the holding company for FVCbank, a wholly-owned subsidiary that commenced operations in November 2007. FVCbank is a $2.37 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, www.fvcbank.com.

FVCBankcorp, Inc.

Selected Financial Data

(Dollars in thousands, except share and per share data)

(Unaudited)

(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.

(1) Non-accrual loans are included in average balances.

(2) The average balances for investment securities includes restricted stock.

(1) Non-accrual loans are included in average balances.

(2) The average balances for investment securities includes restricted stock.