We are very pleased with the Bank’s performance during 2011, reflecting solid growth in our client base both in loans and deposits.
Fairfax, VA (PRWEB) April 11, 2012
First Virginia Community Bank(FVCbank), headquartered in Fairfax, Virginia, reported record earnings for 2011. Net income totaled $2 million, an increase of 147.1%, or $1.191 million compared with the year ended December 31, 2010. Net income included tax benefits totaling $558,073 and $301,965 for years ended December 31, 2011, and 2010, respectively.
FVCbank reported record earnings for the fourth quarter 2011. Net income for the fourth quarter 2011 totaled $1.165 million including tax benefits of $558,073, resulting in pre-tax earnings of $607,192. This represents an increase of 62.6 %, or $233,851 compared with the third quarter 2011 pre-tax earnings of $373,341.
David W. Pijor, Chairman and Chief Executive Officer of FVCbank, stated “We are very pleased with the Bank’s performance during 2011, reflecting solid growth in our client base both in loans and deposits. Further, we achieved the earnings growth while opening our new Reston branch in June 2011.”
Total assets of $261.037 million at December 31, 2011 increased 25.9%, or $53.690 million, compared with $207.348 million at December 31, 2010. Gross loans improved by 28.8% or $47.593 million to $213.022 million at December 31, 2011. The increase in loans is attributable to added commercial lending relationships during the year as well as new business generated from existing relationships. Most of these relationships include commercial cash management activity, which contributed to the bank's deposit growth.
Deposits totaled $223.369 million at December 31, 2011, an increase of 26.7%, or $47.041 million compared with deposits of $176.328 million at December 31, 2010. Noninterest-bearing demand deposits totaled $48.394 million, an increase of 51.1% or $16.356 million. This significant growth in FVCbank's noninterest-bearing demand deposits is primarily due to its government contract business as well as the other commercial lending relationships noted above.
FVCbank's Bank’s regulatory capital ratios exceeded all federal regulatory requirements for a well-capitalized institution, with a total risk-based capital ratio of 14.27%, a tier 1 risk-based capital ratio of 13.14% and a tier 1 leverage ratio of 12.44%. The Bank has exceeded these regulatory requirements each quarter since the Bank opened in November 2007.
About First Virginia Community Bank
First Virginia Community Bank (FVCbank) is a state charted bank, headquartered in Fairfax, Virginia. FVCbank raised $23 million in capital in early 2007 and completed one of the fastest new bank openings in just 11 months. The bank’s corporate offices and main branch, located at 11325 Random Hills Road, Fairfax, Virginia, 22030, opened on November 27, 2007.The bank’s second office, located at 7900 Sudley Road, Manassas, Virginia 20109, opened in July 2008 and its third office, located at 11260 Roger Bacon Drive, Reston, Virginia, 20190, opened in July 2011.
In the fall of 2010, FVCbank raised $6.3 million in a second private stock offering. FVCbank successfully completed its third stock offering in December 2011, raising an additional $6.7 million.
For more information, visit http://www.fvcbank.com.