FVCBankcorp Inc
For the period ended Dec 31, 2023. Filed Mar 21, 2024.
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FY2023 · Filed Mar 21, 2024
FVCB$16.32+0.2%Stored close · as of Nov 10, 2026
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Item 8. Consolidated statements of cash flows
For the Years Ended December 31, 2023 and 2022
| 2023 | 2022 | |
|---|---|---|
| Cash Flows From Operating Activities | ||
| Net income | $3,822 | $24,984 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation | 390 | 424 |
| Provision for credit losses | 132 | 2,629 |
| Net amortization of premium of securities | 593 | 607 |
| Net accretion of deferred loan costs and fees | (1,855) | (2,255) |
| Net accretion of acquisition accounting adjustments | (421) | (315) |
| Loss on sale of available-for-sale investment securities | 15,577 | — |
| Office space reduction costs | 273 | — |
| Loss from minority membership interest | 1,110 | 33 |
| Amortization of subordinated debt issuance costs | 55 | 55 |
| Core deposits intangible amortization | 205 | 262 |
| Tax credits amortization | 126 | 126 |
| Equity-based compensation expense | 1,143 | 1,183 |
| BOLI income | (1,452) | (1,200) |
| Deferred income tax expense | 934 | 395 |
| Changes in assets and liabilities: | ||
| Decrease in accrued interest receivable, prepaid expenses and other assets | (16) | (9,094) |
| Increase (decrease) in accrued interest payable, accrued expenses and other liabilities | (4,347) | 4,558 |
| Net cash provided by operating activities | $16,269 | $22,392 |
| Cash Flows From Investing Activities | ||
| (Increase) decrease in interest-bearing deposits at other financial institutions | $21,820 | $142,045 |
| Purchases of securities available-for-sale | — | (47,160) |
| Proceeds from sales of securities available-for-sale | 86,922 | — |
| Proceeds from redemptions of securities available-for-sale | 20,795 | 37,076 |
| Net redemption (purchase) of restricted stock | 6,124 | (9,240) |
| Net increase (decrease) in loans | 13,777 | (334,426) |
| Purchase of bank-owned life insurance | — | (15,000) |
| Distribution received from minority owned investment | — | 1,040 |
| Purchases of premises and equipment, net | (212) | (166) |
| Net cash provided by (used in) investing activities | $149,226 | $(225,831) |
| Cash Flows From Financing Activities | ||
| Net (decrease) increase in noninterest-bearing, interest-bearing checking, savings, and money market deposits | $(28,056) | $(330,603) |
| Net increase (decrease) in time deposits | 43,179 | 276,989 |
| Redemption of subordinated debt, net | — | (1,250) |
| (Decrease) increase in federal funds purchased | (30,000) | 30,000 |
| Net (decrease) increase in FHLB advances | (150,000) | 210,000 |
| Repurchase of shares of common stock | (1,460) | (730) |
| Taxes from vesting of restricted stock units | (113) | — |
| Common stock issuance | 1,744 | 1,673 |
| Net cash (used in) provided by financing activities | $(164,706) | $186,079 |
| Net increase (decrease) in cash and cash equivalents | $789 | $(17,360) |
| Cash and cash equivalents, beginning of year | 7,253 | 24,613 |
| Cash and cash equivalents, end of year | $8,042 | $7,253 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.