FVCBankcorp, Inc. Announces Record Annual Earnings and 22% Loan Growth for 2022

FAIRFAX, Va.–()–FVCBankcorp, Inc. (NASDAQ: FVCB) (the “Firm”) right this moment reported report annual 2022 internet earnings of $25.0 million, or $1.35 diluted earnings per share, in comparison with $21.9 million, or $1.20 diluted earnings per share, for 2021, a year-over-year enhance of $3.1 million, or 14%. Internet earnings for the yr ended December 31, 2022 consists of the Firm’s portion of losses from its membership curiosity in Atlantic Coast Mortgage, LLC (“ACM”), which was $659 thousand, in comparison with earnings of $1.5 million for the yr ended December 31, 2021. On December 15, 2022, the Firm introduced that the Board of Administrators accepted a five-for-four break up of the Firm’s widespread inventory within the type of a 25% inventory dividend for shareholders of report on January 9, 2023, payable on January 31, 2023. Earnings per share and all different per share info mirrored herein have been adjusted for the five-for-four break up of the Firm’s widespread inventory for comparative functions.

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For the quarter ended December 31, 2022, the Firm reported internet earnings of $4.9 million, or $0.27 diluted earnings per share, in comparison with $6.5 million, or $0.36 diluted earnings per share, for the quarter ended December 31, 2021, a lower of $1.6 million. For the quarter ended December 31, 2022, the loss related to its membership curiosity in ACM was $1.4 million, in comparison with earnings of $1.1 million for similar interval of 2021.

“Our report 2022 annual earnings and robust double-digit mortgage progress are a results of our dedication to our relationship banking mannequin regardless of the financial headwinds that emerged within the final half of the yr. We executed on market alternatives so as to add stable mortgage relationships, which positions us properly for 2023 permitting us the flexibility to additional handle our stability sheet. We proceed to keep up our robust credit score self-discipline, but additionally stay vigilant via this market volatility. We’re enhancing our shopper relationships via the deployment of best-in-class know-how through the first quarter of 2023. These know-how initiatives will additional assist our enterprise growth groups’ capability to supply distinctive private service to our increasing shopper base,” stated David W. Pijor, Chairman and CEO.

Assertion of Situation

Whole property had been $2.34 billion at December 31, 2022 and $2.20 billion at December 31, 2021, a rise of $141.4 million, or 6%. For the fourth quarter of 2022, complete property elevated $139.3 million, or 6%.

Loans receivable, internet of deferred charges, had been $1.84 billion at December 31, 2022 and $1.50 billion at December 31, 2021, a rise of $336.6 million, or 22%, year-over-year. Excluding loans made below the U.S. Small Enterprise Administration’s Paycheck Safety Program (“PPP”), internet of charges, internet mortgage progress was $362.8 million, or 25% year-over-year. For the quarter, loans receivable, internet of deferred charges, elevated $126.0 million, or 7%. Through the fourth quarter of 2022, the Firm funded $111.8 million, had mortgage prepayments of $20.1 million, bought $39.4 million in residential mortgage loans via ACM and skilled a discount in warehouse line exercise of $5.1 million. At December 31, 2022, loans excellent below the warehouse lending facility to ACM totaled $42.7 million, a lower of $29.3 million, or 41%, from $72.0 million at December 31, 2021. This lower in warehouse line quantity is per the slowdown of residential mortgage mortgage demand within the Firm’s market.

PPP loans, internet of charges, totaled $2.0 million at December 31, 2022, a lower from $28.1 million at December 31, 2021 as loans proceed to be forgiven by the U.S. Small Enterprise Administration.

Funding securities had been $278.3 million at December 31, 2022 and $358.0 million at December 31, 2021. Funding securities decreased $79.7 million through the yr ended December 31, 2022, primarily because of principal paydowns of $37.1 million and a $49.0 million lower available in the market worth of the available-for-sale portfolio throughout 2022. The funding securities portfolio consists of primarily mortgage-backed securities that are assured by both the Federal Nationwide Mortgage Affiliation, the Federal Residence Mortgage Mortgage Company or the Authorities Nationwide Mortgage affiliation. The lower available in the market worth of the funding securities portfolio was pushed by the present rising fee setting and there was no other-than-temporary impairment at December 31, 2022.

Whole deposits and different borrowed funds elevated $186.4 million, or 10%, to $2.10 billion at December 31, 2022 from $1.91 billion at December 31, 2021. Whole deposits decreased $53.6 million, or 3%, throughout 2022. Noninterest-bearing deposits had been $438.3 million at December 31, 2022, or 24% of complete deposits. Wholesale deposits elevated $173.0 million to $248.0 million throughout the newest quarter and elevated $213.0 million for the yr ended December 31, 2022. The rise in wholesale deposits for each the quarter and yr ended December 31, 2022 was a results of funding the Firm’s report mortgage progress along with changing extra liquidity utilized by clients to fund their enterprise exercise. Different borrowed funds had been $265.0 million, $75.0 million and $25.0 million at December 31, 2022, September 30, 2022, and December 31, 2021, respectively.

Shareholders’ fairness at December 31, 2022 was $202.4 million, a lower of $7.4 million, in comparison with $209.8 million at December 31, 2021. The lower in shareholders’ fairness was attributable to a lower in accrued different complete earnings of $34.5 million, which was associated to the aforementioned lower available in the market worth of the Firm’s available-for-sale funding securities portfolio, offset by internet earnings recorded for the yr ended December 31, 2022 totaling $25.0 million.

E book worth per share at December 31, 2022 and December 31, 2021 was $11.58 and $12.23, respectively, reflecting the lower in accrued different complete earnings on the available-for-sale funding securities portfolio. Tangible guide worth per share (a non-GAAP monetary measure which is outlined within the tables under) at December 31, 2022 and December 31, 2021 was $11.14 and $11.76, respectively. In comparison with the linked quarter, tangible guide worth elevated 4% from $10.68 at September 30, 2022. Tangible guide worth per share, excluding accrued different complete earnings (a non-GAAP monetary measure which is outlined within the tables under), at December 31, 2022 and December 31, 2021 was $13.23 and $11.88, respectively. The Firm has a share repurchase program below which the Firm could buy as much as 1,351,075 shares of the Firm’s issued and excellent shares of widespread inventory, par worth $0.01 per share, or roughly 8% of its excellent widespread inventory at December 31, 2021. Through the fourth quarter of 2022, the Firm acquired 37,454 shares at a median worth of $19.50 (together with commissions) in accordance with the accepted share repurchase program.

The Firm’s financial institution subsidiary, FVCbank, stays well-capitalized at December 31, 2022, with complete risk-based capital of 13.28%, widespread fairness tier 1 risk-based capital of 12.45%, and tier 1 leverage ratio of 10.75%.

Asset High quality

The Firm recorded provision for mortgage losses of $729 thousand for the three months ended December 31, 2022, in comparison with a $500 thousand launch of provision for mortgage losses for the yr in the past quarter, and a $365 thousand provision for the third quarter of 2022. For the yr ended December 31, 2022, the Firm recorded provision for mortgage losses of $2.6 million in comparison with a launch of provision of $500 thousand for the yr ended December 31, 2021. The rise within the allowance for mortgage losses for the three months ended December 31, 2022 was primarily associated to supporting the expansion recorded within the mortgage portfolio through the fourth quarter. The Firm continues to lend to well-established and relationship-driven debtors and has a confirmed monitor report of low historic credit score losses.

The Firm continues to keep up its disciplined credit score tips including assist through the present rising rate of interest setting. The Firm proactively displays the affect of rising rates of interest on its adjustable loans because the business navigates via this financial cycle of elevated inflation and better rates of interest. Credit score high quality metrics stay robust for the fourth quarter of 2022 with a marginal lower in particular reserves to $86 thousand. The Firm recorded internet mortgage charge-offs of $2 thousand through the fourth quarter of 2022 from its bought client unsecured mortgage portfolio, in comparison with internet mortgage charge-offs of $35 thousand through the comparable 2021 interval. Internet charge-offs for the yr ended December 31, 2022 had been $417 thousand in comparison with $629 thousand for the yr ended December 31, 2021, per the Firm’s monitor report of low historic charge-offs. The allowance for mortgage losses at December 31, 2022 and December 31, 2021 was $16.0 million and $13.8 million, respectively. Allowance protection to nonperforming loans decreased to 357.0% at December 31, 2022, in comparison with 394.2% for the yr ended December 31, 2021.

The allowance for mortgage losses to complete loans, internet of charges and excluding PPP loans, was 0.87% at December 31, 2022, in comparison with 0.94% at December 31, 2021. The Firm doesn’t report a reserve on ACM’s warehouse traces as a result of repurchase settlement in place with ACM, and as such, the allowance for mortgage losses to complete loans when excluding the warehouse traces was 0.89% at December 31, 2022. The efficient reserve protection, which incorporates each the allowance for mortgage losses and the remaining unaccreted honest worth low cost on acquired loans, to complete loans, excluding PPP loans, was 0.90% at December 31, 2022, in comparison with 0.99% at December 31, 2021. As of December 31, 2022, the Firm accounted for its allowance below the incurred loss mannequin. Starting January 1, 2023, the Firm will implement the provisions of the present anticipated credit score losses accounting normal.

Nonperforming loans and loans 90 days or extra late at December 31, 2022 totaled $4.5 million, or 0.19% of complete property, composed of three industrial relationships and two client relationships. This compares to $3.5 million in nonperforming loans and loans 90 days or extra late at December 31, 2021, or 0.16% of complete property. The Firm had no different actual property owned and has two residential mortgage loans totaling $829 thousand that qualify as troubled debt restructurings at December 31, 2022.

Earnings Assertion

For the yr ended December 31, 2022, internet earnings was $25.0 million, a rise of $3.1 million, or 14%, in comparison with $21.9 million for 2021. Internet earnings for the three months ended December 31, 2022 was $4.9 million, a lower of $1.6 million, in comparison with $6.5 million for a similar interval of 2021. As beforehand talked about, internet earnings for the fourth quarter of 2022 consists of the Firm’s portion of losses from it membership curiosity in ACM, which totaled $1.4 million for the quarter ended December 31, 2022, in comparison with earnings of $1.1 million for similar interval of 2021. For the yr ended December 31, 2022, the loss related to its membership curiosity in ACM was $659 thousand, in comparison with earnings from ACM of $1.5 million for the yr ended December 31, 2021.

For the years ended December 31, 2022 and 2021, internet curiosity earnings was $65.2 million and $57.9 million, respectively, a rise of $7.3 million, or 13%. Curiosity earnings elevated $12.3 million, or 18%, to $80.7 million for the yr ended December 31, 2022, as in comparison with $68.4 million for the comparable 2021 interval. PPP mortgage earnings contributed $592 thousand to curiosity earnings for the yr ended December 31, 2022, in comparison with $5.4 million for the yr ended December 31, 2021, a lower of $4.8 million, or 89%. Curiosity expense totaled $15.4 million for the yr ended December 31, 2022, a rise of $5.0 million, in comparison with $10.5 million for the comparable 2021 interval, primarily a results of the rising rate of interest setting.

Internet curiosity earnings totaled $15.9 million, a rise of $641 thousand, or 4%, for the quarter ended December 31, 2022, in comparison with the yr in the past quarter. Curiosity earnings on loans elevated $5.4 million, or 33%, for the three months ended December 31, 2022, in comparison with the identical interval of 2021. The rise in curiosity earnings for the three months ended December 31, 2022, in comparison with the yr in the past quarter was associated to a rise in each mortgage yields, which elevated 58 foundation factors, and the amount of common loans, which elevated $300.5 million (excluding PPP loans). Mortgage curiosity earnings (excluding PPP curiosity earnings) elevated $6.2 million, or 41%, for the three months ended December 31, 2022, as in comparison with the identical interval of 2021. PPP mortgage earnings was $37 thousand for the three months ended December 31, 2022, in comparison with $899 thousand for the three months ended December 31, 2021, a lower of $862 thousand, or 96%.

The Firm’s internet curiosity margin decreased 17 foundation factors to 2.96% for the quarter ended December 31, 2022, in comparison with 3.13% for the quarter ended December 31, 2021. The lower is primarily as a result of rising fee setting and related rising prices of funding. Internet curiosity margin for the years ended December 31, 2022 and 2021 was 3.19% and three.09%, respectively, a rise of 10 foundation factors. The rise in internet curiosity margin throughout 2022 was as a result of repricing of the variable fee mortgage portfolio earlier within the yr forward of will increase in funding prices, along with elevated mortgage origination quantity at larger rates of interest. The common yield on complete loans for the fourth quarter of 2022 was 4.91%, in comparison with 4.64% for the linked quarter ended September 30, 2022, and 4.33% for the yr in the past quarter. The price of funds, which incorporates noninterest-bearing deposits, elevated 101 foundation factors to 1.50% for the fourth quarter of 2022 as in comparison with 0.49% for the fourth quarter of 2021. Price of interest-bearing deposits for the fourth quarter of 2022 was 1.72%, in comparison with 0.63% for the fourth quarter of 2021, a rise of 109 foundation factors, a results of rising rates of interest as a consequence of contractionary financial coverage being enacted by the Federal Reserve.

Noninterest earnings for the yr ended December 31, 2022 was $2.8 million, in comparison with $4.3 million for 2021, a lower of $1.5 million, which was primarily pushed by the loss recorded from the Firm’s membership curiosity in ACM of $659 thousand for the yr ended December 31, 2022, in comparison with earnings from its membership curiosity in ACM of $1.5 million for the yr ended December 31, 2021.

Over the last a number of months of 2022, ACM made strategic investments via hiring high tier mortgage originators and extra assist infrastructure together with new branches, to place itself for the present and future mortgage setting. This funding, which has considerably elevated ACM’s overhead bills forward of future earnings, coupled with traditionally low origination volumes and tighter margins, have brought on short-term losses that weren’t beforehand forecast or budgeted. Nevertheless, ACM has vital money reserves to attract from and it’s anticipated that these strategic investments will buoy ACM as a high mortgage originator within the Firm’s area throughout the subsequent a number of years. The Firm continues to learn from synergies created by its ACM funding, together with warehouse line exercise, mortgage purchases and buyer referrals.

Noninterest earnings reported for the quarter ended December 31, 2022 was a lack of $10 thousand whereas noninterest earnings for the quarter ended December 31, 2021 totaled $1.8 million. The Firm recorded a lack of $787 thousand on its minority membership pursuits for the three months ended December 31, 2022 in comparison with earnings of $1.1 million for the yr in the past quarter. The Firm recorded a loss on its membership curiosity with ACM of $1.4 million, offset by honest worth positive aspects for different fairness investments made by the Firm. Payment earnings from loans was $74 thousand for the quarter ended December 31, 2022, in comparison with $36 thousand for the fourth quarter of 2021. Service fees on deposit accounts and different price earnings totaled $347 thousand for the fourth quarter of 2022, a lower of $35 thousand from the yr in the past quarter. Earnings from bank-owned life insurance coverage (“BOLI”) elevated $108 thousand to $356 thousand for the three months ended December 31, 2022, in comparison with $248 thousand for a similar interval of 2021, because the Firm bought further BOLI totaling $15 million through the second quarter of 2022.

For every of the years ended December 31, 2022 and 2021, noninterest expense was $34.5 million. For the years ended December 31, 2022 and 2021, noninterest expense included merger-related bills totaling $125 thousand and $1.4 million, respectively, related to the Firm’s proposed merger with Blue Ridge Bankshares, Inc., which was mutually terminated by each firms on January 20, 2022. When excluding merger-related bills, noninterest expense for the years ended December 31, 2022 and 2021 was $34.3 million and $33.1 million, respectively, a rise of $1.2 million, or 4%, which was primarily a end result will increase in salaries and advantages bills, offset by a year-over-year lower in skilled charges of $279 thousand, which had been attributable to the Firm’s membership curiosity buy in ACM throughout 2021.

Noninterest expense was $9.2 million and $9.0 million for the quarters ended December 31, 2022 and 2021, respectively, a rise of $198 thousand, or 2%. Occupancy and tools expense elevated $72 thousand through the fourth quarter of 2022 when in comparison with the yr in the past quarter. Authorized bills associated to mortgage exercises (which is included in different working expense on the earnings assertion) decreased $96 thousand for the fourth quarter of 2022 when in comparison with the yr in the past quarter, primarily because of diminished exercise bills in an continued effort to additional mitigate credit score threat and potential loss.

The effectivity ratios, excluding merger-related bills, for the years ended December 31, 2022 and 2021, had been 50.4% and 53.2%, respectively, an enchancment of 5% year-over-year because the Firm elevated revenues and continued to leverage know-how. A reconciliation of the effectivity ratio, a non-GAAP monetary measure, may be discovered within the tables under.

The Firm recorded a provision for earnings taxes of $1.0 million for the three months ended December 31, 2022, in comparison with $2.0 million for a similar interval of 2021. The efficient tax charges for the three months ended December 31, 2022 and 2021 had been 17.4% and 23.3%, respectively. The efficient tax fee for the three months ended December 31, 2022 was lower than the Firm’s mixed federal and state statutory fee of twenty-two.5% primarily due to discrete tax advantages recorded because of workouts of nonqualified inventory choices through the aforementioned interval. For the years ended December 31, 2022 and 2021, provision for earnings taxes was $6.0 million and $6.3 million, respectively.

About FVCBankcorp, Inc.

FVCBankcorp, Inc. is the holding firm for FVCbank, a wholly-owned subsidiary that commenced operations in November 2007. FVCbank is a $2.34 billion asset-sized Virginia-chartered group financial institution serving the banking wants of business companies, nonprofit organizations, skilled service entities, their house owners and staff situated within the larger Baltimore and Washington, D.C. metropolitan areas. FVCbank relies in Fairfax, Virginia, and has 9 full-service places of work in Arlington, Fairfax, Manassas, Reston and Springfield, Virginia, Washington D.C., and Baltimore, Bethesda, and Rockville, Maryland.

For extra details about the Firm, please go to the Investor Relations web page of FVCBankcorp, Inc.’s web site, www.fvcbank.com.

Warning about Ahead-Trying Statements

This press launch accommodates forward-looking statements throughout the that means of the Non-public Securities Litigation Reform Act of 1995. These statements embrace, however should not restricted, statements of targets, intentions, and expectations as to future traits, plans, occasions or outcomes of the Firm’s operations and insurance policies and concerning common financial circumstances. In some instances, forward-looking statements may be recognized by use of phrases similar to “could,” “will,” “anticipates,” “believes,” “expects,” “plans,” “estimates,” “potential,” “proceed,” “ought to,” and related phrases or phrases. These statements are based mostly upon present and anticipated financial circumstances, nationally and within the Firm’s market, rates of interest and rate of interest coverage, aggressive components, and different circumstances which by their nature, should not inclined to correct forecast and are topic to vital uncertainty. Due to these uncertainties and the assumptions on which this dialogue and the forward-looking statements are based mostly, precise future operations and outcomes sooner or later could differ materially from these indicated herein. These forward-looking statements are based mostly on present beliefs that contain vital dangers, uncertainties, and assumptions. Components that would trigger the Firm’s precise outcomes to vary materially from these indicated in these forward-looking statements, embrace, however should not restricted to: common enterprise and financial circumstances nationally or within the markets that the Firm serves; modifications within the degree of the Firm’s nonperforming property and charge-offs; modifications within the assumptions underlying the institution of reserves for attainable mortgage losses; the Firm’s administration of dangers inherent in its actual property mortgage portfolio, and the chance of a protracted downturn in the actual property market, which may impair the worth of the Firm’s collateral and the flexibility to promote collateral upon any foreclosures; credit score threat, market threat, and liquidity threat affecting the Firm’s securities portfolio, in addition to modifications within the estimates used to worth the securities within the portfolio; geopolitical circumstances, together with acts or threats of terrorism, or actions taken by the USA or different governments in response to acts or threats of terrorism and/or navy conflicts, which may affect enterprise and financial circumstances in the USA and overseas; the results of, and modifications in, commerce, financial and monetary insurance policies and legal guidelines, together with rate of interest insurance policies of the Board of Governors of the Federal Reserve System, inflation, rate of interest, market and financial fluctuations; the affect of the COVID-19 pandemic, together with the adversarial affect on the Firm’s enterprise and operations and on the Firm’s clients, which can lead to, amongst different issues, elevated delinquencies, defaults, foreclosures and losses on loans; the affect of modifications in monetary companies insurance policies, legal guidelines and laws, together with legal guidelines, laws and insurance policies regarding taxes, banking, securities and insurance coverage, and the applying thereof by regulatory our bodies; technological modifications, together with potential publicity to fraud, negligence, laptop theft and cyber-crime; and the chance components and different cautionary language included within the Firm’s Annual Report on Kind 10-Ok for the yr ended December 31, 2021 and in different periodic and present stories filed with the Securities and Trade Fee. Due to these uncertainties and the assumptions on which the forward-looking statements are based mostly, precise operations and outcomes sooner or later could differ materially from these indicated herein. Readers are cautioned in opposition to putting undue reliance on any such forward-looking statements. The Firm’s previous outcomes should not essentially indicative of future efficiency.

FVCBankcorp, Inc.

Chosen Monetary Knowledge

({Dollars} in 1000’s, besides share knowledge and per share knowledge)

(Unaudited)

 
At or For the Three Months Ended For the Years Ended December 31,
12/31/2022 12/31/2021

2022

2021

Chosen Balances
Whole property

$

2,344,322

 

$

2,202,924

 

Whole funding securities

 

293,945

 

 

364,410

 

Loans held on the market

 

– –

 

 

 

Whole loans, internet of deferred charges

 

1,840,434

 

 

1,503,849

 

Allowance for mortgage losses

 

(16,040

)

 

(13,829

)

Whole deposits

 

1,830,162

 

 

1,883,769

 

Subordinated debt

 

19,565

 

 

19,510

 

Different borrowings

 

265,000

 

 

25,000

 

Whole stockholders’ fairness

 

202,382

 

 

209,796

 

Abstract Outcomes of Operations
Curiosity earnings

$

23,341

 

$

17,487

 

$

80,682

 

$

68,428

 

Curiosity expense

 

7,462

 

 

2,249

 

 

15,438

 

 

10,481

 

Internet curiosity earnings

 

15,879

 

 

15,238

 

 

65,244

 

 

57,947

 

Provision for (reversal of) mortgage losses

 

729

 

 

(500

)

 

2,629

 

 

(500

)

Internet curiosity earnings after provision for mortgage losses

 

15,150

 

 

15,738

 

 

62,615

 

 

58,447

 

Noninterest earnings – mortgage charges, service fees and different

 

421

 

 

418

 

 

1,667

 

 

1,844

 

Noninterest earnings – financial institution owned life insurance coverage

 

356

 

 

248

 

 

1,200

 

 

994

 

Noninterest earnings – positive aspects on calls of securities held-to-maturity

 

– –

 

 

– –

 

 

– –

 

 

 

Noninterest earnings – minority membership curiosity

 

(787

)

 

1,100

 

 

(33

)

 

1,464

 

Noninterest earnings – achieve on gross sales of securities available-for-sale

 

– –

 

 

– –

 

 

– –

 

 

– –

 

Noninterest earnings – loss on loans held on the market

 

– –

 

 

– –

 

 

– –

 

 

– –

 

Noninterest expense

 

9,202

 

 

9,004

 

 

34,460

 

 

34,540

 

Earnings earlier than taxes

 

5,938

 

 

8,500

 

 

30,989

 

 

28,209

 

Earnings tax expense

 

1,035

 

 

1,983

 

 

6,005

 

 

6,276

 

Internet earnings

 

4,903

 

 

6,517

 

 

24,984

 

 

21,933

 

Per Share Knowledge
Internet earnings, primary (5)

$

0.28

 

$

0.38

 

$

1.43

 

$

1.29

 

Internet earnings, diluted (5)

$

0.27

 

$

0.36

 

$

1.35

 

$

1.20

 

E book worth (5)

$

11.58

 

$

12.23

 

Tangible guide worth (1)(5)

$

11.14

 

$

11.76

 

Tangible guide worth, excluding accrued different complete losses (1)(5)

$

13.23

 

$

11.88

 

Shares excellent

 

17,475,668

 

 

13,727,045

 

Chosen Ratios
Internet curiosity margin (2)

 

2.96

 

%

 

3.13

 

%

 

3.19

 

%

 

3.09

 

Return on common property (2)

 

0.89

 

%

 

1.27

 

%

 

1.18

 

%

 

1.11

 

Return on common fairness (2)

 

9.87

 

%

 

12.55

 

%

 

12.34

 

%

 

10.92

 

Effectivity (3)

 

57.99

 

%

 

52.95

 

%

 

50.62

 

%

 

55.49

 

Loans, internet of deferred charges to complete deposits

 

100.56

 

%

 

79.83

 

%

Noninterest-bearing deposits to complete deposits

 

23.95

 

%

 

30.86

 

%

Reconciliation of Internet Earnings (GAAP) to Working
Earnings (Non-GAAP) (4)
Internet earnings (from above)

$

4,903

 

$

6,517

 

$

24,984

 

$

21,933

 

Add: Accelerated debt issuance prices

 

– –

 

 

– –

 

 

– –

 

 

– –

 

Add: Merger and acquisition expense

 

– –

 

 

338

 

 

125

 

 

1,445

 

Add: Accelerated debt issuance prices

 

– –

 

 

– –

 

 

– –

 

 

380

 

Subtract: Positive factors on gross sales of different actual property owned

 

– –

 

 

(236

)

 

– –

 

 

(236

)

Much less: provision for earnings taxes related to non-GAAP changes

 

– –

 

 

(23

)

 

(28

)

 

(358

)

Internet earnings, as adjusted

$

4,903

 

$

6,596

 

$

25,081

 

$

23,164

 

Internet earnings, diluted, on an working foundation (5)

$

0.27

 

$

0.36

 

$

1.36

 

$

1.27

 

Return on common property (non-GAAP working earnings)

 

0.89

 

%

 

1.29

 

%

 

1.18

 

%

 

1.17

 

Return on common fairness (non-GAAP working earnings)

 

9.87

 

%

 

12.71

 

%

 

12.39

 

%

 

11.53

 

Effectivity ratio (non-GAAP working earnings) (3)

 

57.99

 

%

 

52.35

 

%

 

50.43

 

%

 

53.22

 

Capital Ratios – Financial institution
Tangible widespread fairness (to tangible property)

 

8.86

 

%

 

9.82

 

%

Tier 1 leverage (to common property)

 

10.75

 

%

 

10.55

 

%

Asset High quality
Nonperforming loans and loans 90+ late

$

4,493

 

$

3,508

 

Performing troubled debt restructurings (TDRs)

 

829

 

 

92

 

Different actual property owned

 

 

 

– –

 

Nonperforming loans and loans 90+ previous as a consequence of complete property (excl. TDRs)

 

0.19

 

%

 

0.16

 

%

Nonperforming property to complete property

 

0.19

 

%

 

0.16

 

%

Nonperforming property (together with TDRs) to complete property

 

0.23

 

%

 

0.16

 

%

Allowance for mortgage losses to loans

 

0.87

 

%

 

0.92

 

%

Allowance for mortgage losses to loans, excluding PPP loans

 

0.87

 

%

 

0.94

 

%

Allowance for mortgage losses to nonperforming loans

 

357.00

 

%

 

394.21

 

%

Internet charge-offs (recoveries)

$

2

 

$

35

 

$

417

 

$

629

 

Internet charge-offs (recoveries) to common loans (2)

 

0.00

 

%

 

0.01

 

%

 

0.03

 

%

 

0.04

 

Chosen Common Balances
Whole property

$

2,202,407

 

$

2,047,130

 

$

2,125,066

 

$

1,978,220

 

Whole incomes property

 

2,126,032

 

 

1,932,262

 

 

2,044,618

 

 

1,873,037

 

Whole loans, internet of deferred charges, excluding PPP

 

1,742,734

 

 

1,442,284

 

 

1,608,965

 

 

1,357,849

 

Whole deposits

 

1,811,098

 

 

1,765,496

 

 

1,807,693

 

 

1,686,468

 

Different Knowledge
Noninterest-bearing deposits

$

438,269

 

$

581,293

 

Curiosity-bearing checking, financial savings and cash market

 

883,480

 

 

1,071,059

 

Time deposits

 

260,421

 

 

196,417

 

Wholesale deposits

 

247,992

 

 

35,000

 

 
(1) Non-GAAP Reconciliation For the Interval Ended December 31,

2022

2021

 
Whole stockholders’ fairness

$

202,382

 

$

209,796

 

Much less: goodwill and intangibles, internet

 

(7,790

)

 

(8,052

)

Tangible Frequent Fairness

$

194,592

 

$

201,744

 

Much less: Accrued Different Complete Earnings (Loss) (“AOCI”)

 

(36,568

)

 

(2,043

)

Tangible Frequent Fairness excluding AOCI

$

231,160

 

$

203,787

 

 
E book worth per widespread share (5)

$

11.58

 

$

12.23

 

Much less: intangible guide worth per widespread share (5)

 

(0.44

)

 

(0.47

)

Tangible guide worth per widespread share (5)

$

11.14

 

$

11.76

 

Add: AOCI (loss) per widespread share (5)

 

(2.09

)

 

(0.12

)

Tangible guide worth per widespread share, excluding AOCI (5)

$

13.23

 

$

11.88

 

 
(2) Annualized.
(3) Effectivity ratio is calculated as noninterest expense divided by the sum of internet curiosity earnings and noninterest earnings.
(4) Among the monetary measures mentioned all through the press launch are “non-GAAP monetary measures.” In accordance with SEC guidelines, the Firm classifies a monetary measure as being a non-GAAP monetary measure if that monetary measure excludes or consists of quantities, or is topic to changes which have the impact of excluding or together with quantities, which can be included or excluded, because the case could also be, in essentially the most immediately comparable measure calculated and offered in accordance with GAAP in our consolidated statements of earnings, stability sheets or statements of money flows.
(5) Quantities for all intervals replicate the impact of a 25% inventory dividend declared on December 15, 2022.
FVCBankcorp, Inc.
Abstract Consolidated Statements of Situation
({Dollars} in 1000’s)
(Unaudited)
 
 
% Change % Change
Present From
12/31/2022 9/30/2022 Quarter 12/31/2021 Yr In the past
 
Money and due from banks $

7,253

$

11,820

-38.6

%

$

24,613

-70.5

%

Curiosity-bearing deposits at
different monetary establishments

74,300

56,522

31.5

%

216,345

-65.7

%

Funding securities

278,333

282,479

-1.5

%

358,038

-22.3

%

Restricted inventory, at value

15,612

9,061

72.3

%

6,372

145.0

%

Loans, internet of charges:
Industrial actual property

1,097,302

1,027,562

6.8

%

903,770

21.4

%

Industrial and industrial

242,546

207,569

16.9

%

173,540

39.8

%

Paycheck safety program

1,951

3,134

-37.7

%

28,130

-93.1

%

Industrial development

147,272

150,729

-2.3

%

186,912

-21.2

%

Shopper actual property

343,710

316,389

8.6

%

201,336

70.7

%

Shopper nonresidential

7,653

9,090

-15.8

%

10,161

-24.7

%

Whole loans, internet of charges

1,840,434

1,714,473

7.3

%

1,503,849

22.4

%

Allowance for mortgage losses

(16,040)

(15,313)

4.7

%

(13,829)

16.0

%

Loans, internet

1,824,394

1,699,160

7.4

%

1,490,020

22.4

%

 
Premises and tools, internet

1,220

1,290

-5.4

%

1,584

-23.0

%

Goodwill and intangibles, internet

7,790

7,849

-0.8

%

8,052

-3.3

%

Financial institution owned life insurance coverage (BOLI)

55,371

55,016

0.6

%

39,171

41.4

%

Different property

80,049

81,787

-2.1

%

58,729

36.3

%

 
Whole Property $

2,344,322

$

2,204,984

6.3

%

$

2,202,924

6.4

%

 
Deposits:
Noninterest-bearing $

438,269

$

513,711

-14.7

%

$

581,293

-24.6

%

Curiosity-bearing checking

578,340

710,599

-18.6

%

739,046

-21.7

%

Financial savings and cash market

305,140

361,169

-15.5

%

332,013

-8.1

%

Time deposits

260,421

228,805

13.8

%

196,417

32.6

%

Wholesale deposits

247,992

75,000

230.7

%

35,000

608.5

%

Whole deposits

1,830,162

1,889,284

-3.1

%

1,883,769

-2.8

%

 
Different borrowed funds

265,000

75,000

253.3

%

25,000

960.0

%

Subordinated notes, internet of
issuance prices

19,565

19,551

0.1

%

19,510

0.3

%

Different liabilities

27,213

26,514

2.6

%

64,849

-58.0

%

 
Stockholders’ fairness

202,382

194,635

4.0

%

209,796

-3.5

%

 
Whole Liabilities & Stockholders’
Fairness $

2,344,322

$

2,204,984

6.3

%

$

2,202,924

6.4

%

FVCBankcorp, Inc.
Abstract Consolidated Earnings Statements
({Dollars} in 1000’s, besides per share knowledge)
(Unaudited)
 
 
For the Three Months Ended
% Change % Change
Present From
12/31/2022 9/30/2022 Quarter 12/31/2021 Yr In the past
 
Internet curiosity earnings $

15,879

 

$

17,526

 

-9.4

%

$

15,238

 

4.2

%

Provision for (reversal of) mortgage losses

729

 

365

 

99.7

%

(500

)

-245.8

%

Internet curiosity earnings after provision for mortgage losses

15,150

 

17,161

 

-11.7

%

15,738

 

-3.7

%

 
Noninterest earnings:
Charges on loans

74

 

32

 

131.3

%

36

 

105.6

%

Service fees on deposit accounts

248

 

241

 

2.9

%

261

 

-5.0

%

BOLI earnings

356

 

352

 

1.1

%

248

 

43.5

%

(Loss) earnings from minority membership pursuits

(787

)

(160

)

391.9

%

1,100

 

-171.5

%

Different price earnings

99

 

110

 

-10.0

%

121

 

-18.2

%

Whole noninterest earnings

(10

)

575

 

-101.7

%

1,766

 

-100.6

%

 
Noninterest expense:
Salaries and worker advantages

5,223

 

5,202

 

0.4

%

5,257

 

-0.6

%

Occupancy and tools expense

924

 

676

 

36.7

%

852

 

8.5

%

Knowledge processing and community administration

615

 

595

 

3.4

%

570

 

7.9

%

State franchise taxes

509

 

509

 

0.0

%

496

 

2.6

%

Skilled charges

325

 

235

 

38.3

%

276

 

17.8

%

Merger and acquisition expense

– –

 

– –

 

0.0

%

338

 

-100.0

%

Achieve on sale of different actual property owned

– –

 

– –

 

0.0

%

(236

)

-100.0

%

Different working expense

1,606

 

1,382

 

16.2

%

1,451

 

10.7

%

Whole noninterest expense

9,202

 

8,599

 

7.0

%

9,004

 

2.2

%

Internet earnings earlier than earnings taxes

5,938

 

9,137

 

-35.0

%

8,500

 

-30.1

%

Earnings tax expense

1,035

 

2,094

 

-50.6

%

1,983

 

-47.8

%

Internet Earnings $

4,903

 

$

7,043

 

-30.4

%

$

6,517

 

-24.8

%

 
Earnings per share – primary (1) $

0.28

 

$

0.40

 

-30.4

%

$

0.38

 

-26.4

%

Earnings per share – diluted (1) $

0.27

 

$

0.38

 

-30.5

%

$

0.36

 

-25.4

%

Weighted-average widespread shares excellent – primary (1)

17,485,715

 

17,484,740

 

17,113,048

 

Weighted-average widespread shares excellent – diluted (1)

18,489,595

 

18,465,124

 

18,325,171

 

 
Reconciliation of Internet Earnings (GAAP) to Working Earnings (Non-GAAP):
GAAP internet earnings reported above $

4,903

 

$

7,043

 

$

6,517

 

Add: Merger and acquisition expense

– –

 

– –

 

338

 

Subtract: Achieve on sale of different actual property owned

– –

 

– –

 

(236

)

Subtract: provision for earnings taxes related to non-GAAP changes

– –

 

– –

 

(23

)

Internet Earnings, Working earnings (non-GAAP) $

4,903

 

$

7,043

 

$

6,596

 

Earnings per share – primary (non-GAAP working earnings)(1) $

0.28

 

$

0.40

 

$

0.39

 

Earnings per share – diluted (non-GAAP working earnings)(1) $

0.27

 

$

0.38

 

$

0.36

 

 
Return on common property (non-GAAP working earnings)

0.89

%

1.32

%

1.29

%

Return on common fairness (non-GAAP working earnings)

9.87

%

13.87

%

12.71

%

Effectivity ratio (non-GAAP working earnings)

57.99

%

47.51

%

52.35

%

 
Reconciliation of Internet Earnings (GAAP) to Pre-Tax Pre-Provision Earnings (Non-GAAP):
GAAP internet earnings reported above $

4,903

 

$

7,043

 

$

6,517

 

Add: Provision for (reversal of) mortgage losses

729

 

365

 

(500

)

Add: Merger and acquisition expense

– –

 

– –

 

338

 

Add: Earnings tax expense

1,035

 

2,094

 

1,983

 

Pre-tax pre-provision earnings (non-GAAP) $

6,667

 

$

9,502

 

$

8,338

 

Earnings per share – primary (non-GAAP pre-tax pre-provision)(1) $

0.38

 

$

0.54

 

$

0.49

 

Earnings per share – diluted (non-GAAP pre-tax pre-provision)(1) $

0.36

 

$

0.51

 

$

0.46

 

 
Return on common property (non-GAAP working earnings)

1.21

%

1.77

%

1.63

%

Return on common fairness (non-GAAP working earnings)

13.42

%

18.71

%

16.06

%

(1) Quantities for all intervals replicate the impact of a 25% inventory dividend declared on December 15, 2022.
FVCBankcorp, Inc.
Abstract Consolidated Earnings Statements
({Dollars} in 1000’s, besides per share knowledge)
(Unaudited)
 
 
For the Years Ended
% Change
From
12/31/2022 12/31/2021 Yr In the past
 
Internet curiosity earnings $

65,244

 

$

57,947

 

12.6

%

Provision for (reversal of) mortgage losses

2,629

 

(500

)

-625.8

%

Internet curiosity earnings after provision for mortgage losses

62,615

 

58,447

 

7.1

%

 
Noninterest earnings:
Charges on loans

232

 

110

 

110.9

%

Service fees on deposit accounts

954

 

1,028

 

-7.2

%

BOLI earnings

1,200

 

994

 

20.7

%

(Loss) earnings from minority membership pursuits

(33

)

1,464

 

-102.3

%

Different price earnings

481

 

706

 

-31.9

%

Whole noninterest earnings

2,834

 

4,302

 

-34.1

%

 
Noninterest expense:
Salaries and worker advantages

20,316

 

18,980

 

7.0

%

Occupancy and tools expense

3,252

 

3,290

 

-1.2

%

Knowledge processing and community administration

2,303

 

2,203

 

4.5

%

State franchise taxes

2,036

 

1,983

 

2.7

%

Skilled charges

1,210

 

1,489

 

-18.7

%

Merger and acquisition expense

125

 

1,445

 

-91.3

%

Achieve on sale of different actual property owned

– –

 

(236

)

-100.0

%

Different working expense

5,218

 

5,386

 

-3.1

%

Whole noninterest expense

34,460

 

34,540

 

-0.2

%

Internet earnings earlier than earnings taxes

30,989

 

28,209

 

9.9

%

Earnings tax expense

6,005

 

6,276

 

-4.3

%

Internet Earnings $

24,984

 

$

21,933

 

13.9

%

 
Earnings per share – primary (1) $

1.43

 

$

1.29

 

11.5

%

Earnings per share – diluted (1) $

1.35

 

$

1.20

 

12.3

%

Weighted-average widespread shares excellent – primary (1)

17,431,098

 

17,062,074

 

Weighted-average widespread shares excellent – diluted (1)

18,483,577

 

18,226,711

 

 
Reconciliation of Internet Earnings (GAAP) to Working Earnings (Non-GAAP):
GAAP internet earnings reported above $

24,984

 

$

21,933

 

Add: Merger and acquisition expense

125

 

1,445

 

Add: Accelerated debt issuance prices

– –

 

380

 

Subtract: Achieve on sale of different actual property owned

– –

 

(236

)

Subtract: provision for earnings taxes related to non-GAAP changes

(28

)

(358

)

Internet Earnings, Working earnings (non-GAAP) $

25,081

 

$

23,164

 

Earnings per share – primary (non-GAAP working earnings)(1) $

1.44

 

$

1.36

 

Earnings per share – diluted (non-GAAP working earnings)(1) $

1.36

 

$

1.27

 

 
Return on common property (non-GAAP working earnings)

1.18

%

1.17

%

Return on common fairness (non-GAAP working earnings)

12.39

%

11.53

%

Effectivity ratio (non-GAAP working earnings)

50.43

%

53.22

%

 
Reconciliation of Internet Earnings (GAAP) to Pre-Tax Pre-Provision Earnings (Non-GAAP):
GAAP internet earnings reported above $

24,984

 

$

21,933

 

Add: Provision for (reversal of) mortgage losses

2,629

 

(500

)

Add: Merger and acquisition expense

125

 

1,445

 

Add: Accelerated debt issuance prices

– –

 

380

 

Add: Earnings tax expense

6,005

 

6,276

 

Pre-tax pre-provision earnings (non-GAAP) $

33,743

 

$

29,534

 

Earnings per share – primary (non-GAAP pre-tax pre-provision)(1) $

1.94

 

$

1.73

 

Earnings per share – diluted (non-GAAP pre-tax pre-provision)(1) $

1.83

 

$

1.62

 

 
Return on common property (non-GAAP working earnings)

1.59

%

1.49

%

Return on common fairness (non-GAAP working earnings)

16.66

%

14.70

%

 
(1) Quantities for all intervals replicate the impact of a 25% inventory dividend declared on December 15, 2022.
FVCBankcorp, Inc.
Common Statements of Situation and Yields on Incomes Property and Curiosity-Bearing Liabilities
({Dollars} in 1000’s)
(Unaudited)
 
 
For the Three Months Ended
12/31/2022 9/30/2022 12/31/2021
Common Curiosity Common Common Curiosity Common Common Curiosity Common
Steadiness Earnings/Expense Yield Steadiness Earnings/Expense Yield Steadiness Earnings/Expense Yield
Curiosity-earning property:
Loans receivable, internet of charges (1)
Industrial actual property $

1,056,611

$

11,791

4.46

%

$

1,003,052

$

11,195

4.46

%

$

890,046

$

9,191

4.13

%

Industrial and industrial

186,785

3,079

6.59

%

180,111

2,419

5.37

%

137,000

1,543

4.51

%

Paycheck safety program

2,492

37

5.90

%

4,752

102

8.55

%

43,682

899

8.23

%

Industrial development

149,080

2,382

6.39

%

156,429

2,163

5.53

%

195,593

2,341

4.79

%

Shopper actual property

314,415

3,513

4.47

%

272,849

2,879

4.22

%

155,657

1,556

4.00

%

Warehouse amenities

27,380

445

6.51

%

40,873

407

3.99

%

56,177

380

2.71

%

Shopper nonresidential

8,463

183

8.66

%

9,455

179

7.57

%

7,811

164

8.38

%

Whole loans

1,745,226

21,430

4.91

%

1,667,521

19,344

4.64

%

1,485,966

16,074

4.33

%

 
Funding securities (2)(3)

344,011

1,645

1.91

%

349,407

1,578

1.81

%

309,348

1,360

1.76

%

Curiosity-bearing deposits at
different monetary establishments

36,795

269

2.90

%

40,814

171

1.66

%

136,948

56

0.16

%

Whole interest-earning property

2,126,032

23,344

4.39

%

2,057,742

21,093

4.10

%

1,932,262

17,490

3.62

%

 
Non-interest incomes property:
Money and due from banks

807

4,958

18,502

Premises and tools, internet

1,284

1,344

1,634

Accrued curiosity and different
property

89,616

92,985

109,084

Allowance for mortgage losses

(15,332)

(15,072)

(14,352)

 
Whole Property $

2,202,407

$

2,141,957

$

2,047,130

 
Curiosity-bearing liabilities:
Curiosity checking $

670,540

$

2,634

1.56

%

$

737,907

$

1,320

0.71

%

$

641,776

$

921

0.57

%

Financial savings and cash market

303,137

1,150

1.51

%

314,105

727

0.92

%

328,798

402

0.49

%

Time deposits

238,795

1,267

2.11

%

213,845

752

1.41

%

204,957

525

1.02

%

Wholesale deposits

133,092

798

2.38

%

41,957

93

0.88

%

35,000

50

0.57

%

Whole interest-bearing deposits

1,345,564

5,849

1.72

%

1,307,814

2,892

0.88

%

1,210,531

1,898

0.63

%

 
Different borrowed funds

145,424

1,356

3.70

%

81,902

415

2.01

%

25,088

89

1.41

%

Subordinated notes, internet of
issuance prices

19,556

257

5.23

%

19,542

258

5.23

%

19,518

262

5.32

%

Whole interest-bearing liabilities

1,510,544

7,462

1.96

%

1,409,258

3,565

1.01

%

1,255,137

2,249

0.72

%

 
Noninterest-bearing liabilities:
Noninterest-bearing deposits

465,534

506,700

554,965

Different liabilities

27,635

22,910

29,383

 
Stockholders’ fairness

198,694

203,089

207,645

 
Whole Liabilities and Stockholders’ Fairness $

2,202,407

$

2,141,957

$

2,047,130

 
Internet Curiosity Margin

15,882

2.96

%

17,528

3.38

%

15,241

3.13

%

 
(1) Non-accrual loans are included in common balances.
(2) The common yields for funding securities are reported on a completely taxable-equivalent foundation at a fee of 21%. The taxable
equal adjustment to curiosity earnings for the three months ended December 31, 2022 and 2021 is $2 and $2, respectively.
For the three months ended September 30, 2022, the taxable equal adjustment to curiosity earnings is $2.
(3) The common balances for funding securities consists of restricted inventory.
FVCBankcorp, Inc.
Common Statements of Situation and Yields on Incomes Property and Curiosity-Bearing Liabilities
({Dollars} in 1000’s)
(Unaudited)
 
 
For the Years Ended
12/31/2022 12/31/2021
Common Curiosity Common Common Curiosity Common
Steadiness Earnings/Expense Yield Steadiness Earnings/Expense Yield
Curiosity-earning property:
Loans receivable, internet of charges (1)
Industrial actual property $

978,983

 

$

42,646

4.36

%

$

832,138

 

$

35,104

4.22

%

Industrial and industrial

172,428

 

9,228

5.35

%

118,185

 

5,668

4.80

%

Paycheck safety program

9,112

 

592

6.50

%

105,980

 

5,410

5.11

%

Industrial development

165,088

 

8,762

5.31

%

209,957

 

9,790

4.66

%

Shopper actual property

240,055

 

10,079

4.20

%

157,845

 

6,374

4.04

%

Warehouse amenities

43,268

 

1,612

3.73

%

28,155

 

770

2.74

%

Shopper nonresidential

9,143

 

705

7.71

%

11,569

 

858

7.41

%

Whole loans

1,618,077

 

73,624

4.55

%

1,463,829

 

63,974

4.37

%

 
Funding securities (2)(3)

352,064

 

6,382

1.81

%

211,221

 

4,206

1.99

%

Curiosity-bearing deposits at
different monetary establishments

74,477

 

685

0.92

%

197,987

 

260

0.13

%

Whole interest-earning property

2,044,618

 

80,691

3.95

%

1,873,037

 

68,440

3.65

%

 
Non-interest incomes property:
Money and due from banks

873

 

18,556

 

Premises and tools, internet

1,410

 

1,578

 

Accrued curiosity and different
property

92,761

 

99,562

 

Allowance for mortgage losses

(14,596

)

(14,513

)

 
Whole Property $

2,125,066

 

$

1,978,220

 

 
Curiosity-bearing liabilities:
Curiosity checking $

724,881

 

$

5,966

0.82

%

$

587,151

 

$

3,224

0.55

%

Financial savings and cash market

315,653

 

2,662

0.84

%

303,317

 

1,421

0.47

%

Time deposits

203,719

 

2,908

1.43

%

230,668

 

2,783

1.21

%

Wholesale deposits

61,478

 

932

1.52

%

37,657

 

173

0.46

%

Whole interest-bearing deposits

1,305,731

 

12,468

0.95

%

1,158,793

 

7,601

0.66

%

 
Different borrowed funds

70,299

 

1,939

2.76

%

25,022

 

347

1.39

%

Subordinated notes, internet of
issuance prices

19,535

 

1,031

5.28

%

37,856

 

2,533

6.69

%

Whole interest-bearing liabilities

1,395,565

 

15,438

1.11

%

1,221,671

 

10,481

0.86

%

 
Noninterest-bearing liabilities:
Noninterest-bearing deposits

501,962

 

527,675

 

Different liabilities

25,059

 

27,988

 

 
Stockholders’ fairness

202,480

 

200,886

 

 
Whole Liabilities and Stockholders’ Fairness $

2,125,066

 

$

1,978,220

 

 
Internet Curiosity Margin

65,253

3.19

%

57,959

3.09

%

(1) Non-accrual loans are included in common balances.
(2) The common yields for funding securities are reported on a completely taxable-equivalent foundation at a fee of 21%. The taxable
equal adjustment to curiosity earnings was $9 and $12 for the years ended December 31, 2022 and 2021, respectively.
(3) The common balances for funding securities consists of restricted inventory.

 

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