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PRESS RELEASE FOR IMMEDIATE RELEASE - April 22 , 2021 FVCBankcorp , Inc. Announces Record First Quarter 2021 Earnings Exhibit 99.1 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 Fairfax , VA - FVCBankcorp , Inc. ( NASDAQ : FVCB ) ( the " Company " ) today reported first quarter 2021 net income of $ 5.6 million , or $ 0.38 diluted earnings per share , compared to $ 3.7 million , or $ 0.26 diluted earnings per share , for the quarterly period ended March 31 , 2020. Net revenues , which include net interest income plus noninterest income , for the three months ended March 31 , 2021 were $ 14.8 million , an increase of $ 1.9 million , from $ 12.9 million for the year ago quarter ended March 31 , 2020 . Annualized return on average assets was 1.19 % and annualized return on average equity was 11.53 % for the first quarter of 2021. For the comparable quarterly March 31 , 2020 period , annualized return on average assets was 0.96 % and annualized return on average equity was 8.29 % . First Quarter Selected Highlights Improved Credit Quality Metrics . During the first quarter of 2021 , watchlist credits decreased $ 9.9 million , or 30 % , to $ 22.8 million at March 31 , 2021 from $ 32.7 million at December 31 , 2020 , a result of aggressive management of watchlist credits and loan payoffs . Nonperforming loans and loans past due 90 days or more and still accruing were 0.27 % of total assets at March 31 , 2021 , compared to 0.31 % at December 31 , 2020 . Increased Pre - Tax Pre - Provision Income . For the three months ended March 31 , 2021 and 2020 , pre - tax pre - provision income was $ 7.0 million and $ 5.7 million , respectively , an increase of $ 1.3 million or 22 % . On a linked quarter basis , pre - tax pre - provision income was also $ 7.0 million for the three months ended December 31 , 2020. Pre - tax pre - provision annualized return on average assets for the three months ended March 31 , 2021 and 2020 were 1.49 % and 1.47 % , respectively . A reconciliation of pre - tax pre - provision income , a non - GAAP financial measure , can be found in the tables below . Strong Core Deposit Growth . Core deposits , which exclude wholesale deposits , increased $ 77.1 million , to $ 1.56 billion at March 31 , 2021 , or 21 % annualized , from December 31 , 2020. Noninterest - bearing deposits increased $ 102.8 million to $ 501.8 million at March 31 , 2021 , representing 31 % of total deposits at March 31 , 2021 . Increased Net Interest Income . Net interest income increased $ 1.8 million to $ 14.0 million for the first quarter of 2021 , compared to $ 12.2 million for the same 2020 period . Net interest margin was 3.22 % for the quarter ended March 31 , 2021 , compared to 3.37 % for the year ago quarter of 2020 and 3.28 % for the fourth quarter of 2020 . " Our second consecutive record quarterly earnings demonstrate our ability to generate continued profitable growth , building long term value for our shareholders . Our business development efforts and commitment to our markets continue to drive new relationships , as evidenced by our deposit growth during the quarter . Our conservative credit culture has resulted in lower loan losses than initially anticipated at the start of the pandemic . As a more optimistic economic outlook provides momentum heading into the second quarter , along with a robust pipeline of loan originations , we are positioned for strong loan growth for the remainder of 2021 " stated David W. Pijor , Chairman and CEO .