FVCBankcorp in Fairfax, Va., reported a net loss in the fourth quarter after it purged its securities portfolio and closed a branch.
The $2.2 billion-asset company said in a press release that it lost $5.1 million in the quarter, a reversal from the $4.9 million it earned a year earlier.
The company sold $61.4 million of securities at a $8.5 million after-tax loss. It should take less than three years to earn back the loss.
“The balance sheet repositionings and our focus on our operating structure will improve profitability and efficiencies going into 2024,” David Pijor, the company’s chairman and CEO, said in the release.
The fourth quarter also included $273,000 in office space reduction costs and $63,000 of severance expenses. The company said it closed a branch in Maryland.
“The company continues to identify and assess opportunities to reduce operating expenses including analysis of its branch and office locations,” the release said.