sec , the public company accounting oversight board , or pcaob , the financial accounting standards board or other accounting standards setting bodies ; the timely development of competitive new products and services and the acceptance of these products and services by new and existing customers ; the willingness of users to substitute competitors ' products and services for our products and services ; the effect of acquisitions we may make , including , without limitation , the failure to achieve the expected revenue growth and or expense savings from such acquisitions ; changes in the level of our nonperforming assets and charge-offs ; our involvement , from time to time , in legal proceedings and examination and remedial actions by regulators ; potential exposure to fraud , negligence , computer theft and cyber-crime . the foregoing factors should not be considered exhaustive and should be read together with other cautionary statements that are included in this form 10-k , including those discussed in the section entitled `` risk factors `` in item 1a above . if one or more of the factors affecting our forward-looking information and statements proves incorrect , then our actual results , performance or achievements could differ materially from those expressed in , or implied by , forward-looking information and statements contained in this form 10-k. therefore , we caution you not to place undue reliance on our forward-looking information and statements . we will not update the forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking statements . new risks and uncertainties may emerge from time to time , and it is not possible for us to predict their occurrence or how they will affect us . 47 overview we are a bank holding company headquartered in fairfax county , virginia . our sole subsidiary , fvcbank , was formed in november 2007 as a community-oriented , locally-owned and managed commercial bank under the laws of the commonwealth of virginia . the bank offers a wide range of traditional bank loan and deposit products and services to both our commercial and retail customers . our commercial relationship officers focus on attracting small and medium sized businesses , commercial real estate developers and builders , including government contractors , non-profit organizations , and professionals . our approach to our market features competitive customized financial services offered to customers and prospects in a personal relationship context by seasoned professionals . on october 12 , 2018 , we announced the completion of our acquisition of colombo , pursuant to a previously announced definitive merger agreement . colombo , which was headquartered in rockville , maryland , merged into fvcbank effective october 12 , 2018 adding five banking locations in washington , d.c. , and montgomery county and the city of baltimore in maryland . pursuant to the terms of the merger agreement , based on the average closing price of the company 's common stock during the five trading day period ended on october 10 , 2018 , the second trading day prior to closing , of $ 19.614 ( the `` average closing price `` ) holders of shares of colombo common stock received 0.002217 shares of the company 's common stock and $ 0.053157 in cash for each share of colombo common stock held immediately prior to the effective date of the merger , plus cash in lieu of fractional shares at a rate equal to the average closing price , and subject to the right of holders of colombo common stock who owned fewer than 45,086 shares of colombo common stock after aggregation of all shares held in the same name , and who made a timely election , to receive only cash in an amount equal to $ 0.096649 per share of colombo common stock . as a result of the merger , 763,051 shares of the company 's common stock were issued in exchange for outstanding shares of colombo common stock . net interest income is our primary source of revenue . we define revenue as net interest income plus noninterest income . as discussed further in `` quantitative and qualitative disclosures about market risk `` below , we manage our balance sheet and interest rate risk exposure to maximize , and concurrently stabilize , net interest income . we do this by monitoring our liquidity position and the spread between the interest rates earned on interest-earning assets and the interest rates paid on interest-bearing liabilities . we attempt to minimize our exposure to interest rate risk , but are unable to eliminate it entirely . in addition to managing interest rate risk , we also analyze our loan portfolio for exposure to credit risk . loan defaults and foreclosures are inherent risks in the banking industry , and we attempt to limit our exposure to these risks by carefully underwriting and then monitoring our extensions of credit . in addition to net interest income , noninterest income is a complementary source of revenue for us and includes , among other things , service charges on deposits and loans , merchant services fee income , insurance commission income , income from bank owned life insurance , or boli , and gains and losses on sales of investment securities available-for-sale . critical accounting policies general the accounting principles we apply under gaap are complex and require management to apply significant judgment to various accounting , reporting and disclosure matters . management must use assumptions , judgments and estimates when applying these principles where precise measurements are not possible or practical . these policies are critical because they are highly dependent upon subjective or complex judgments , assumptions and estimates . changes in such judgments , assumptions and estimates may have a significant impact on the consolidated financial statements . actual results , in fact , could differ from initial estimates . story_separator_special_tag net interest income/margin the following table presents average balance sheet information , interest income , interest expense and the corresponding average yields earned and rates paid for the years ended december 31 , 2019 , 2018 , and 2017 . 53 average balance sheets and interest rates on interest-earning assets and interest-bearing liabilities years ended december 31 , 2019 , 2018 and 2017 ( dollars in thousands ) replace_table_token_5_th ( 1 ) non-accrual loans are included in average balances and do not have a material effect on the average yield . interest income on non-accruing loans was not material for the years presented . ( 2 ) the average yields for investment securities are reported on a fully taxable-equivalent basis at a rate of 22.5 % for 2019 , 21 % for 2018 , and 34.5 % for 2017. the level of net interest income is affected primarily by variations in the volume and mix of these assets and liabilities , as well as changes in interest rates . see `` quantitative and qualitative disclosures about market risk `` below for further information . the following table shows the effect that these 54 factors had on the interest earned from our interest-earning assets and interest incurred on our interest-bearing liabilities . rate and volume analysis years ended december 31 , 2019 , 2018 and 2017 ( dollars in thousands ) replace_table_token_6_th ( 1 ) non-accrual loans are included in average balances and do not have a material effect on the average yield . interest income on non-accruing loans was not material for the years presented . ( 2 ) the average yields for investment securities are reported on a fully taxable-equivalent basis at a rate of 22.5 % for 2019 , 21 % for 2018 and 34.5 % for 2017 . ( 3 ) changes attributable to rate/volume have been allocated to volume . net interest income for the year ended december 31 , 2019 was $ 48.1 million on a fully taxable-equivalent basis , compared to $ 39.8 million for the year ended december 31 , 2018 , an increase of $ 8.2 million , or 20.7 % . the increase in net interest income was primarily a result of an increase in the volume of interest-earning assets related to organic growth during 2019 compared to 2018 , in addition to the earning assets acquired from colombo . the yield on interest-earning assets increased 25 basis points to 4.83 % for the year ended december 31 , 2019 , compared to 4.58 % for the same period of 2018 , a result of the increased rate environment during the first six months of 2019. offsetting this 55 increase in yields on earning assets was a 41 basis point increase in the cost of interest-bearing liabilities , reflecting the increased rates on interest-bearing deposits prior to three rate cuts during the last half of 2019. our net interest margin , on a tax equivalent basis , for the years ended december 31 , 2019 and 2018 was 3.48 % and 3.51 % , respectively . the decrease in our net interest margin was primarily a result of an increase in rates on our interest-bearing liabilities during 2019 as compared to 2018. net interest income , on a tax equivalent basis , is a financial measure that we believe provides a more accurate picture of the interest margin for comparative purposes . to derive our net interest margin on a tax equivalent basis , net interest income is adjusted to reflect tax-exempt income on an equivalent before tax basis with a corresponding increase in income tax expense . for purposes of this calculation , we use our federal and state statutory tax rates for the periods presented . this measure ensures comparability of net interest income arising from taxable and tax-exempt sources . the following table provides a reconciliation of our gaap net interest income to our tax equivalent net interest income . supplemental financial data and reconciliations to gaap financial measures years ended december 31 , 2019 , 2018 and 2017 ( dollars in thousands ) replace_table_token_7_th average interest-earning assets increased by 21.8 % to $ 1.38 billion at december 31 , 2019 compared to $ 1.13 billion at december 31 , 2018 , which resulted in an increase in total interest income on a tax equivalent basis of $ 14.8 million , to $ 66.8 million for the year ended december 31 , 2019 compared to $ 51.9 million for the year ended december 31 , 2018. the increase in our earning assets was primarily driven by an increase in average volume of loans receivable of $ 233.8 million , which contributed to an additional $ 11.6 million in interest income . this increase in interest income was enhanced by an increase in yields earned on the loan portfolio which increased interest income $ 2.4 million . average balances of nonperforming loans , which consist of nonaccrual loans , are included in the net interest margin calculation and did not have a material impact on our net interest margin in 2019 and 2018 . 56 total average interest-bearing deposits increased $ 169.4 million to $ 952.9 million at december 31 , 2019 compared to $ 783.5 million at december 31 , 2018. average noninterest-bearing deposits increased $ 47.4 million to $ 270.4 million at december 31 , 2019 compared to $ 223.0 million at december 31 , 2018. the largest increase in average interest-bearing deposit balances was in our interest checking accounts , which increased $ 127.4 million compared to 2018. average time deposits increased $ 51.2 to $ 316.2 million as of december 31 , 2019 compared to $ 265.0 million at december 31 , 2018. average wholesale deposits decreased $ 2.8 million to $ 74.7 million as of december 31 , 2019 compared to $ 77.5 million as of december 31 , 2018. this change in the mix of our interest-bearing liabilities , in addition to the

capital resources capital adequacy is an important measure of financial stability and performance . our objectives are to maintain a level of capitalization that is sufficient to sustain asset growth and promote depositor and investor confidence . regulatory agencies measure capital adequacy utilizing a formula that takes into account the individual risk profile of the financial institution . the minimum capital requirements are : ( i ) a common equity tier 1 , or cet1 , capital ratio of 4.5 % ; ( ii ) a tier 1 to risk-based assets capital ratio of 6 % ; ( iii ) a total risk based capital ratio of 8 % ; and ( iv ) a tier 1 leverage ratio of 4 % . additionally , a capital conservation buffer requirement of 2.5 % of risk-weighted assets is designed to absorb losses during periods of economic stress and is applicable to our cet1 capital , tier 1 capital and total capital ratios . including the conservation buffer , we currently consider our minimum capital ratios to be as follows : 7.00 % for cet1 ; 8.50 % for tier 1 capital ; and 10.50 % for total capital . banking institutions with a ratio of common equity tier 1 to risk-weighted assets above the minimum but below the conservation buffer will face constraints on dividends , equity repurchases , and compensation . the federal banking agencies have adopted a cblr , calculated by dividing tangible equity capital by average consolidated total assets of 9 % . if a `` qualified community bank , '' generally a depository institution or depository institution holding company with consolidated assets of less than $ 10 billion , has a leverage ratio which exceeds the cblr , then such bank will be considered to have met all generally applicable leverage and risk based capital requirements , the capital ratio requirements for `` well capitalized '' status under section 38 of the fdia , and any other leverage or capital requirements to which it is subject .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```capital resources capital adequacy is an important measure of financial stability and performance . our objectives are to maintain a level of capitalization that is sufficient to sustain asset growth and promote depositor and investor confidence . regulatory agencies measure capital adequacy utilizing a formula that takes into account the individual risk profile of the financial institution . the minimum capital requirements are : ( i ) a common equity tier 1 , or cet1 , capital ratio of 4.5 % ; ( ii ) a tier 1 to risk-based assets capital ratio of 6 % ; ( iii ) a total risk based capital ratio of 8 % ; and ( iv ) a tier 1 leverage ratio of 4 % . additionally , a capital conservation buffer requirement of 2.5 % of risk-weighted assets is designed to absorb losses during periods of economic stress and is applicable to our cet1 capital , tier 1 capital and total capital ratios . including the conservation buffer , we currently consider our minimum capital ratios to be as follows : 7.00 % for cet1 ; 8.50 % for tier 1 capital ; and 10.50 % for total capital . banking institutions with a ratio of common equity tier 1 to risk-weighted assets above the minimum but below the conservation buffer will face constraints on dividends , equity repurchases , and compensation . the federal banking agencies have adopted a cblr , calculated by dividing tangible equity capital by average consolidated total assets of 9 % . if a `` qualified community bank , '' generally a depository institution or depository institution holding company with consolidated assets of less than $ 10 billion , has a leverage ratio which exceeds the cblr , then such bank will be considered to have met all generally applicable leverage and risk based capital requirements , the capital ratio requirements for `` well capitalized '' status under section 38 of the fdia , and any other leverage or capital requirements to which it is subject .
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 Suspicious Activity Report : sec , the public company accounting oversight board , or pcaob , the financial accounting standards board or other accounting standards setting bodies ; the timely development of competitive new products and services and the acceptance of these products and services by new and existing customers ; the willingness of users to substitute competitors ' products and services for our products and services ; the effect of acquisitions we may make , including , without limitation , the failure to achieve the expected revenue growth and or expense savings from such acquisitions ; changes in the level of our nonperforming assets and charge-offs ; our involvement , from time to time , in legal proceedings and examination and remedial actions by regulators ; potential exposure to fraud , negligence , computer theft and cyber-crime . the foregoing factors should not be considered exhaustive and should be read together with other cautionary statements that are included in this form 10-k , including those discussed in the section entitled `` risk factors `` in item 1a above . if one or more of the factors affecting our forward-looking information and statements proves incorrect , then our actual results , performance or achievements could differ materially from those expressed in , or implied by , forward-looking information and statements contained in this form 10-k. therefore , we caution you not to place undue reliance on our forward-looking information and statements . we will not update the forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking statements . new risks and uncertainties may emerge from time to time , and it is not possible for us to predict their occurrence or how they will affect us . 47 overview we are a bank holding company headquartered in fairfax county , virginia . our sole subsidiary , fvcbank , was formed in november 2007 as a community-oriented , locally-owned and managed commercial bank under the laws of the commonwealth of virginia . the bank offers a wide range of traditional bank loan and deposit products and services to both our commercial and retail customers . our commercial relationship officers focus on attracting small and medium sized businesses , commercial real estate developers and builders , including government contractors , non-profit organizations , and professionals . our approach to our market features competitive customized financial services offered to customers and prospects in a personal relationship context by seasoned professionals . on october 12 , 2018 , we announced the completion of our acquisition of colombo , pursuant to a previously announced definitive merger agreement . colombo , which was headquartered in rockville , maryland , merged into fvcbank effective october 12 , 2018 adding five banking locations in washington , d.c. , and montgomery county and the city of baltimore in maryland . pursuant to the terms of the merger agreement , based on the average closing price of the company 's common stock during the five trading day period ended on october 10 , 2018 , the second trading day prior to closing , of $ 19.614 ( the `` average closing price `` ) holders of shares of colombo common stock received 0.002217 shares of the company 's common stock and $ 0.053157 in cash for each share of colombo common stock held immediately prior to the effective date of the merger , plus cash in lieu of fractional shares at a rate equal to the average closing price , and subject to the right of holders of colombo common stock who owned fewer than 45,086 shares of colombo common stock after aggregation of all shares held in the same name , and who made a timely election , to receive only cash in an amount equal to $ 0.096649 per share of colombo common stock . as a result of the merger , 763,051 shares of the company 's common stock were issued in exchange for outstanding shares of colombo common stock . net interest income is our primary source of revenue . we define revenue as net interest income plus noninterest income . as discussed further in `` quantitative and qualitative disclosures about market risk `` below , we manage our balance sheet and interest rate risk exposure to maximize , and concurrently stabilize , net interest income . we do this by monitoring our liquidity position and the spread between the interest rates earned on interest-earning assets and the interest rates paid on interest-bearing liabilities . we attempt to minimize our exposure to interest rate risk , but are unable to eliminate it entirely . in addition to managing interest rate risk , we also analyze our loan portfolio for exposure to credit risk . loan defaults and foreclosures are inherent risks in the banking industry , and we attempt to limit our exposure to these risks by carefully underwriting and then monitoring our extensions of credit . in addition to net interest income , noninterest income is a complementary source of revenue for us and includes , among other things , service charges on deposits and loans , merchant services fee income , insurance commission income , income from bank owned life insurance , or boli , and gains and losses on sales of investment securities available-for-sale . critical accounting policies general the accounting principles we apply under gaap are complex and require management to apply significant judgment to various accounting , reporting and disclosure matters . management must use assumptions , judgments and estimates when applying these principles where precise measurements are not possible or practical . these policies are critical because they are highly dependent upon subjective or complex judgments , assumptions and estimates . changes in such judgments , assumptions and estimates may have a significant impact on the consolidated financial statements . actual results , in fact , could differ from initial estimates . story_separator_special_tag net interest income/margin the following table presents average balance sheet information , interest income , interest expense and the corresponding average yields earned and rates paid for the years ended december 31 , 2019 , 2018 , and 2017 . 53 average balance sheets and interest rates on interest-earning assets and interest-bearing liabilities years ended december 31 , 2019 , 2018 and 2017 ( dollars in thousands ) replace_table_token_5_th ( 1 ) non-accrual loans are included in average balances and do not have a material effect on the average yield . interest income on non-accruing loans was not material for the years presented . ( 2 ) the average yields for investment securities are reported on a fully taxable-equivalent basis at a rate of 22.5 % for 2019 , 21 % for 2018 , and 34.5 % for 2017. the level of net interest income is affected primarily by variations in the volume and mix of these assets and liabilities , as well as changes in interest rates . see `` quantitative and qualitative disclosures about market risk `` below for further information . the following table shows the effect that these 54 factors had on the interest earned from our interest-earning assets and interest incurred on our interest-bearing liabilities . rate and volume analysis years ended december 31 , 2019 , 2018 and 2017 ( dollars in thousands ) replace_table_token_6_th ( 1 ) non-accrual loans are included in average balances and do not have a material effect on the average yield . interest income on non-accruing loans was not material for the years presented . ( 2 ) the average yields for investment securities are reported on a fully taxable-equivalent basis at a rate of 22.5 % for 2019 , 21 % for 2018 and 34.5 % for 2017 . ( 3 ) changes attributable to rate/volume have been allocated to volume . net interest income for the year ended december 31 , 2019 was $ 48.1 million on a fully taxable-equivalent basis , compared to $ 39.8 million for the year ended december 31 , 2018 , an increase of $ 8.2 million , or 20.7 % . the increase in net interest income was primarily a result of an increase in the volume of interest-earning assets related to organic growth during 2019 compared to 2018 , in addition to the earning assets acquired from colombo . the yield on interest-earning assets increased 25 basis points to 4.83 % for the year ended december 31 , 2019 , compared to 4.58 % for the same period of 2018 , a result of the increased rate environment during the first six months of 2019. offsetting this 55 increase in yields on earning assets was a 41 basis point increase in the cost of interest-bearing liabilities , reflecting the increased rates on interest-bearing deposits prior to three rate cuts during the last half of 2019. our net interest margin , on a tax equivalent basis , for the years ended december 31 , 2019 and 2018 was 3.48 % and 3.51 % , respectively . the decrease in our net interest margin was primarily a result of an increase in rates on our interest-bearing liabilities during 2019 as compared to 2018. net interest income , on a tax equivalent basis , is a financial measure that we believe provides a more accurate picture of the interest margin for comparative purposes . to derive our net interest margin on a tax equivalent basis , net interest income is adjusted to reflect tax-exempt income on an equivalent before tax basis with a corresponding increase in income tax expense . for purposes of this calculation , we use our federal and state statutory tax rates for the periods presented . this measure ensures comparability of net interest income arising from taxable and tax-exempt sources . the following table provides a reconciliation of our gaap net interest income to our tax equivalent net interest income . supplemental financial data and reconciliations to gaap financial measures years ended december 31 , 2019 , 2018 and 2017 ( dollars in thousands ) replace_table_token_7_th average interest-earning assets increased by 21.8 % to $ 1.38 billion at december 31 , 2019 compared to $ 1.13 billion at december 31 , 2018 , which resulted in an increase in total interest income on a tax equivalent basis of $ 14.8 million , to $ 66.8 million for the year ended december 31 , 2019 compared to $ 51.9 million for the year ended december 31 , 2018. the increase in our earning assets was primarily driven by an increase in average volume of loans receivable of $ 233.8 million , which contributed to an additional $ 11.6 million in interest income . this increase in interest income was enhanced by an increase in yields earned on the loan portfolio which increased interest income $ 2.4 million . average balances of nonperforming loans , which consist of nonaccrual loans , are included in the net interest margin calculation and did not have a material impact on our net interest margin in 2019 and 2018 . 56 total average interest-bearing deposits increased $ 169.4 million to $ 952.9 million at december 31 , 2019 compared to $ 783.5 million at december 31 , 2018. average noninterest-bearing deposits increased $ 47.4 million to $ 270.4 million at december 31 , 2019 compared to $ 223.0 million at december 31 , 2018. the largest increase in average interest-bearing deposit balances was in our interest checking accounts , which increased $ 127.4 million compared to 2018. average time deposits increased $ 51.2 to $ 316.2 million as of december 31 , 2019 compared to $ 265.0 million at december 31 , 2018. average wholesale deposits decreased $ 2.8 million to $ 74.7 million as of december 31 , 2019 compared to $ 77.5 million as of december 31 , 2018. this change in the mix of our interest-bearing liabilities , in addition to the

