Please replace the release with the following corrected version due to multiple revisions.
The corrected release reads:
VIRGINIA COMMERCE BANCORP, INC. REPORTS STRONG EARNINGS PERFORMANCE FOR THE FOURTH QUARTER AND 2011 WITH SIGNIFICANT ASSET QUALITY PROGRESS
Virginia Commerce Bancorp, Inc. (the “Company”), (Nasdaq: VCBI), parent company of Virginia Commerce Bank (the “Bank”), today reported its financial results for the fourth quarter and year ended December 31, 2011.Fourth Quarter 2011 Highlights
- Net income available to common stockholders of $5.4 million, representing a 65.1% increase over fourth quarter 2010
- Diluted earnings per common share up 54.5% to $0.17
- Total non-performing assets and loans past due 90+ days decreased $8.1 million during the quarter, a 14.5% sequential decrease to $47.8 million at 12/31/11
- Total troubled debt restructurings (“TDRs”) declined $19.4 million, a sequential reduction of 27.1% to $52.3 million at quarter-end
- Net Income available to common stockholders of $21.8 million, a 31.8% increase as compared to $16.5 million for 2010
- Diluted earnings per common share up 24.6% to $0.71, as compared to $0.57 for 2010
- ROA of 0.95% and ROE of 10.23%
- Tangible common equity improved to 7.37% at 12/31/11, from 6.57% as of 12/31/10
- Total non-performing assets and loans past due 90+ days decreased 35.9% from $74.6 million as of 12/31/10 to $47.8 million at 12/31/11
- TDRs declined 49.2% from $103.0 million as of 12/31/10 to $52.3 million at 12/31/11
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