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Virginia Commerce Bancorp, Inc. Reports Strong Earnings Performance For The Fourth Quarter And 2011 With Significant Asset Quality Progress

Stocks in this article: VCBI

Please replace the release with the following corrected version due to multiple revisions.

The corrected release reads:


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

Year 2011 Highlights

  • 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

Peter A. Converse, President and Chief Executive Officer, commented, “The fourth quarter was an appropriate finish to a year of strong earnings performance and significant asset quality improvement. The highlights for both the quarter and 2011 speak for themselves. Quarterly and annual net income available to common stockholders increased markedly by 65.1% and 31.8% respectively, on a year-over-year basis. Continued meaningful progress in reducing problem assets in the fourth quarter resulted in a 35.9% decrease in non-performing assets and loans past due 90+ days and a 49.2% decrease in TDRs for the year. And despite net loans declining 1.4% during the year just ended, the marginal, sequential increase of 0.1% in the third quarter was followed by a sequential increase of 1.1% in the fourth quarter. As our loan production gains more momentum and the level of run-off abates, we are cautiously optimistic about generating more meaningful loan growth going forward.”

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