This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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. 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

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.”

1 of 13

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,416.85 +225.48 1.31%
S&P 500 2,021.25 +19.09 0.95%
NASDAQ 4,683.4070 +45.4130 0.98%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs