- Net Income Available to Common Stockholders and Earnings per Diluted Common Share Increased: Net income available to common stockholders increased to $7.1 million, or $0.21 per diluted common share, for the third quarter of 2012. This represented a 23.5% increase in earnings per diluted common share compared to $0.17 for the third quarter of 2011. Earnings per diluted common share also increased 10.5% sequentially, compared to $0.19 for the second quarter of 2012.
- Quarterly Return on Average Assets (ROAA) of 1.11% and Return on Average Equity (ROAE) of 10.95%
- Adjusted Operating Earnings (a non-GAAP measure) Increased: Adjusted operating earnings for the third quarter of 2012 increased to $5.8 million, or $0.17 per diluted common share, compared to $5.2 million, or $0.17 per diluted common share, for the same period in 2011. Adjusted operating earnings also increased $292 thousand, or $0.01 per diluted share, compared to the second quarter of 2012.
- Asset Quality Stable: Non-performing assets and loans 90+ days past due to total assets sequentially decreased from 2.00% at June 30, 2012, to 1.98% at September 30, 2012.
- Capital Strength and Book Value per Common Share Growth: Tier 1, total qualifying and tier 1 leverage capital ratios increased to 16.29%, 17.55% and 12.27%, at September 30, 2012, respectively. Tangible common equity improved to 8.08% at September 30, 2012, as compared to 7.79% and 7.17% at June 30, 2012, and September 30, 2011, respectively. The book value per common share increased to $7.63 at September 30, 2012, as compared to $7.39 and $7.03 at June 30, 2012, and September 30, 2011, respectively.
Virginia Commerce Bancorp, Inc. Reports Strong Third Quarter 2012 Earnings And Capital Ratios
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