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Virginia Commerce Bancorp, Inc. Reports Strong Fourth Quarter Performance With Full Repurchase Of All TARP Preferred Stock

CONFERENCE CALL

The Company will host a teleconference call for the financial community on January 17, 2013, at 11:00 a.m. Eastern Standard Time to discuss the fourth quarter and full year 2012 financial results. The public is invited to listen to this conference call by dialing 866-793-1301 at least 10 minutes prior to the call.

A replay of the conference call will be available from 2:00 p.m. Eastern Standard Time on January 17, 2013, until 11:59 p.m. Eastern Standard Time on January 24, 2013. The public is invited to listen to this conference call replay by dialing 888-266-2081 and entering access code 1602565.

ABOUT VIRGINIA COMMERCE BANCORP, INC.

Virginia Commerce Bancorp, Inc. is the parent bank holding company for Virginia Commerce Bank, a Virginia state chartered bank that commenced operations in May 1988. The Bank pursues a traditional community banking strategy, offering a full range of business and consumer banking services through twenty-eight branch offices, one residential mortgage office and one wealth management services office, principally to individuals and small-to-medium size businesses in Northern Virginia and the Metropolitan Washington, D.C. area.

NON-GAAP PRESENTATIONS

The Company prepares its financial statements under accounting principles generally accepted in the United States, or “GAAP”. However, this press release also refers to certain non-GAAP financial measures that we believe, when considered together with GAAP financial measures, provide investors with important information regarding our operational performance. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP.

Adjusted operating earnings is a non-GAAP financial measure that reflects net income available to common stockholders excluding impairment loss on securities, realized gains and losses on sale of securities, death benefits received from bank-owned life insurance, and other certain non-recurring items. These excluded items are difficult to predict and we believe that adjusted operating earnings provides the Company and investors with a valuable measure of the Company’s operational performance and a valuable tool to evaluate the Company’s financial results. Calculation of adjusted operating earnings for the three months ended December 31, 2012, December 31, 2011, and September 30, 2012, is as follows:

   
Three Months Three Months
Ended Ended
December 31,   September 30,
(Dollars in thousands) 2012   2011   2012
 
Net Income Available to Common Stockholders $4,230 $ 5,434 $7,122
Adjustments to net income available to common stockholders:
Realized gain on sale of securities (1,454) -- (2,056)
Net tax effect adjustment 509 -- 720
 
Acceleration of the accretion of the preferred stock discount 2,061 -- --
 
Adjusted Operating Earnings $5,346 $ 5,434 $5,786
 
 
Earnings per common share-diluted $ 0.12 $0.17 $0.21
Adjustments to earnings per common share-diluted
Realized gain on sale of securities, net tax affect $(0.02) -- $(0.04)
Acceleration of the accretion of the preferred stock discount $ 0.06 -- --
 
Adjusted operating earnings per common share-diluted $ 0.16 $0.17 $0.17
 

The adjusted efficiency ratio is a non-GAAP financial measure that is computed by dividing non-interest expense by the sum of net interest income on a tax equivalent basis, and non-interest income excluding impairment loss on securities, realized gains and losses on sale of securities, and death benefits received from bank-owned life insurance. We believe that this measure provides investors with important information about our operating efficiency. Comparison of our adjusted efficiency ratio with those of other companies may not be possible because other companies may calculate the adjusted efficiency ratio differently. Calculation of the adjusted efficiency ratio for the three months and twelve months ended December 31, 2012, and December 31, 2011, is as follows:

   
Three Months Ended Twelve Months Ended

(Dollars in thousands)

December 31,   December 31,
2012   2011   2012   2011
Summary Operating Results:    
Non-interest expense $16,843 $ 15,852 $ 64,239 $ 59,715
 
Net interest income $26,603 $ 27,102 $ 106,667 $ 106,802
 
Non-interest income 4,375 2,473 17,470 8,145
Impairment loss on securities -- -- -- 732
Gain on sale of securities (1,454) -- (7,430) (503)
Death benefits received from bank owned life insurance -- -- -- (361)
Adjusted non-interest income $ 2,921 $ 2,473 $ 10,040 $ 8,013
 

Total net interest income and non-interest income, adjusted (1)

$29,524 $ 29,575 $116,707 $ 114,815
 
Efficiency Ratio, adjusted 56.37% 52.95% 54.37% 51.33%
 

(1) Tax Equivalent Income of $29,879 for the three months ended December 31, 2012, and $118,153 for the twelve months ended December 31, 2012. Tax Equivalent Income of $29,935 for the three months ended December 31, 2011, and $116,330 for the twelve months ended December 31, 2011.

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