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

SUMMARY REVIEW OF FINANCIAL PERFORMANCE

Net Income

For the three months ended December 31, 2012, the Company recorded net income of $7.8 million. After an effective dividend of $3.5 million to the U.S. Treasury on TARP preferred stock, which includes a one-time charge of $2.1 million relating to the acceleration of the accretion of the preferred stock discount in connection with the repurchase of all of the Company’s TARP preferred stock, the Company reported net income available to common stockholders of $4.2 million, or $0.12 per diluted common share. Comparatively, net income available to common stockholders for the fourth quarter of 2011 was $5.4 million, or $0.17 per diluted common share. Sequentially, net income available to common shareholders decreased $2.9 million, or $0.09 per diluted common share, from the third quarter in 2012, primarily due to the $2.1 million accelerated accretion of the preferred stock discount during the fourth quarter of 2012. Also, contributing to the sequential decrease in net income was an increase in non-interest expenses of $1.6 million, partially offset by a reduction in the provision for loan losses of $552 thousand. For the twelve months ended December 31, 2012, the Company reported net income available to common stockholders of $22.5 million, or $0.67 per diluted common share, compared to net income available to common stockholders of $21.8 million, or $0.71 per diluted common share, for the same period in 2011. The primary factors driving the year-over-year increase are a $9.3 million increase in non-interest income offset by an increase in non-interest expense of $4.5 million and a $2.3 million increase in the effective dividend on TARP preferred stock.

Adjusted operating earnings (a non-GAAP measure) for the three months ended December 31, 2012, were $5.3 million, or $0.16 per diluted common share, compared to $5.4 million, or $0.17 per diluted common share, for the same period in 2011. On a sequential basis, adjusted operating earnings decreased $440 thousand, or $0.01 per diluted common share, for the three months ended December 31, 2012. The sequential decrease was primarily related to an increase in non-interest expense of $1.6 million, partially offset by a reduction in the provision for loan losses of $552 thousand, and a $701 thousand tax effect adjustment. The Company calculates adjusted operating earnings by excluding impairment loss on securities, realized gains and losses on sale of securities, death benefits received from bank-owned life insurance, and certain other non-recurring items from net income available to common stockholders.

Stock quotes in this article: VCBI 

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