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

Included in the loan portfolio at December 31, 2012, are loans classified as troubled debt restructurings (“TDRs”), totaling $43.5 million, a 16.9% decrease from $52.3 million at December 31, 2011. Sequentially, TDRs decreased $1.4 million from $44.9 million at September 30, 2012. TDRs are performing, accruing loans that represent relationships for which a modification to the contractual interest rate or repayment structure has been granted to address a financial hardship. Over 91% of TDRs in the Company’s loan portfolio at December 31, 2012, were performing prior to modification. TDRs make up 2.0% of the total loan portfolio and represent $7.0 million in ADC loans, $25.3 million in non-farm, non-residential real estate loans, $6.9 million in C&I loans and $4.3 million in one-to-four family residential loans. At December 31, 2012, 45.7% of the Company’s TDRs were reviewable TDRs and 54.3% were permanent TDRs. Reviewable TDRs are loans that have been restructured at or will return to a market rate of interest and can include a temporary interest rate modification, partial deferral of interest or principal or an extension of term. They can return to performing status upon six months of on-time payments following the return to a market rate of interest, but only in the fiscal year following the year of restructure. Permanent TDRs are loans that have been restructured and include a permanent interest rate reduction. They remain in a TDR status until the loan is paid off.

Classified loans were $160.6 million for the quarter ended December 31, 2012, a $30.3 million decrease from $190.9 million at December 31, 2011. Sequentially, classified loans declined $21.9 million from $182.5 million at September 30, 2012. The quarterly decline in classified loans was largely due to upgrades to loans to a paving contractor, residential real estate developer and commercial real estate owner in the combined total of $9.1 million, loan payoffs resulting from residential real estate sales of $6.8 million, and loans refinanced by other banks of $1.7 million, partially offset by a $3.9 million downgrade for loans to a utilities and public improvements contractor.

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