Provisions for loan losses were $2.6 million for the quarter ended December 31, 2012, compared to $3.6 million in the same period in 2011, and $3.1 million in the third quarter of 2012. Net charge-offs were $1.1 million for the three months ended December 31, 2012, compared to $8.5 million and $4.3 million for the quarters ended September 30, 2012, and December 31, 2011, respectively. For the twelve months ended December 31, 2012, provisions for loan losses totaled $14.8 million. Net charge-offs for the year ending December 31, 2012, amounted to $20.8 million, compared to $28.6 million in the year ended December 31, 2011. The decreases in the allowance for loan losses as a percentage of total loans and in the coverage of non-performing loans from December 31, 2011, to December 31, 2012, is due to charge-offs incurred during 2012 being primarily supported by specific reserves in the allowance for loan losses. As a result, the fourth quarter analysis of the adequacy of the loan loss reserve indicated that loan loss provisioning of $2.6 million was sufficient to maintain appropriate coverage. The $7.8 million reduction in net charge-offs for the year ended December 31, 2012, compared to the same period in 2011, was primarily due to net charge-offs in the ADC loan portfolio decreasing $7.6 million, from $14.6 million in 2011 to $7.0 million in 2012, and charge-offs in the non-farm, non-residential portfolio decreasing $3.5 million from $8.8 million in 2011 to $5.3 million in 2012, partially offset by an increase of $3.3 million in net charge-offs in the C&I loan portfolio, from $1.7 million in 2011 to $4.9 million in 2012.Net Interest Income and Net Interest Margin
Virginia Commerce Bancorp, Inc. Reports Strong Fourth Quarter Performance With Full Repurchase Of All TARP Preferred Stock
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