Non-Interest IncomeFor the three months ended December 31, 2012, the Company recognized $4.4 million in non-interest income, compared to non-interest income of $2.5 million for the three months ended December 31, 2011, and $4.7 million for the sequential quarter. Included in the fourth quarter 2012 non-interest income is a gain on sale of securities of $1.5 million, while the fourth quarter of 2011 did not include a gain or loss on sale of securities, and the sequential quarter included a gain of $2.1 million on sale of securities. The Company recognized non-interest income of $17.5 million for the year ended December 31, 2012, compared to non-interest income of $8.1 million for the same period in 2011. For 2012, non-interest income included a gain on sale of securities of $7.4 million, while non-interest income for the same period in 2011 included an impairment loss on securities of $732 thousand, which was partially offset by a gain on sale of securities of $503 thousand and a bank-owned life insurance death benefit of $361 thousand.
Virginia Commerce Bancorp, Inc. Reports Strong Fourth Quarter Performance With Full Repurchase Of All TARP Preferred Stock
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