This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Stocks in this article: VCBI

Non-Interest Income

For 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.

Fees and net gains on loans held-for-sale in the fourth quarter of 2012, increased sequentially by $449 thousand, or 40.0%. The increase can be primarily attributed to higher volume of mortgage loans originated for sale in the secondary market, which was driven by lower interest rates on mortgage products during 2012. For 2012, fees and net gains on loans held-for-sale increased $1.6 million, or 53.5%, compared to the same period in 2011. Mortgage loans held-for sale totaling $210.1 million were closed in the year ended 2012, as compared to $155.2 million to the same period for 2011.

Non-Interest Expense

Non-interest expense increased approximately $991 thousand, or 6.3%, from $15.9 million in the fourth quarter of 2011, to $16.8 million in the fourth quarter of 2012. Sequentially, non-interest expense increased $1.6 million, or 10.7%, from $15.2 million for the third quarter of 2012. The majority of the year-over-year increase was an increase of $1.5 million on other real estate owned losses and expenses, and $157 thousand increase in franchise tax expense, partially offset by reductions of $344 thousand and $268 thousand in FDIC insurance and other operating expenses, respectively. The sequential increase in non-interest expense was primarily driven by an increase of $1.5 million on other real estate owned losses and expenses.

7 of 15

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,882.89 +78.09 0.44%
S&P 500 2,070.36 -0.29 -0.01%
NASDAQ 4,766.2920 +0.9120 0.02%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs