DepositsTotal deposits at December 31, 2012, were $2.2 billion, a decrease of $46.8 million, or 2.0%, compared to December 31, 2011, with demand deposits increasing $78.2 million, or 23.1%, savings and interest-bearing demand deposits increasing $26.8 million, or 2.3%, and time deposits decreasing $151.7 million, or 19.4%. As of December 31, 2012, non-interest bearing demand deposits represented 18.5% of total deposits. Demand, savings and interest-bearing demand deposits, grew year-over-year by $105.0 million to $1.6 billion at December 31, 2012. Over the past twelve months, generation of demand deposits was driven primarily by the successful efforts of the Company’s team of eight business development officers, who are focused on acquisition and retention of commercial operating funds, treasury management services, and other related cross-sales. On a linked quarter basis, deposits increased $32.8 million, or 1.5%, with demand deposits increasing by $25.4 million, or 6.5%, savings and interest-bearing demand accounts increasing $25.6 million, or 2.2%, and time deposits decreasing by $18.2 million, or 2.8%. Demand, savings and interest-bearing demand deposits, grew $51.0 million during the fourth quarter of 2012, representing an annualized growth rate of 13.0%. The reduction in time deposits during the part year has been intentional and resulted from a series of interest rate reductions that continued throughout 2012. As a result of deposit rate decreases and an improving deposit mix led by growth in noninterest-bearing demand deposits, the cost of total interest-bearing deposits declined from 1.18% for the quarter ended December 31, 2011, to 0.84% for the quarter ended December 31, 2012, while the cost of total deposits declined from 1.01% for the quarter ended December 31, 2011, to 0.69% for the quarter ended December 31, 2012.
Virginia Commerce Bancorp, Inc. Reports Strong Fourth Quarter Performance With Full Repurchase Of All TARP Preferred Stock
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