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Virginia Commerce Bancorp, Inc. Reports Strong Second Quarter Earnings And Performance

Virginia Commerce Bancorp, Inc. (the “Company”), (Nasdaq: VCBI), parent company of Virginia Commerce Bank (the “Bank”), today reported its financial results for the second quarter of 2013.

Second Quarter 2013 Highlights

  • Net Income Available to Common Stockholders and Diluted Earnings per Common Share Increased: Net income available to common stockholders totaled $7.5 million, or $0.21 per diluted common share, for the second quarter of 2013. This represented a $1.1 million increase, or $0.02 per diluted common share, compared to $6.4 million, or $0.19 per diluted common share for the second quarter of 2012. Sequentially, net income available to common stockholders increased $1.4 million, or $0.04 per diluted common share, representing a 23.5% increase from $0.17 per diluted common share, for the first quarter of 2013.
  • Adjusted Operating Earnings (a non-GAAP measure) Growth: Adjusted operating earnings increased to $7.7 million, or $0.22 per diluted common share, for the second quarter of 2013. This compares to $5.5 million, or $0.16 per diluted common share, for the second quarter of 2012, and $6.4 million, or $0.18 per diluted common share, in the first quarter of 2013.
  • Quarterly Return on Average Assets (ROAA) of 1.05% and Return on Average Equity (ROAE) of 11.68%
  • Asset Quality: Non-performing assets (“NPAs”) decreased 24.0%, from $60.4 million as of June 30, 2012, to $45.9 million at June 30, 2013, while sequentially increasing $1.1 million, or 2.5%. Total troubled debt restructurings (“TDRs”) declined $16.2 million, or 37.5%, from June 30, 2012, to $26.9 million at June 30, 2013, and declined $7.0 million, or 20.7% from March 31, 2013.
  • Net Interest Margin Stable: The net interest margin was 3.82% in the second quarter of 2013, compared to 3.80% in the second quarter of 2012. Sequentially, the net interest margin decreased three basis points from 3.85% in the first quarter of 2013.
  • Capital Strength and Book Value per Common Share: The ratio of tangible common equity (a non-GAAP measure) improved to 8.95% at June 30, 2013, as compared to 7.79% and 8.80% at June 30, 2012, and March 31, 2013, respectively. The book value per common share increased from $7.42 at June 30, 2012, to $7.78 at June 30, 2013. Sequentially, the book value per common share decreased from $7.81 at March 31, 2013.

SUMMARY REVIEW OF FINANCIAL PERFORMANCE

Net Income

For the three months ended June 30, 2013, the Company recorded net income available to common stockholders of $7.5 million, or $0.21 per diluted common share, compared to net income available to common shareholders of $6.4 million, or $0.19 per diluted common share, for the three months ended June 30, 2012. The year-over-year earnings improvement was largely attributable to the Company’s repurchase of all of its TARP preferred stock during the fourth quarter of 2012, and related elimination of a $1.4 million effective quarterly dividend on preferred stock, a $636 thousand decrease in provision for loan losses and a $1.5 million decrease in non-interest expense. These items were partially offset by a decrease in net interest income of $1.1 million and a $1.2 million decrease in non-interest income.

Stock quotes in this article: VCBI 

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