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Virginia Commerce Bancorp, Inc. Reports Third 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 third quarter of 2013.

Third Quarter 2013 Highlights

  • Net Income Available to Common Stockholders and Earnings per Diluted Common Share: Net income available to common stockholders totaled $7.0 million, or $0.20 per diluted common share, for the third quarter of 2013. This compares to $7.1 million, or $0.21 per diluted common share, for the third quarter of 2012, and $7.5 million, or $0.21 per diluted common share, for the second quarter of 2013.
  • Adjusted Operating Earnings (a non-GAAP measure) Increased: Adjusted operating earnings increased to $7.9 million, or $0.23 per diluted common share, for the third quarter of 2013. This compares to $5.8 million, or $0.17 per diluted common share, for the third quarter of 2012, and $7.7 million, or $0.22 per diluted common share, for the second quarter of 2013.
  • Quarterly Return on Average Assets (ROAA) of 0.99% and Return on Average Equity (ROAE) of 10.72%
  • Improved Asset Quality: Non-performing assets (“NPAs”) decreased 35.3%, from $59.5 million as of September 30, 2012, to $38.5 million at September 30, 2013, while sequentially decreasing $7.3 million, or 16.0%. Total troubled debt restructurings (“TDRs”) declined $23.1 million, or 51.5%, from September 30, 2012, to $21.8 million at September 30, 2013, and declined $5.1 million, or 19.0%, from June 30, 2013.
  • Net Interest Margin Growth: The net interest margin was 3.88% in the third quarter of 2013, compared to 3.62% in the third quarter of 2012. Sequentially, the net interest margin increased six basis points from 3.82% in the second quarter of 2013.
  • Capital Strength and Book Value per Common Share Growth: The ratio of tangible common equity (a non-GAAP measure) improved to 9.59% at September 30, 2013, as compared to 8.08% and 8.95% at September 30, 2012, and June 30, 2013, respectively. The book value per common share increased from $7.63 at September 30, 2012, to $7.88 at September 30, 2013. Sequentially, the book value per common share increased from $7.78 at June 30, 2013.

SUMMARY REVIEW OF FINANCIAL PERFORMANCE

Net Income

For the three months ended September 30, 2013, the Company recorded net income available to common stockholders of $7.0 million, or $0.20 per diluted common share, compared to net income available to common shareholders of $7.1 million, or $0.21 per diluted common share, for the three months ended September 30, 2012. The year-over-year decrease was primarily due to a decrease of $1.1 million in net interest income and a $2.9 million decrease in non-interest income, partially offset by a $347 thousand decrease in non-interest expense, a $1.3 million decrease in provision for loan losses and an $861 thousand decrease in provision for income taxes. The Company’s net income available to common stockholders decreased sequentially from $7.5 million, or $0.21 per diluted common share, for the second quarter of 2013, primarily due to a decrease of $539 thousand in net interest income, a $374 thousand decrease in non-interest income and an $827 thousand increase in non-interest expense, partially offset by a $692 thousand decrease in provision for loan losses, and a $538 thousand decrease in provision for income taxes.

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