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Virginia Commerce Bancorp, Inc. Reports Fourth Quarter And Full Year Ended December 31, 2013 Earnings And Performance

Stocks in this article: VCBI

Virginia Commerce Bancorp, Inc. (the “Company”), (Nasdaq: VCBI), parent company of Virginia Commerce Bank (the “Bank”), today reported its financial results for the fourth quarter and year ended December 31, 2013.

Fourth Quarter 2013 Highlights

  • Net Income Available to Common Stockholders and Earnings per Diluted Common Share: Net income available to common stockholders totaled $7.2 million, or $0.20 per diluted common share, for the fourth quarter of 2013. This compares to $4.2 million, or $0.12 per diluted common share, for the fourth quarter of 2012, and $7.0 million, or $0.20 per diluted common share, for the third quarter of 2013.
  • Adjusted Operating Earnings (a non-GAAP measure): Adjusted operating earnings totaled $7.9 million, or $0.22 per diluted common share, for the fourth quarter of 2013. This compares to $5.3 million, or $0.16 per diluted common share, for the fourth quarter of 2012, and $7.9 million, or $0.23 per diluted common share, for the third quarter of 2013.
  • Quarterly Return on Average Assets (ROAA) of 1.04% and Return on Average Equity (ROAE) of 10.60%
  • Asset Quality: Non-performing assets (“NPAs”) decreased 21.7%, from $50.2 million as of December 31, 2012, to $39.4 million at December 31, 2013, while sequentially increasing $807 thousand, or 2.1%. Total troubled debt restructurings (“TDRs”) declined $22.6 million, or 52.1%, from December 31, 2012, to $20.8 million at December 31, 2013, and declined $987 thousand, or 4.5%, from September 30, 2013.
  • Net Interest Margin: The net interest margin was 3.70% in the fourth quarter of 2013, compared to 3.73% and 3.88% in the fourth quarter of 2012 and the sequential quarter, respectively.
  • Capital Strength and Book Value per Common Share Growth: The ratio of tangible common equity (a non-GAAP measure) improved to 9.84% at December 31, 2013, as compared to 8.69% and 9.59% at December 31, 2012, and September 30, 2013, respectively. The book value per common share increased from $7.68 at December 31, 2012, to $8.03 at December 31, 2013. Sequentially, the book value per common share increased from $7.88 at September 30, 2013.

Full Year 2013 Highlights

  • Net Income Available to Common Stockholders and Earnings per Diluted Common Share: Net income available to common stockholders totaled $27.6 million, or $0.78 per diluted common share, for 2013. This compares to $22.5 million, or $0.67 per diluted common share, for 2012.
  • Return on Average Assets (ROAA) of 0.98% and Return on Average Equity (ROAE) of 10.71%
  • Net Interest Margin: The net interest margin was 3.81% for 2013, compared to 3.74% for 2012.

SUMMARY REVIEW OF FINANCIAL PERFORMANCE

Net Income

For the three months ended December 31, 2013, the Company recorded net income available to common stockholders of $7.2 million, or $0.20 per diluted common share, compared to net income available to common stockholders of $4.2 million, or $0.12 per diluted common share, for the three months ended December 31, 2012. The year-over-year increase was primarily due to a decrease of $3.5 million in effective dividend to the U.S. Treasury on TARP preferred stock and a decrease of $3.6 million in non-interest expenses, partially offset by a decrease in net interest income after provision for loan losses of $1.5 million and a decrease in non-interest income of $2.8. The Company’s net income available to common stockholders increased sequentially from $7.0 million, or $0.20 per diluted common share, for the third quarter of 2013, primarily due to a decrease in non-interest expenses of $1.6 million, partially offset by a decrease in net interest income after provision for loan losses of $854 thousand.

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