Virginia Commerce Bancorp, Inc. (the “Company”), (Nasdaq: VCBI),
parent company of Virginia Commerce Bank (the “Bank”), today
reported net income to common stockholders of $7.5 million, or
$0.24 per diluted common share, for the second quarter of 2011,
compared to net income to common stockholders of $4.3 million, or
$0.15 per diluted common share, for the same period in 2010.
Increases in non-interest income and lower loan loss provisions
drove the year-over-year increase in earnings.
Peter A. Converse, President and Chief Executive Officer,
commented, “We are certainly pleased with our earnings performance
this quarter. Diluted earnings per common share doubled
sequentially from $0.12 the prior quarter to $0.24. Net income to
common stockholders experienced a year-over-year increase of 73.3%.
Earnings were undoubtedly bolstered by a substantial decrease in
loan loss provisioning. Nonetheless, the bottom line also benefited
from non-interest income increasing more than 100% year-over-year
and from ongoing cost containment efforts resulting in non-interest
expense decreasing 1.8% from the same quarter last year.”
“The reserve release this quarter was deemed appropriate by
management based on our quarterly analysis of loan loss reserve
adequacy, our projection of near-term asset quality trends and the
fact that recent charge-offs have been largely covered by specific
reserves. That is not to imply that quarterly provisioning will
remain at the second quarter level going forward. Rather,
provisioning is more likely to range between the first and second
quarter levels through the remainder of this year.”
Converse continued, “Sequential asset quality progress was
essentially flat for the quarter, with a net decrease of $4.2
million in other real estate owned (“OREO”) mostly offset by a $4.1
million increase in non-accrual loans. Despite the lack of progress
in reducing non-performing assets and loans 90+ days past due, it
was encouraging that a shift of approximately $16 million in
lingering impaired loans to non-accrual resulted in a net increase
of only $4.1 million. Second quarter 2011 may represent the peak
quarterly volume of remaining impaired loans migrating to
non-accrual status. Regarding troubled debt restructurings, our
continued aggressive efforts to reduce that category of impaired
loans have resulted in a further quarterly reduction of $10.8
million.”
Converse concluded, “Earnings momentum is on the right track and
should continue to benefit from our strong core operating earnings
and more manageable credit costs. On the other hand, loan growth
remains a challenge as run-off, particularly in ADC loans as
planned and non-farm, non-residential loans, is still exceeding new
loan volume. However, our pipeline is building, our loan officers
are heavily involved in prospecting, and our focus on C&I
lending is yielding positive growth. As a result, we expect a
reversal of negative loan growth to emerge in the second half.”
SUMMARY REVIEW OF FINANCIAL PERFORMANCE
Net Income
For the three months ended June 30, 2011, the Company recorded
net income of $8.8 million. After an effective dividend of $1.3
million to the U.S. Treasury on TARP preferred stock, the Company
reported net income to common stockholders of $7.5 million, or
$0.24 per diluted common share, compared to net income to common
stockholders of $4.3 million, or $0.15 per diluted common share, in
the second quarter of 2010. For the six months ended June 30, 2011,
the Company reported net income to common stockholders of $11.1
million, or $0.36 per diluted common share, compared to net income
to common stockholders of $7.5 million, or $0.26 per diluted common
share, for the same period in 2010. Earnings improvement for both
the three-and six-month periods ended June 30, 2011, were largely
attributable to increases in non-interest income and lower
provisions for loan losses.
Excluding taxes, loan loss provisions, losses on other real
estate owned, impairment losses on securities, gain on sale of
securities and bank owned life insurance death benefits received,
the Company generated core operating earnings for the three months
ended June 30, 2011, of $14.5 million, up $374 thousand, or 2.7%,
as compared to $14.1 million for the same period in 2010. On a
sequential basis, core operating earnings were up $890 thousand, or
6.6%.
Asset Quality and Provisions For Loan Losses
Provisions for loan losses were $1.4 million for the quarter
ended June 30, 2011, compared to $4.2 million in the same period in
2010. Total net charge-offs for the quarter were $4.7 million
compared to $7.0 million in the second quarter of the prior year.
For the six months ended June 30, 2011, provisions for loan losses
totaled $7.3 million compared to $8.4 million for the prior year
period, with 2011 year-to-date net charge-offs amounting to $16.5
million compared to $11.2 million in the first half of 2010. The
higher net charge-off amount in the first half of 2011 compared to
2010, is reflective of a continuing proactive effort to address
marginal credit situations which were unable to survive in a
prolonged economic recovery. The lower provisions for loan losses
in 2011 compared to 2010, are reflective of charge-offs
predominantly representing specific reserves and are indicative,
management believes, of an improving overall quality of the loan
portfolio.
Total non-performing assets and loans 90+ days past due declined
from $91.6 million at June 30, 2010, to $74.7 million at June 30,
2011, and increased $1.2 million sequentially from $73.5 million at
March 31, 2011. The sequential increase was primarily in loans 90+
days past due as non-performing assets remained mostly unchanged at
$73.4 million. As of June 30, 2011, the allowance for loan losses
represented 2.47% of total loans, down from 2.59% at March 31,
2011, with the allowance covering 88.6% of total non-performing
loans.
Non-performing loans continue to be concentrated in residential
and commercial construction and land development loans in outer
sub-markets hardest hit by the residential downturn and commercial
and consumer credits experiencing the after shocks in
sub-contracting businesses and workforce employment. Overall, as of
June 30, 2011, $34.0 million, or 57.8%, of non-performing loans
represented acquisition, development and construction (“ADC”)
loans, $14.3 million, or 24.4%, represented non-farm,
non-residential loans, $5.0 million, or 8.5%, represented loans on
one-to-four family residential properties, and $4.9 million, or
8.4%, represented commercial and industrial (“C&I”) loans. The
company’s sequential improvement in non-performing loans was
negatively impacted by placing three commercial real estate loans
on non-accrual status, consisting of a $4.0 million loan on a
retail center, a $2.6 million loan on an office building and a $500
thousand loan on an apartment building. Additionally, two related
land development loans totaling $8.2 million were also moved to
non-accrual status. Each of these credits represent previously
identified impaired loans and have been evaluated in terms of
collateral coverage and carrying values with specific reserves
adjusted accordingly.
Included in the loan portfolio at June 30, 2011, are loans
classified as troubled debt restructurings (“TDRs”) totaling $81.1
million, a sequential reduction of $10.8 million from $91.9 million
at March 31, 2011. These are performing, accruing loans that
represent relationships for which a modification to the contractual
interest rate or repayment structure has been granted to address a
financial hardship. Over 85% of TDRs were performing prior to
modification. These loans make up 3.8% of the total loan portfolio
and represent $27.7 million in ADC loans, $38.7 million in
non-farm, non-residential real estate loans, $9.7 million in
C&I loans and $5.0 million in one-to-four family residential
loans. Reviewable TDRs are loans that have been restructured at or
will return to a market rate of interest and can include a
temporary interest rate modification, partial deferral of interest
or principal or an extension of term. They can return to performing
status upon six months of on-time payments following the return to
a market rate of interest, but only in the fiscal year following
the year of restructure. Permanent TDRs are loans that have been
restructured and include a permanent interest rate reduction. They
remain in a TDR status until the loan is paid off. The sequential
reduction in TDRs was attributable to principal paydowns, the
further restructure of a hotel loan, which resulted in a partial
charge-off of $3 million, and the migration of two loans totaling
$5.6 million to non-performing.
Net Interest Income
Net interest income of $26.8 million for the second quarter of
2011 was up $567 thousand, or 2.2%, over the same quarter last
year, due primarily to lower interest expense attributable to
changes in deposit mix and interest rate adjustments, which were
partially offset by lower interest and dividend income. Interest
expense decreased $2.1 million for the quarter ended June 30, 2011,
from the same period in 2010 and decreased $4.7 million for the six
months ended June 30, 2011, compared to the first half of 2010.
These reductions offset decreases in interest and fee income on
loans of $1.5 million and $2.7 million, respectively, for the
three- and six-month periods ended June 30, 2011, as compared to
the same periods in 2010. The decline in interest and fee income on
loans is attributable to lower outstanding loan balances of $27.4
million for the three months and $54.6 million for the six months
ended June 30, 2011. Year-to-date net interest income of $53.0
million was up 3.8%, compared to $51.0 million in the same period
of 2010. On a sequential basis, the margin was unchanged at 3.99%.
The year-over-year increases in the net interest margin were driven
by lower deposit costs due to significant reductions in the level
of time deposits, and increased levels of demand deposits and lower
rate interest-bearing transaction accounts. As a result, the
average cost of interest-bearing deposits fell from 1.65% in the
second quarter of 2010, to 1.36% in the second quarter of 2011,
while the yield on interest-earning assets declined twenty basis
points from 5.50% to 5.30%. Management anticipates the net interest
margin will range between 3.70% and 3.90% over the next two
quarters, but may come under some pressure later in the year if
short-term interest rates begin to rise.
Non-Interest Income
For the three months ended June 30, 2011, the Company recognized
$2.3 million in non-interest income, a 107.4% increase compared to
non-interest income of $1.1 million for the three months ended June
30, 2010. The Company recognized non-interest income of $3.7
million for the six months ended June 30, 2011, compared to
non-interest income of $1.7 million for the same period in 2010.
Non-deposit investment services commissions for the second quarter
2011 increased $282 thousand, or 111.5%, over the year ago period.
Fees and net gains on loans held-for-sale were up for the second
quarter 2011 on a year-over-year basis by $51 thousand, or 10.6%.
Non-interest income for the second quarter also included a
bank-owned life insurance death benefit of $361 thousand and a
reduction of $668 thousand in impairment losses on securities
year-over-year. For the six months ended June 30, 2011,
non-interest income included an impairment loss on securities of
$732 thousand, which was partially offset by a gain on sale of
securities of $503 thousand as well as a bank owned life insurance
death benefit, while non-interest income for the six months ended
June 30, 2010, included a $1.5 million impairment loss on
securities. Management is carefully monitoring its holdings of the
securities which caused the impairment losses and at this time can
not be assured that there will not be additional losses in the
future.
Non-Interest Expense
Non-interest expense decreased $268 thousand, or 1.8%, from
$14.8 million in the second quarter of 2010 to $14.5 million in the
second quarter of 2011, and was down $525 thousand, or 1.8%, from
$29.5 million for the six months ended June 30, 2011, to $29.0
million year-to-date June 30, 2011. Compared to the first quarter
of 2011, non-interest expense was up $70 thousand. The
year-over-year decrease was due primarily to the lower loss on
other real estate owned , although salaries and employee benefits
expense increased year-over-year for the three- and six-month
periods ended June 30, 2011. As a result of a minimal increase in
overhead and higher levels of non-interest income, the efficiency
ratio improved from 52.6% in the second quarter of 2010 to 50.0% in
the second quarter of 2011.
Investment Securities
Investment securities increased $131.8 million, or 34.8%,
year-over-year to $511.1 million at June 30, 2011, and were up
$94.0 million sequentially from March 31, 2011. U.S. Government
agency securities, including mortgage-backed securities (MBS) and
collateralized mortgage obligations (CMOs) comprised a majority of
the increases. The portfolio contains four pooled trust preferred
securities with an amortized cost basis of $9.6 million for which
the Bank performs a quarterly analysis for other than temporary
impairment due to significantly depressed current market quotes.
The analysis includes stress tests on the underlying collateral and
cash flow estimates based on the current and projected future
levels of deferrals and defaults within each pool. Since the first
quarter of 2009, the Bank has recorded an aggregate impairment loss
of $4.2 million on three of the four pools, including a $732
thousand impairment during the first quarter of 2011. The increase
of $99 million in investment securities during the first six months
is primarily attributable to the run-off of $55 million in loan
balances and additional capital of $19 million. The funds from
these sources were placed in mortgage-backed pass-through
securities with short average lives to provide yield and liquidity
to the Bank. Management does not expect additional significant
growth in the investment portfolio and is looking to its efforts to
stimulate loan activity to absorb the cash flows generated by the
investments made in the first half of the year.
Loans
Loans, net of allowance for loan losses, decreased $93.0
million, or 4.2%, from $2.19 billion at June 30, 2010, to $2.09
billion at June 30, 2011. ADC loans fell by $49.6 million, or
13.1%, non-farm, non-residential real estate loans decreased $37.4
million, or 3.3%, and one-to-four family residential loans
decreased $32.4 million, or 7.7%, while C&I loans increased
$15.2 million, or 7.0%. Sequentially, net loans were down $27.4
million, or 1.3%, resulting from declines of $16.7 million in ADC
loans, $10.9 million in non-form, non-residential loans, $4.9
million in one-to-four family residential loans and $4.1 million in
multi-family residential loans, offset by a $6.2 million increase
in C&I loans. Year-over-year and sequential loan production has
been negatively impacted by a lower demand for credit in both the
business and consumer sectors as cautious borrowers await clearer
economic signs, runoff in both commercial and residential mortgage
loans due to aggressive interest rate competition and a strategic
decision to restrict ADC lending and focus on deposit generation
and non-credit products. Lending efforts are being directed toward
building greater market share in commercial lending, especially in
sectors forecast for growth, such as government contract lending,
professional practices and associations and select service
industries, with strategic hiring, marketing campaigns and calling
efforts.
Deposits
For the twelve months ended June 30, 2011, deposits decreased
$60.3 million, or 2.6%, to $2.25 billion, with demand deposits
increasing $38.6 million, or 15.2%, savings and interest-bearing
demand deposits decreasing by $13.0 million, or 1.1%, and time
deposits falling $86.0 million, or 9.9%. Sequentially, deposits
decreased slightly from $2.3 billion at March 31, 2011. While
opportunities for balance sheet growth have been limited in recent
periods, the Company has focused on improving deposit mix. Demand
deposit growth has been the top priority, with the year-over-year
increase in demand deposits primarily due to 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.
In other deposit categories, strategic pricing and customer
preference for liquidity has resulted in a desired reduction in
time deposits. At June 30, 2011, the Bank had no brokered
certificates of deposit, down from $60.1 million at June 30,
2010.
Capital Levels and Stockholders’ Equity
On March 31, 2011, the Company issued 426,000 shares of its
common stock at a price of $5.87 per share in a registered direct
placement with a Company director for total gross proceeds of
approximately $2.5 million. In addition, the Company issued to the
investor warrants exercisable for shares of common stock, which, if
fully exercised, would provide an additional $4.8 million in gross
proceeds to the Company. The warrants each have an exercise price
of $5.62 per share. The Series A warrants, exercisable for a total
of 426,000 shares of common stock, are exercisable for a period of
seven months following the closing date. The Series B warrants,
also exercisable for a total of 426,000 shares of common stock, are
exercisable for a period of twelve months following the closing
date.
On September 29, 2010, the Company issued 1,904,766 shares of
its common stock at a price of $5.25 per share in a registered
direct placement with several institutional investors for total
gross proceeds of $10.0 million. In addition, the Company issued to
the investors warrants exercisable for shares of common stock. The
warrants each have an exercise price of $6.00 per share, which
represents a 14.3% premium to the offering price of the shares of
common stock sold in the registered direct placement. The Series A
warrants were exercisable through April 30, 2011, and 130,851 were
exercised as of that date. The outstanding Series B warrants are
exercisable for a total of 952,383 shares of common stock through
September 29, 2011.
Stockholders’ equity increased $36.8 million, or 16.0%, from
$230.3 million at June 30, 2010, to $267.1 million at June 30,
2011, with approximately $11.8 million in net proceeds from the
above referenced stock issuances, net income to common stockholders
of $20.1 million over the twelve-month period, a $1.3 million
increase in other comprehensive income related to the investment
securities portfolio, and $3.6 million in proceeds and tax benefits
related to the exercise of options by the Company’s directors and
officers and stock option expense credits. As a result of these
changes, the Company’s Tier 1 capital ratio increased from 12.13%
at June 30, 2010, to 14.35% at June 30, 2011, and its total
qualifying capital ratio increased from 13.38% to 15.60%. The
Bank’s ratios increased by similar levels. Sequentially, the
Company’s Tier 1 and total qualifying capital ratios are each up 39
basis points, and its tangible common equity ratio is up 44 basis
points from March 31, 2011, to 7.18% as of June 30, 2011.
CONFERENCE CALL
The Company will host a teleconference call for the financial
community on July 20, 2011, at 11:00 a.m. Eastern Daylight Time to
discuss the second quarter 2011 financial results. The public is
invited to listen to this conference call by dialing 866-219-5829
at least 10 minutes prior to the call.
A replay of the conference call will be available from 2:00 p.m.
Eastern Daylight Time on July 20, 2011, until 11:59 p.m. Eastern
Daylight Time on July 27, 2011. The public is invited to listen to
this conference call replay by dialing 888-266-2081 and entering
access code 1541125.
ABOUT VIRGINIA COMMERCE BANCORP,
INC.
Virginia Commerce Bancorp, Inc. is the parent bank holding
company for Virginia Commerce Bank, a Virginia state chartered bank
that commenced operations in May 1988. The Bank pursues a
traditional community banking strategy, offering a full range of
business and consumer banking services through twenty-eight branch
offices, one residential mortgage office and one wealth management
services office, principally to individuals and small-to-medium
size businesses in Northern Virginia and the Metropolitan
Washington, D.C. area.
NON-GAAP PRESENTATIONS
The Company prepares its financial statements under accounting
principles generally accepted in the United States, or “GAAP”.
However, this press release also refers to certain non-GAAP
financial measures that we believe, when considered together with
GAAP financial measures, provide investors with important
information regarding our operational performance. An analysis of
any non-GAAP financial measure should be used in conjunction with
results presented in accordance with GAAP.
Core operating earnings is a non-GAAP financial measure that
reflects net income excluding taxes, loan loss provisions, losses
on other real estate owned, impairment losses on securities, gain
on sale of securities and death benefits received from bank-owned
life insurance. These excluded items are difficult to predict and
we believe that core operating earnings provides the Company and
investors with a valuable measure of the Company’s operational
performance and a valuable tool to evaluate the Company’s financial
results. Calculation of core operating earnings for the three
months ended June 30, 2011, June 30, 2010, and March 31, 2011, is
as follows:
Three Months Three Months Ended Ended June 30,
March 31, (in thousands)
2011 2010
2011 Net Income $ 8,836 $ 5,571 $ 4,966
Adjustments to net income: Provision for loan losses 1,434 4,200
5,843 Loss on other real estate owned 320 1,060 156 Impairment loss
on securities -- 668 732 Gain on sale of securities -- (139) (503)
Provision for income taxes 4,254 2,750 2,400 Death benefits
received from bank owned life insurance (361) -- --
Core
Operating Earnings $ 14,483 $ 14,110 $ 13,594
The adjusted efficiency ratio is a non-GAAP financial measure
that is computed by dividing non-interest expense, by the sum of
net interest income on a tax equivalent basis and non-interest
income before impairment losses on securities, gain on sale of
securities and death benefits received from bank-owned life
insurance. We believe that this measure provides investors with
important information about our operating efficiency. Comparison of
our adjusted efficiency ratio with those of other companies may not
be possible because other companies may calculate the adjusted
efficiency ratio differently. Calculation of the adjusted
efficiency ratio for the three months and six months ended June 30,
2011 and June 30, 2010 is as follows:
Three Months Ended Six Months Ended
(in thousands)
June 30, June 30,
2011 2010
2011 2010 Summary Operating Results:
Non-interest expense $ 14,520 $ 14,788 $ 28,970 $
29,495 Net interest income $ 26,788 $ 26,221 $ 52,971 $
51,037 Non-interest income 2,256 1,088 3,732 1,695 Impairment loss
on securities -- 668 732 1,519 Gain on sale of securities -- (139)
(503) (139) Death benefits received from bank owned life insurance
(361) -- (361) -- Total (1) $ 28,683 $ 27,838 $ 56,571 $ 54,112
Efficiency Ratio, adjusted 50.0% 52.6% 50.5% 53.9%
(1) Tax Equivalent Income of $29,071 for the three months ended
June 30, 2011 and $57,347 for the six months ended June 30, 2011.
Tax Equivalent Income of $28,140 for the three months ended June
30, 2010 and $54,745 for the six months ended June 30, 2010.
The tangible common equity ratio is a non-GAAP financial measure
representing the ratio of tangible common equity to tangible
assets. Tangible common equity and tangible assets are non-GAAP
financial measures derived from GAAP-based amounts. We calculate
tangible common equity for the Company by excluding the balance of
intangible assets and outstanding preferred stock issued to the
U.S. Treasury from total stockholders’ equity. We calculate
tangible assets by excluding the balance of intangible assets from
total assets. We had no intangible assets for the periods
presented. We believe that this is consistent with the treatment by
bank regulatory agencies, which exclude intangible assets from the
calculation of regulatory capital ratios. Accordingly, we believe
that these non-GAAP financial measures provide information that is
important to investors and that is useful in understanding our
capital position and ratios. However, these non-GAAP financial
measures are supplemental and are not substitutes for an analysis
based on a GAAP measure. As other companies may use different
calculations for non-GAAP measures, our presentation may not be
comparable to other similarly titled measures reported by other
companies. Calculation of the Company’s tangible common equity
ratio as of June 30, 2011 and 2010, March 31, 2011 and December 31,
2010 is as follows:
(in thousands)
As of June 30,
March 31, December 31, 2011
2010 2011 2010 Tangible
common equity: Total stockholders’ equity $267,124
$230,331 $253,373 $245,594 Less: Outstanding TARP senior
preferred stock 66,334 64,719 65,873 65,445 Intangible assets -- --
-- -- Tangible common equity $200,790 $165,612 $187,500 $180,149
Total tangible assets $2,797,775 $2,826,807 $2,783,633
$2,741,648
Tangible common equity ratio 7.18% 5.86%
6.74% 6.57%
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This press release contains forward-looking statements within
the meaning of the Securities and Exchange Act of 1934, as amended,
including statements of goals, intentions, and expectations as to
future trends, plans, events or results of Company operations and
policies, including but not limited to our outlook on earnings,
including our future net interest margin, and statements regarding
asset quality, our loan and investment security portfolios,
projected growth, capital position, our plans regarding and
expected future levels of our non-performing assets, business
opportunities in our markets, and general economic conditions. When
we use words such as “may”, “will”, “anticipates”, “believes”,
“expects”, “plans”, “estimates”, “potential”, “continue”, “should”,
and similar words or phrases, you should consider them as
identifying forward-looking statements. These forward-looking
statements are not guarantees of future performance. These
statements are based upon current and anticipated economic
conditions, nationally and in the Company’s market, interest rates
and interest rate policy, expected yields on loans and investment
securities, competitive factors, and other conditions which by
their nature, are not susceptible to accurate forecast, and are
subject to significant uncertainty. Because of these uncertainties
and the assumptions on which this release and the forward-looking
statements are based, actual future operations and results may
differ materially from those indicated herein. Readers are
cautioned against placing undue reliance on any such
forward-looking statements. The Company’s past results are not
necessarily indicative of future performance. For additional
information regarding factors that could affect the Company's
operations and results, see the Company’s Annual Report on Form
10-K for the year ended December 31, 2010, and other reports filed
with and furnished to the Securities and Exchange Commission.
Virginia Commerce Bancorp, Inc. Financial Highlights
(Dollars in thousands, except per share data) (Unaudited)
Three Months Ended June 30, Six Months Ended
June 30,
2011 2010 % Change
2011 2010 % Change
Summary Operating Results:
Interest and dividend income $35,638 $37,161 -4.1% $71,155
$73,888 -3.7% Interest expense 8,850 10,940 -19.1% 18,184 22,851
-20.4% Net interest income 26,788 26,221 2.2% 52,971 51,037 3.8%
Provision for loan losses 1,434 4,200 -65.9% 7,277 8,438 -13.8%
Non-interest income 2,256 1,088 107.4% 3,732 1,695 120.2%
Non-interest expense 14,520 14,788 -1.8% 28,970 29,495 -1.8% Income
before income taxes 13,090 8,321 57.3% 20,456 14,799 38.2% Net
income $ 8,836 $ 5,571 58.6% $13,802 $10,040 37.5% Effective
dividend on preferred stock 1,348 1,251 7.8% 2,663 2,502 6.4% Net
income available to common stockholders $ 7,488 $ 4,320 73.3%
$11,139 $ 7,538 47.8%
Performance Ratios: Return on
average assets 1.26% 0.79% 1.00% 0.72% Return on average equity
13.68% 9.82% 10.94% 9.01% Net interest margin 3.99% 3.89% 3.99%
3.84% Efficiency ratio 50.0% 52.6% 50.5% 53.9%
Per Share
Data: Earnings per common share-basic $0.25 $0.16 56.3% $0.38
$0.28 35.7% Earnings per common share-diluted $0.24 $0.15 60.0%
$0.36 $0.26 38.5% Average number of shares outstanding: Basic
29,643,226 26,945,284 29,453,918 26,939,603 Diluted 30,727,636
28,553,907 30,565,862 28,282,392 As of June
30, As of 2011 2010 % Change 03/31/11 12/31/10
Selected Balance Sheet Data: Loans, net $2,094,949
$2,187,912 -4.2% $2,122,309 $2,149,591 Investment securities
511,052 379,212 34.8% 417,071 411,761 Assets 2,797,775 2,826,807
-1.0% 2,783,633 2,741,648 Deposits 2,253,742 2,314,086 -2.6%
2,256,970 2,247,201 Stockholders’ equity 267,124 230,331 16.0%
253,373 245,594 Book value per common share $6.62 $5.91 12.0% $6.18
$6.03
Capital Ratios (% of risk weighted assets): Tier 1
capital: Company 14.35% 12.13% 13.96% 13.20% Bank 13.99% 12.09%
13.57% 12.87% Total qualifying capital: Company 15.60% 13.38%
15.21% 14.45% Bank 15.24% 13.34% 14.82% 14.12% Tier 1 leverage:
Company 11.67% 10.37% 11.48% 11.07% Bank 11.41% 10.36% 11.16%
10.76% Tangible common equity: Company 7.18% 5.86% 6.74% 6.57% Bank
11.56% 10.39% 11.09% 11.01% As
of June 30, As of 2011 2010 03/31/11 12/31/10
Asset Quality: Non-performing assets: Non-accrual loans:
Commercial $ 4,932 $ 5,346 $ 5,622 $ 3,719 Real estate-one-to-four
family residential: Closed end first and seconds 1,982 4,369 2,781
5,285 Home equity lines
2,990
630 3,325
1,529 Total Real estate-one-to-four family residential
$ 4,972 $ 4,999 $ 6,106 $ 6,814 Real estate-multi-family
residential 495 -- -- -- Real estate-non-farm, non-residential:
Owner Occupied 6,516 8,045 8,016 8,942 Non-owner occupied
7,831 8,298
1,988 4,114 Total Real
estate-non-farm, non-residential $ 14,347 $ 16,343 $ 10,004 $
13,056 Real estate-construction: Residential-Owner Occupied -- --
-- -- Residential-Builder 25,393 30,877 24,234 27,189 Commercial
8,586 6,911
8,625 6,361 Total Real
estate-construction: $ 33,979 $ 37,788 $ 32,859 $ 33,550 Consumer
18 122
18 19 Total Non-accrual loans
58,743 64,598 54,609 57,158 OREO
14,690
26,477 18,879
17,165 Total non-performing assets $ 73,433 $ 91,075 $
73,488 $ 74,323 Loans 90+ days past due and still accruing:
Commercial $ -- $ 264 $ -- $ -- Real estate-one-to-four family
residential: Closed end first and seconds -- 280 -- -- Home equity
lines
-- --
-- 242 Total Real
estate-one-to-four family residential $ -- $ 280 $ -- $ 242 Real
estate-multi-family residential -- -- -- -- Real estate-non-farm,
non-residential: Owner Occupied -- -- 25 -- Non-owner occupied
350 --
-- -- Total Real estate-non-farm,
non-residential $ 350 $ -- $ 25 $ -- Real estate-construction:
Residential-Owner Occupied 393 -- -- -- Residential-Builder 564 --
-- -- Commercial
-- --
-- -- Total Real
estate-construction: $ 957 $ -- $ -- $ -- Consumer
-- -- --
-- Total loans 90+ days past due and still
accruing $ 1,307 $ 544 $ 25 $ 242 Total non-performing
assets and past due loans $ 74,740 $ 91,619 $ 73,513 $ 74,565
Troubled debt restructurings $ 81,070 $ 96,976 $ 91,876 $
102,996 Non-performing assets to total loans: 3.41% 4.04%
3.37% 3.36% to total assets: 2.62% 3.22% 2.64% 2.71% Non-performing
assets and past due loans to total loans: 3.47% 4.06% 3.37% 3.37%
to total assets: 2.67% 3.24% 2.64% 2.72% Allowance for loan losses
to total loans 2.47% 2.77% 2.59% 2.82% Allowance for loan losses to
non-performing loans 88.62% 95.71% 103.35% 108.79% Total
allowance for loan losses $ 53,217 $ 62,345 $ 56,465 $ 62,442
As of June 30, As of 2011
2010 03/31/11
12/31/10 Loans 30 to 89 days past due and still
accruing Commercial $ 1,812 $ 73 $ 1,063 $ 2,622 Real
estate-one-to-four family residential: Closed end first and seconds
2,815 3,374 2,376 4,109 Home equity lines
339
830 89
2,605 Total Real estate-one-to-four
family residential $ 3,154 $ 4,204 $ 2,465 $ 6,714 Real
estate-multi-family residential -- -- 495 -- Real estate-non-farm,
non-residential: Owner Occupied 4,908 1,612 -- 1,909 Non-owner
occupied
4,688 2,129
5,940 --
Total Real estate-non-farm, non-residential $ 9,596 $ 3,741
$ 5,940 $ 1,909 Real estate-construction: Residential-Owner
Occupied -- -- -- -- Residential-Builder 574 2,270 378 --
Commercial
-- --
-- --
Total real estate-construction: $ 574 $ 2,270 $ 378 $ -- Farmland
-- -- -- -- Consumer
35
55 63
347 Total loans 30 to 89 days past due $ 15,171
$ 10,343 $ 10,404 $ 11,592 For three For twelve For the six
months months months ended June 30, ended ended 2011
2010
03/31/11
12/31/10 Net charge-offs
Commercial $ 869 $ 3,748 $ 395 $ 4,903 Real estate-one-to-four
family residential: Closed end first and seconds 1,777 2,249 1,597
3,402 Home equity lines
766
88 729
254 Total Real estate-one-to-four family
residential $ 2,543 $ 2,337 $ 2,326 $ 3,656 Real
estate-multi-family residential -- -- -- 1,050 Real
estate-non-farm, non-residential: Owner Occupied 52 1,273 54 2,663
Non-owner occupied
4,577
1,336 1,530
2,540 Total Real estate-non-farm,
non-residential $ 4,629 $ 2,609 $ 1,584 $ 5,203 Real
estate-construction: Residential-Owner Occupied -- 116 -- 324
Residential-Builder 1,830 2,581 910 8,077 Commercial
6,595 (283 )
6,595 (233
) Total real estate-construction: $ 8,425 $ 2,414 $
7,505 $ 8,168 Farmland -- -- -- -- Consumer
36
138 10
324 Total net charge-offs $ 16,502 $
11,246 $ 11,820 $ 23,304 Net charge-offs to average loans
outstanding 0.75 % 0.49 % 0.54 % 1.03 Total provision for
loan losses $ 7,277 $ 8,438 $ 5,843 $ 20,594
Troubled Debt Restructurings (TDRs) -
By Loan Type
As of June 30, 2011 Reviewable TDRs Permanent TDRs Total
TDRs # of As % of # of As % of # of
As % of Loans Balance Balance Loans
Balance Balance Loans Balance Balance
Loan Portfolio: Commercial 3 $ 3,977 9.5% 3 $ 5,756 14.7% 6
$ 9,733 12.0% Real estate-one to four family residential: Closed
end first and seconds 11 3,782 9.0% 2 1,224 3.1% 13 5,006 6.2% Home
equity lines
0 --
0.0% 0 --
0.0% 0 --
0.0% Total Real estate-one-to-four family residential
11 $ 3,782 9.0% 2 $ 1,224 3.1% 13 $ 5,006 6.2% Real
estate-multi-family residential 0 -- 0.0% 0 -- 0.0% 0 -- 0.0% Real
estate-non-farm, non-residential: Owner Occupied 5 6,662 15.9% 0 --
0.0% 5 6,662 8.2% Non-owner occupied
8
27,024 64.4% 2
4,982 12.7% 10
32,006 39.5% Total Real estate-non-farm,
non-residential 13 $ 33,686 80.3% 2 $ 4,982 12.7% 15 $ 38,668 47.7%
Real estate-construction: Residential-Owner Occupied 0 -- 0.0% 0 --
0.0% 0 -- 0.0% Residential-Builder 0 -- 0.0% 4 7,220 18.4% 4 7,220
8.9% Commercial
1 465
1.1% 5 19,941
51.0% 6 20,406
25.2% Total Real estate-construction: 1 $ 465 1.1% 9 $
27,161 69.4% 10 $ 27,626 34.1% Farmland 0 -- 0.0% 0 -- 0.0% 0 --
0.0% Consumer
1 24 0.1%
3 13 0.1%
4 37 0.0% Total TDRs
29 $ 41,934 100.0% 19 $ 39,136 100.0% 48 $ 81,070 100.0%
Troubled Debt Restructurings (TDRs) -
By Quarterly Review / Maturity
Date
As of June 30, 2011 Reviewable TDRs Permanent TDRs Total
TDRs # of As % of # of As % of # of As % of Loans Balance
Balance Loans Balance Balance Loans
Balance Balance
Review / Maturity by Quarter: 2011
2nd Quarter 0 $ -- 0.0% 2 $ 6,686 17.1% 2 $ 6,686 8.2% 3rd Quarter
8 14,441 34.4% 2 8,326 21.3% 10 22,767 28.1% 4th Quarter
10 12,770 30.5%
3 2,403 6.1%
13 15,173 18.7% Total
2011: 18 $ 27,211 64.9% 7 $ 17,415 44.5% 25 $ 44,626 55.0%
2012 1st Quarter 5 4,669 11.1% -- -- 0.0% 5 4,669 5.8% 2nd Quarter
2 1,595 3.8% 2 3 0.0% 4 1,598 2.0% 3rd Quarter 3 8,391 20.0% -- --
0.0% 3 8,391 10.4% 4th Quarter
--
-- 0.0% 4
11,687 29.9% 4
11,687 14.4% Total 2012: 10 $ 14,655
34.9% 6 $ 11,690 29.9% 16 $ 26,345 32.6% 2013 & beyond
1 68 0.2%
6 10,031 25.6%
7 10,099 12.5% Total
TDRs 29 $ 41,934 100.0% 19 $ 39,136 100.0% 48 $ 81,070 100.0%
Troubled Debt Restructures (TDRs) - Migration by
Quarter As of June 30, 2011
4/1/09 to6/30/09
7/1/09 to9/30/09
10/1/09 to12/31/09
1/1/10 to3/31/10
4/1/10 to6/30/10
7/1/10 to9/30/10
10/1/10 to12/31/10
1/1/11 to3/31/11
4/1/11 to6/30/11
TOTAL
Period Beginning Balance -- $ 33,309 $ 37,425 $ 71,885 $ 80,993 $
96,976 $ 105,617 $ 102,996 $ 91,876 Additions: New Loans
Added $ 33,309 $ 5,226 $ 37,663 $ 23,477 $ 21,720 $ 12,698 $ 12,377
$ 3,188 $ 116 $ 149,774 Loan Advances
--
974 348
219 472
220 531
486 197
3,447
Subtotal Additions:
$ 33,309 $ 6,200 $ 38,011 $ 23,696 $ 22,192 $ 12,918 $ 12,908 $
3,674 $ 313 $ 153,221 Deductions: Sales Proceeds $ --
$ 944 $ 1,530 $ 1,218 $ 761 $ -- $ 125 $ 367 $ 126 $ 5,071 Payments
-- 317 174 50 1,202 1,138 433 1,989 1,715 7,018 Reviews -- -- 229
75 3,714 2,468 -- 5,731 640 12,857 Upgrades -- -- -- -- -- --
11,000 -- -- 11,000 Charge-offs Cont. as TDRs -- -- -- -- -- -- --
5,656 3,000 8,656 Transfer to NPA
--
823 1,618
13,245 532
671 3,971
1,051 5,638
27,549 Subtotal Deductions: $ -- $ 2,084 $ 3,551 $
14,588 $ 6,209 $ 4,277 $ 15,529 $ 14,794 $ 11,119 $ 72,151
Net Increase / (Decrease) $ 33,309 $ 4,116 $ 34,460 $ 9,107
$ 15,984 $ 8,641 $ (2,621 ) $ ( 11,120 ) $ (10,806 ) $ 81,070
% Growth from
preceding period
12.4 % 92.1 % 12.7 % 19.7 % 8.9 % -2.5 % -10.8 % -11.8 %
Period Ended Balance $ 33,309 $ 37,425 $ 71,885 $ 80,993 $
96,976 $ 105,617 $ 102,996 $ 91,876 $ 81,070
As of June 30, As of 2011 2010 % Change
03/31/11 % Change
Loan
Portfolio: Commercial $ 233,052 $ 217,859 7.0 % $ 226,845 2.7 %
Real estate-one to four family residential: Closed end first and
seconds 261,336 284,118 -8.0 % 265,696 -1.6 % Home equity lines
125,886 135,508
-7.1 % 126,413
-0.4 % Total Real estate-one-to-four
family residential $ 387,222 $ 419,626 -7.7 % $ 392,109 -1.2 % Real
estate-multi-family residential 85,667 84,453 1.4 % 89,771 -4.6 %
Real estate-non-farm, non-residential: Owner Occupied 454,960
483,032 -5.8 % 462,744 -1.7 % Non-owner occupied
648,619 657,957 -1.4
% 651,729 -0.5
% Total Real estate-non-farm, non-residential $
1,103,579 $ 1,140,989 -3.3 % $ 1,114,473 -1.0 % Real
estate-construction: Residential-Owner Occupied 17,212 16,792 2.5 %
16,285 5.7 % Residential-Builder 134,002 182,962 -26.8 % 149,262
-10.2 % Commercial
178,144
179,192 -0.6 %
180,544 -1.3 % Total Real
estate-construction: $ 329,358 $ 378,946 -13.1 % $ 346,091 -4.8 %
Farmland 2,498 2,299 8.7 % 2,456 1.7 % Consumer
10,438 9,969 4.7
% 10,650 -2.0
% Total loans $ 2,151,814 $ 2,254,141 -4.5 % $
2,182,395 -1.4 % Less unearned income 3,648 3,884 -6.1 % 3,621 0.8
% Less allowance for loan losses
53,217
62,345 -14.6 %
56,465 -5.8 % Loans, net $
2,094,949 $ 2,187,912 -4.2 % $ 2,122,309 -1.3 %
As of June 30, 2011
Residential, Acquisition, Development
and Construction
Non-accruals
Net charge-
Total Percentage Non-accrual as a % of
offs as a % of
By County/Jurisdiction of Origination: Outstandings
of Total Loans Outstandings Outstandings District of
Columbia $ 5,975 4.0 % $ -- -- -- Montgomery, MD 1,609 1.1 % -- --
-- Prince Georges, MD 19,605 13.0 % 12,689 8.4 % 0.2 % Other
Counties in MD 5,404 3.6 % -- -- -- Arlington/Alexandria, VA 28,652
18.9 % 1,400 0.9 % -- Fairfax, VA 41,739 27.6 % 826 0.5 % 0.1 %
Culpeper/Fauquier, VA 1,276 0.8 % 528 0.3 % 0.2 % Frederick, VA --
-- 6,250 4.1 % -- Loudoun, VA 15,178 10.0 % -- -- 0.7 % Prince
William, VA 9,601 6.3 % 1,036 0.7 % -- Spotsylvania, VA 201 0.1 %
-- -- -- Stafford, VA 14,640 9.7 % 2,664 1.8 % -- Other Counties in
VA 7,229 4.8 % -- -- -- Outside VA, D.C. & MD
105 0.1 %
-- -- -- $
151,214 100.0 % $ 25,393 16.8 % 1.2 % As of June 30,
2011
Commercial, Acquisition, Development
and Construction
Non-accruals
Net charge-
Total Percentage Non-accrual as a % of
offs as a % of
By County/Jurisdiction of Origination: Outstandings
of Total Loans Outstandings Outstandings District of
Columbia $ 6,196 3.5 % $ -- -- -- Montgomery, MD -- -- -- -- --
Prince Georges, MD 12,491 7.0 % -- -- -- Other Counties in MD 2,233
1.3 % -- -- -- Arlington/Alexandria, VA 9,302 5.2 % 3,143 1.7 % --
Fairfax, VA 27,538 15.5 % 2,800 1.6 % -- Culpeper/Fauquier, VA
3,020 1.7 % -- -- -- Frederick, VA 5,325 3.0 % -- -- -- Henrico, VA
878 0.5 % -- -- -- Loudoun, VA 22,129 12.4 % 579 0.3 % 2.5 % Prince
William, VA 53,529 30.0 % 2,064 1.2 % 1.2 % Spotsylvania, VA 1,740
1.0 % -- -- Stafford, VA 28,464 16.0 % -- -- -- Other Counties in
VA 5,299 3.0 % -- -- -- Outside VA, D.C. & MD
-- 0.0 %
-- -- -- $
178,144 100.0 % $ 8,586 4.8 % 3.7 % As of June 30,
2011
Non-Farm/Non-Residential Non-accruals
Net charge-
Total Percentage Non-accrual as a % of
offs as a % of
By County/Jurisdiction of Origination: Outstandings
of Total Loans Outstandings Outstandings District of
Columbia $ 79,753 7.2 % $ -- -- -- Montgomery, MD 27,664 2.5 % --
-- -- Prince Georges, MD 46,396 4.2 % -- -- -- Other Counties in MD
53,279 4.8 % -- -- -- Arlington/Alexandria, VA 192,867 17.5 % 1,284
0.1 % -- Fairfax, VA 265,476 24.1 % 4,847 0.4 % --
Culpeper/Fauquier, VA 3,797 0.3 % -- -- -- Frederick, VA 4,335 0.4
% -- -- -- Henrico, VA 24,309 2.2 % -- -- 0.3 % Loudoun, VA 107,122
9.7 % 3,710 0.3 % 0.1 % Prince William, VA 199,659 18.1 % 909 0.1 %
-- Spotsylvania, VA 16,703 1.5 % -- -- -- Stafford, VA 19,751 1.8 %
-- -- -- Other Counties in VA 54,714 5.0 % 3,597 0.3 % -- Outside
VA, D.C. & MD
7,754 0.7
% -- --
-- $ 1,103,579 100.0 % $ 14,347 1.3 % 0.4 %
Of this total of $1.1 billion in non-farm/non-residential
real estate loans, approximately $20.5 million will mature in 2011,
$86.7 million in 2012 and $98.8 million in 2013.
As of June 30, As of
2011 2010 % Change 3/31/11
% Change
Investment Securities (at book
value): Available-for-sale: U.S. Government Agency obligations
$ 410,431 $ 277,282 48.0% $ 316,868 29.5% Pooled trust preferred
securities 450 1,481 -69.6% 444 1.4% Obligations of states and
political subdivisions
66,080
57,249 15.4% 64,584
2.3% $ 476,961 $ 336,012 41.9% $ 381,896 24.9%
Held-to-maturity: U.S. Government Agency obligations $ 4,864 $
9,556 -49.1% $ 5,459 -10.9% Obligations of states and political
subdivisions
29,227 33,644
-13.1% 29,717 -1.7% $
34,091 $ 43,200 -21.1% $ 35,176 -3.1% Virginia
Commerce Bancorp, Inc. Consolidated Balance Sheets (Dollars in
thousands, except per share data) As of June 30, (Unaudited) 2011
2010
Assets Cash and due from banks $ 40,170 $ 29,026
Investment securities (fair value: 2011, $513,014; 2010, $380,247)
511,052 379,212 Restricted stocks, at cost 11,486 11,752 Federal
funds sold 39,973 91,502 Loans held-for-sale 7,667 9,620 Loans, net
of allowance for loan losses of $53,217 in 2011 and $62,345 in 2010
2,094,949 2,187,912 Bank premises and equipment, net 11,326 12,738
Accrued interest receivable 10,023 10,317 Other real estate owned,
net of valuation allowance of $6,808 in 2011 and $5,871 in 2010
14,690 26,477 Other assets 56,439 68,251 Total assets
$ 2,797,775 $ 2,826,807
Liabilities and Stockholders’
Equity Deposits Demand deposits $ 293,093 $ 254,475
Savings and interest-bearing demand deposits 1,182,006 1,194,985
Time deposits 778,643 864,626 Total deposits $
2,253,742 $ 2,314,086 Securities sold under agreement to repurchase
and federal funds purchased 179,105 183,456 Other borrowed funds
25,000 25,000 Trust preferred capital notes 66,442 66,185 Accrued
interest payable 2,600 3,293 Other liabilities 3,762
4,456 Total liabilities $ 2,530,651 $ 2,596,476
Stockholders’
Equity Preferred stock, net of discount, $1.00 par, 1,000,000
shares authorized, Series A; $1,000 stated value; 71,000 issued and
outstanding $ 66,334 $ 64,719 Common stock, $1.00 par, 50,000,000
shares authorized, issued and outstanding 2011, 29,687,183
including 41,248 in unvested restricted stock issued; 2010,
26,949,173 including 9,335 in unvested restricted stock issued
29,646 26,940 Surplus 108,142 97,061 Warrants 8,520 8,520 Retained
earnings 50,348 30,210 Accumulated other comprehensive income, net
4,134 2,881 Total stockholders’ equity $ 267,124 $
230,331 Total liabilities and stockholders’ equity $ 2,797,775 $
2,826,807 Virginia Commerce Bancorp, Inc.
Consolidated Statements of Operations (Dollars in thousands except
per share data) (Unaudited) Three Months Ended Six Months
Ended June 30, June 30, 2011 2010 2011
2010
Interest and dividend income: Interest
and fees on loans $ 31,765 $ 33,236 $ 63,688 $ 66,141 Interest and
dividends on investment securities: Taxable 3,131 3,311 5,992 6,591
Tax-exempt 592 476 1,184 902 Dividends on restricted stocks 96 88
192 176 Interest on federal funds sold 54 50
99 78 Total interest and dividend
income $ 35,638 $ 37,161 $ 71,155 $ 73,888
Interest expense: Deposits $ 6,670 $ 8,431 $ 13,693 $ 17,859
Securities sold under agreement to repurchase and federal funds
purchased 960 1,010 1,894 1,999 Other borrowed funds 268 268 534
534 Trust preferred capital notes 952 1,231
2,063 2,459 Total interest expense $
8,850 $ 10,940 $ 18,184 $ 22,851
Net
interest income $ 26,788 $ 26,221 $ 52,971 $ 51,037 Provision
for loan losses 1,434 4,200
7,277 8,438 Net interest income after provision for
loan losses $ 25,354 $ 22,021 $ 45,694 $
42,599
Non-interest income: Service charges and other fees $
799 $ 838 $ 1,591 $ 1,714 Non-deposit investment services
commissions 460 178 713 307 Fees and net gains on loans
held-for-sale 534 483 1,055 829 Gain on sale of securities -- 139
503 139 Impairment loss on securities -- (668) (732) (1,519) Other
463 118 602 225
Total non-interest income $ 2,256 $ 1,088 $ 3,732
$ 1,695
Non-interest expense: Salaries and employee
benefits $ 6,426 $ 5,991 $ 13,085 $ 11,986 Occupancy expense 2,243
2,410 4,713 5,120 FDIC insurance 1,241 1,332 2,530 2,641 Loss on
other real estate owned 320 1,060 476 1,978 Franchise tax expense
774 718 1,546 1,435 Data processing expense 635 579 1,290 1,253
Other operating expense 2,881 2,698
5,330 5,082 Total non-interest expense $
14,520 $ 14,788 $ 28,970 $ 29,495 Income
before taxes $ 13,090 $ 8,321 $ 20,456 $ 14,799 Provision for
income taxes 4,254 2,750 6,654
4,759
Net income $ 8,836 $ 5,571
$ 13,802 $ 10,040 Effective dividend on preferred stock
1,348 1,251 2,663
2,502
Net income available to common stockholders $ 7,488 $
4,320 $ 11,139 $ 7,538 Earnings per common share, basic $ 0.25 $
0.16 $ 0.38 $ 0.28 Earnings per common share, diluted $ 0.24 $ 0.15
$ 0.36 $ 0.26
Virginia Commerce Bancorp, Inc.
Consolidated Average Balances, Yields, and
Rates
Three Months Ended June 30,
(Unaudited)
2011 2010 Interest Average
Interest Average Average Income- Yields Average Income-
Yields (Dollars in thousands) Balance Expense /Rates
Balance Expense /Rates
Assets Securities (1) $
443,906 $ 3,723 3.49 % $ 362,411 $ 3,787 4.30 % Restricted stock
11,658 96 3.31 % 11,752 88 3.00 % Loans, net of unearned income (2)
2,180,131 31,765 5.85 % 2,266,145 33,236 5.89 % Interest-bearing
deposits in other banks 498 -- 0.05 % 186 -- 0.06 % Federal funds
sold 81,105 54 0.27 % 85,797
50 0.23 %
Total interest-earning assets
$ 2,717,298 $ 35,638 5.30 % $ 2,726,291 $ 37,161 5.50 % Other
assets 89,123 87,131
Total Assets $ 2,806,421
$ 2,813,422
Liabilities and Stockholders’ Equity
Interest-bearing deposits: NOW accounts $ 322,378 $ 595 0.74 % $
369,336 $ 817 0.89 % Money market accounts 196,946 515 1.05 %
155,482 479 1.23 % Savings accounts 669,476 1,597 0.96 % 638,407
2,480 1.56 % Time deposits 777,509 3,963
2.04 % 885,828 4,655 2.11 %
Total interest-bearing deposits $ 1,966,309 $ 6,670 1.36 % $
2,049,053 $ 8,431 1.65 % Securities sold under agreement to
repurchase and federal funds purchased 184,290 960 2.09 % 185,343
1,010 2.18 % Other borrowed funds 25,000 268 4.25 % 25,000 268 4.25
% Trust preferred capital notes 66,406 952
5.67 % 66,154 1,231 7.36 %
Total interest-bearing liabilities $ 2,242,005 $ 8,850 1.58
% $ 2,325,550 $ 10,940 1.89 % Demand deposits and other liabilities
305,258 260,285
Total liabilities $ 2,547,263
$ 2,585,835 Stockholders’ equity 259,158 227,587
Total liabilities and stockholders’ equity $ 2,806,421 $
2,813,422 Interest rate spread 3.72 % 3.61 % Net interest income
and margin $ 26,788 3.99 % $ 26,221 3.89 % (1) Yields on
securities available-for-sale have been calculated on the basis of
historical cost and do not give effect to changes in the fair value
of those securities, which are reflected as a component of
stockholders’ equity. Average yields on securities are stated on a
tax equivalent basis, using a 35% rate. (2) Loans placed on
non-accrual status are included in the average balances. Net loan
fees and late charges included in interest income on loans totaled
$1.3 million and $539 thousand for the three months ended June 30,
2011 and 2010, respectively. Virginia Commerce Bancorp, Inc.
Consolidated Average Balances, Yields, and Rates Six Months Ended
June 30, (Unaudited)
2011 2010 (Dollars in thousands)
AverageBalance
InterestIncome-Expense
AverageYields/Rates
AverageBalance
InterestIncome-Expense
AverageYields/Rates
Assets Securities (1) $ 425,301
$ 7,176 3.54 % $ 350,391 $ 7,493 4.42 % Restricted stock 11,705 192
3.31 % 11,752 176 3.02 % Loans, net of unearned income (2)
2,191,560 63,688 5.87 % 2,273,538 66,141 5.88 % Interest-bearing
deposits in other banks 443 -- 0.08 % 114 -- 0.07 % Federal funds
sold 74,401 99 0.27 % 67,367
78 0.23 %
Total interest-earning assets
$ 2,703,410 $ 71,155 5.35 % $ 2,703,162 $ 73,888 5.54 % Other
assets 83,770 87,845
Total Assets $ 2,787,180
$ 2,791,007
Liabilities and Stockholders’ Equity
Interest-bearing deposits: NOW accounts $ 321,973 $ 1,248 0.78 % $
325,483 $ 1,630 1.01 % Money market accounts 187,119 984 1.06 %
151,070 971 1.30 % Savings accounts 680,998 3,513 1.04 % 621,150
4,977 1.62 % Time deposits 780,469 7,948
2.05 % 943,597 10,281 2.20 %
Total interest-bearing deposits $ 1,970,559 $ 13,693 1.40 % $
2,041,300 $ 17,859 1.76 % Securities sold under agreement to
repurchase and federal funds purchased 175,331 1,894 2.18 % 183,659
1,999 2.19 % Other borrowed funds 25,000 534 4.25 % 25,000 534 4.25
% Trust preferred capital notes 66,378 2,063
6.18 % 66,122 2,459 7.39 %
Total interest-bearing liabilities $ 2,237,268 $ 18,184 1.64
% $ 2,316,081 $ 22,851 1.99 % Demand deposits and other liabilities
295,467 250,128
Total liabilities $ 2,532,735
$ 2,566,209 Stockholders’ equity 254,445 224,798
Total liabilities and stockholders’ equity $ 2,787,180 $
2,791,007 Interest rate spread 3.71 % 3.55 % Net interest income
and margin $ 52,971 3.99 % $ 51,037 3.84 % (1) Yields
on securities available-for-sale have been calculated on the basis
of historical cost and do not give effect to changes in the fair
value of those securities, which are reflected as a component of
stockholders’ equity. Average yields on securities are stated on a
tax equivalent basis, using a 35% rate. (2) Loans placed on
non-accrual status are included in the average balances. Net loan
fees and late charges included in interest income on loans totaled
$2.0 million and $1.3 million for the six months ended June 30,
2011 and 2010, respectively.
Virginia Commerce Bancorp (MM) (NASDAQ:VCBI)
過去 株価チャート
から 6 2024 まで 7 2024
Virginia Commerce Bancorp (MM) (NASDAQ:VCBI)
過去 株価チャート
から 7 2023 まで 7 2024