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, 2011.
Fourth Quarter 2011
Highlights
- Net income available to common
stockholders of $5.4 million, representing a 65.1% increase over
fourth quarter 2010
- Diluted earnings per common share up
63.6% to $0.18
- Total non-performing assets and loans
past due 90+ days decreased $8.1 million during the quarter, a
14.5% sequential decrease to $47.8 million at 12/31/11
- Total troubled debt restructurings
(“TDRs”) declined $19.4 million, a sequential reduction of 27.1% to
$52.3 million at quarter-end
Year 2011 Highlights
- Net Income available to common
stockholders of $21.8 million, a 31.8% increase as compared to
$16.5 million for 2010
- Diluted earnings per common share up
24.6% to $0.71, as compared to $0.57 for 2010
- ROA of 0.95% and ROE of 10.23%
- Tangible common equity improved to
7.37% at 12/31/11, from 6.57% as of 12/31/10
- Total non-performing assets and loans
past due 90+ days decreased 56.1% from $74.6 million as of 12/31/10
to $47.8 million at 12/31/11
- TDRs declined 49.2% from $103.0 million
as of 12/31/10 to $52.3 million at 12/31/11
Peter A. Converse, President and Chief Executive Officer,
commented, “The fourth quarter was an appropriate finish to a year
of strong earnings performance and significant asset quality
improvement. The highlights for both the quarter and 2011 speak for
themselves. Quarterly and annual net income available to common
stockholders increased markedly by 65.1% and 31.8% respectively, on
a year-over-year basis. Continued meaningful progress in reducing
problem assets in the fourth quarter resulted in a 56.1% decrease
in non-performing assets and loans past due 90+ days and a 49.2%
decrease in TDRs for the year. And despite net loans declining 1.4%
during the year just ended, the marginal, sequential increase of
0.1% in the third quarter was followed by a sequential increase of
1.1% in the fourth quarter. As our loan production gains more
momentum and the level of run-off abates, we are cautiously
optimistic about generating more meaningful loan growth going
forward.”
Converse continued, “We’re confident that overall performance
will continue to improve, although margin pressure and heightened
local competition could be inhibiting factors to the magnitude of
progress. Nonetheless, we feel that anticipated earnings growth and
problem asset resolution will enable us to gain regulatory approval
to pay off TARP from earnings on an incremental basis, commencing
with the end of the second quarter of 2012.”
SUMMARY REVIEW OF FINANCIAL PERFORMANCE
Net Income
For the three months ended December 31, 2011, the Company
recorded net income of $6.7 million. After an effective dividend of
$1.3 million to the U.S. Treasury on the Company’s TARP preferred
stock, the Company reported net income to common stockholders of
$5.4 million, or $0.18 per diluted common share in the fourth
quarter of 2011, compared to net income to common stockholders of
$3.3 million, or $0.11 in the fourth quarter of 2010. For the year
ended December 31, 2011, the Company reported net income to common
stockholders of $21.8 million, or $0.71 per diluted common share,
compared to net income to common stockholders of $16.5 million, or
$0.57 per diluted common share, in 2010. The year-over-year
improvement in earnings was attributable to higher net interest
income, higher non-interest income and significantly lower
provisions for loan losses. The higher net earnings reported for
the year ended December 31, 2011, were largely attributable to
higher net interest income, lower non-interest expense and
significantly lower provisions for loan losses.
Adjusted operating earnings for the three months ended December
31, 2011, were $13.8 million, down $1.2 million, or 8.0%, compared
to $15.0 million for the three months ended December 31, 2010. On a
sequential basis, adjusted operating earnings were down $537
thousand for the three months ended December 31, 2011. The
Company’s adjusted operating earnings for the fourth quarter 2011
compare unfavorably to its adjusted operating earnings for the
third quarter of 2011 and the fourth quarter of 2010 primarily due
to improvements to the Company’s provisions for loan losses and
losses on other real estate owned during the fourth quarter of
2011. The Company calculates adjusted operating earnings by
excluding taxes, provisions for loan losses, losses on other real
estate owned, gains on sale of securities, and impairment losses on
securities from net income.
Asset Quality and Provisions For Loan Losses
Provisions for loan losses were $3.6 million for the quarter
ended December 31, 2011, compared to $7.1 million in the same
period in 2010, with total net charge-offs of $4.3 million in the
fourth quarter of 2011 versus $7.4 million for the same period a
year ago. For the year ended December 31, 2011, provisions for loan
losses totaled $14.8 million compared to $20.6 million in 2010,
with 2011 net charge-offs of $28.6 million, up from $23.3 million
in 2010, as the Company continued to reduce its non-performing loan
balances. Charge-offs during the quarter included a $253 thousand
partial write-down of a commercial real estate loan to reduce the
book balance to estimated liquidation value, a $1.2 million
write-down to facilitate the sale of a note secured by residential
townhouses and lots, a $2.4 million write-down for a loan secured
by a neighborhood shopping center prior to implementing a
deed-in-lieu of foreclosure, a charge-off of $128 thousand
following final liquidation of a bankruptcy estate, and charge-offs
of $301 thousand in commercial and industrial (“C&I”) loans and
$567 thousand in loans secured by five residential properties.
Charge-offs for the quarter of $3.6 million were supported by
specific reserves.
Total non-performing assets and loans 90+ days past due declined
56.1% from $74.6 million at December 31, 2010, to $47.8 million at
December 31, 2011, and decreased $8.1 million sequentially, from
$55.9 million at September 30, 2011. The Company’s sequential
improvement in non-performing assets and loans 90+ days past due
was facilitated by $5.4 million in charge-offs and write-downs of
other real estate owned, $9.7 million in proceeds from the sale of
non-performing loans or other real estate owned, $2.5 million in
upgrades of loans to performing status and $1.8 million in loan
payments on loans previously charged-off, partially offset by
additions to non-performing assets and loans 90+ days past due of
$11.4 million.
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
December 31, 2011, $24.0 million, or 62.2%, of non-performing loans
represented acquisition, development and construction (“ADC”)
loans, $7.0 million, or 18.3%, represented loans on one-to-four
family residential properties, $2.0 million, or 5.2%, represented
non-farm, non-residential loans, and $5.0 million, or 13.0%,
represented C&I loans. As of December 31, 2011, the allowance
for loan losses represented 2.24% of total loans, down from 2.30%
at September 30, 2011, with such allowance covering 125.4% of total
non-performing loans.
Included in the loan portfolio at December 31, 2011, are loans
classified as troubled debt restructurings (“TDRs”) totaling $52.3
million, a sequential reduction of 27.1%, or $19.4 million, from
$71.7 million at September 30, 2011. Year-over-year, TDRs decreased
49.2% from $103.0 million at December 31, 2010, to the $52.3
million as of December 31, 2011. TDRs 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. These loans make up 2.5% of the
total loan portfolio at December 31, 2011, and represent $19.7
million in ADC loans, $21.4 million in non-farm, non-residential
real estate loans, $7.1 million in C&I loans and $4.0 million
in one-to-four family residential loans. At December 31, 2011,
20.1% of the Company’s TDRs were reviewable TDRs and 79.9% were
permanent TDRs. 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 payoffs, sales
proceeds and principal curtailments of $7.2 million, upgrades to
performing status of $10.1 million of reviewable TDRs, and
charge-offs of loans sold or settled of $2.9 million, which were
partially offset by $793 thousand of new TDR additions.
Net Interest Income
Net interest income of $27.1 million for the fourth quarter of
2011 was down just $9 thousand, or essential flat compared to the
same quarter last year, with the net interest margin decreasing
from 3.96% in the fourth quarter of 2010 to 3.78% for the fourth
quarter 2011. Interest expense decreased $1.8 million for the
quarter ended December 31, 2011, from the same period in 2010 and
decreased $8.5 million for the year ended December 31, 2011,
compared to 2010. The Company expects that interest expense will
decline further in the first quarter of 2012 due to further
decreases to interest rates on transaction accounts and time
deposits during the fourth quarter of 2011 and into early 2012.
Reductions in interest expense mostly offset the decrease in
interest and fee income of $1.8 million for the three months ended
December 31, 2011, as compared to the same period in 2010. Interest
and fee income decreased $7.0 million for the year ended December
31, 2011, as compared to 2010. The decline in interest and fee
income from 2010 to 2011 is mainly attributable to lower yielding
loans and decreases in average outstanding loan balances of $65.8
million for the three months and $83.1 million for the year ended
December 30, 2011, as compared to the same periods in 2010. During
2012, the yield on loans is anticipated to decline 20 to 30 basis
points as competition for new loans continues to intensify and as
maturing loans are replaced by lower yielding assets. At the same
time, some small improvement is expected in the yield on investment
portfolio securities as the refinance activity of the fourth
quarter of 2011 and expected activity slows in early 2012.
Stabilization in repayment speeds of some existing mortgage
pass-through investments, many of which were purchased at a
premium, will improve the overall yield for securities. Net
interest income for 2011 of $106.8 million was up 1.4%, compared to
$105.3 million in 2010. On a sequential basis, the net interest
margin was down seven basis points to 3.78%, due primarily to
decreased average loans and higher balances in lower earning assets
during the fourth quarter of 2011. The increase in the net interest
margin for the year ended December 31, 2011, compared to the same
period in 2010, was primarily driven by lower deposit costs due to
significantly increased levels of demand deposits and lower
interest rates on interest-bearing transaction accounts and time
deposits. Management anticipates the net interest margin will range
between 3.75% and 3.90% for the year.
Non-Interest Income
For the three months ended December 31, 2011, the Company
recognized $2.5 million in non-interest income, compared to $2.8
million for the three months ended December 31, 2010. For the year
ended December 31, 2011, the Company recognized non-interest income
of $8.1 million compared to $7.6 million for the same period in
2010. Non-interest income for the fourth quarter of 2011 was down
$348 thousand, or 12.3%, compared to the fourth quarter of 2010,
primarily due to lower fees and net gains on loans held-for-sale
which decreased $577 thousand, from $1.7 million in the fourth
quarter of 2010 to $1.1 million in the same period of 2011. In the
fourth quarter of 2010, non-interest income included a $128
thousand impairment loss on securities. There was no impairment
loss on securities in the fourth quarter of 2011. Impairment loss
on securities was $1.6 million for the year ended December 31,
2010, which decreased to $732 thousand for 2011.
Non-Interest Expense
Non-interest expense decreased $452 thousand, or 2.8%, from
$16.3 million in the fourth quarter of 2010, to $15.9 million in
the fourth quarter of 2011, and was down $1.4 million, or 2.3%,
from $61.1 million for the year ended December 31, 2010, to $59.7
million in 2011. Included in non-interest expenses are salaries and
employee benefits which increased $660 thousand, or 9.8%, in the
fourth quarter of 2011 when compared to the fourth quarter of 2010,
and $2.1 million, or 8.4%, for the year ending December 31, 2011,
compared to 2010. FDIC insurance expenses declined $363 thousand,
or 27.4%, in the fourth quarter and $922 thousand, or 17.5%, for
the year compared to 2010. The declines in FDIC insurance premiums
during 2011 were primarily due to changes to how the FDIC
calculates deposit insurance assessments. Most significant to the
decline in non-interest expense in both periods is the decline in
losses on other real estate owned. This expense declined $1.2
million in the fourth quarter of 2011 when compared to the fourth
quarter of 2010, and declined $2.8 million for 2011 from 2010. The
improvement in this item reflects improvement in the overall real
estate market in the Company’s service area, as the Company has
been able to sell other real estate owned properties at higher
valuations. The Company’s adjusted efficiency ratio declined
slightly from 49.8% for the year ended December 31, 2010, to 50.4%
for 2011.
Investment Securities
Investment securities increased $213.2 million, or 51.8%,
year-over-year to $625.0 million at December 31, 2011, and were up
$22.4 million sequentially from September 30, 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 a book value of $5.5 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. There was no recorded
impairment loss for the fourth quarter of 2011. The increase of
$213.2 million in investment securities was due to investing excess
funds provided by increases in deposits, repurchase agreements and
stockholder’s equity, combined with the run-off of loan balances
and funds provided by the decrease in other asset balances.
Investments were made in short-term, pass-through securities, with
an average life of three to four years or less. This strategy
positions the Bank to maintain a constant flow of funds to support
future loan growth and to provide repricing opportunities if rates
begin to rise.
Loans
Loans, net of allowance for loan losses, decreased $29.3
million, or 1.4%, from $2.15 billion at December 31, 2010, to $2.12
billion at December 31, 2011. Commercial loans increased $33.8
million, or 15.5%, while non-farm, non-residential real estate
loans decreased $5.9 million, or 0.5%, one-to-four family
residential real estate loans decreased $28.0 million, or 7.0%, and
ADC loans decreased $38.2 million, or 10.5%. Sequentially, net
loans were up $23.2 million, or 1.1%, with declines in one-to-four
family residential loans of $13.6 million, or 3.5%, offset by
growth of $22.7 million, or 9.9%, in C&I loans, $4.0 million,
or 5.6%, in multi-family residential loans, $2.7 million, or 0.9%,
in ADC loans and $6.6 million, or 0.6%, in non-farm,
non-residential loans. During the first three quarters of 2011
year-over-year loan production was negatively impacted by a lower
demand for credit in both the business and consumer sectors as
cautious borrowers awaited clearer economic signs. Additionally,
run-off in both commercial and residential mortgage loans due to
aggressive interest rate competition and a strategic decision to
restrict ADC lending and focus on greater portfolio diversification
as well as deposit generation and non-credit products had a
dampening effect on the Company’s loan portfolio. Lending efforts
during 2011 were directed toward building greater market share in
commercial lending, including non-farm, non-residential
owner-occupied real estate loans, and particularly in sectors
forecast for growth, such as government contract lending,
professional practices, associations and select service industries,
with strategic hiring, marketing campaigns and calling efforts. The
sequential loan growth in the fourth quarter reflects progress in
executing this strategy.
Deposits
For the year ended December 31, 2011, deposits increased $45.0
million, or 2.0%, to $2.29 billion, with demand deposits increasing
$73.2 million, or 27.6%, savings and interest-bearing demand
deposits decreasing by $27.7 million, or 2.3%, and time deposits
falling $516 thousand, or 0.07%. Compared to September 30,
2011, deposits declined $76.8 million, or 3.2%, with demand
deposits decreasing by $51.6 million, or 13.3%, savings and
interest-bearing demand accounts declining $13.8 million, or 1.2%,
and time deposits decreasing by $11.4 million, or 1.4%. The
sequential decline in demand and total deposits was due to a
temporary influx of approximately $71.0 million in demand deposits
late in the late third quarter from a longstanding client. Although
that funding did not flow back out in the fourth quarter of 2011 as
expected, the client shifted its balances to repurchase agreements,
with ultimate withdrawal of this client’s excess funds now expected
to occur by early in the second quarter. Demand deposit growth
remains the top deposit priority, with the 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.
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. The 426,000 Series A warrants were exercised in full
within the stipulated seven-month period. As of December 31, 2011,
no Series B warrants had been exercised.
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 952,383 Series B warrants originally
were to expire on September 29, 2011, but on September 27,
2011, the expiration date of 904,764 of the Series B Warrants was
extended to January 27, 2012, with 47,619 warrants having been
exercised prior to the warrant extension. Following the extension,
in the fourth quarter, an additional 47,619 Series B warrants were
exercised. As of December 31, 2011, 857,145 of the Series B
warrants remained outstanding.
Stockholders’ equity increased $38.2 million, or 15.5%, from
$245.6 million at December 31, 2010, to $283.8 million at December
31, 2011, with approximately $6.2 million in net proceeds from the
above referenced stock issuances, net income to common stockholders
of $21.8 million over the twelve-month period, a $7.4 million
increase in other comprehensive income related to the investment
securities portfolio, $1.7 million in the accretion of the discount
on preferred stock and $1.1 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 13.20%
at December 31, 2010, to 14.43% at December 31, 2011, its total
qualifying capital ratio increased from 14.45% to 15.68% and its
tangible common equity ratio increased from 6.57% to 7.37%.
Sequentially, the Company’s Tier 1 and total qualifying capital
ratios are each down 3 basis points due to lower levels of
risk-weighted assets, and its tangible common equity ratio is up 28
basis points due to increases in equity during the fourth quarter
of 2011.
CONFERENCE CALL
The Company will host a teleconference call for the financial
community on January 24, 2012, at 11:00 a.m. Eastern Standard Time
to discuss the fourth quarter 2011 financial results. The public is
invited to listen to this conference call by dialing 866-261-3182
at least 10 minutes prior to the call.
A replay of the conference call will be available from 2:00 p.m.
Eastern Standard Time on January 24, 2012, until 11:59 p.m. Eastern
Standard Time on January 31, 2012. The public is invited to listen
to this conference call replay by dialing 888-266-2081 and entering
access code 1564775.
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.
Adjusted operating earnings is a non-GAAP financial measure that
reflects net income excluding taxes, loan loss provisions, gains or
losses on other real estate owned, impairment losses on securities
and gain on sale of securities. These excluded items are difficult
to predict and we believe that adjusted 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 adjusted operating
earnings for the three months ended December 31, 2011, December 31,
2010, and September 30, 2011 is as follows:
Three Months Ended Three Months December 31, Ended
September 30, (in thousands)
2011
2010 2011 Net Income $ 6,722 $
4,542 $ 6,566 Adjustments to net income: Provision for loan losses
3,639 7,056 3,933 Loss on other real estate owned 62 1,233 546
Impairment loss on securities -- 128 -- Gain on sale of securities
-- -- -- Provision for income taxes 3,362 2,030 3,277
Adjusted Operating Earnings $ 13,785 $ 14,989 $ 14,322
The adjusted efficiency ratio is a non-GAAP financial measure
that is computed by dividing non-interest expense, excluding gains
or losses on other real estate owned, 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 twelve months ended December 31, 2011 and December
31, 2010 is as follows:
Three Months Ended Twelve Months Ended
(in thousands)
December 31, December 31,
2011
2010 2011
2010 Summary Operating Results:
Non-interest expense $ 15,852 $ 16,304 $ 59,715 $ 61,110
Loss on other real estate owned
62
1,233 1,084
3,924 Adjusted non-interest expense $
15,790 $ 15,071 $ 58,631 $ 57,186 Net interest income 27,102
27,111 106,802 105,329 Non-interest income 2,473 2,821 8,145 7,621
Impairment loss on securities -- 128 732 1,647 Gain on sale of
securities -- -- (503 ) (139 ) Death benefits received from bank
owned life insurance -- -- (361 ) (1,045 ) Total (1) $
29,575 $ 30,060 $ 114,815 $ 113,413
Efficiency Ratio,
adjusted 52.8 % 49.5 % 50.4 % 49.8 % (1) Tax Equivalent
Income of $29,935 for the three months ended December 31, 2011 and
$116,330 for the twelve months ended December 31, 2011. Tax
Equivalent Income of $30,447 for the three months ended December
31, 2010 and $114,803 for the twelve months ended December 31,
2011.
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
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 December 31, 2011, December 31, 2010, September 30,
2011, and June 30, 2011 is as follows:
(in thousands)
As of December 31,
Sept 30,
June 30,
2011 2010
2011 2011 Tangible
common equity: Total stockholders’ equity $ 283,771 $
245,594 $ 275,546 $ 267,124 Less: Outstanding TARP senior
preferred stock 67,195 65,445 66,794 66,334 Intangible assets -- --
-- -- Tangible common equity $ 216,576 $ 180,149 $ 208,752 $
200,790 Total tangible assets $ 2,938,518 $ 2,741,648 $
2,942,323 $ 2,797,775
Tangible common equity ratio
7.37 % 6.57 % 7.09 % 7.18 %
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, our
deposit portfolio and anticipated changes to our deposit costs and
balances, projected growth, capital position, capital strategies,
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, 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 December 31, Twelve Months
Ended December 31,
2011
2010 % Change 2011
2010 %
Change Summary Operating Results:
Interest and dividend income $ 35,286 $ 37,106
-4.9 % $ 141,844 $ 148,826 -4.7 % Interest expense 8,184 9,995
-18.1 % 35,042 43,497 -19.4 % Net interest income 27,102 27,111 0.0
% 106,802 105,329 1.4 % Provision for loan losses 3,639 7,056 -48.4
% 14,849 20,594 -27.9 % Non-interest income 2,473 2,821 -12.3 %
8,145 7,621 6.9 % Non-interest expense 15,852 16,304 -2.8 % 59,715
61,110 -2.3 % Income before income taxes 10,084 6,572 53.4 % 40,383
31,246 29.2 % Net income $ 6,722 $ 4,542 48.0 % $ 27,090 $ 21,540
25.8 % Effective dividend on preferred stock 1,288 1,251 3.0 %
5,300 5,003 6.0 % Net income available to common stockholders $
5,434 $ 3,291 65.1 % $ 21,790 $ 16,537 31.8 %
Performance
Ratios: Return on average assets 0.90 % 0.64 % 0.95 % 0.77 %
Return on average equity 9.52 % 7.26 % 10.23 % 9.22 % Net interest
margin 3.78 % 3.96 % 3.91 % 3.90 % Efficiency ratio, adjusted 52.75
% 49.50 % 50.40 % 49.81 %
Per Share Data: Earnings
per common share-basic $ 0.18 $ 0.11 63.6 % $ 0.73 $ 0.60 21.7 %
Earnings per common share-diluted $ 0.18 $ 0.11 63.6 % $ 0.71 $
0.57 24.6 % Average number of shares outstanding: Basic 30,212,021
28,936,750 29,720,985 27,603,741 Diluted 31,575,158 30,013,335
30,897,811 28,875,993 As of December 31,
2011 2010
% Change 09/30/11 6/30/11
Selected Balance Sheet Data: Loans, net $ 2,120,291 $
2,149,591 -1.4 % $ 2,097,042 $ 2,094,949 Investment securities
624,956 411,761 51.8 % 602,565 511,052 Assets 2,938,518 2,741,648
7.2 % 2,942,323 2,797,775 Deposits 2,292,158 2,247,201 2.0 %
2,368,939 2,253,742 Stockholders’ equity 283,771 245,594 15.5 %
275,546 267,124 Book value per common share $ 7.17 $ 6.22 16.7 % $
7.03 $ 6.77
Capital Ratios (% of risk weighted
assets): Tier 1 capital: Company 14.43 % 13.20 % 14.46 % 14.35 %
Bank 14.10 % 12.87 % 14.17 % 13.99 % Total qualifying capital:
Company 15.68 % 14.45 % 15.71 % 15.60 % Bank 15.35 % 14.12 % 15.42
% 15.24 % Tier 1 leverage: Company 11.61 % 11.07 % 11.60 % 11.67 %
Bank 11.36 % 10.86 % 11.39 % 11.41 % Tangible common equity:
Company 7.37 % 6.57 % 7.09 % 7.18 % As of
December 31, As of (Dollars in thousands) 2011
2010 09/30/11 6/30/11
Asset Quality: Non-performing assets:
Non-accrual loans: Commercial $ 5,005 $ 3,719 $ 5,486 $ 4,932 Real
estate-one-to-four family residential: Permanent first and second
3,912 5,285 1,960 1,982 Home equity loans and lines
3,142 1,529
3,051 2,990 Total
real estate-one-to-four family residential $ 7,054 $ 6,814 $ 5,011
$ 4,972 Real estate-multi-family residential 476 -- 486 495 Real
estate-non-farm, non-residential: Owner-occupied 1,999 8,942 3,689
6,516 Non-owner-occupied
--
4,114 3,878
7,831 Total real estate-non-farm,
non-residential $ 1,999 $ 13,056 $ 7,567 $ 14,347 Real
estate-construction: Residential-builder 18,479 27,189 20,181
25,393 Commercial
5,505
6,361 6,083
8,586 Total real estate-construction $ 23,984 $
33,550 $ 26,264 $ 33,979 Consumer
18
19 22
18 Total non-accrual loans 38,536 57,158 44,836
58,743 OREO
8,925
17,165 10,377
14,690 Total non-performing assets $ 47,461 $
74,323 $ 55,213 $ 73,433 Loans 90+ days past due and still
accruing: Commercial $ -- $ -- $ 89 $ -- Real estate-one-to-four
family residential: Permanent first and second 71 -- -- -- Home
equity loans and lines
250
242 --
-- Total real estate-one-to-four family
residential $ 321 $ 242 $ -- $ -- Real estate-multi-family
residential -- -- -- -- Real estate-non-farm, non-residential:
Owner-occupied -- -- -- -- Non-owner-occupied
-- --
-- 350 Total real
estate-non-farm, non-residential $ -- $ -- $ -- $ 350 Real
estate-construction: Residential-owner-occupied -- -- -- 393
Residential-builder -- -- 574 564 Commercial
--
-- --
-- Total real estate-construction $ -- $
-- $ 574 $ 957 Consumer
11
-- --
-- Total loans 90+ days past due and still
accruing $ 332 $ 242 $ 663 $ 1,307 Total non-performing
assets and past due loans $ 47,793 $ 74,565 $ 55,876 $ 74,740
Troubled debt restructurings $ 52,264 $ 102,996 $ 71,686 $
81,070 Non-performing assets to total loans: 2.18 % 3.36 %
2.57 % 3.41 % to total assets: 1.62 % 2.71 % 1.88 % 2.62 %
Non-performing assets and past due loans to total loans: 2.20 %
3.37 % 2.60 % 3.47 % to total assets: 1.63 % 2.72 % 1.90 % 2.67 %
Allowance for loan losses to total loans 2.24 % 2.82 % 2.30 % 2.47
% Allowance for loan losses to non-performing loans 125.37 % 108.79
% 108.58 % 88.62 % Total allowance for loan losses $ 48,729
$ 62,442 $ 49,405 $ 53,217 As of
December 31,
As of
(Dollars in thousands) 2011 2010 09/30/11 6/30/11
Loans 30 to 89 days past due Commercial $ 1,259 $ 2,622 $
671 $ 1,812 Real estate-one-to-four family residential: Permanent
first and second 3,548 4,109 1,761 2,815 Home equity loans and
lines
390 2,605
99 339 Total real
estate-one-to-four family residential $ 3,938 $ 6,714 $ 1,860 $
3,154 Real estate-multi-family residential -- -- -- -- Real
estate-non-farm, non-residential: Owner occupied 1,008 1,909 3,582
4,908 Non-owner-occupied
6,063
-- 6,072 4,688
Total real estate-non-farm, non-residential $ 7,071 $ 1,909 $ 9,654
$ 9,596 Real estate-construction: Residential-owner-occupied -- --
-- -- Residential-builder 761 -- 573 574 Commercial
-- -- --
-- Total real estate-construction $ 761 $ -- $
573 $ 574 Consumer 105 -- 43 35 Farmland
--
347 --
-- Total loans 30 to 89 days past due $ 13,134 $
11,592 $ 12,801 $ 15,171
For twelve months endedDecember 31,
For ninemonthsended
For sixmonthsended
2011 2010 09/30/11 6/30/11 Net charge-offs
Commercial $ 1,685 $ 4,903 $ 1,559 $ 869 Real estate-one-to-four
family residential: Permanent first and second 2,327 3,402 2,101
1,777 Home equity loans and lines
1,049
254 769 766
Total real estate-one-to-four family residential $ 3,376 $ 3,656 $
2,870 $ 2,543 Real estate-multi-family residential -- 1,050 -- --
Real estate-non-farm, non-residential: Owner-occupied (142) 2,663
171 52 Non-owner-occupied
8,899
2,540 6,267
4,577 Total real estate-non-farm, non-residential $
8,757 $ 5,203 $ 6,438 $ 4,629 Real estate-construction:
Residential-owner-occupied (38) 324 -- -- Residential-builder 7,042
8,077 5,796 1,830 Commercial
7,622
(233) 7,494
6,595 Total real estate-construction $ 14,626 $ 8,168
$ 13,290 $ 8,425 Consumer 118 325 90 36 Farmland
-- -- --
-- Total net charge-offs $ 28,562 $ 23,305 $
24,247 $ 16,502 Net charge-offs to average loans outstanding 1.31%
1.03% 1.11% 0.75% Total provision for loan losses $ 14,849 $
20,594 $ 11,210 $ 7,277
Troubled Debt Restructurings (TDRs) - By
Loan Type As of December 31, 2011 Reviewable TDRs
Permanent TDRs Total TDRs (Dollars in
thousands) # of As % of # of As %
of # of As % of Loans Balance Balance
Loans Balance Balance Loans Balance
Balance
Loan Type: Commercial 1 $458 4.4 % 6 $6,677
16.0 % 7 $7,135 13.7 %
Real estate-one-to-four family
residential: Permanent first and second 11 3,974 37.8 % -- --
0.0 % 11 3,974 7.6 % Home equity loans and lines
--
-- 0.0 % --
-- 0.0 % --
-- 0.0 % Total real
estate-one-to-four family residential 11 $3,974 37.8 % -- -- 0.0 %
11 $3,974 7.6 %
Real estate-multi-family residential -- --
0.0 % -- -- 0.0 % -- -- 0.0 %
Real estate-non-farm,
non-residential: Owner-occupied 2 1,154 11.0 % 1 2,739 6.6 % 3
3,893 7.4 % Non-owner-occupied
3 4,456
42.3 % 4 13,069
31.3 % 7 17,525
33.5 % Total real estate-non-farm,
non-residential 5 $5,610 53.3 % 5 $15,808 37.9 % 10 $21,418 40.9 %
Real estate-construction: Residential-owner-occupied -- --
0.0 % -- -- 0.0 % -- -- 0.0 % Residential-builder -- -- 0.0 % 3
4,207 10.1 % 3 4,207 8.0 % Commercial
1
465 4.4 % 4
15,056 36.0 % 5
15,521 29.7 % Total real
estate-construction 1 $465 4.4 % 7 $19,263 46.1 % 8 $19,728 37.7 %
Consumer 1 $9 0.1
% -- -- 0.0
% 1 $9 0.1
% Farmland -- --
0.0 % -- --
0.0 % -- --
0.0 % Total 19 $10,516 100.0 % 18
$41,748 100.0 % 37 $52,264 100.0 %
Troubled Debt Restructurings (TDRs)
-
By Quarterly Review / Maturity Date As of December 31,
2011 Reviewable TDRs Permanent TDRs Total
TDRs (Dollars in thousands) # of As % of #
of As % of # of As % of Loans
Balance Balance Loans Balance Balance Loans
Balance Balance
Review / Maturity by Quarter:
2011 4th Quarter*
-- --
0.0 % 4 5,385
12.9 % 4 5,385
10.3 % 2012 1st Quarter 8 5,329
50.7 % -- -- 0.0 % 8 5,329 10.2 % 2nd Quarter 5 2,916 27.7 % -- --
0.0 % 5 2,916 5.6 % 3rd Quarter 2 869 8.3 % -- -- 0.0 % 2 869 1.7 %
4th Quarter
1 95 0.9
% 5 11,414 27.3
% 6 11,509 22.0
% Total 2012: 16 $9,209 87.6 % 5 $11,414 27.3 % 21
$20,623 39.5 %
2013 1st Quarter 2 1,240 11.8 % -- -- 0.0 % 2
1,240 2.4 % 2nd Quarter -- -- 0.0 % -- -- 0.0 % -- -- 0.0 % 3rd
Quarter 1 67 0.6 % -- -- 0.0 % 1 67 0.1 % 4th Quarter
-- -- 0.0 %
3 3,874 9.3 %
3 3,874 7.4 %
Total 2013: 3 $1,307 12.4 % 3 $3,874 9.3 % 6 $5,181 9.9 %
2014
& beyond -- -- 0.0
% 6 $21,075
50.5 % 6
$21,075 40.3 % Total
Loans 19 $10,516 100.0 % 18 $41,748 100.0 % 37 $52,264 100.0 %
*As of 12/31/2011, four permanent TDR loans with aggregate
balances of $5.4 million were matured. All four loans have
subsequently been approved for extensions, with settlements
anticipated to occur within 30 days of year end.
Troubled Debt Restructurings
(TDRs)
Migration by Quarter
As of December 31, 2011
(Dollars in thousands)
4/1/09 to
6/30/09
7/1/09 to
9/30/09
10/1/09 to
12/31/09
1/1/10 to
3/31/10
4/1/10 to
6/30/10
7/1/10 to
9/30/10
10/1/10 to
12/31/10
Period Beginning Balance -- $ 33,309 $ 37,425 $ 71,885 $
80,993 $ 96,976 $ 105,617
Additions: New Loans Added
$ 33,309 $ 5,226 $ 37,663 $ 23,477 $ 21,720 $ 12,698 $ 12,377 Loan
Advances
--
974
348 219
472 220
531 Subtotal Additions: $ 33,309
$ 6,200 $ 38,011 $ 23,696 $ 22,192 $ 12,918 $ 12,908
Deductions: Sales Proceeds -- $ 944 $ 1,783 $ 1,218 $ 761 --
$ 125 Payments -- 317 174 50 1,202 1,138 433 Reviews -- -- 229 75
3,714 2,468 -- Upgrades -- -- -- -- -- -- 11,000 Partial C/Os
w/Continuing TDRs -- -- -- -- -- -- -- Charge-offs w/Loans Sold or
Settled -- -- 56 -- -- -- -- Transfers to NPA
-- 823
1,309 13,245
532 671
3,971 Subtotal Deductions: -- $ 2,084 $ 3,551 $
14,588 $ 6,209 $ 4,277 $ 15,529
Net Increase /
(Decrease) $ 33,309 $ 4,116 $ 34,460 $ 9,108 $ 15,983 $ 8,641
($ 2,621 )
% Increase / (Decrease) from Preceding
Period 12.4 % 92.1 % 12.7 % 19.7 % 8.9 % (2.5 %)
Period Ended Balance $ 33,309 $ 37,425 $ 71,885 $ 80,993 $
96,976 $ 105,617 $ 102,996
1/1/11 to
3/31/11
4/1/11 to
6/30/11
7/1/11 to
9/30/11
10/1/11 to
12/31/11
TOTAL Period Beginning Balance $ 102,996
$ 91,876 $ 81,070 $ 71,686
Additions: New Loans Added
$ 3,188 $ 116 $ 984 $ 753 $ 151,511 Loan Advances
486 197
53 40
3,540 Subtotal Additions: $ 3,674 $ 313 $ 1,037
$ 793 $ 155,051
Deductions: Sales Proceeds $ 367 $
126 $ 4,597 $ 6,168 $ 16,089 Payments 1,989 1,715 532 990 8,540
Reviews 5,731 640 4,292 10,111 27,260 Upgrades -- -- -- -- 11,000
Partial C/Os w/Continuing TDRs 5,656 3,000 -- -- 8,656 Charge-offs
w/Loans Sold or Settled 251 2,946 3,253 Transfers to NPA
800 5,638
1,000 --
27,989 Subtotal Deductions: $ 14,794 $ 11,119 $
10,421 $ 20,215 $ 102,787
Net Increase / (Decrease)
($ 11,120 ) ($10,806 ) ($9,384 ) ($19,422 )
% Increase /
(Decrease) from Preceding Period (10.8 %) (11.8 %) (11.6 %)
(27.1 %)
Period Ended Balance $ 91,876 $ 81,070 $
71,686 $ 52,264 $ 52,264 As of December 31, As
of (Dollars in thousands) 2011 2010 % Change 09/30/11
% Change
Loan Portfolio:
Commercial $ 252,382 $ 218,600 15.5 % $ 229,651 9.9 % Real
estate-one-to-four family residential: Permanent first and second
246,420 269,514 -8.6 % 261,171 -5.6 % Home equity loans and lines
126,530 131,397
-3.7 % 125,409
0.9 % Total real estate-one-to-four
family residential $ 372,950 $ 400,911 -7.0 % $ 386,580 -3.5 % Real
estate-multi-family residential 76,506 77,316 -1.0 % 72,472 5.6 %
Real estate-non-farm, non-residential: Owner-occupied 460,773
464,368 -0.8 % 466,432 -1.2 % Non-owner-occupied
672,137 674,448 -0.3
% 659,871 1.9
% Total real estate-non-farm, non-residential $
1,132,910 $ 1,138,816 -0.5 % $ 1,126,303 0.6 % Real
estate-construction: Residential-owner-occupied 14,459 16,819 -14.0
% 12,800 13.0 % Residential-builder 136,658 160,763 -15.0 % 138,921
-1.6 % Commercial
175,300
187,028 -6.3 %
171,922 2.0 % Total real
estate-construction $ 326,417 $ 364,610 -10.5 % $ 323,643 0.9 %
Consumer 8,592 12,557 -31.6 % 8,882 -3.3 % Farmland
2,573 2,418 6.4
% 2,538 1.4
% Total loans $ 2,172,330 $ 2,215,228 -1.9 % $
2,150,069 1.0 % Less unearned income 3,311 3,195 3.6 % 3,622 -8.6 %
Less allowance for loan losses
48,729
62,442 -22.0 %
49,405 -1.4 % Loans, net $
2,120,290 $ 2,149,591 -1.4 % $ 2,097,042 1.1 %
(Dollars in thousands) As of December 31, 2011
Residential,
Acquisition, Development and Construction
By County/Jurisdiction of
Origination:
Total
Outstandings
Percentage
of Total
Non-accrual
Loans
Non-accruals
as a % of
Outstandings
Net charge-
offs as a % of
Outstandings
District of Columbia $ 5,632 3.7 % $ -- -- --
Montgomery, MD -- -- -- -- -- Prince Georges, MD 16,997 11.2 %
10,075 6.7 % 0.7 % Other Counties in MD 3,981 2.6 % -- -- --
Arlington/Alexandria, VA 29,009 19.2 % -- -- 0.3 % Fairfax, VA
40,333 26.7 % 826 0.5 % 0.1 % Culpeper/Fauquier, VA 1,107 0.7 % 362
0.2 % 0.3 % Frederick, VA 3,730 2.5 % 3,730 2.5 % 1.7 % Loudoun, VA
16,721 11.1 % 822 0.5 % 0.8 % Prince William, VA 7,780 5.1 % -- --
0.8 % Spotsylvania, VA 174 0.1 % -- -- -- Stafford, VA 20,476 13.5
% 2,664 1.8 % -- Other Counties in VA 2,013 1.3 % -- -- -- Outside
VA, D.C. & MD
3,164 2.1
% -- --
-- $ 151,117 100.0 % $ 18,479 12.2 % 4.6 %
(Dollars in thousands) As of December 31, 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 $ 2,250 1.3 % $ -- -- -- Montgomery, MD 1,835 1.0 % -- --
-- Prince Georges, MD 12,490 7.1 % -- -- -- Other Counties in MD
2,192 1.3 % -- -- -- Arlington/Alexandria, VA 6,800 3.9 % 641 0.4 %
0.5 % Fairfax, VA 26,974 15.4 % 2,800 1.6 % -- Culpeper/Fauquier,
VA 3,020 1.7 % -- -- -- Frederick, VA 4,068 2.3 % -- -- -- Henrico,
VA 905 0.5 % -- -- -- Loudoun, VA 23,034 13.1 % -- -- 2.6 % Prince
William, VA 55,960 31.9 % 2,064 1.2 % 1.2 % Spotsylvania, VA 1,740
1.0 % -- -- -- Stafford, VA 28,404 16.2 % -- -- -- Other Counties
in VA 5,628 3.2 % -- -- -- Outside VA, D.C. & MD
-- -- --
-- -- $ 175,300 100.0 % $
5,505 3.1 % 4.3 % (Dollars in thousands) As of
December 31, 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 $ 91,606 8.1 % $ -- -- -- Montgomery, MD 27,211 2.4 % --
-- -- Prince Georges, MD 58,814 5.2 % -- -- -- Other Counties in MD
48,268 4.3 % -- -- -- Arlington/Alexandria, VA 194,333 17.2 % -- --
-- Fairfax, VA 283,801 25.1 % 986 0.1 % -- Culpeper/Fauquier, VA
3,363 0.3 % -- -- -- Frederick, VA 4,304 0.4 % -- -- -- Henrico, VA
22,181 2.0 % -- -- 0.5 % Loudoun, VA 100,107 8.8 % 104 0.0 % 0.2 %
Prince William, VA 196,864 17.4 % 909 0.1 % -- Spotsylvania, VA
18,991 1.7 % -- -- -- Stafford, VA 21,361 1.9 % -- -- -- Other
Counties in VA 52,158 4.6 % -- -- 0.1 % Outside VA, D.C. & MD
9,548 0.8 %
-- -- -- $
1,132,910 100.0 % $ 1,999 0.2 % 0.8 % As of December
31,
As of
(Dollars in thousands) 2011 2010 % Change
09/30/11 % Change
Investment Securities (at book value): Available-for-sale
(AFS): U.S. government agency obligations $ 523,987 $ 310,610 68.7
% $500,872 4.6 % Pooled trust preferred securities 456 430 6.0 %
455 0.2 % Obligations of states and political subdivisions
68,621 63,463 8.1
% 68,143 0.7 %
$ 593,064 $ 374,503 58.4 % $569,470 4.1 % Held-to-maturity (HTM):
U.S. government agency obligations $ 3,763 $ 6,113 -38.4 % $4,260
-11.7 % Obligations of states and political subdivisions
28,129 31,145 -9.7
% 28,835 -2.4 %
$ 31,892 $ 37,258 -14.4 % $33,095 -3.6 % Total Investment
Securities $ 624,956 $ 411,761 51.8 % $602,565 3.7 %
Virginia Commerce Bancorp, Inc. Consolidated Balance Sheets
(Dollars in thousands, except per share data) As of December 31,
(Unaudited) 2011 2010
Assets Cash and
due from banks $31,569 $36,932 Investment securities, AFS (fair
value: 2011, $593,064; 2010, $374,502) 593,064 374,502 Investment
securities, HTM (fair value: 2011, $34,431; 2010, $38,151) 31,892
37,259 Restricted stocks, at cost 11,214 11,751 Federal funds sold
-- 10,455 Interest bearing deposits in other banks 51,000 -- Loans
held-for-sale 18,485 10,049 Loans, net of allowance for loan losses
of $48,729 in 2011 and $62,442 in 2010 2,120,291 2,149,591 Bank
premises and equipment, net 11,413 12,000 Accrued interest
receivable 10,007 10,003
Other real estate owned, net of valuation
allowance of $6,517 in 2011, and $6,782 in 2010
8,925
17,165
Other assets 50,658 71,941 Total assets $2,938,518
$2,741,648
Liabilities and Stockholders’
Equity Deposits Demand deposits $337,937 $264,744
Savings and interest-bearing demand deposits 1,173,568 1,201,288
Time deposits 780,653 781,169 Total deposits $2,292,158
$2,247,201 Securities sold under agreement to repurchase and
federal funds purchased 263,273 152,726 Other borrowed funds 25,000
25,000 Trust preferred capital notes 66,570 66,314 Accrued interest
payable 2,418 2,751 Other liabilities 5,328 2,062 Total
liabilities $2,654,747 $2,496,054
Stockholders’ Equity
Preferred stock, net of discount, $1.00 par, 1,000,000 shares
authorized, Series A; $1,000.00 stated value; 71,000 issued and
outstanding $67,195 $65,445 Common stock, $1.00 par, 50,000,000
shares authorized, issued and outstanding 2011, 30,263,672
including 49,998 in unvested restricted stock issued; 2010,
28,962,935 including 9,335 in unvested restricted stock issued
30,214 28,954 Surplus 111,042 105,056 Warrants 8,520 8,520 Retained
earnings 60,999 39,208 Accumulated other comprehensive income
(loss), net 5,801 (1,589 ) Total stockholders’ equity $283,771
$245,594 Total liabilities and stockholders’ equity
$2,938,518 $2,741,648 Virginia Commerce
Bancorp, Inc. Consolidated Statements of Operations (Dollars in
thousands except per share data) (Unaudited) Three Months
Ended Twelve Months Ended December 31, December 31,
2011 2010 2011
2010
Interest and dividend income:
Interest and fees on loans $ 31,562 $ 33,461 $ 126,706 $
133,599 Interest and dividends on investment securities: Taxable
2,986 2,919 12,163 12,641 Tax-exempt 593 587 2,370 2,043 Dividends
on restricted stocks 95 89 382 356 Interest on federal funds sold
-- 50 152 187 Interest on deposits in other banks 50
-- 71 --
Total interest and dividend income $ 35,286 $ 37,106
$ 141,844 $ 148,826
Interest
expense: Deposits $ 5,860 $ 7,490 $ 26,038 $ 33,462
Securities sold under agreement to
repurchase and federal funds purchased
1,094 990 3,953 4,012 Other borrowed funds 272 271 1,078 1,077
Trust preferred capital notes 958 1,244
3,973 4,946 Total
interest expense $ 8,184 $ 9,995 $ 35,042
$ 43,497
Net interest income $ 27,102 $
27,111 $ 106,802 $ 105,329 Provision for loan losses 3,639
7,056 14,849
20,594 Net interest income after provision for loan
losses $ 23,463 $ 20,055 $ 91,953
$ 84,735
Non-interest income: Service charges
and other fees $ 873 $ 821 $ 3,303 $ 3,376 Non-deposit investment
services commissions 337 302 1,390 831 Fees and net gains on loans
held-for-sale 1,123 1,700 2,922 3,437 Gain on sale of securities --
-- 503 139 Impairment loss on securities -- (128 ) (732 ) (1,647 )
Other 140 126 759
1,485 Total non-interest income $ 2,473
$ 2,821 $ 8,145 $ 7,621
Non-interest expense: Salaries and employee benefits $ 7,411
$ 6,751 $ 27,087 $ 24,990 Occupancy expense 2,420 2,417 9,426 9,951
FDIC insurance 961 1,324 4,355 5,277 Loss on other real estate
owned 62 1,233 1,084 3,924 Franchise tax expense 779 720 3,105
2,875 Data processing expense 722 644 2,664 2,450 Other operating
expense 3,497 3,215
11,994 11,643 Total non-interest
expense $ 15,852 $ 16,304 $ 59,715
$ 61,110 Income before taxes $ 10,084 $ 6,572 $
40,383 $ 31,246 Provision for income taxes 3,362
2,030 13,293 9,706
Net income $ 6,722 $ 4,542 $
27,090 $ 21,540 Effective dividend on
preferred stock $ 1,288 $ 1,251 $ 5,300
$ 5,003
Net income available to common
stockholders $ 5,434 $ 3,291 $ 21,790 $ 16,537 Earnings per
common share, basic $ 0.18 $ 0.11 $ 0.73 $ 0.60 Earnings per common
share, diluted $ 0.18 $ 0.11 $ 0.71 $ 0.57
Virginia Commerce Bancorp, Inc. Consolidated
Average Balances, Yields, and Rates Three Months Ended December 31,
(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) $ 624,178 $ 3,881 2.55 %
$ 406,243 $ 3,506 3.64 % Restricted stock 9,664 95 3.95 % 11,752 89
3.06 % Loans, net of unearned income (2) 2,175,950 31,620 5.77 %
2,241,720 33,461 5.93 % Interest-bearing deposits in other banks
73,678 50 0.27 % 385 0 0.08 % Federal funds sold 0
0 0.00 % 81,314 50 0.24 %
Total interest-earning assets $ 2,883,470 $ 35,646 4.90 % $
2,741,414 $ 37,106 5.41 % Other assets 66,809 71,761
Total Assets $ 2,950,279 $ 2,813,175
Liabilities
and Stockholders’ Equity Interest-bearing deposits: NOW
accounts $ 312,717 $ 364 0.46 % $ 340,856 $ 593 0.69 % Money market
accounts 224,205 405 0.72 % 168,790 454 1.07 % Savings accounts
645,394 1197 0.74 % 713,964 2,283 1.27 % Time deposits
788,742 3,894 1.96 % 794,684
4,160 2.08 % Total interest-bearing deposits $
1,971,058 $ 5,860 1.18 % $ 2,018,294 $ 7,490 1.47 % Securities sold
under agreement to repurchase and federal funds purchased 256,502
1,094 1.69 % 182,480 990 2.15 % Other borrowed funds 25,000 272
4.25 % 25,000 271 4.25 % Trust preferred capital notes
66,536 958 5.64 % 66,281
1,244 7.34 %
Total interest-bearing liabilities $
2,319,096 $ 8,184 1.40 % $ 2,292,055 $ 9,995 1.73 % Demand deposits
and other liabilities 351,128 272,813
Total
liabilities $ 2,670,224 $ 2,564,868 Stockholders’ equity
280,055 248,307
Total liabilities and stockholders’
equity $ 2,950,279 $ 2,813,175 Interest rate spread 3.50 % 3.68
% Net interest income and margin $ 27,462 3.78 % $ 27,111 3.96 %
(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 $1.2 million and $1.0 million for
the three months ended December 31, 2011 and 2010,
respectively.
Virginia Commerce
Bancorp, Inc. Consolidated Average Balances, Yields, and Rates
Twelve Months Ended December 31, (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) $ 499,996 $ 15,733 3.15 % $ 372,480 $ 14,684 4.12 %
Restricted stock $ 11,533 $ 382 3.32 % 11,752 356 3.03 % Loans, net
of unearned income (2) 2,176,439 127,020 5.84 % 2,259,560 133,599
5.92 % Interest-bearing deposits in other banks 27,640 71 0.26 %
249 0 0.09 % Federal funds sold 56,026 152
0.27 % 79,882 187 0.23 %
Total interest-earning assets $ 2,771,634 $ 143,358 5.17 % $
2,723,923 $ 148,826 5.50 % Other assets 79,176 79,140
Total Assets $ 2,850,810 $ 2,803,063
Liabilities
and Stockholders’ Equity Interest-bearing deposits: NOW
accounts $ 318,448 $ 2,139 0.67 % $ 335,716 $ 2,971 0.89 % Money
market accounts 205,058 1,948 0.95 % 157,071 1,872 1.19 % Savings
accounts 665,708 6162 0.93 % 663,479 9,759 1.47 % Time deposits
782,435 15,789 2.02 % 882,832
18,860 2.14 % Total interest-bearing deposits
$ 1,971,649 $ 26,038 1.32 % $ 2,039,098 $ 33,462 1.64 % Securities
sold under agreement to repurchase and federal funds purchased
200,199 3,953 1.97 % 183,338 4,012 2.19 % Other borrowed funds
25,000 1,078 4.31 % 25,000 1,077 4.31 % Trust preferred capital
notes 66,441 3,973 5.98 % 66,186
4,946 7.47 %
Total interest-bearing
liabilities $ 2,263,289 $ 35,042 1.55 % $ 2,313,622 $ 43,497
1.88 % Demand deposits and other liabilities 322,705
255,871
Total liabilities $ 2,585,994 $ 2,569,493
Stockholders’ equity 264,816 233,570
Total
liabilities and stockholders’ equity $ 2,850,810 $ 2,803,063
Interest rate spread 3.62 % 3.62 % Net interest income and margin $
108,316 3.91 % $ 105,329 3.90 %
(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 $4.2 million and $3.0 million for
the twelve months ended December 31, 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