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Virginia Commerce Bancorp, Inc. Reports Significantly Improved Results In 2010
ARLINGTON, Va.--(BUSINESS WIRE)--January 20, 2011--Virginia Commerce Bancorp, Inc. (the “Company”), (Nasdaq: VCBI), parent company of Virginia Commerce Bank (the “Bank”), today reported net income to common stockholders of $3.3 million, or $0.11 per diluted common share, for the fourth quarter of 2010, compared with net income to common stockholders of $2.9 million, or $0.11 per diluted common share, for the same period in 2009. For the year ended December 31, 2010, the Company reported net income to common stockholders of $16.5 million, or $0.57 per diluted common share, compared to a net loss to common stockholders of $37.9 million, or $1.42 per diluted common share, for the year ended December 31, 2009. Higher net interest income, higher non-interest income and lower loan loss provisions drove the year-over-year improvement in earnings, while non-performing assets (“NPAs”) and loans 90+ days past due declined from $98.1 million at December 31, 2009, to $74.6 million as of December 31, 2010.
Peter A. Converse, President and Chief Executive Officer, commented, “It is gratifying to conclude 2010 with meaningful progress in earnings and asset quality. This represents a turnaround year for Virginia Commerce in contrast to our disappointing performance in 2009. Net income to common stockholders this past year of $16.5 million represented a significant improvement over the $37.9 million loss to common stockholders in 2009. Similarly, we have made great strides in reducing NPAs and loans 90+ days past due by more than 50% from their peak of $162.1 million as of March 31, 2009, to $74.6 million at year-end 2010.”
“While we have made good progress and it is satisfying, we still have our work cut out for us in 2011. We plan to again reduce NPAs significantly this year. Barring unforeseen circumstances and negative market forces, our strong core operating earnings should enable the absorption of credit and OREO costs in pursuit of this goal and still allow for continued earnings improvement. The progress we expect in 2011 should position Virginia Commerce to achieve even stronger performance in 2012.”
Converse continued, “Our plans in 2011 also involve getting back on a growth track, especially in lending. Despite economic, market and asset quality impediments to loan growth for most banks over the last two years, it is anticipated that the climate will be improving this year. Accordingly, we are taking measures to position ourselves for greater loan production that involve strategic hiring, focused marketing, increased calling efforts and restructuring sales management.”
Converse concluded, “It is also clear that net income to common stockholders will improve measurably when we are able to pay off our $71 million in TARP funding. While we could choose to earn our way out of TARP through retained earnings over the next two plus years, it is also an option to pay it off as early as the second half of this year through an equity offering. This decision will largely be dependent on satisfactory appreciation in our stock price and the prerequisite regulatory approval.”
The following information was filed by Virginia Commerce Bancorp Inc (VCBI) on Thursday, January 20, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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