Exhibit 99

Virginia Commerce Bancorp, Inc. Reports Strong Third Quarter 2012 Earnings and Capital Ratios

ARLINGTON, Va.--(BUSINESS WIRE)--October 25, 2012--Virginia Commerce Bancorp, Inc. (the “Company”), (Nasdaq: VCBI), parent company of Virginia Commerce Bank (the “Bank”), today reported its financial results for the third quarter of 2012.

Third Quarter 2012 Highlights

  • Net Income Available to Common Stockholders and Earnings per Diluted Common Share Increased: Net income available to common stockholders increased to $7.1 million, or $0.21 per diluted common share, for the third quarter of 2012. This represented a 23.5% increase in earnings per diluted common share compared to $0.17 for the third quarter of 2011. Earnings per diluted common share also increased 10.5% sequentially, compared to $0.19 for the second quarter of 2012.
  • Quarterly Return on Average Assets (ROAA) of 1.11% and Return on Average Equity (ROAE) of 10.95%
  • Adjusted Operating Earnings (a non-GAAP measure) Increased: Adjusted operating earnings for the third quarter of 2012 increased to $5.8 million, or $0.17 per diluted common share, compared to $5.2 million, or $0.17 per diluted common share, for the same period in 2011. Adjusted operating earnings also increased $292 thousand, or $0.01 per diluted share, compared to the second quarter of 2012.
  • Asset Quality Stable: Non-performing assets and loans 90+ days past due to total assets sequentially decreased from 2.00% at June 30, 2012, to 1.98% at September 30, 2012.
  • Capital Strength and Book Value per Common Share Growth: Tier 1, total qualifying and tier 1 leverage capital ratios increased to 16.29%, 17.55% and 12.27%, at September 30, 2012, respectively. Tangible common equity improved to 8.08% at September 30, 2012, as compared to 7.79% and 7.17% at June 30, 2012, and September 30, 2011, respectively. The book value per common share increased to $7.63 at September 30, 2012, as compared to $7.39 and $7.03 at June 30, 2012, and September 30, 2011, respectively.

Peter A. Converse, President and Chief Executive Officer, commented, “I’m pleased to report another quarter of strong profitability with earnings per diluted common share of $0.21, up 23.5% year-over-year and 10.5% on a linked quarter basis. As a result, our ROAA of 1.11% and ROAE of 10.95% marked the second consecutive quarter of those profitability metrics exceeding 1.00% and 10.00%, respectively. Additionally, our retained earnings continue to bolster our already robust capital ratios which are well in excess of regulatory defined “well-capitalized” levels, while tangible common equity exceeded 8.00% at quarter-end. On the asset quality front, we made modest progress in continuing to address our remaining problem assets. Greater progress is anticipated in the fourth quarter as problem asset resolutions pending from the third quarter are concluded.”

Converse continued, “The primary headwinds to our performance in the current quarter were net interest margin compression and sequential negative loan growth. We did not anticipate the degree of margin compression at the beginning of the quarter as loan yield and fees declined more than forecasted and excess liquidity was greater than expected. Management believes that the third quarter net interest margin of 3.62% should be close to the low point for the near-term with revised guidance for the fourth quarter of 2012 of 3.60% to 3.70%. Contributing to the third quarter margin compression was a sequential decrease of $10.2 million, or 0.5%, in average net loans, driven primarily by loan run-off exceeding new loan volume and a significant drop in commercial line usage, especially in the government contracting sector. Based on current business development activity and the lending pipeline, we anticipate fourth quarter net loan growth to be more in line with the 1.5% sequential growth experienced in the second quarter of this year.”


The following information was filed by Virginia Commerce Bancorp Inc (VCBI) on Thursday, October 25, 2012 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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