Virginia Commerce Bancorp (VCBI, Financial) filed Quarterly Report for the period ended 2010-06-30.
Virginia Commerce Bancorp has a market cap of $170 million; its shares were traded at around $6.31 with and P/S ratio of 1.1.
Total assets increased $101.5 million, or 3.7%, from $2.73 billion at December 31, 2009, to $2.83 billion at June 30, 2010, as total deposits grew $84.8 million, or 3.8%, from $2.23 billion to $2.31 billion. Loans, net of allowance for loan losses, were down $22.2 million, or 1.0%, with non-farm, non-residential real estate loans up $15.0 million, construction loans down $49.3 million, one-to-four family residential real estate loans up $12.9 million, and commercial loans down $20.5 million. Year-to-date loan production has been negatively impacted by lower economic activity and demand in both the business and consumer sectors, a reallocation of lending personnel to problem loan identification and resolution and a strategic decision to moderate overall loan growth, restrict acquisition, development and construction lending and focus on deposit generation and non-credit products. Lending efforts are being focused on building greater market share in commercial and industrial lending, especially in sectors forecast for growth, such as government contract lending and select service industries, with strategic hiring, marketing campaigns and calling efforts.
Total deposit growth of $84.8 million included an increase in demand deposits of $14.9 million, or 6.2%, from $239.6 million at December 31, 2009, to $254.5 million at June 30, 2010, an increase in interest-bearing demand deposits of $209.8 million, or 21.3%, and a decrease in time deposits of $139.9 million, or 13.9%. The majority of the Banks deposits are attracted from individuals and businesses in the Northern Virginia and the Metropolitan
As noted, for the six months ended June 30, 2010, the Company recorded net income to common stockholders of $7.5 million as compared to a net loss of $9.6 million for the six months ended June 30, 2009, as net interest income increased $8.3 million, or 19.4%, non-interest income decreased $4.1 million, and non-interest expense rose $908 thousand or 3.4%, and provisions for loan losses were down $23.4 million. The Companys annualized return on average assets and return on average equity were 0.72% and 9.01% for the current six month period compared to a negative 0.56% and 6.11% for the six months ended June 30, 2009.
For the three months ended June 30, 2010, the Company recorded a net income to common stockholders of $4.3 million compared to a net loss of $6.4 million for the same period in 2009 as net interest income rose $4.2 million, or 19.2%, non-interest income decreased $1.9 million, non-interest expense increased $142 thousand, or 1.0%, and provisions for loan losses were down $14.2 million. The return on average assets and return on average equity were a 0.79% and 9.82% for the three months ended June 30, 2010, compared to a negative 0.77% and 8.36% for the same period in 2009.
Stockholders equity increased $11.4 million, or 5.2%, from $218.9 million at December 31, 2009, to $230.3 million at June 30, 2010, with net income to common stockholders of $7.5 million and a $2.5 million increase in other comprehensive income related to the investment securities portfolio, and $668 thousand in proceeds and tax benefits related to the exercise of options by company directors and officers, and stock option expense credits. As a result of these changes and a lower level of risk-weighted assets, the Companys Tier 1 Capital ratio increased from 11.48% at December 31, 2009, to 12.13% at June 30, 2010, and its total qualifying capital ratio increased from 12.73% to 13.38%. The Banks ratios increased by similar levels.
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Virginia Commerce Bancorp has a market cap of $170 million; its shares were traded at around $6.31 with and P/S ratio of 1.1.
Highlight of Business Operations:
For the three months ended June 30, 2010, the Company recorded net income of $5.6 million. After an effective dividend of $1.3 million to the U.S. Treasury on preferred stock, the Company reported net income to common stockholders of $4.3 million, or $0.15 per diluted common share, compared to a net loss to common stockholders of $6.4 million, or $0.24 per diluted common share, in the second quarter of 2009. For the six months ended June 30, 2010, the Company reported net income to common stockholders of $7.5 million, or $0.26 per diluted common share, compared to a net loss to common stockholders of $9.6 million, or $0.36 per diluted common share, for the same period in 2009. Earnings improvement for both the three-and six-month periods were attributable to lower provisions for loan losses and a higher net interest margin. Earnings for the three months ended June 30, 2010 were also impacted by a $1.1 million loss on OREO and an impairment loss on securities of $668 thousand. Excluding taxes, loan loss provisions and the losses on OREO owned and securities, core operating earnings for the three months ended June 30, 2010, of $14.2 million were up $3.7 million, or 36.1%, compared to $10.5 million for the same period in 2009.Total assets increased $101.5 million, or 3.7%, from $2.73 billion at December 31, 2009, to $2.83 billion at June 30, 2010, as total deposits grew $84.8 million, or 3.8%, from $2.23 billion to $2.31 billion. Loans, net of allowance for loan losses, were down $22.2 million, or 1.0%, with non-farm, non-residential real estate loans up $15.0 million, construction loans down $49.3 million, one-to-four family residential real estate loans up $12.9 million, and commercial loans down $20.5 million. Year-to-date loan production has been negatively impacted by lower economic activity and demand in both the business and consumer sectors, a reallocation of lending personnel to problem loan identification and resolution and a strategic decision to moderate overall loan growth, restrict acquisition, development and construction lending and focus on deposit generation and non-credit products. Lending efforts are being focused on building greater market share in commercial and industrial lending, especially in sectors forecast for growth, such as government contract lending and select service industries, with strategic hiring, marketing campaigns and calling efforts.
Total deposit growth of $84.8 million included an increase in demand deposits of $14.9 million, or 6.2%, from $239.6 million at December 31, 2009, to $254.5 million at June 30, 2010, an increase in interest-bearing demand deposits of $209.8 million, or 21.3%, and a decrease in time deposits of $139.9 million, or 13.9%. The majority of the Banks deposits are attracted from individuals and businesses in the Northern Virginia and the Metropolitan
As noted, for the six months ended June 30, 2010, the Company recorded net income to common stockholders of $7.5 million as compared to a net loss of $9.6 million for the six months ended June 30, 2009, as net interest income increased $8.3 million, or 19.4%, non-interest income decreased $4.1 million, and non-interest expense rose $908 thousand or 3.4%, and provisions for loan losses were down $23.4 million. The Companys annualized return on average assets and return on average equity were 0.72% and 9.01% for the current six month period compared to a negative 0.56% and 6.11% for the six months ended June 30, 2009.
For the three months ended June 30, 2010, the Company recorded a net income to common stockholders of $4.3 million compared to a net loss of $6.4 million for the same period in 2009 as net interest income rose $4.2 million, or 19.2%, non-interest income decreased $1.9 million, non-interest expense increased $142 thousand, or 1.0%, and provisions for loan losses were down $14.2 million. The return on average assets and return on average equity were a 0.79% and 9.82% for the three months ended June 30, 2010, compared to a negative 0.77% and 8.36% for the same period in 2009.
Stockholders equity increased $11.4 million, or 5.2%, from $218.9 million at December 31, 2009, to $230.3 million at June 30, 2010, with net income to common stockholders of $7.5 million and a $2.5 million increase in other comprehensive income related to the investment securities portfolio, and $668 thousand in proceeds and tax benefits related to the exercise of options by company directors and officers, and stock option expense credits. As a result of these changes and a lower level of risk-weighted assets, the Companys Tier 1 Capital ratio increased from 11.48% at December 31, 2009, to 12.13% at June 30, 2010, and its total qualifying capital ratio increased from 12.73% to 13.38%. The Banks ratios increased by similar levels.
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