Virginia Commerce Bancorp, Inc. (Nasdaq:VCBI), parent company of
Virginia Commerce Bank (the "Bank"), today reported its financial
results for the fourth quarter and year ended December 31, 2005.
Fourth Quarter 2005 Highlights: -- Net income of $5.6 million
representing a 43.3% increase over fourth quarter 2004 -- Diluted
earnings per share up 42.3% to $0.37 -- Loans increased $82.9
million during the quarter, a 27.9% annualized rate -- Net interest
margin increased 13 basis points over the prior quarter to 4.34% --
$25 million in Trust Preferred Securities issued -- Assets
surpassed $1.5 billion Year 2005 Highlights: -- Net income of $19.7
million representing a 38.2% increase over 2004 -- Diluted earnings
per share up 32.3% to $1.31 -- Assets, loans and deposits up 33.3%,
37.2%, and 28.1% -- Efficiency ratio improved to 46.5% -- ROA and
ROE increased to 1.45% and 19.44% -- Three new branches opened
Peter A. Converse, Chief Executive Officer, commented, "Obviously,
we're delighted to finish another year of record earnings and
strong balance sheet growth with an equally solid fourth quarter.
Considering that we surpassed $1.5 billion in assets by the end of
2005 just after going over $1 billion for the first time in 2004,
is very satisfying and a real credit to our team of dedicated
employees. We're particularly pleased to have improved our returns,
net interest margin and efficiency ratio year-over-year, while
accelerating our branching, adding talent and infrastructure, and
growing deposits in an increasingly competitive market." Converse
continued, "For 2006, we anticipate we will be able to maintain
strong growth and performance by sticking to our core strengths and
further refining products and processes. Recent initiatives in
cross-selling, instant debit card issue and remote capture of
commercial deposits should bear meaningful fruit in 2006. And our
growth certainly should be enhanced with the expected opening of
five more branches during the year, focusing on Loudoun, Prince
William and Fairfax Counties. The first of those branches is
opening this week in Newington (Fairfax County near Springfield),
taking us to a current total of nineteen. I'd say we're already
'off and running' for 2006." SUMMARY REVIEW OF FINANCIAL
PERFORMANCE Net Income Fourth quarter earnings of $5.6 million
increased $1.7 million, or 43.3%, over 2004 fourth quarter earnings
of $3.9 million. On a diluted per share basis, fourth quarter
earnings were $0.37 compared to $0.26 for the fourth quarter of
2004, an increase of 42.3%. For the year ended December 31, 2005,
earnings of $19.7 million represent a 38.2% increase over the $14.2
million earned for the same period in 2004, with diluted earnings
per share of $1.31 increasing 32.3%. The increases in net income
for both the quarter and year-end, were due to a 31.4% and 36.0%
increase in net interest income, a 41.0% and 15.9% increase in
non-interest income and continued strong expense control. Net
Interest Income Net interest income for the fourth quarter of $15.8
million was up 31.4%, compared with $12.1 million for the same
quarter last year, due to strong loan growth and a four basis point
increase in the net interest margin from 4.30% in the fourth
quarter of 2004, to 4.34% for the current three-month period. For
the year, net interest income of $56.7 million is up 36.0%,
compared to $41.7 million in 2004, again due to strong loan growth
and an increase in the net interest margin from 4.23% in 2004, to
4.30%. Management expects some margin compression in 2006 assuming
no further increases in the prime rate after the first quarter, a
generally flat yield curve, and further competitive pressure on
interest-bearing deposit rates. Nonetheless, the margin should
remain comfortably above 4.00%. Non-Interest Income Non-interest
income for the fourth quarter of $2.0 million increased $586
thousand, or 41.0%, from $1.4 million for the same period in 2004,
and increased by $917 thousand, or 26.2%, from $5.8 million in
2004, to $6.7 million in 2005. Fees from lockbox operations and
overdrafts contributed to significant increases in service charge
revenue for both periods, while fees and net gains on mortgage
loans held-for-sale remained steady. It is expected that
non-interest income will be lower in the first quarter of 2006 with
reduced levels of fees from lockbox operations and somewhat lower
fees and net gains from mortgage lending activities due to seasonal
fluctuation. However, overall in 2006, non-interest income should
improve marginally over 2005 levels. Non-Interest Expense
Non-interest expense increased $1.7 million, or 26.0%, from $6.6
million in the fourth quarter of 2004, to $8.3 million in the
current period, and increased $6.7 million, or 29.2%, from $22.8
million in 2004, to $29.5 million for the year ended December 31,
2005. Increases since 2004 were due to the opening of five new
branch locations, the hiring of additional loan officers, higher
levels of incentive compensation associated with loan growth and
other staffing and facilities expansion. However, earnings growth
as well as containment of the expenses associated with accelerated
branching and facilities expansion, resulted in the efficiency
ratio improving from 48.8% in 2004, to 46.5% in 2005. On a linked
quarter basis, non-interest expense for the fourth quarter
increased $890 thousand, or 12.0%, due mostly to higher incentive
compensation and a one-time charge of $161 thousand associated with
the acceleration of all unvested stock option grants to Company
officers and directors. Loans Since December 31, 2004, loans, net
of allowance for loan losses, have increased $344.5 million, or
37.2 %, from $925.8 million to $1.3 billion. Growth occurred in all
categories, with real estate construction loans and non-farm,
non-residential real estate loans reflecting the largest dollar
increases, while commercial loans increased 37.8% year-over-year.
For the three months ended December 31, 2005, loans were up $82.9
million, or 7.0%, again with most of the growth concentrated in the
Company's niche lending area of real estate construction and
non-farm, non-residential real estate. The Company expects loan
growth will continue to be strong in 2006. Deposits Over the past
twelve months, deposits have increased $272.5 million, or 28.1%,
from $971.0 million to $1.2 billion, with demand deposits
increasing $40.4 million, savings and interest-bearing demand
deposits increasing $17.2 million, and time deposits growing by
$214.9 million. For the three months ended December 31, 2005,
deposits were up $11.9 million with a slight decline in demand
deposits, a $12.0 million increase in savings and interest-bearing
demand deposits, and a $5.5 million increase in time deposits. The
growth in both demand and time deposits in 2005 was highly
concentrated in the first half of the year with many new title
company demand accounts opened and several certificate of deposit
promotions implemented to help fund strong loan demand. In the
second half of the year, demand balances declined as title company
accounts experienced lower levels of activity while time deposit
growth slowed, as fewer promotions were run and several large CDs
closed due to reasons unrelated to interest rates or service
issues. Repurchase Agreements and Federal Funds Purchased With loan
growth outpacing deposit growth for both the year and the fourth
quarter, the resulting funding gap was bridged with increases in
repurchase agreements and Fed funds of $58.6 million and $25.4
million, respectively, or 110.1% and 29.4%. Trust Preferred
Securities On December 20, 2005, the Company completed the private
placement of an aggregate of $25 million of trust preferred
securities through VCBI Capital Trust III, a newly formed trust
subsidiary organized under Delaware law. The securities mature on
February 23, 2036, and are redeemable at par, at the Company's
option, at any time on or after February 23, 2011, subject to
regulatory approval. The securities are redeemable prior to
February 23, 2011, at a premium ranging up to 104% of the principal
amount thereof, upon the occurrence of certain regulatory or legal
events. The securities bear interest on a quarterly basis, at a
6.19% fixed rate until February 23, 2011, at which time the
interest rate becomes a variable rate, adjusted quarterly, equal to
142 basis points over three-month LIBOR. The proceeds from this
issuance were used to supplement the Company's capital for
continued growth and other general corporate purposes. Asset
Quality Non-performing assets and past due loans increased from
$1.2 million at December 31, 2004, to $2.0 million as of December
31, 2005, and decreased by $901 thousand from $2.9 million at
September 30, 2005. This total of $2.0 million in non-performing
assets includes one loan for $1.8 million which is well-secured by
real estate. The provision for loan losses was $960 thousand for
the fourth quarter of 2005 compared to $984 thousand in 2004, and
as compared to $950 thousand in the third quarter of 2005. For the
year, provisions were $3.8 million versus $3.0 million in 2004.
These provisions are consistent with the level of loan growth,
changes in the level of non-performing assets, and $352 thousand in
net charge-offs in 2005, of which $334 thousand occurred in the
fourth quarter. Stockholders' Equity Stockholders' equity increased
$20.5 million, or 22.4%, from $91.3 million at December 31, 2004,
to $111.8 million at December 31, 2005, due to earnings growth and
$1.7 million in net proceeds and tax benefits from the exercise of
options and warrants by company directors, officers and employees.
On May 9, 2005, a five-for-four split in the form of a 25% stock
dividend was paid, increasing the number of shares outstanding by
2,797,374. As a result of the stock dividend and exercise of
options and warrants, total shares outstanding as of year-end were
14,049,602. On December 29, 2005, the Company approved the
acceleration of the vesting of all unvested stock options awarded
through December 15, 2005, including options held by executive
officers and directors. As a result of this action, options to
purchase 372,520 shares of common stock became exercisable
effective December 30, 2005. This acceleration will allow the
Company to eliminate the recognition of a total of approximately
$2.3 million in after-tax compensation expense from January 2006
through December 2009, upon the adoption of FASB Statement No. 123R
in January 2006. Further, the Company recorded a one-time after-tax
charge in the fourth quarter of 2005 of $161 thousand due to this
event. The Company believes reducing the impact of FASB 123R on
earnings over the remaining vesting period of the stock options is
in the best interests of the Company's stockholders. All other
terms of each stock option award remain unchanged. The Company will
continue to grant options in 2006 and as a result anticipates
recognizing approximately $350 thousand in after-tax compensation
expense. CONFERENCE CALL Virginia Commerce Bancorp will host a
teleconference call for the financial community on January 19,
2006, at 11:00 a.m. Eastern Standard Time to discuss the fourth
quarter and year-end 2005 financial results. The public is invited
to listen to this conference call by dialing 866-847-7863 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 19,
2006, until 11:59 p.m. Eastern Standard Time on January 26, 2005.
The public is invited to listen to this conference call replay by
dialing 888-266-2081 and entering access code 836278. ABOUT
VIRGINIA COMMERCE BANCORP, INC. Virginia Commerce Bancorp, Inc. is
the parent bank holding company for Virginia Commerce Bank (the
"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 nineteen branch offices, two residential mortgage
offices and one investment services office, principally to
individuals and small to medium-size businesses in Northern
Virginia and the Metropolitan Washington, D.C. area. NON-GAAP
PRESENTATIONS This press release refers to the efficiency ratio,
which is computed by dividing non-interest expense by the sum of
net interest income on a tax equivalent basis and non-interest
income. This is a non-GAAP financial measure that we believe
provides investors with important information regarding our
operational efficiency. Comparison of our efficiency ratio with
those of other companies may not be possible because other
companies may calculate the efficiency ratio differently. The
Company, in referring to its net income, is referring to income
under accounting principals generally accepted in the United
States, or "GAAP". FORWARD LOOKING STATEMENTS This press release
may contain 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
and regarding general economic conditions. In some cases,
forward-looking statements can be identified by use of words such
as "may," "will," "anticipates," "believes," "expects," "plans,"
"estimates," "potential," "continue," "should," and similar words
or phrases. 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
discussion 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. -0-
*T Virginia Commerce Bancorp, Inc. Financial Highlights (Dollars in
thousands, except per share data) (Unaudited) Three Months Ended
December 31, 2005 2004 % Change
------------------------------------ Summary Operating Results:
Interest and dividend income $ 25,091 $ 16,740 49.9% Interest
expense 9,249 4,682 97.5% Net interest and dividend income 15,842
12,058 31.4% Provision for loan losses 960 984 (2.4)% Non-interest
income 2,016 1,430 41.0% Non-interest expense 8,286 6,574 26.0%
Income before income taxes 8,612 5,930 45.2% Net income $ 5,579 $
3,894 43.3% Performance Ratios: Return on average assets 1.49%
1.37% Return on average equity 20.35% 17.26% Net interest margin
4.34% 4.30% Efficiency ratio (1) 46.39% 48.67% Per Share Data: (2)
Net income-basic $ 0.40 $ 0.28 42.9% Net income-diluted $ 0.37 $
0.26 42.3% Average number of shares outstanding: Basic 14,036,405
13,804,194 Diluted 15,038,804 14,956,809 Year Ended December 31,
2005 2004 % Change ------------------------------------ Summary
Operating Results: Interest and dividend income $ 86,478 $ 57,998
49.1% Interest expense 29,811 16,331 82.5% Net interest and
dividend income 56,667 41,667 36.0% Provision for loan losses 3,772
2,989 26.2% Non-interest income 6,676 5,759 15.9% Non-interest
expense 29,466 22,807 29.2% Income before income taxes 30,105
21,630 39.2% Net income $ 19,667 $ 14,229 38.2% Performance Ratios:
Return on average assets 1.45% 1.39% Return on average equity
19.44% 19.28% Net interest margin 4.30% 4.23% Efficiency ratio (1)
46.52% 48.01% Per Share Data: (2) Net income-basic $ 1.40 $ 1.08
29.6% Net income-diluted $ 1.31 $ 0.99 32.3% Average number of
shares outstanding: Basic 14,010,688 13,212,621 Diluted 14,989,143
14,330,169 As of December 31, ------------------------------------
2005 2004 % Change ------------------------------------ Selected
Balance Sheet Data: Loans, net $ 1,270,255 $ 925,782 37.2%
Investment securities 173,053 163,232 6.0% Assets 1,518,425
1,139,353 33.3% Deposits 1,243,506 970,968 28.1% Stockholders'
equity 111,818 91,324 22.4% Book value per share (2) $ 7.96 $ 6.62
20.2% Capital Ratios (% of risk weighted assets): Tier 1 capital:
Company 10.97% 10.89% Bank 8.12% 9.01% Total qualifying capital:
Company 12.42% 11.92% Bank 12.27% 11.82% Asset Quality
Non-performing assets: Impaired loans $ 1,980 $ 1,192 Non-accrual
loans 14 18 Loans 90+ days past due and still accruing 7 --
Troubled debt restructurings -- -- ------------ ------------ Total
non-performing assets, $ 2,001 $ 1,210 past due loans and troubled
debt restructurings to total loans: 0.15% 0.13% to total assets:
0.13% 0.11% Allowance for loan losses to total loans 1.07% 1.11%
Net charge-offs (recoveries) $ 352 $ 44 Net charge-offs to average
loans outstanding 0.03% 0.01% As of December 31,
------------------------------------ 2005 2004 % Change
------------------------------------ Loan Portfolio: Commercial $
122,243 $ 88,725 37.8% Real estate-one-to-four family residential
160,355 125,089 28.2% Real estate-multi-family residential 58,567
43,798 33.7% Real estate-nonfarm, nonresidential 559,866 436,533
28.3% Real estate-construction 380,997 240,469 58.4% Consumer 7,386
5,879 25.6% ------------ ------------ Total loans $ 1,289,414 $
940,493 37.1% Less unearned income 5,338 4,309 23.9% Less allowance
for loan losses 13,821 10,402 32.9% ------------ ------------
Loans, net $ 1,270,255 $ 925,782 37.2% Investment Securities (at
book value): Available-for-sale: U.S. Government Agency obligations
$ 116,624 $ 100,093 16.5% U.S. Treasuries -- 9,930 n/a Domestic
corporate debt obligations 6,043 6,020 0.4% Obligations of states
and political subdivisions 1,352 1,338 1.0% Restricted stock:
Federal Reserve Bank 1,442 1,442 -- Federal Home Loan Bank 2,277
1,761 29.3% Community Bankers' Bank 55 55 -- ------------
------------ ---------- $ 127,793 $ 120,639 5.9% Held-to-maturity:
U.S. Government Agency obligations $ 35,798 $ 33,667 6.3%
Obligations of states and political subdivisions 8,963 8,433 6.3%
Domestic corporate debt obligations 499 493 1.2% ------------
------------ $ 45,260 $ 42,593 6.3% (1) Computed by dividing
non-interest expense by the sum of net interest income on a
tax-equivalent basis using a 35% rate and non-interest income. (2)
Adjusted to give effect to a five-for-four stock split in the form
of a 25% stock dividend in May 2005. Virginia Commerce Bancorp,
Inc. Consolidated Balance Sheets (Dollars in thousands, except per
share data) As of December 31, (Unaudited) 2005 2004 ------------
------------ Assets Cash and due from banks $ 32,607 $ 16,783
Interest-bearing deposits with other banks 1,035 1,009 Securities
(fair value: 2005, $172,102; 2004, $163,477) 173,053 163,232
Federal funds sold -- -- Loans held-for-sale 12,548 9,662 Loans,
net of allowance for loan losses of $13,821 in 2005 and $10,402 in
2004 1,270,255 925,782 Bank premises and equipment, net 7,534 6,692
Accrued interest receivable 6,550 4,105 Other assets 14,843 12,088
------------ ------------ Total assets $ 1,518,425 $ 1,139,353
------------ ------------ Liabilities and Stockholders' Equity
Deposits Demand deposits $ 188,554 $ 148,063 Savings and
interest-bearing demand deposits 349,566 332,385 Time deposits
705,386 490,520 ------------ ------------ Total deposits $
1,243,506 $ 970,968 Securities sold under agreement to repurchase
and federal funds purchased 111,794 53,207 Trust preferred capital
notes 44,344 18,570 Accrued interest payable 3,003 1,555 Other
liabilities 3,960 3,729 Commitments and contingent liabilities --
-- ------------ ------------ Total liabilities $ 1,406,607 $
1,048,029 ------------ ------------ Stockholders' Equity Preferred
stock, $1.00 par, 1,000,000 shares authorized and un-issued $ -- $
-- Common stock, $1.00 par, 20,000,000 shares authorized, issued
and outstanding 2005, 14,049,602; 2004, 11,046,422 14,050 11,046
Surplus 36,066 37,219 Retained earnings 63,239 43,578 Accumulated
other comprehensive loss, net (1,537) (519) ------------
------------ Total stockholders' equity $ 111,818 $ 91,324 Total
liabilities and stockholders' equity $ 1,518,425 $ 1,139,353
------------ ------------ Virginia Commerce Bancorp, Inc.
Consolidated Statements of Income (Dollars in thousands, except per
share data) (Unaudited) Three Months Year Ended Ended December 31,
December 31, ----------------------------------- 2005 2004 2005
2004 ----------------------------------- Interest and dividend
income: Interest and fees on loans $23,161 $15,164 $79,614 $51,814
Interest and dividends on investment securities: Taxable 1,558
1,405 5,726 5,479 Tax-exempt 60 59 238 250 Dividends 51 39 203 124
Interest on deposits with other banks 10 6 30 10 Interest on
federal funds sold 251 67 667 321 -------- -------- --------
-------- Total interest and dividend income $25,091 $16,740 $86,478
$57,998 Interest expense: Deposits $ 8,075 $ 4,258 $26,432 $15,100
Securities sold under agreement to repurchase and federal funds
purchased 749 173 1,710 325 Other borrowed funds 49 11 423 15 Trust
preferred capital notes 376 240 1,246 891 -------- --------
-------- -------- Total interest expense $ 9,249 $ 4,682 $29,811
$16,331 Net interest income: $15,842 $12,058 $56,667 $41,667
Provision for loan losses 960 984 3,772 2,989 -------- --------
-------- -------- Net interest income after provision for loan
losses $14,882 $11,074 $52,895 $38,678 Non-interest income: Service
charges and other fees $ 1,013 $ 435 $ 2,553 $ 1,749 Non-deposit
investment services commissions 124 104 456 427 Fees and net gains
on loans held-for-sale 794 810 3,306 3,229 Other 85 81 361 354
-------- -------- -------- -------- Total non-interest income $
2,016 $ 1,430 $ 6,676 $ 5,759 Non-interest expense: Salaries and
employee benefits $ 4,898 $ 3,973 $17,321 $13,478 Occupancy expense
1,268 876 4,479 3,240 Data processing expense 432 340 1,553 1,314
Other operating expense 1,688 1,385 6,113 4,775 -------- --------
-------- -------- Total non-interest expense $ 8,286 $ 6,574
$29,466 $22,807 Income before taxes on income $ 8,612 $ 5,930
$30,105 $21,630 Provision for income taxes 3,033 2,036 10,438 7,401
-------- -------- -------- -------- Net Income $ 5,579 $ 3,894
$19,667 $14,229 Earnings per common share, basic (1) $ 0.40 $ 0.28
$ 1.40 $ 1.08 Earnings per common share, diluted (1) $ 0.37 $ 0.26
$ 1.31 $ 0.99 (1) Adjusted to give effect to a five-for-four stock
split in the form of a 25% stock dividend in May 2005. Virginia
Commerce Bancorp, Inc. Consolidated Average Balances, Yields, and
Rates Three Months Ended December 31, (Unaudited) 2005
---------------------------------- Interest Average Average Income-
Yields (Dollars in thousands) Balance Expense /Rates
---------------------------------- Assets Securities (1) $ 174,631
$ 1,669 3.86% Loans, net of unearned income (2) 1,249,704 23,161
7.25% Interest-bearing deposits in other banks 1,030 10 3.99%
Federal funds sold 25,925 251 3.79%
---------------------------------- Total interest-earning assets
$1,451,290 $ 25,091 6.86% Other assets 38,289 ----------- Total
Assets $1,489,579 ----------- Liabilities and Stockholders' Equity
Interest-bearing deposits: NOW accounts $ 205,615 $ 872 1.68% Money
market accounts 121,961 635 2.06% Savings accounts 20,591 28 0.54%
Time deposits 720,308 6,540 3.60%
---------------------------------- Total interest-bearing deposits
$1,068,475 $ 8,075 3.00% Securities sold under agreement to
repurchase and federal funds purchased 89,250 749 3.33% Other
borrowed funds 4,565 49 4.24% Trust preferred capital notes 21,261
376 6.91% ---------------------------------- Total interest-bearing
liabilities $1,183,551 $ 9,249 3.10% Demand deposits and other
liabilities 197,252 ----------- Total liabilities $1,380,803
Stockholders' equity 108,776 ----------- Total liabilities and
stockholders' equity $1,489,579 ----------- Interest rate spread
3.76% Net interest income and margin $ 15,842 4.34% 2004
---------------------------------- Interest Average Average Income-
Yields (Dollars in thousands) Balance Expense /Rates
---------------------------------- Assets Securities (1) $ 168,048
$ 1,503 3.62% Loans, net of unearned income (2) 908,752 15,164
6.53% Interest-bearing deposits in other banks 1,006 6 2.31%
Federal funds sold 17,458 67 1.52%
---------------------------------- Total interest-earning assets
$1,095,264 $ 16,740 6.00% Other assets 29,400 ----------- Total
Assets $1,124,664 ----------- Liabilities and Stockholders' Equity
Interest-bearing deposits: NOW accounts $ 206,597 $ 682 1.31% Money
market accounts 122,652 439 1.42% Savings accounts 21,118 29 0.55%
Time deposits 458,348 3,108 2.69%
---------------------------------- Total interest-bearing deposits
$ 808,715 $ 4,258 2.09% Securities sold under agreement to
repurchase and federal funds purchased 47,351 173 1.45% Other
borrowed funds 1,718 11 2.51% Trust preferred capital notes 18,000
240 5.22% ---------------------------------- Total interest-bearing
liabilities $ 875,784 $ 4,682 2.12% Demand deposits and other
liabilities 159,366 ----------- Total liabilities $1,035,150
Stockholders' equity 89,514 ----------- Total liabilities and
stockholders' equity $1,124,664 ----------- Interest rate spread
3.88% Net interest income and margin $ 12,058 4.30% (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
$1.1 million and $982 thousand for the three months ended December
31, 2005, and 2004, respectively. Virginia Commerce Bancorp, Inc.
Consolidated Average Balances, Yields, and Rates Year Ended
December 31, (Unaudited) 2005 ----------------------------------
Interest Average Average Income- Yields (Dollars in thousands)
Balance Expense /Rates ---------------------------------- Assets
Securities (1) $ 168,733 $ 6,167 3.70% Loans, net of unearned
income (2) 1,128,801 79,614 7.05% Interest-bearing deposits in
other banks 1,020 30 2.95% Federal funds sold 19,599 667 3.40%
---------------------------------- Total interest-earning assets
$1,318,153 $ 86,478 6.57% Other assets 35,800 ----------- Total
Assets $1,353,953 ----------- Liabilities and Stockholders' Equity
Interest-bearing deposits: NOW accounts $ 207,053 $ 3,422 1.65%
Money market accounts 110,623 1,988 1.80% Savings accounts 20,497
112 0.55% Time deposits 633,572 20,910 3.30%
---------------------------------- Total interest-bearing deposits
$ 971,745 $ 26,432 2.72% Securities sold under agreement to
repurchase and federal funds purchased 63,342 1,710 2.70% Other
borrowed funds 13,759 423 3.07% Trust preferred capital notes
18,822 1,246 6.62% ---------------------------------- Total
interest-bearing liabilities $1,067,668 $ 29,811 2.79% Demand
deposits and other liabilities 185,134 ----------- Total
liabilities $1,252,802 Stockholders' equity 101,151 -----------
Total liabilities and stockholders' equity $1,353,953 -----------
Interest rate spread 3.78% Net interest income and margin $ 56,667
4.30% 2004 ---------------------------------- Interest Average
Average Income- Yields (Dollars in thousands) Balance Expense
/Rates ---------------------------------- Assets Securities (1) $
159,833 $ 5,853 3.71% Loans, net of unearned income (2) 798,195
51,814 6.49% Interest-bearing deposits in other banks 447 10 2.23%
Federal funds sold 27,748 321 1.16%
---------------------------------- Total interest-earning assets $
986,223 $ 57,998 5.89% Other assets 36,455 ----------- Total Assets
$1,022,678 ----------- Liabilities and Stockholders' Equity
Interest-bearing deposits: NOW accounts $ 209,617 $ 2,789 1.33%
Money market accounts 119,963 1,667 1.39% Savings accounts 20,255
111 0.55% Time deposits 395,718 10,533 2.66%
---------------------------------- Total interest-bearing deposits
$ 745,553 $ 15,100 2.03% Securities sold under agreement to
repurchase and federal funds purchased 39,962 325 0.81% Other
borrowed funds 733 15 2.00% Trust preferred capital notes 18,000
891 4.95% ---------------------------------- Total interest-bearing
liabilities $ 804,248 $ 16,331 2.03% Demand deposits and other
liabilities 144,617 ----------- Total liabilities $ 948,865
Stockholders' equity 73,813 ----------- Total liabilities and
stockholders' equity $1,022,678 ----------- Interest rate spread
3.86% Net interest income and margin $ 41,667 4.23% (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
$4.0 million and $2.8 million for the year ended December 31, 2005,
and 2004, respectively. *T
Virginia Commerce Bancorp (MM) (NASDAQ:VCBI)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Virginia Commerce Bancorp (MM) (NASDAQ:VCBI)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024