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, 2007.
Fourth Quarter 2007 Highlights: Net income of $5.6 million
representing a 12.8% decrease over fourth quarter 2006 Diluted
earnings per share down 8.0% to $0.23 Assets, loans and deposits up
5.0%, 6.0%, and 3.5%, sequentially Total non-performing loans and
loans past due 90+ days finished at 0.19% of total assets Year 2007
Highlights: Net income of $25.8 million representing a 5.2%
increase over 2006 Diluted earnings per share up 6.1% to $1.04
Assets, loans and deposits up 20.0%, 18.1%, and 16.4% Net
charge-offs of 0.01% Efficiency ratio of 47.8% Four new branches
opened Peter A. Converse, Chief Executive Officer, commented,
�Although our fourth quarter earnings didn�t represent a strong
finish by historical standards, we are pleased with our overall
performance for the quarter and especially the year in light of a
very challenging banking environment. Despite our unwavering
commitment to prudent loan underwriting, our strong risk management
and problem loan identification processes, and a very experienced
lending team, the weakened local housing market resulted in some
deterioration in a few residential-related credits. The loan loss
reserve increase attributable to those credits was the primary
cause for the reduced fourth quarter earnings. Nonetheless, our
balance sheet growth for the year was robust, earnings increased to
a record level year-over-year, our efficiency ratio remained in the
high forties and net loan charge-offs were 0.01%.� Converse
continued, �We are not out of the woods yet relative to our
operating environment and we anticipate 2008 to represent a
continuation of very challenging market conditions. We will
persevere by continuing to focus on our core strengths and look
forward to growing our franchise with opportunistic branching in
select markets. In 2007, we opened four branches, including our
entry into high-growth Loudoun County with two of those four new
locations. We also took advantage of an in-fill opportunity in
Centreville, our ninth Fairfax County location, and extended our
border to the south with our first branch in Fredericksburg. In the
first half of this year, we�will add three more branches in key
locations. We will add a second Fredericksburg and a third Loudoun
County branch as we build our reach and visibility in those
markets. We will also fill a void in our coverage inside the
beltway with a branch in Falls Church.� SUMMARY REVIEW OF FINANCIAL
PERFORMANCE Net Income Fourth quarter earnings of $5.6 million were
down $825 thousand, or 12.8%, over 2006 fourth quarter earnings of
$6.4 million. On a diluted per share basis, fourth quarter earnings
were $0.23 compared to $0.25 for the fourth quarter of 2006, a
decrease of 8.0%. For the year ended December 31, 2007, earnings of
$25.8 million represents a 5.2% increase over the $24.5 million
earned in 2006, with diluted earnings per share of $1.04 increasing
6.1%. Earnings for the three months ended December 31, 2007, were
negatively impacted by higher loan loss provisions due to overall
loan portfolio growth and due to increases in the level of
nonperforming loans, loans 90+ days past due, and other identified
potential problem loans. Results for the year included a 9.2%
increase in net interest income, a 7.6% increase in non-interest
income, an efficiency ratio of 47.8% and a return on average assets
and return on average equity of 1.21% and 16.75%, respectively. Net
Interest Income Net interest income for the fourth quarter of $19.7
million was up 10.5%, compared with $17.8 million for the same
quarter last year, as strong growth in interest-earning assets,
particularly loans, offset a thirty one basis point decline in the
net interest margin from 3.84% in the fourth quarter of 2006 to
3.53% for the current three-month period. For the year, net
interest income of $75.2 million was up 9.2%, compared to $68.8
million in 2006, again due to strong growth in interest-earning
assets as the net interest margin declined from 4.07% in 2006 to
3.65% in 2007. The declines in the net interest margin continue to
be primarily the result of significantly higher short-term rates on
savings, money market and time deposit accounts, a continuing shift
of funds from lower rate interest-bearing checking accounts to
higher rate accounts, and ongoing strong competition for deposits
in the local market. These factors resulted in a forty six basis
point increase in the cost of interest-bearing liabilities
year-over-year, while the Company�s yield on interest-earning
assets rose five basis points. Despite a 100 basis point decline in
the prime rate since September 18, 2007, on a sequential basis the
margin was down only five basis points from 3.58% in the third
quarter of 2007, as the Bank was able to offset a twenty-five basis
point drop in yield on its loan portfolio with higher yields on
securities and lower rates on interest-bearing deposits. Management
expects that further declines in the prime rate in early 2008 can
also be somewhat offset with lower deposit rates as over $800
million of the Bank�s $1.1 billion in time deposits mature and are
replaced with lower rate liabilities over the next six months.
However, with the FOMCs 75 basis point decrease yesterday and
potential near-term decreases, management now anticipates the
margin to range from 3.30% to 3.55% for the foreseeable future.
Non-Interest Income Non-interest income for the fourth quarter of
$1.8 million was down $213 thousand, or 10.4%, compared to the same
period in 2006, and was up $560 thousand, or 7.6%, from $7.3
million in 2006 to $7.9 million in 2007. Fees and net gains on
mortgage loans held-for-sale were down $334 thousand in the fourth
quarter and were down $352 thousand year-over-year as the Bank
began to hold more of its originations in portfolio rather than
selling them, due to a reduction in demand and available loan
products in the secondary market. Deposit account service charges
and other fees were up slightly for the year. Annual results also
include a gain on sale of OREO of $638 thousand, and a loss of $387
thousand on the sale of securities, both in the third quarter of
2007. Non-Interest Expense Non-interest expense increased $1.3
million, or 14.9%, from $9.1 million in the fourth quarter of 2006,
to $10.4 million in the current period, and increased $5.4 million,
or 15.8%, from $34.3 million in 2006 to $39.7 million for the year
ended December 31, 2007. The year-over-year increases were due to
the opening of four new branch locations, the hiring of additional
loan officers, other staffing and facilities expansion to support
loan and deposit growth, and the resumption of FDIC insurance
premiums in the second quarter of 2007. As a result of these
increases in expenses, the efficiency ratio rose from 45.6% in the
fourth quarter of 2006 to 48.3% in the current period and to 47.8%
on a year-to-date basis. Management expects an efficiency ratio in
the high forties for 2008, although it will be slightly higher in
the first half as three new branches are opened. Loans Since
December 31, 2006, loans, net of allowance for loan losses, have
increased $294.9 million, or 18.1%, from $1.63 billion to $1.92
billion. The majority of the loan growth occurred in non-farm,
non-residential real estate loans, particularly commercial
owner-occupied, and one-to-four family residential real estate
loans, rising 21.2% and 37.8%, respectively, while commercial loans
increased 25.3%. Construction loans were up 5.7% year-over-year
with growth primarily representing commercial real estate projects.
During the three months ended December 31, 2007, loans increased
$108.4 million, or 6.0%, with increases in all categories. Overall,
loan growth in 2007 was impacted by a higher level of run-off,
principally in residential construction loans, with total run-off
of $305.1 million compared to $180.7 million in 2006. Management
expects loan growth in 2008 to be very similar to what was
experienced in 2007 in terms of net dollars and mix. Deposits Over
the past year, deposits have increased $263.2 million, or 16.4%,
from $1.60 billion to $1.87 billion, with demand deposits
increasing $26.9 million, savings and interest-bearing demand
deposits rising by $57.7 million, and time deposits growing by
$178.7 million. For the three months ended December 31, 2007,
deposits were up $63.4 million, or 3.5%, with demand deposits up
$14.9 million, savings and interest-bearing demand deposits down
$12.4 million, and time deposits growing by $60.9 million.
Repurchase Agreements and Federal Funds Purchased Repurchase
agreements, the majority of which represent sweep funds of
significant commercial demand deposit customers, and Federal funds
purchased increased $73.7 million, or 49.5%, from $148.9 million at
December 31, 2006, to $222.5 million at December 31, 2007, and
increased $42.0 million, or 23.2%, since September 30, 2007.
Investment Securities Investment securities increased $92.0
million, or 39.3%, from $234.2 million at December 31, 2006, to
$326.2 million at December 31, 2007, and were mostly unchanged
during the three months ended December 31, 2007. The majority of
this growth in securities occurred early in the third quarter of
2007 as loan growth lagged deposit growth and the Company held a
significantly high level of overnight funds. As the rate paid on
overnight funds began falling in mid-August the Company began
purchasing investment securities ahead of potentially lower rates,
with a mix of pass-throughs, CMOs, callable structures issued by
U.S. government agencies, and various bank-qualified municipals.
Additionally, in the third quarter of 2007, the Company
restructured a portion of its portfolio, whereby the Company sold
$35.0 million of available-for-sale securities, with a weighted
average yield of 3.72% and an average remaining term of sixteen
months. The sales resulted in an after-tax loss of $252 thousand.
Proceeds from the sale were used to purchase $34.8 million in
mortgage-backed agency securities with yields ranging from 5.52% to
5.75% for an average yield of 5.64% and with an average life of 5.1
years. Other Borrowed Funds With loan growth exceeding deposit
growth in 2007 by $31.7 million and with investment securities
rising by $92.0 million, the Company bridged the resulting funding
shortfall with repurchase agreements, which, as noted above, rose
$73.7 million, and other borrowed funds, which increased $25
million due to an advance from the Federal Home Loan Bank of
Atlanta. The advance has a current rate of 2.91% and will convert
to a fixed rate of 4.25% in March 2008, for a remaining term of 4.5
years, unless it is called. Asset Quality and Provisions For Loan
Losses Provisions for loan losses increased in the fourth quarter
from $1.0 million for the three months ended December 31, 2006, to
$2.8 million in the current quarter. Of this $2.8 million in
quarterly provisioning, $878 thousand was due to the $108.4 million
increase in loans over the three-month period, $845 thousand was
due to a $2.5 million increase in non-performing loans and loans
90+ days past due from $1.9 million at September 30, 2007, to $4.4
million, and $1.0 million was due to other identified potential
problem loans centered primarily in residential land development
and construction loans and businesses impacted by a weakened
residential real estate market. These loans, which are well-secured
and currently performing, require higher levels of reserves due to
deteriorated operations and/or operating environment and increased
$11.4 million from $4.0 million at September 30, 2007, to $15.4
million. Non-performing loans represent nine borrowing
relationships, including four added during the quarter, of which
one represents a significant part of the increase. Other identified
potential problem loans represent eight borrowing relationships,
including four added during the quarter, of which two represent a
significant part of the increase. Overall, the total allowance for
loan losses as a percent of total loans, increased from 1.06% at
September 30, 2007, to 1.14% at December 31. For the year,
provisions for loan losses of $4.3 million were slightly under the
$4.4 million in provisions in 2006, as lower provisions due to
lower net loan growth were offset with higher provisions, as
non-performing loans and loans 90+ days past due increased from
$3.9 million to $4.4 million at December 31, 2007, representing
0.19% of total assets. Other identified potential problem loans
increased from $11.6 million at December 31, 2006, to $15.4 million
at year-end. Net charge-offs of $181 thousand for the year, or
0.01% of average loans outstanding, were up slightly from $126
thousand in 2006. Management continues to focus particular
attention on loan categories potentially impacted by the current
slowdown in residential real estate. Stockholders� Equity
Stockholders� equity increased $29.3 million, or 20.9%, from $139.9
million at December 31, 2006, to $169.1 million at December 31,
2007, due to earnings of $25.8 million, a $1.9 million increase in
other comprehensive income related to the investment securities
portfolio, and $1.6 million from proceeds and tax benefits related
to the exercise of options by directors, officers and employees and
stock option expense credits. On May 1, 2007, a ten percent stock
dividend was paid, increasing the number of shares outstanding by
2.2 million to 24.0 million as of year-end. It was the twelfth
consecutive year that a stock dividend or split had been paid.
CONFERENCE CALL Virginia Commerce Bancorp will host a
teleconference call for the financial community on January 23,
2008, at 11:30 a.m. Eastern Standard Time to discuss the fourth
quarter and year-end 2007 financial results. The public is invited
to listen to this conference call by dialing 866-861-4873 at least
10 minutes prior to the call. A replay of the conference call will
be available from 2:30 p.m. Eastern Standard Time on January 23,
2008, until 11:59 p.m. Eastern Standard Time on January 30, 2008.
The public is invited to listen to this conference call replay by
dialing 888-266-2081 and entering access code 1186514. 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 twenty-five branch offices, two residential
mortgage offices and an 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.
Financial Highlights (Dollars in thousands, except per share data)
(Unaudited) � � Three Months Ended December 31, � Year Ended
December 31, � 2007 � � � 2006 � � % Change � � � 2007 � � � 2006 �
� % Change � Summary Operating Results: � � � � Interest and
dividend income $ 40,775 $ 34,920 16.8 % $ 154,138 $ 125,292 23.0 %
Interest expense 21,038 17,066 23.3 % 78,981 56,487 39.8 % Net
interest and dividend income 19,737 17,854 10.5 % 75,157 68,805 9.2
% Provision for loan losses 2,770 1,026 170.0 % 4,340 4,406 -1.5 %
Non-interest income 1,820 2,033 -10.4 % 7,883 7,323 7.6 %
Non-interest expense 10,408 9,060 14.9 % 39,694 34,289 15.8 %
Income before income taxes 8,379 9,801 -14.5 % 39,006 37,433 4.2 %
Net income $ 5,606 $ 6,431 -12.8 % $ 25,787 $ 24,508 5.2 % �
Performance Ratios: Return on average assets 0.97 % 1.34 % 1.21 %
1.40 % Return on average equity 13.40 % 18.74 % 16.75 % 19.51 % Net
interest margin 3.53 % 3.84 % 3.65 % 4.07 % Efficiency ratio (1)
48.28 % 45.56 % 47.80 % 45.04 % � Per Share Data: (2) Net
income-basic $ 0.23 $ 0.27 -14.8 % $ 1.08 $ 1.04 3.8 % Net
income-diluted $ 0.23 $ 0.25 -8.0 % $ 1.04 $ 0.98 6.1 % Average
number of shares outstanding: Basic 24,014,581 23,693,739
23,930,220 23,523,321 Diluted 24,610,554 24,897,456 24,840,298
24,876,881 � � � As of December 31, � 2007 � � � 2006 � � % Change
� � Selected Balance Sheet Data: Loans, net $ 1,924,741 $ 1,629,827
18.1 % Investment securities 326,237 234,203 39.3 % Assets
2,339,697 1,949,082 20.0 % Deposits 1,869,165 1,605,941 16.4 %
Stockholders� equity 169,143 139,851 20.9 % Book value per share
(2) $ 7.04 $ 5.90 19.3 % � Capital Ratios (% of risk weighted
assets): Tier 1 capital: Company 9.90 % 10.53 % Bank 7.77 % 7.83 %
Total qualifying capital: Company 10.96 % 11.57 % Bank 10.73 %
11.34 % � Asset Quality Non-performing loans: Impaired loans $
3,648 $ 3,910 Non-accrual loans � 178 � � 10 � Total non-performing
loans $ 3,826 $ 3,920 Loans 90+ days past due and still accruing �
579 � � -- � Total non-performing loans and past due loans $ 4,405
$ 3,920 � Non-performing loans to total loans: 0.20 % 0.24 % to
total assets: 0.16 % 0.20 % Non-performing loans and past due loans
to total loans: 0.23 % 0.24 % to total assets: 0.19 % 0.20 %
Allowance for loan losses to total loans 1.14 % 1.10 % Net
charge-offs (recoveries) $ 181 $ 126 Net charge-offs to average
loans outstanding 0.01 % 0.01 % � As of December 31, � 2007 � �
2006 � % Change � � � Loan Portfolio: Commercial $ 238,670 $
190,527 25.3 % Real estate-one to four family residential 266,365
193,247 37.8 % Real estate-multifamily residential 56,952 57,913
-1.7 % Real estate-nonfarm, nonresidential 835,503 689,110 21.2 %
Real estate-construction 544,290 515,040 5.7 % Farmland 1,468 --
100.0 % Consumer � 8,714 � 6,997 24.5 % Total loans $ 1,951,962 $
1,652,834 18.1 % Less unearned income 4,961 4,906 1.1 % Less
allowance for loan losses � 22,260 � 18,101 23.0 % Loans, net $
1,924,741 $ 1,629,827 18.1 % � Investment Securities (at book
value): Available-for-sale: U.S. Government Agency obligations $
242,966 $ 174,073 39.6 % Domestic corporate debt obligations 8,543
6,055 41.1 % Obligations of states and political subdivisions
23,001 3,659 528.6 % Restricted stock: Federal Reserve Bank 1,442
1,442 0.0 % Federal Home Loan Bank 4,631 3,034 52.6 % Community
Bankers� Bank � 55 � 55 0.0 % $ 280,638 $ 188,318 49.0 %
Held-to-maturity: U.S. Government Agency obligations $ 33,725 $
35,520 -5.1 % Obligations of states and political subdivisions �
11,874 � 10,365 14.6 % $ 45,599 $ 45,885 -0.6 % (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 10% stock dividend in May 2007.
Virginia Commerce Bancorp, Inc. Consolidated Balance Sheets
(Dollars in thousands, except per share data) As of December 31,
(Unaudited) � � 2007 2006 Assets Cash and due from banks $ 34,201 $
34,989 Interest-bearing deposits with other banks 1,140 1,079
Securities (fair value: 2007, $326,314; 2006, $233,401) 326,237
234,203 Loans held-for-sale 4,339 7,796 Loans, net of allowance for
loan losses of $22,260 in 2007 and $18,101 in 2006 1,924,741
1,629,827 Bank premises and equipment, net 12,705 9,273 Accrued
interest receivable 11,451 9,315 Other assets � 24,883 � 22,600 �
Total assets $ 2,339,697 $ 1,949,082 � Liabilities and
Stockholders� Equity Deposits Demand deposits $ 213,820 $ 186,939
Savings and interest-bearing demand deposits 517,165 459,495 Time
deposits � 1,138,180 � 959,507 � Total deposits $ 1,869,165 $
1,605,941 Securities sold under agreement to repurchase and federal
funds purchased 222,534 148,871 Other borrowed funds 25,000 --
Trust preferred capital notes 41,244 44,344 Accrued interest
payable 8,942 5,923 Other liabilities � 3,669 � 4,152 � Total
liabilities $ 2,170,554 $ 1,809,231 � Stockholders� Equity
Preferred stock, $1.00 par, 1,000,000 shares authorized and
un-issued $ -- $ -- Common stock, $1.00 par, 50,000,000 shares
authorized, issued and outstanding 2007, 24,022,850; 2006,
21,560,253 24,023 21,560 Surplus 73,672 31,231 Retained earnings
70,239 87,744 Accumulated other comprehensive loss, net � 1,209 �
(684 ) Total stockholders� equity $ 169,143 $ 139,851 Total
liabilities and stockholders� equity $ 2,339,697 $ 1,949,082 �
Virginia Commerce Bancorp, Inc. Consolidated Statements of Income
(Dollars in thousands, except per share data) (Unaudited) � � � �
Three Months Ended Year Ended December 31, � December 31, 2007 �
2006 � 2007 � 2006 � Interest and dividend income: Interest and
fees on loans $ 36,163 $ 31,876 $ 138,919 $ 115,405 Interest and
dividends on investment securities: Taxable 3,983 2,433 12,888
8,225 Tax-exempt 271 65 752 245 Dividends 91 68 308 276 Interest on
deposits with other banks 88 16 140 55 Interest on federal funds
sold � 179 � � 462 � � 1,131 � � � 1,086 Total interest and
dividend income $ 40,775 � $ 34,920 � $ 154,138 � � $ 125,292
Interest expense: Deposits $ 18,222 $ 14,918 $ 69,398 $ 48,152
Securities sold under agreement to repurchase and federal funds
purchased 1,860 1,352 6,259 4,730 Other borrowed funds 203 -- 225
506 Trust preferred capital notes � 753 � � 796 � � 3,099 � � �
3,099 Total interest expense $ 21,038 � $ 17,066 � $ 78,981 � � $
56,487 Net interest income: $ 19,737 $ 17,854 $ 75,157 $ 68,805
Provision for loan losses � 2,770 � � 1,026 � � 4,340 � � � 4,406
Net interest income after provision for loan losses $ 16,967 � $
16,828 � $ 70,817 � � $ 64,399 Non-interest income: Service charges
and other fees $ 905 $ 836 $ 3,388 $ 3,226 Non-deposit investment
services commissions 167 203 770 621 Fees and net gains on loans
held-for-sale 525 859 2,706 3,058 Gain on sale of OREO -- -- 638 --
Gain (loss) on sale of securities -- -- (387 ) -- Other � 223 � �
135 � � 768 � � � 418 Total non-interest income $ 1,820 � $ 2,033 �
$ 7,883 � � $ 7,323 Non-interest expense: Salaries and employee
benefits $ 5,763 $ 5,333 $ 22,536 $ 19,911 Occupancy expense 1,985
1,444 7,031 5,448 Data processing expense 472 521 1,940 1,954 Other
operating expense � 2,188 � � 1,762 � � 8,187 � � � 6,976 Total
non-interest expense $ 10,408 � $ 9,060 � $ 39,694 � � $ 34,289
Income before taxes on income $ 8,379 $ 9,801 $ 39,006 $ 37,433
Provision for income taxes � 2,773 � � 3,370 � � 13,219 � � �
12,925 Net Income $ 5,606 � $ 6,431 � $ 25,787 � � $ 24,508 �
Earnings per common share, basic (1) $ 0.23 $ 0.27 $ 1.08 $ 1.04
Earnings per common share, diluted (1) $ 0.23 $ 0.25 $ 1.04 $ 0.98
(1) Adjusted to give effect to a 10% stock dividend in May 2007.
Virginia Commerce Bancorp, Inc. Consolidated Average Balances,
Yields, and Rates Three Months Ended December 31, (Unaudited) � � �
� 2007 2006 (Dollars in thousands) Average Balance � Interest
Income-Expense � Average Yields /Rates Average Balance � Interest
Income-Expense � Average Yields /Rates Assets � � � � Securities
(1) $ 331,496 $ 4,345 5.34 % $ 221,753 $ 2,566 4.66 % Loans, net of
unearned income (2) 1,877,790 36,163 7.65 % 1,590,753 31,876 7.85 %
Interest-bearing deposits in other banks 7,386 88 4.73 % 1,071 16
5.81 % Federal funds sold � 16,083 � � 179 � 4.35 % � 35,476 � �
462 � 5.10 % Total interest-earning assets $ 2,232,755 $ 40,775
7.27 % $ 1,849,053 $ 34,920 7.50 % Other assets � 54,856 � 61,468
Total Assets $ 2,287,611 $ 1,910,521 � Liabilities and
Stockholders� Equity Interest-bearing deposits: NOW accounts $
148,996 $ 509 1.36 % $ 154,034 $ 630 1.62 % Money market accounts
214,429 2,052 3.80 % 232,338 2,269 3.87 % Savings accounts 158,788
1,636 4.09 % 49,021 450 3.65 % Time deposits � 1,110,633 � � 14,025
� 5.01 % � 942,160 � � 11,569 � 4.87 % Total interest-bearing
deposits $ 1,632,846 $ 18,222 4.43 % $ 1,377,553 $ 14,918 4.30 %
Securities sold under agreement to repurchase and federal funds
purchased 207,470 1,860 3.56 % 135,912 1,352 3.95 % Other borrowed
funds 25,000 203 3.17 % -- -- -- Trust preferred capital notes �
41,467 � � 753 � 7.11 % � 43,000 � � 796 � 7.24 % Total
interest-bearing liabilities $ 1,906,783 $ 21,038 4.38 % $
1,556,465 $ 17,066 4.35 % Demand deposits and other liabilities �
214,824 � 217,913 Total liabilities $ 2,121,607 $ 1,774,378
Stockholders� equity � 166,004 � 136,143 Total liabilities and
stockholders� equity $ 2,287,611 $ 1,910,521 Interest rate spread
2.89 % 3.15 % Net interest income and margin $ 19,737 3.53 % $
17,854 3.84 % (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 $1.3 million and $1.4 million for the three
months ended December 31, 2007, and 2006, respectively. Virginia
Commerce Bancorp, Inc. Consolidated Average Balances, Yields, and
Rates Year Ended December 31, �(Unaudited) � � � � � � � � � � � �
2007 2006 (Dollars in thousands) Average Balance � Interest
Income-Expense � Average Yields /Rates Average Balance � Interest
Income-Expense � Average Yields /Rates Assets � � � � Securities
(1) $ 280,852 $ 13,948 5.04 % $ 199,658 $ 8,746 4.42 % Loans, net
of unearned income (2) 1,766,501 138,919 7.87 % 1,470,264 115,405
7.85 % Interest-bearing deposits in other banks 2,802 140 5.01 %
1,055 55 5.20 % Federal funds sold � 22,372 � � 1,131 � 4.98 % �
21,972 � � 1,086 � 4.88 % Total interest-earning assets $ 2,072,527
$ 154,138 7.46 % $ 1,692,949 $ 125,292 7.41 % Other assets � 61,415
� 54,029 Total Assets $ 2,133,942 $ 1,746,978 � Liabilities and
Stockholders� Equity Interest-bearing deposits: NOW accounts $
155,047 $ 2,499 1.61 % $ 174,853 $ 2,880 1.65 % Money market
accounts 224,524 8,806 3.92 % 195,482 6,879 3.52 % Savings accounts
120,061 5,148 4.29 % 26,934 608 2.26 % Time deposits � 1,054,962 �
� 52,945 � 5.02 % � 843,661 � � 37,785 � 4.48 % Total
interest-bearing deposits $ 1,554,594 $ 69,398 4.46 % $ 1,240,930 $
48,152 3.88 % Securities sold under agreement to repurchase and
federal funds purchased 165,499 6,259 3.78 % 118,092 4,730 4.01 %
Other borrowed funds 6,986 225 3.18 % 9,726 506 5.13 % Trust
preferred capital notes � 42,614 � � 3,099 � 7.17 % � 43,000 � �
3,099 � 7.11 % Total interest-bearing liabilities $ 1,769,693 $
78,981 4.46 % $ 1,411,748 $ 56,487 4.00 % Demand deposits and other
liabilities � 210,262 � 209,642 Total liabilities $ 1,979,955 $
1,621,390 Stockholders� equity � 153,987 � 125,588 Total
liabilities and stockholders� equity $ 2,133,942 $ 1,746,978
Interest rate spread 3.00 % 3.41 % Net interest income and margin $
75,157 3.65 % $ 68,805 4.07 % (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 $5.5 million and $5.4
million for the twelve months ended December 31, 2007, and 2006,
respectively.
Virginia Commerce Bancorp (MM) (NASDAQ:VCBI)
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