Virginia Commerce Bancorp, Inc. (Nasdaq: VCBI), said it achieved strong earnings in the fourth quarter 2011, the company also increased earnings over 31 percent for the full-year 2011.
The Arlington-based bank with 28 branch offices primarily in northern Virginia reported net income of $5.4 million or $0.18 cents per diluted common share; that was up 65.1 percent over the fourth quarter of 2010.
Non-performing assets dropped $8.1 million or 15.5 percent to $47.8 million.
For the year 2011, Virginia Commerce Bancorp brought in net income of $21.8 million compared to $16.5 million in 2010, a 31.8 percent increase. Diluted earnings per common share was $0.71 cents in 2011 versus $0.57 cents in 2012
The owner of Virginia Commerce Bank was in line with analyst expectations of an average earnings estimate of $0.18 cents per share.
Total assets for 2011 amounted to $2.94 billion versus $2.74 billion in 2010. Total Desposits at the company at as of December 31, 2011, totaled $2.29 billion an increase of $45.0 million or 2 percent.