Common Shareholders will get less per diluted common share as Arlington-based Virginia Commerce Bancorp (Nasdaq: VCBI) posted a slightly lower net income in its third quarter 2011 financial results compared to the same period a year ago.
The parent company of Virginia Commerce Bank reported a net income of $5.2 million in the third quarter ended September 30, 2011 or $0.17 cents per diluted common share compared to a net income of $5.7 million or $0.20 cents per diluted common share in the third quarter 2010.
The fall in net income was due to a $2.5 million increase in loan loss provisioning expense and a $660 thousand OREO write-down according to Peter A. Converse, President and Chief Executive Officer.
Deposits increased 2 percent, up $45.5 million to $2.37 billion for the past twelve months ending September 30, 2011.
Virginia Commerce Bancorp has over 28 branches in northern Virginia.