Virginia Commerce Bancorp Inc. surpassed expectations for the second quarter due to a "substantial decrease" in its loan-loss provision and a sizeable increase in noninterest income.
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Peter Converse, the Arlington, Va., company's president and chief executive, said in a press release Wednesday that he also expects "a reversal of negative loan growth" during the second half of this year.
Virginia Commerce earned 24 cents a share, topping the average analysts' estimate by a dime, according to Thomson Reuters. After paying a dividend to holders of its preferred stock, the company earnings rose 73% from a year earlier, to $7.5 million.
The provision fell 66% from a year earlier, to $1.4 million. Noninterest income rose 107%, to $2.26 million.
