Virginia Commerce Bancorp Inc. in Arlington said Thursday that its second-quarter earnings fell 28.5% from a year earlier, to $4.9 million, as it continued to struggle with the deteriorating quality of loans tied to residential construction.
Processing Content
The $2.7 billion-asset Virginia Commerce said its nonperforming asset ratio rose 15 basis points from a year earlier, to 1.52% of assets, and cautioned that it could reach 3% by yearend in the unlikely event of a worst-case scenario.
Though it remains well capitalized, Virginia Commerce said it expects to announce plans for a private placement of trust-preferred securities or a rights offering within 30 days.
Its shares slipped 1.7% by late Thursday, to $4.70.
