Virginia Commerce Bancorp, Inc. Reports Strong First Quarter Earnings and Performance

  Virginia Commerce Bancorp, Inc. Reports Strong First Quarter Earnings and
  Performance

Business Wire

ARLINGTON, Va. -- April 18, 2013

Virginia Commerce Bancorp, Inc. (the “Company”), (Nasdaq: VCBI), parent
company of Virginia Commerce Bank (the “Bank”), today reported its financial
results for the quarter ended March 31, 2013.

First Quarter 2013 Highlights

  *Net Income Available to Common Stockholders and Earnings per Diluted
    Common Share Increased: Net income available to common stockholders
    increased to $6.0 million, or $0.17 per diluted common share, for the
    first quarter of 2013. This represented a 21.4% increase in earnings per
    diluted common share compared to $0.14 per for the first quarter of 2012.
    Earnings per diluted common share also increased 41.7% sequentially,
    compared to $0.12 for the fourth quarter of 2012.
  *Adjusted Operating Earnings (a non-GAAP measure) Growth: Adjusted
    operating earning increased to $6.4 million, or $0.18 per diluted common
    share, for the first quarter of 2013. This compares to $3.1 million, or
    $0.09 per diluted common share, for the first quarter of 2012, and $5.3
    million, or $0.16 per diluted common share, in the fourth quarter of 2012.
  *Net Interest Margin Expansion: The net interest margin was up 12 basis
    points, to 3.85% for the first quarter of 2013, from 3.73% the fourth
    quarter 2012 and increased 4 basis points from 3.81% in the first quarter
    of 2012.
  *Asset Quality Improved: Non-performing assets decreased 24.8%, from $59.5
    million at March 31, 2012, to $44.7 million at March 31, 2013, while
    sequentially decreasing $5.5 million, or 10.9%. Total troubled debt
    restructurings (“TDRs”) declined $8.5 million, or 20.0%, from March 31,
    2012, to $33.9 million at March 31, 2013, as compared to March 31, 2012,
    with a sequential decrease of $9.5 million, or 21.9%.
  *Significant Improvement in Deposit Mix and Reduced Average Cost of Total
    Deposits: Non-interest bearing demand deposits represented 19.2% of total
    deposits at March 31, 2013, compared to 15.0% at March 31, 2012. The
    average cost of total deposits decreased by 24 basis points from 0.89% for
    the first quarter of 2012, to 0.65% for the first quarter of 2013.
  *Capital Strength and Book Value per Common Share Growth: The ratio of
    tangible common equity improved to 8.80% at March 31, 2013, as compared to
    8.69% and 7.75% at December 31, 2012, and March 31, 2012, respectively.
    The book value per common share increased to $7.81, as compared to $7.68
    and $7.20 at December 31, 2012, and March 31, 2012, respectively.

Peter A. Converse, President and Chief Executive Officer, commented, “We’re
off to a solid start in 2013 with first quarter earnings increasing nicely on
a year-over-year basis and sequentially. Earnings benefited from a combination
of net interest margin improvement, the elimination of TARP dividends at the
end of 2012 and decreased loan loss provisioning. While first quarter
provisioning expense of $1.8 million was down substantially from $6.0 million
for the same period in 2012, management feels that the allowance for loan
losses provides sufficient coverage of total non-performing loans at a
coverage ratio of 118.4% as of March 31, 2013. Reduced loan loss provisioning
was also supported in part by meaningful improvement in problem assets.
Non-performing assets and troubled debt restructurings declined 10.9% and
21.9%, respectively, on a linked quarter basis. Non-performing assets of $44.7
million at quarter-end 2013 now represent 1.55% of total assets, down from
1.78% as of December 31, 2012, and 2.01% as of March 31, 2012.”

Converse concluded, “We are eagerly anticipating our pending merger with
United Bankshares, Inc. (UBSI), which was announced on January 30, 2013. We
believe this partnership will not only create superior value for our
stockholders, but will also enable us to better serve our customers and
communities as the leading independent community bank operating throughout the
most attractive markets in Northern Virginia and the D.C. Metropolitan area.
We still expect the merger to close by the latter part of this year, subject
to regulatory approvals and the approval of UBSI and VCBI stockholders. Until
then, it is business as usual – Virginia Commerce’s management, officers and
employees will continue to strive for optimal operating results and to deliver
our brand of service excellence to our customers.”

SUMMARY REVIEW OF FINANCIAL PERFORMANCE

Net Income

For the three months ended March 31, 2013, the Company recorded net income
available to common stockholders of $6.0 million, or $0.17 per diluted common
share, compared to net income available to common shareholders of $4.8
million, or $0.14 per diluted common share, for the three months ended March
31, 2012. The year-over-year earnings improvement was largely attributable to
the Company’s repurchase of all of its TARP preferred stock during the fourth
quarter of 2012, and related elimination of a $1.4 million effective dividend
on preferred stock for the first quarter of 2013 and a $4.1 million decrease
in the provision for loan losses, partially offset by a decrease in net
interest income of $1.0 million, a $2.4 million decrease in non-interest
income and a $1.0 million increase in non-interest expense. The Company’s net
income available to common stockholders increased sequentially from $4.2
million, or $0.12 per diluted common share, for the fourth quarter of 2012,
primarily due to the $3.5 million reduction in effective dividend on preferred
stock related to TARP, a $712 thousand decrease in the provision for loan
losses, and a $1.0 million decrease in provision for income taxes, partially
offset by a decrease in net interest income of $809 thousand, a $1.8 million
decrease in non-interest income and a $804 thousand increase in non-interest
expense.

Adjusted operating earnings (a non-GAAP measure) for the three months ended
March 31, 2013, were $6.4 million, up $3.3 million, or 107.4%, as compared to
$3.1 million for the same period in 2012. On a sequential basis, adjusted
operating earnings were up $1.1 million, or 20.0%, for the three months ended
March 31, 2013. The year-over-year and sequential increases in the Company’s
adjusted operating earnings are mostly due to lower provisioning for loan
losses. The Company calculates adjusted operating earnings by excluding
impairment loss on securities, realized gains and losses on sale of
securities, merger-related expenses, acceleration of the accretion of the
preferred stock discount, and certain other non-recurring items from net
income available to common stockholders.

Asset Quality and Provisions For Loan Losses

Total non-performing assets and loans 90+ days past due declined $5.5 million
sequentially from $50.2 million at December 31, 2012, to $45.0 million at
March 31, 2013, and decreased $14.5 million, from $59.5 million at March 31,
2012. As a percentage of total assets, non-performing assets decreased from
1.78% at December 31, 2012, to 1.56% at March 31, 2013, and decreased from
2.01% at March 31, 2012. As of March 31, 2013, the allowance for loan losses
represented 1.91% of total loans, compared to 1.95% and 2.11%, at December 31,
2012, and March 31, 2012, respectively. The allowance for loan losses covered
118.4% of total non-performing loans as of March 31, 2013, compared to 112.8%
and 97.4%, at December 31, 2012, and March 31, 2012, respectively.

As of March 31, 2013, $20.8 million, or 59.1%, of non-performing loans
represented acquisition, development and construction (“ADC”) loans; $6.6
million, or 18.7%, represented non-farm, non-residential loans; $4.6 million,
or 13.2%, represented loans on one-to-four family residential properties; and
$3.1 million, or 8.9%, represented commercial and industrial (“C&I”) loans. As
of March 31, 2013, specific reserves of $16.1 million have been established
for non-performing loans and other loans determined to be impaired. The
Company continues to pursue an aggressive campaign to reduce non-performing
and other impaired loans and is implementing and executing various disposition
strategies on an ongoing basis. However, the majority of remaining
non-performing loans represent situations which require longer term workout
strategies to obtain optimal principal recovery. These strategies are
dependent upon project completion, permitting, satisfaction of contract
contingencies and other factors.

Included in the loan portfolio at March 31, 2013, are loans classified as
troubled debt restructurings (“TDRs”), totaling $33.9 million, a 20.0%
decrease from $42.4 million at March 31, 2012. Sequentially, TDRs decreased
$9.5 million from $43.5 million at December 31, 2012. TDRs are performing,
accruing loans that represent relationships for which a modification to the
contractual interest rate or repayment structure has been granted to address a
financial hardship. Over 91% of TDRs in the Company’s loan portfolio at March
31, 2013, were performing prior to modification. TDRs make up 1.5% of the
total loan portfolio and represent $7.0 million in ADC loans, $17.3 million in
non-farm, non-residential real estate loans, $7.1 million in C&I loans and
$2.6 million in one-to-four family residential loans. At March 31, 2013, 30.0%
of the Company’s TDRs were reviewable TDRs and 70.0% were permanent TDRs.
Reviewable TDRs are loans that have been restructured at or will return to a
market rate of interest and can include a temporary interest rate
modification, partial deferral of interest or principal, or an extension of
term. They can return to performing status upon six months of on-time payments
following the return to a market rate of interest, but only in the fiscal year
following the year of restructure. Permanent TDRs are loans that have been
restructured and include a permanent interest rate reduction. They remain in a
TDR status until the loan is paid off.

Classified loans were $160.3 million for the quarter ended March 31, 2013, a
$10.0 million decrease from $170.3 million at March 31, 2012. Sequentially,
classified loans declined slightly from $160.6 million at December 31, 2012.
The year-over-year decline in classified loans was largely due to upgrades to
loans to a paving contractor, residential real estate developer and commercial
real estate owner in the combined total of $22.2 million, charge-offs totaling
$17.5 million, loan payoffs resulting from residential real estate sales of
$12.8 million, regular payments on loans of $8.6 million, loans refinanced by
other banks of $2.7 million and note sales of $2.3 million, partially offset
by downgrades for loans to a commercial real estate management company
totaling $17.2 million, a new restaurant that experienced delays in opening of
$6.6 million and a utilities and public improvements contractor of $4.0
million.

Provisions for loan losses were $1.8 million for the quarter ended March 31,
2013, down $4.1 million, or 69.2%, compared to $6.0 million in the same period
in 2012. Sequentially, provisions for loan losses were down $712 thousand,
from $2.6 million in the fourth quarter of 2012. Net charge-offs were $2.6
million for the three months ended March 31, 2013, compared to $1.1 million
and $9.3 million for the quarters ended December 31, 2012, and March 31, 2012,
respectively. The decreases in the allowance for loan losses as a percentage
of total loans from March 31, 2012, to March 31, 2013, is due to charge-offs
incurred during 2013 being primarily supported by specific reserves in the
allowance for loan losses. As a result, the first quarter analysis of the
adequacy of the loan loss reserve indicated that loan loss provisioning of
$1.8 million was sufficient to maintain appropriate coverage. The $6.7 million
reduction in net charge-offs for the three months ended March 31, 2013,
compared to the same period in 2012, was primarily due to decreases in net
charge-offs in the C&I loan portfolio, decreasing from $4.7 million in 2012 to
$455 thousand in 2013 and in the ADC loan portfolio, decreasing $1.4 million,
from $3.6 million in 2012 to $2.2 million in 2013.

Net Interest Income and Net Interest Margin

Net interest income was $25.8 million for the first quarter of 2013 and
declined $1.0 million, or 3.7%, from the same quarter last year. The net
interest margin increased 4 basis points from 3.81% in the first quarter of
2012, to 3.85% for the same period in 2013. On a sequential basis, the net
interest margin was up 12 basis points from 3.73% for the fourth quarter of
2012, to 3.85% for the first quarter of 2013. The year-over-year increase in
the first quarter net interest margin was due to an improvement in the mix of
interest-earning assets and interest-bearing deposits with a reduction in
interest-bearing deposit rates, partially offset by lower average yield on
loans. The sequential increase was related to an improvement in
interest-earning asset mix which contributed to a 12 basis point increase in
the average yield in total interest-bearing assets. Interest and dividend
income decreased $2.8 million on average total interest-earnings assets of
$2.75 billion for the three months ended March 31, 2013, compared to interest
and dividend income generated by average total interest-earnings assets of
$2.87 billion for the same period in 2012. The decline in interest income is
mostly attributable to lower yielding average loans being generated in the
current low interest rate environment. Interest expense decreased $1.8 million
to $5.4 million generated on an average total interest-bearing liability
balance of $2.2 billion for the quarter ended March 31, 2013, from $7.2
million generated on an average total interest-bearing liability balance of
$2.3 billion for the same period in 2012. The average rate paid on total
interest-bearing liabilities was 1.01% for the first quarter of 2013, as
compared to 1.02% for the fourth quarter 2012, and 1.26% for the first quarter
of 2012.

Non-Interest Income

For the three months ended March 31, 2013, the Company recognized $2.6 million
in non-interest income, compared to non-interest income of $4.9 million for
the three months ended March 31, 2012, and $4.4 million for the sequential
quarter. Included in the first quarter 2012 non-interest income is a gain on
sale of securities of $2.6 million, while the first quarter of 2013 did not
include a gain or loss on sale of securities, and the sequential quarter
included a gain of $1.5 million on sale of securities.

Fees and net gains on loans held-for-sale were $1.0 million in the first
quarter of 2013 and 2012, with a sequential decrease of $550 thousand, or
35.0%. The sequential decrease is related to a slowdown in residential
mortgage loan activity, which is the result of weaker demand during the first
quarter due to seasonality and changes in mortgage interest rates.

Non-Interest Expense

Non-interest expense increased $1.0 million, or 6.1%, from $16.6 million in
the first quarter of 2012, to $17.6 million in the first quarter of 2013.
Sequentially, non-interest expense increased $804 thousand, or 4.8%, from
$16.8 million for the fourth quarter of 2012. The year-over-year increase was
primarily related to an increase of $312 thousand on other real estate owned
losses and expenses, and $584 thousand in merger-related expenses. The
sequential increase was primarily related to the $584 thousand in
merger-related expenses and $771 thousand in higher salaries and employee
benefits, which were partially offset by a decrease of $251 thousand in other
real estate owned losses and expenses.

Investment Securities

Investment securities decreased $103.1 million, or 17.2%, year-over-year to
$495.1 million at March 31, 2013 and were up $1.7 million sequentially from
December 31, 2012. There was no gain on sale of securities during the first
quarter 2013. During the first quarter of 2012, the Company sold $58.6 million
of investment securities resulting in a $2.6 million gain on sale of
securities. During the fourth quarter of 2012, the Company sold $24.9 million
of investment securities resulting in a $1.5 million realized gain on sale of
securities. The investment portfolio contains two pooled trust preferred
securities with a book value of $5.1 million, and a market value of $364
thousand at March 31, 2013, for which the Company performs a quarterly
analysis to determine whether any other-than-temporary impairment exists. The
analysis includes stress tests on the underlying collateral and cash flow
estimates based on the current and projected future levels of deferrals,
defaults, and prepayments within each pool. There was no recorded impairment
loss for the three months ended March 31, 2013, December 31, 2012, and March
31, 2012.

Loans

Loans, net of allowance for loan losses, increased $53.3 million, or 2.5%
year-over-year. ADC loans increased $34.3 million, or 13.3%, one-to-four
family residential increased $13.7 million or 3.6%, C&I loans were up $7.6
million, or 3.1%, while non-farm, non-residential real estate loans fell $8.7
million, or 0.7%, and multifamily real estate loans decreased $1.2 million, or
1.5%, from March 31, 2012, to March 31, 2013. Sequentially, loans, net of
allowance for loan losses, increased $9.9 million, or 0.5%. The sequential
increase in loans was primarily attributable to a $10.7 million increase in
ADC loans, a $1.8 million increase in non-farm, non-residential loans and a
$1.4 million increase in multi-family residential loans, partially offset by a
$5.6 million decrease in C&I loans. The sequential increase in ADC loans
represented increased funding of new and ongoing construction projects,
primarily consisting of single family and multi-family residential properties,
as well as one new residential development loan and one new multi-family loan.
The increase in owner-occupied non-farm, non-residential loans represented the
refinance of several new business and non-profit clients’ operating
facilities. The sequential decrease in C&I loans was driven by repayment of
credit line borrowings that were previously used to support year-end tax
planning and in anticipation of changes in the tax code. The orientation of
loan generation efforts and loan mix continues to be reflective of the Bank’s
strategic emphasis on building greater market share in commercial lending,
owner-occupied commercial real estate and residential real estate lending,
while focusing ADC lending and non-owner-occupied commercial real estate
lending on select transactions in key markets with solid economic metrics.

Deposits

Total deposits at March 31, 2013, were $2.2 billion, a decrease of $50.9
million, or 2.3%, compared to March 31, 2012, with demand deposits increasing
$85.0 million, or 25.3%, savings and interest-bearing demand deposits
decreasing $9.8 million, or 0.8%, and time deposits decreasing $126.1 million,
or 17.3%. As of March 31, 2013, non-interest bearing demand deposits
represented 19.2% of total deposits, compared to 15.0% at March 31, 2012. On a
linked quarter basis, deposits decreased $58.5 million, or 2.6%, with demand
deposits increasing by $4.5 million, or 1.1%, savings and interest-bearing
demand accounts decreasing $37.0 million, or 3.1%, and time deposits
decreasing by $25.9 million, or 4.1%. The reduction in time deposits during
the past year has been intentional and resulted from a series of interest rate
reductions that continued throughout 2012 and into the first quarter of 2013.
As a result of deposit rate decreases and an improving deposit mix, the cost
of total interest-bearing deposits and total deposits declined from 1.03% and
0.89% for the quarter ended March 31, 2012, to 0.80% and 0.65% for the quarter
ended March 31, 2013, respectively.

Capital Levels and Stockholders’ Equity

Stockholders’ equity decreased $42.8 million, or 14.4%, from $296.6 million at
March 31, 2012, to $253.8 million at March 31, 2013, with a $67.7 million
decline from the repayment of TARP preferred stock and a $3.3 million decrease
in other comprehensive income, partially offset by net income available to
common stockholders of $23.7 million over the twelve-month period and $4.4
million in proceeds and tax benefits related to the exercise of warrants and
options. As a result of these changes, the Company’s Tier 1 capital ratio
decreased from 15.55% at March 31, 2012, to 13.67% at March 31, 2013, and its
total qualifying capital ratio decreased from 16.81% to 14.92% over the same
period. Sequentially, the Company’s Tier 1 and total qualifying capital ratios
are up 42 and 41 basis points, respectively, with net income available to
common stockholders of $6.0 million in the first quarter being partially
offset by a decrease of $903 thousand in other comprehensive income. The
Company’s tangible common equity ratio increased from 7.75% at March 31, 2012,
and 8.69% at December 31, 2012, to 8.80% at March 31, 2013. The 105 basis
point increase in tangible common equity ratio from March 31, 2012, to March
31, 2013, is primarily due to $23.7 million in retained net income available
to common stockholders for the twelve months ended March 31, 2013.
Sequentially, the 11 basis point increase in tangible common equity ratio is
primarily related to $6.0 million in retained net income available to common
stockholders for the first quarter of 2013, partially offset by increase of
$59.7 million in total tangible assets and a decrease of $903 thousand in
other comprehensive income.

ABOUT VIRGINIA COMMERCE BANCORP, INC.

Virginia Commerce Bancorp, Inc. is the parent bank holding company for
Virginia Commerce 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-eight branch offices, one residential mortgage office and one
wealth management services office, principally to individuals and
small-to-medium size businesses in Northern Virginia and the Metropolitan
Washington, D.C. area.

On January 29, 2013, the Company signed a definitive merger agreement to be
acquired by United Bankshares, Inc. For more information about this merger,
see the Company’s Current Report on Form 8-K filed with the Securities and
Exchange Commission (the “SEC”) on January 31, 2013, and the Company’s Annual
Report on Form 10-K filed with the SEC on March 14, 2013.

NON-GAAP PRESENTATIONS

The Company prepares its financial statements under accounting principles
generally accepted in the United States, or “GAAP”. However, this press
release also refers to certain non-GAAP financial measures that we believe,
when considered together with GAAP financial measures, provide investors with
important information regarding our operational performance. An analysis of
any non-GAAP financial measure should be used in conjunction with results
presented in accordance with GAAP.

Adjusted operating earnings is a non-GAAP financial measure that reflects net
income available to common stockholders excluding impairment loss on
securities, realized gains and losses on sale of securities, acceleration of
the accretion of the preferred stock discount, merger-related expenses and
certain other non-recurring items. These excluded items are difficult to
predict and we believe that adjusted operating earnings provides the Company
and investors with a valuable measure of the Company’s operational performance
and a valuable tool to evaluate the Company’s financial results. Calculation
of adjusted operating earnings for the three months ended March 31, 2013,
March 31, 2012 and December 31, 2012, is as follows:

                                                               
                                            Three Months          Three Months
                                            Ended                 Ended
                                            March 31,             December 31,
(Dollars in thousands)                      2013     2012        2012
                                                    
Net Income Available to Common              $ 6,036   $ 4,779     $   4,230
Stockholders
Adjustments to net income available to
common stockholders:
Realized gain on sale of securities           --        (2,592)       (1,454)
Merger-related expenses                       584       --            --
Net tax effect adjustment                     (204)     907           509
                                                                  
Acceleration of the accretion of the         --       --           2,061
preferred stock discount
                                                                  
Adjusted Operating Earnings                 $ 6,416   $ 3,094     $   5,346
                                                                  
                                                                  
Earnings per common share-diluted           $ 0.17    $ 0.14      $   0.12
Adjustments to earnings per common
share-diluted
Realized gain on sale of securities, net      --      $ (0.05)    $   (0.02)
tax affect
Merger-related expenses, net tax affect     $ 0.01      --            --
Acceleration of the accretion of the          --        --        $   0.06
preferred stock discount
                                                                  
Adjusted operating earnings per common      $ 0.18    $ 0.09      $   0.16
share-diluted
                                                                  

The adjusted efficiency ratio is a non-GAAP financial measure that is computed
by dividing non-interest expense excluding merger-related expenses, by the sum
of net interest income on a tax equivalent basis, and non-interest income
excluding realized gains and losses on sale of securities, acceleration of the
accretion of the preferred stock discount, merger-related expenses and certain
other non-recurring items. We believe that this measure provides investors
with important information about our operating efficiency. Comparison of our
adjusted efficiency ratio with those of other companies may not be possible
because other companies may calculate the adjusted efficiency ratio
differently. Calculation of the adjusted efficiency ratio for the three months
ended March 31, 2013, and 2012, is as follows:

                                                        
                                                          Three Months Ended
(Dollars in thousands)                                    March 31,
                                                          2013      2012
Summary Operating Results:                                         
Non-interest expense                                      $ 17,647   $ 16,627
Merger-related expenses                                     584        --
Adjusted non-interest expense                             $ 17,063   $ 16,627
                                                                     
Net interest income                                       $ 25,794   $ 26,779
                                                                     
Non-interest income                                         2,558      4,949
Gain on sale of securities                                 --        (2,592)
Adjusted non-interest income                              $ 2,558    $ 2,357
                                                                     
Total net interest income and non-interest income,
adjusted (1)                                              $ 28,352   $ 29,136


                                                                     
Efficiency Ratio, adjusted                                  59.44%     56.36%
                                                                     

(1) Tax Equivalent Income of $28,708 for the three months ended March 31, 2013
and $29,501 for the three months ended March 31, 2012.

The tangible common equity ratio is a non-GAAP financial measure representing
the ratio of tangible common equity to tangible assets. Tangible common equity
and tangible assets are non-GAAP financial measures derived from GAAP-based
amounts. We calculate tangible common equity for the Company by excluding the
balance of intangible assets and outstanding preferred stock issued to the
U.S. Treasury from total stockholders’ equity. We calculate tangible assets by
excluding the balance of intangible assets from total assets. We had no
intangible assets for the periods presented. We believe that this is
consistent with the treatment by regulatory agencies, which exclude intangible
assets from the calculation of regulatory capital ratios. Accordingly, we
believe that these non-GAAP financial measures provide information that is
important to investors and that is useful in understanding our capital
position and ratios. However, these non-GAAP financial measures are
supplemental and are not substitutes for an analysis based on a GAAP measure.
As other companies may use different calculations for non-GAAP measures, our
presentation may not be comparable to other similarly titled measures reported
by other companies. Calculation of the Company’s tangible common equity ratio
as of March 31, 2013, March 31, 2012, December 31, 2012 and September 30,
2012, is as follows:

                                                              
(Dollars in             As of March 31,             December 31   September 30
thousands)
                        2013         2012          2012          2012
Tangible common                     
equity:
Total stockholders’     $ 253,803     $ 296,637     $ 245,309     $  311,528
equity
                                                                  
Less:
Outstanding TARP
senior preferred          --            67,670        --             68,621
stock
Intangible assets        --           --           --            --
Tangible common         $ 253,803     $ 228,966     $ 245,309     $  242,907
equity
                                                                  
Total tangible assets   $ 2,883,388   $ 2,954,226   $ 2,823,692   $  3,004,742
                                                                  
Tangible common           8.80%         7.75%         8.69%          8.08%
equity ratio
                                                                  

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains 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, including but not limited to
potential benefits of a merger between the Company and United Bankshares,
Inc., our outlook on earnings, including our future net interest margin, and
statements regarding asset quality, our loan and investment security
portfolios, our deposit portfolio and anticipated changes to our deposit costs
and balances, projected growth, capital position, capital strategies, our
plans regarding and expected future levels of our non-performing assets,
business opportunities in our market and other strategic initiatives or
transactions, and general economic conditions. When we use words such as
“may”, “will”, “anticipates”, “believes”, “expects”, “plans”, “estimates”,
“potential”, “continue”, “should”, and similar words or phrases, you should
consider them as identifying forward-looking statements. These forward-looking
statements are not guarantees of future performance. 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 release 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. For
additional information regarding factors that could affect the Company's
operations and results, see the Company’s Annual Report on Form 10-K for the
year ended December 31, 2012, and other reports filed with and furnished to
the Securities and Exchange Commission.

Additional Information About the Merger and Where to Find It

This communication does not constitute an offer to sell or the solicitation of
an offer to buy any securities or a solicitation of any vote or approval.

In connection with the pending merger between United Bankshares, Inc.
(“United”) and the Company (the “Company”), United will file with the SEC a
registration statement on Form S-4 that will include a proxy statement of the
Company and a proxy statement and prospectus of United, as well as other
relevant documents concerning the proposed transaction. Stockholders are urged
to read the registration statement and the joint proxy statement/prospectus
regarding the Merger when it becomes available and any other relevant
documents filed with the SEC, as well as any amendments or supplements to
those documents, because they will contain important information. You will be
able to obtain a free copy of the joint proxy statement/prospectus, as well as
other filings containing information about the Company and United at the SEC’s
Internet site (http://www.sec.gov). You will also be able to obtain these
documents, free of charge, from the Company by accessing the Company’s website
at www.vcbonline.com under the tab “About VCB,” then under the heading
“Investor Relations.” You will also be able to obtain these documents, free of
charge, from United’s website at www.ubsi-inc.com under the tab “Investor
Relations.”

United, the Company and their respective directors, executive officers, and
certain other members of management and employees of United, the Company and
their respective subsidiaries may be deemed to be participants in the
solicitation of proxies from stockholders of the Company in connection with
the Merger. Information about the directors and executive officers of United
is set forth in United’s proxy statement filed with the SEC on April 3, 2013.
Information about the directors and executive officers of the Company is set
forth in the Company’s proxy statement filed with the SEC on March 22, 2013.
Additional information regarding the interests of such participants will be
included in the joint proxy statement/prospectus and the other relevant
documents filed with the SEC when they become available.


Virginia Commerce Bancorp, Inc.
Financial Highlights
(Dollars in thousands, except per share data)
(Unaudited)

                                                       Three Months Ended
                    Three Months Ended March 31,         December 31,
                    2013        2012        % Change   2012        % Change
Summary Operating                                                 
Results:
Interest and        $31,202      $34,005      -8.2%      $32,427      -3.8%
dividend income
Interest expense    5,408        7,226        -25.2%     5,824        -7.1%
Net interest        25,794       26,779       -3.7%      26,603       -3.0%
income
Provision for       1,847        5,994        -69.2%     2,559        -27.8%
loan losses
Non-interest        2,558        4,949        -48.3%     4,375        -41.5%
income
Non-interest        17,647       16,627       6.1%       16,843       4.8%
expense
Income before       8,858        9,107        -2.7%      11,576       -23.5%
income taxes
Net income          $ 6,036      $ 6,142      -1.7%      $ 7,752      -22.1%
Effective
dividend on         --           1,363        -100.0%    3,522        -100.0%
preferred stock
Net income
available to        $ 6,036      $ 4,779      26.3%      $ 4,230      42.7%
common
stockholders
                                                                      
Performance
Ratios:
Return on average   0.86%        0.84%                   1.03%
assets
Return on average   9.80%        8.46%                   10.20%
equity
Net interest        3.85%        3.81%                   3.73%
margin
Efficiency ratio,   59.44%       56.36%                  56.37%
adjusted
                                                                      
Per Share Data:
Earnings per
common              $ 0.19       $ 0.15       26.7%      $0.13        46.2%
share-basic
Earnings per
common              $ 0.17       $ 0.14       21.4%      $0.12        41.2%
share-diluted
Average number of
shares
outstanding:
Basic               32,437,500   31,503,351              31,864,436
Diluted             35,147,566   33,547,703              33,874,852
                                                                      
                                                                      
                                                                      
                    As of March 31,                    As of       
                    2013        2012        % Change   12/31/12    % Change
Selected Balance
Sheet Data:
Loans, net          $2,152,816   $2,099,484   2.5%       $2,142,872   0.5%
Investment          495,086      598,178      -17.2%     493,424      0.3%
securities
Assets              2,883,388    2,954,226    -2.4%      2,823,692    2.11%
Deposits            2,186,932    2,237,848    -2.3%      2,245,392    -2.6%
Stockholders’       253,803      296,637      -14.4%     245,309      3.5%
equity
Book value per      $7.81        $7.20        8.0%       $7.68        1.7%
common share
                                                                      
Capital Ratios (%
of risk weighted
assets):
Tier 1 capital:
Company             13.67%       15.55%                  13.25%
Bank                13.15%       14.93%                  12.82%
Total qualifying
capital:
Company             14.92%       16.81%                  14.51%
Bank                14.41%       16.19%                  14.08%
Tier 1 leverage:
Company             11.06%       12.12%                  10.29%
Bank                10.69%       11.70%                  10.05%
Tangible common
equity:
Company             8.80%        7.75%                   8.69%

                                                               
(Dollars in thousands)         As of March 31,            As of
                               2013       2012           12/31/12   09/30/12
                                                                      
Asset Quality:
Non-performing assets:
Non-accrual loans:
Commercial                     $ 3,136     $ 9,968        $ 3,317     $ 3,443
Real estate-one-to-four
family residential:
Permanent first and second       2,263       3,060          3,606       5,689
Home equity loans and lines     2,379      3,580         2,498      2,576
Total real
estate-one-to-four family      $ 4,642     $ 6,640        $ 6,104     $ 8,265
residential
Real estate-multi-family         --          476            --          --
residential
Real estate-non-farm,
non-residential:
Owner-occupied                   2,561       2,997          1,791       1,804
Non-owner-occupied              4,030      88            3,864      4,731
Total real estate-non-farm,    $ 6,591     $ 3,085        $ 5,655     $ 6,535
non-residential
Real estate-construction:
Residential                      7,615       12,122         16,976      10,510
Commercial                      13,185     14,232        5,860      16,679
Total real                     $ 20,800    $ 26,354       $ 22,836    $ 27,189
estate-construction
Consumer                        16         19            17         18
Total non-accrual loans          35,185      46,542       $ 37,929    $ 45,450
OREO                            9,562      12,928        12,302     14,089
Total non-performing assets    $ 44,747    $ 59,470       $ 50,231    $ 59,539
                                                                      
Loans 90+ days past due and
still accruing:
Commercial                     $ 232       $ --           $ --        $ --
Real estate-one-to-four
family residential:
Permanent first and second       --          56             --          --
Home equity loans and lines     --         --            --         --
Total real
estate-one-to-four family      $ --        $ 56           $ --        $ --
residential
Real estate-multi-family         --          --             --          --
residential
Real estate-non-farm,
non-residential:
Owner-occupied                   --          --             --          --
Non-owner-occupied              --         --            --         --
Total real estate-non-farm,    $ --        $ --           $ --        $ --
non-residential
Real estate-construction
Residential                      --          --             --          --
Commercial                      --         --            --         --
Total real                     $ --        $ --           $ --        $ --
estate-construction:
Consumer                        22         --            --         --
Total loans 90+ days past      $ 254       $ 56           $ --        $ --
due and still accruing
                                                                      
Total non-performing assets    $ 45,001    $ 59,526       $ 50,231    $ 59,539
and past due loans
                                                                      
Troubled debt restructurings   $ 33,926    $ 42,426       $ 43,448    $ 44,892
                                                                      
Non-performing assets
to total loans:                  2.04%       2.77%          2.29%       2.77%
to total assets:                 1.55%       2.01%          1.78%       1.98%
Non-performing assets and
past due loans
to total loans:                  2.05%       2.77%          2.29%       2.77%
to total assets:                 1.56%       2.01%          1.78%       1.98%
Allowance for loan losses to     1.91%       2.11%          1.95%       1.92%
total loans
Allowance for loan losses to     118.43%     97.37%         112.77%     90.84%
non-performing loans
                                                                      
Total allowance for loan       $ 41,970    $ 45,371       $ 42,773    $ 41,288
losses

                                                    
(Dollars in thousands)        As of March 31,            As of
                              2013        2012          12/31/12    09/30/12
                                                                   
Loans 30 to 89 days past
due and still accruing
Commercial                    $  6,918     $ 1,916       $  366       $ 313
Real estate-one-to-four
family residential:
Permanent first and second       4,416       4,273          2,089       230
Home equity loans and lines     34         456           223        395
Total real
estate-one-to-four family     $  4,450     $ 4,729       $  2,312     $ 625
residential
Real estate-multi-family         --          --             --          --
residential
Real estate-non-farm,
non-residential:
Owner-occupied                   1,914       278            1,688       7,326
Non-owner-occupied              550        1,487         1,661      4,080
Total real estate-non-farm,   $  2,464     $ 1,765       $  3,349     $ 11,406
non-residential
Real estate-construction:
Residential                      --          --             --          74
Commercial                      2,138      --            --         930
Total real                    $  2,138     $ --          $  --        $ 1,004
estate-construction:
Consumer                         96          99             39          12
Farmland                        --         --            --         --
Total loans 30 to 89 days     $  16,066    $ 8,509       $  6,066     $ 13,360
past due
                                                                      
                                                         For twelve   For nine
                              For the three months       months       months
                              ended March 31,            ended       ended
                              2013        2012          12/31/12    09/30/12
                                                                      
Net charge-offs
Commercial                    $  455       $ 4,667       $  4,869     $ 4,975
Real estate-one-to-four
family residential:
Permanent first and second    $  (51)      $ (127)       $  1,480     $ 1,291
Home equity loans and lines     (26)       338           1,945      1,851
Total real
estate-one-to-four family     $  (77)      $ 211         $  3,425     $ 3,142
residential
Real estate-multi-family         --          --             ($118)      ($118)
residential
Real estate-non-farm,
non-residential:
Owner-occupied                $  110       $ 47          $  2,820     $ 2,820
Non-owner-occupied              (10)       632           2,486      3,525
Total real estate-non-farm,   $  100       $ 679         $  5,306     $ 6,345
non-residential
Real estate-construction:
Residential                   $  726         3,486       $  6,489     $ 4,528
Commercial                      1,448      100           559        578
Total real                    $  2,174     $ 3,586       $  7,048     $ 5,106
estate-construction
Consumer                         (2)         209            251         258
Farmland                        --         --            --         --
Total net charge-offs         $  2,650     $ 9,352       $  20,781    $ 19,708
Net charge-offs to average       0.12%       0.43%          0.95%       0.91%
loans outstanding
                                                                      
Total provision for loan      $  1,847     $ 5,994       $  14,826    $ 12,267
losses
                                                                        

Classes of total loans by risk rating as of March 31, 2013, are summarized as
follows (dollars in thousands):

                                                                               
                                                 Special                              Total
Internal Risk Rating  Pass         Watch      Mention    Substandard  Doubtful  Loans
Grades
                                                                                      
Commercial             $ 179,904     $ 35,203    $ 10,099    $  28,429     $  1,817   $ 255,452
Real
estate-one-to-four
family residential:
Permanent first and      237,871       15,057      13,539       17,331        112       283,910
second
Home equity loans       103,277      2,711      1,874       4,048        1,538    113,448
and lines
Total real
estate-one-to-four     $ 341,148     $ 17,768    $ 15,413    $  21,379     $  1,650   $ 397,358
family residential
Real
estate-multi-family      74,742        5,053       --           --            --        79,795
residential
Real
estate-non-farm,
non-residential:
Owner-occupied           386,845       47,226      35,505       19,995        --        489,571
Non-owner-occupied      484,330      112,387    27,724      43,014       --       667,455
Total real
estate-non-farm,       $ 871,175     $ 159,613   $ 63,229    $  63,009     $  --      $ 1,157,026
non-residential
Real
estate-construction:
Residential              116,566       16,847      19,677       10,568        --        163,658
Commercial              45,236       18,409     32,163      33,268       --       129,076
Total real             $ 161,802     $ 35,256    $ 51,840    $  43,836     $  --      $ 292,734
estate-construction
Consumer                 9,861         201         155          187           --        10,404
Farmland               2,208       3,887     --         --          --      6,095
Total                 $ 1,640,840  $ 256,981  $ 140,736  $  156,840   $  3,467  $ 2,198,864
                                                                                      

Classes of total loans by risk rating as of March 31, 2012, are summarized as
follows (dollars in thousands):

                                                                               
                                                 Special                              Total
Internal Risk Rating  Pass         Watch      Mention    Substandard  Doubtful  Loans
Grades
                                                                                      
Commercial             $ 175,523     $ 34,782    $ 4,997     $  23,427     $ 9,108    $ 247,837
Real
estate-one-to-four
family residential:
Permanent first and      205,804       15,342      10,163       25,154       115        256,578
second
Home equity loans       111,181      3,288      1,902       8,420       2,243     127,034
and lines
Total real
estate-one-to-four     $ 316,985     $ 18,630    $ 12,065    $  33,574     $ 2,358    $ 383,612
family residential
Real
estate-multi-family      76,304        4,253       --           476          --         81,033
residential
Real
estate-non-farm,
non-residential:
Owner-occupied           369,014       63,240      25,360       16,267       --         473,881
Non-owner-occupied      505,373      119,446    37,154      29,872      --        691,845
Total real
estate-non-farm,       $ 874,387     $ 182,686   $ 62,514    $  46,139     $ --       $ 1,165,726
non-residential
Real
estate-construction:
Residential              65,280        22,329      20,100       29,048       --         136,757
Commercial              39,092       20,483     36,037      26,055      --        121,667
Total real             $ 104,372     $ 42,812    $ 56,137    $  55,103     $ --       $ 258,424
estate-construction
Consumer                 8,259         291         167          67           --         8,784
Farmland               2,574       --        --         --         --       2,574
Total                 $ 1,558,404  $ 283,454  $ 135,880  $  158,786   $ 11,466  $ 2,147,990
                                                                                      

Classes of total loans by risk rating as of December 31, 2012, are summarized
as follows (dollars in thousands):

                                                                               
                                                 Special                              Total
Internal Risk Rating  Pass         Watch      Mention    Substandard  Doubtful  Loans
Grades
                                                                                      
Commercial             $ 202,088     $ 25,048    $ 11,976    $  19,822     $  2,073   $ 261,007
Real
estate-one-to-four
family residential:
Permanent first and      235,672       15,585      12,233       19,038        112       282,640
second
Home equity loans       106,872      2,724      1,871       4,165        1,543    117,175
and lines
Total real
estate-one-to-four     $ 342,544     $ 18,309    $ 14,104    $  23,203     $  1,655   $ 399,815
family residential
Real
estate-multi-family      73,317        5,080       --           --            --        78,397
residential
Real
estate-non-farm,
non-residential:
Owner-occupied           384,923       46,123      35,675       19,757        --        486,478
Non-owner-occupied      488,415      108,868    30,094      41,378       --       668,755
Total real
estate-non-farm,       $ 873,338     $ 154,991   $ 65,769    $  61,135     $  --      $ 1,155,233
non-residential
Real
estate-construction:
Residential              104,835       17,651      20,720       26,771        --        169,977
Commercial              41,336       18,645     26,281      25,800       --       112,062
Total real             $ 146,171     $ 36,296    $ 47,001    $  52,571     $  --      $ 282,039
estate-construction
Consumer                 7,744         208         219          95            --        8,266
Farmland               1,000       3,888     --         --          --      4,888
Total                 $ 1,646,202  $ 243,820  $ 139,069  $  156,826   $  3,728  $ 2,189,645
                                                                                      

Classes of total loans by risk rating as of September 30, 2012, are summarized
as follows (dollars in thousands):

                                                                               
                                                 Special                              Total
Internal Risk Rating  Pass         Watch      Mention    Substandard  Doubtful  Loans
Grades
                                                                                      
Commercial             $ 163,539     $ 28,262    $ 14,710    $  21,630     $  1,810   $ 229,951
Real
estate-one-to-four
family residential:
Permanent first and      231,543       14,590      11,252       22,651        114       280,150
second
Home equity loans       108,153      2,737      1,968       4,243        1,545    118,646
and lines
Total real
estate-one-to-four     $ 339,696     $ 17,327    $ 13,220    $  26,894     $  1,659   $ 398,796
family residential
Real
estate-multi-family      81,738        5,104       --           --            --        86,842
residential
Real
estate-non-farm,
non-residential:
Owner-occupied           357,423       66,865      21,376       21,591        --        467,255
Non-owner-occupied      483,742      131,036    33,608      43,076       --       691,462
Total real
estate-non-farm,       $ 841,165     $ 197,901   $ 54,984    $  64,667     $  --      $ 1,158,717
non-residential
Real
estate-construction:
Residential              81,656        18,262      18,095       37,757        --        155,770
Commercial              33,365       15,277     28,560      27,935       --       105,137
Total real             $ 115,021     $ 33,539    $ 46,655    $  65,692     $  --      $ 260,907
estate-construction
Consumer                 6,585         230         222          104           --        7,141
Farmland               1,000       3,889     --         --          --      4,889
Total                 $ 1,548,744  $ 286,252  $ 129,791  $  178,987   $  3,469  $ 2,147,243
                                                                                      

Classes of total loans by risk rating as of June 30, 2012, are summarized as
follows (dollars in thousands):

                                                                               
                                                 Special                              Total
Internal Risk Rating  Pass         Watch      Mention    Substandard  Doubtful  Loans
Grades
                                                                                      
Commercial             $ 188,952     $ 29,560    $ 11,729    $  24,563     $  1,810   $ 256,614
Real
estate-one-to-four
family residential:
Permanent first and      228,273       14,069      10,285       25,141        114       277,882
second
Home equity loans       110,765      2,851      2,119       5,978        2,240    123,953
and lines
Total real
estate-one-to-four     $ 339,038     $ 16,920    $ 12,404    $  31,119     $  2,354   $ 401,835
family residential
Real
estate-multi-family      80,717        3,460       --           --            --        84,177
residential
Real
estate-non-farm,
non-residential:
Owner-occupied           367,535       62,369      25,067       16,490        --        471,461
Non-owner-occupied      510,605      102,602    26,174      44,792       --       684,173
Total real
estate-non-farm,       $ 878,140     $ 164,971   $ 51,241    $  61,282     $  --      $ 1,155,634
non-residential
Real
estate-construction:
Residential              75,605        22,476      19,807       29,176        --        147,064
Commercial              40,181       18,090     26,702      38,903       --       123,876
Total real             $ 115,786     $ 40,566    $ 46,509    $  68,079     $  --      $ 270,940
estate-construction
Consumer                 8,093         307         165          73            --        8,638
Farmland               3,415       158       --         --          --      3,573
Total                 $ 1,614,141  $ 255,942  $ 122,048  $  185,116   $  4,164  $ 2,181,411

                                                                                   
Troubled Debt
Restructurings (TDRs) -

By Loan Type
As of March 31, 2013         Reviewable TDRs               Permanent TDRs                Total TDRs
(Dollars in thousands)       # of            As % of     # of            As % of     # of            As % of
                             Loans  Balance  Balance     Loans  Balance  Balance     Loans  Balance  Balance
Loan Type:
Commercial                   --      --        0.0%        3       $7,071    29.8%       3       $7,071    20.8%
Real estate-one-to-four
family residential:
Permanent first and second   7       $2,607    25.6%       --      --        0.0%        7       $2,607    7.7%
Home equity loans and        --      --        0.0%        --      --        0.0%        --      --        0.0%
lines
Total real
estate-one-to-four family    7       $2,607    25.6%       --      --        0.0%        7       $2,607    7.7%
residential
Real estate-multi-family     --      --        0.0%        --      --        0.0%        --      --        0.0%
residential
Real estate-non-farm,
non-residential:
Owner-occupied               2       6,771     66.6%       1       2,753     11.6%       3       9,524     28.1%
Non-owner-occupied           1       793       7.8%        2       6,968     29.3%       4       7,761     22.9%
Total real
estate-non-farm,             3       $7,564    74.4%       3       $9,721    40.9%       7       $17,285   51.0%
non-residential
Real estate-construction:
Residential-owner-occupied   --      --        0.0%        1       72        0.3%        1       72        0.2%
Residential-builder          --      --        0.0%        3       6,891     29.0%       3       6,891     20.3%
Commercial                   --      --        0.0%        4       $6,963    29.3%       4       $6,963    20.5%
Total real                   --      --        0.0%        --      --        0.0%        --      --        0.0%
estate-construction
Consumer                     --      --        0.0%        --      --        0.0%        --      --        0.0%
Farmland                     --      --        0.0%        --      --        0.0%        --      --        0.0%
Total                        10      $10,171   100.0%      10      $23,755   100.0%      20      $33,926   100.0%

Troubled Debt
Restructurings
(TDRs) -
                                                                         
By Quarterly
Review /
Maturity Date
As of March      Reviewable TDRs                Permanent TDRs                 Total TDRs
31, 2013
(Dollars in      # of             As % of     # of             As % of     # of             As % of
thousands)
                 Loans  Balance   Balance     Loans  Balance   Balance     Loans  Balance   Balance
Review /
Maturity by
Quarter:
2013
1^st Quarter     --      $ --       0.0%        1       $ 465      2.0%        1       $ 465      1.4%
2^nd Quarter     2         669      6.6%        2         3,646    15.3%       4         4,315    12.7%
3^rd Quarter     4         1,274    12.5%       --        --       0.0%        4         1,274    3.8%
4^th Quarter     1        793      7.8%        1        72       0.3%        2        865      2.5%
Total 2013:      7       $ 2,736    26.9%       4       $ 4,183    17.6%       11      $ 6,919    20.4%
2014
1^st Quarter     --      $ --       0.0%        --      $ --       0.0%        --      $ --       0.0%
2^nd Quarter     --        --       0.0%        1         1,026    4.3%        1         1,026    3.0%
3^rd Quarter     2         6,771    66.6%       1         5,579    23.5%       3         12,350   36.4%
4^th Quarter     --       --       0.0%        1        5,400    22.7%       1        5,400    15.9%
Total 2014:      2       $ 6,771    66.6%       3       $ 12,005   50.5%       5       $ 18,776   55.3%
2015 & beyond    1        664      6.5%        3        7,567    31.9%       4        8,231    24.3%
Total Loans      10      $ 10,171   100.0%      10      $ 23,755   100.0%      20      $ 33,926   100.0%

                                                                                                         
Troubled Debt Restructurings (TDRs) -
Migration by Quarter
As of March 31, 2013
(000s)
                                                                                                                   
               4/1/09 to    7/1/09 to     10/1/09 to   1/1/10     4/1/10     7/1/10 to    10/1/10 to   1/1/11 to   4/1/11 to
                                                       to         to
               6/30/09      9/30/09       12/31/09     3/31/10    6/30/10    9/30/10      12/31/10     3/31/11     6/30/11
Period
Beginning        --         $ 33,309      $ 37,425     $ 71,885   $ 80,993   $ 96,976     $ 105,617    $ 102,996   $ 91,876
Balance
                                                                                                                   
Additions:
New Loans      $ 33,309     $ 5,226       $ 37,663     $ 23,477   $ 21,720   $ 12,698     $ 12,377     $ 3,188     $ 116
Added
Loan            --          974          348         219       472       220         531         486        197
Advances
Subtotal       $ 33,309     $ 6,200       $ 38,011     $ 23,696   $ 22,192   $ 12,918     $ 12,908     $ 3,674     $ 313
Additions:
                                                                                                                   
Deductions:
Sales            --         $ 944         $ 1,783      $ 1,218    $ 761        --         $ 125        $ 367       $ 126
Proceeds
Payments         --           317           174          50         1,202      1,138        433          1,989       1,715
Reviews          --           --            229          75         3,714      2,468        --           5,731       640
Upgrades         --           --            --           --         --         --           11,000       --          --
Partial C/Os
w/Continuing     --           --            --           --         --         --           --           5,656       3,000
TDRs
Charge-offs
w/Loans Sold     --           --            56           --         --         --           --           251         --
or Settled
Transfer to     --          823          1,309       13,245    532       671         3,971       800        5,638
NPA
Subtotal         --         $ 2,084       $ 3,551      $ 14,588   $ 6,209    $ 4,277      $ 15,529     $ 14,794    $ 11,119
Deductions:
                                                                                                                   
Net Increase   $ 33,309     $ 4,116       $ 34,460     $ 9,108    $ 15,983   $ 8,641        ($           ($          ($10,806)
/ (Decrease)                                                                                2,621)       11,120)
                                                                                                                   
% Increase /
(Decrease)
from                          12.4%         92.1%        12.7%      19.7%      8.9%         (2.5%)       (10.8%)     (11.8%)
Preceding
Period
                                                                                                                   
Period Ended   $ 33,309     $ 37,425      $ 71,885     $ 80,993   $ 96,976   $ 105,617    $ 102,996    $ 91,876    $ 81,070
Balance
                                                                                                                   
                                                                                                                   
               7/1/11 to    10/1/11 to    1/1/12 to    4/1/12     7/1/12     10/1/12 to   1/1/13 to
                                                       to         to
               9/30/11      12/31/11      3/31/12      6/30/12    9/30/12    12/31/12     3/31/13      TOTAL
Period
Beginning      $ 81,070     $ 71,686      $ 52,264     $ 42,426   $ 43,054   $ 44,892     $ 43,448
Balance
                                                                                                                   
Additions:
New Loans      $ 984        $ 753         $ 541        $ 1,345    $ 8,804    $ 6,771      $ 231        $ 169,203
Added
Loan            53          40           236         186       46        65          --          4,073
Advances
Subtotal       $ 1,037      $ 793         $ 777        $ 1,531    $ 8,850    $ 6,836      $ 231        $ 173,276
Additions:
                                                                                                                   
Deductions:
Sales          $ 4,597      $ 6,168       $ 5,098      $ 247      $ 531      $ 3,904      $ --         $ 25,869
Proceeds
Payments         532          990           226          158        785        72           64           9,845
Reviews          4,292        10,111        3,888        498        1,465      635          9,689        43,435
Upgrades         --           --            --           --         --         3392         --           14,392
Partial C/Os
w/Continuing     --           --            --           --         2,587      --           --           11,243
TDRs
Charge-offs
w/Loans Sold     --           2,946         604          --         --         --           --           3,857
or Settled
Transfer to     1,000       --           799         --        1,644     277         --          30,709
NPA
Subtotal       $ 10,421     $ 20,215      $ 10,615     $ 903      $ 7,012    $ 8,280      $ 9,753      $ 139,350
Deductions:
                                                                                                                   
Net Increase     ($9,384)     ($19,422)     ($9,838)   $ 628      $ 1,838      ($1,444)     ($9,522)
/ (Decrease)
                                                                                                                   
% Increase /
(Decrease)
from             (11.6%)      (27.1%)       (18.8%)      1.5%       4.3%       (3.20%)      (21.9%)
Preceding
Period
                                                                                                                   
Period Ended   $ 71,686     $ 52,264      $ 42,426     $ 43,054   $ 44,892   $ 43,448     $ 33,926     $ 33,926
Balance

                                                                     
(Dollars in            As of March 31,                    As of        
thousands)
                       2013         2012         %        12/31/12     %
                                                   Change                 Change
                                   
Loan Portfolio:
Commercial             $ 255,452     $ 247,837     3.1%     $ 261,007     -2.1%
Real estate-one to
four family
residential:
Permanent first and      283,910       256,578     10.7%      282,640     0.4%
second
Home equity loans       113,448      127,034     -10.7%    117,175     -3.2%
and lines
Total real
estate-one-to-four     $ 397,358     $ 383,612     3.6%     $ 399,815     -0.6%
family residential
Real
estate-multifamily       79,795        81,033      -1.5%      78,397      1.8%
residential
Real
estate-non-farm,
non-residential:
Owner-occupied           489,571       473,881     3.3%       486,478     0.6%
Non-owner-occupied      667,455      691,845     -3.5%     668,755     -0.2%
Total real
estate-non-farm,       $ 1,157,026   $ 1,165,726   -0.7%    $ 1,155,233   0.2%
non-residential
Real
estate-construction:
Residential              163,658       136,757     19.7%      169,977     -3.7%
Commercial              129,076      121,667     6.1%      112,062     15.2%
Total real             $ 292,734     $ 258,424     13.3%      282,039     3.8%
estate-construction:
Consumer                 10,404        8,784       18.4%      8,266       25.9%
Farmland                6,095        2,574       136.8%    4,888       24.7%
Total loans            $ 2,198,864   $ 2,147,990   2.4%     $ 2,189,645   0.4%
Less unearned income     4,078         3,135       30.1%      4,000       2.0%
Less allowance for      41,970       45,371      -7.5%     42,773      -1.9%
loan losses
Loans, net             $ 2,152,816   $ 2,099,484   2.5%     $ 2,142,872   0.5%

                       
(Dollars in             As of March 31, 2013
thousands)
Residential,
Acquisition,                                                    Non-accruals  Net
Development and                                                                    charge-offs
Construction
                        Total          Percentage     Non-accrual   as a % of      as a % of
By
County/Jurisdiction     Outstandings  of Total       Loans        Outstandings  Outstandings
of Origination:
District of Columbia    $   7,273      4.4%           $   489       0.3%           --
Montgomery, MD              --         --                 --        --             --
Prince Georges, MD          8,153      5.0%               3,681     2.3%           --
Other Counties in MD        4,920      3.0%               62        --             --
Arlington/Alexandria,       30,554     18.7%              616       0.4%           0.4%
VA
Fairfax, VA                 36,103     22.1%              --        --             --
Culpeper/Fauquier, VA       10,550     6.4%               200       0.1%           --
Frederick, VA               2,288      1.4%               2,288     1.4%           --
Henrico, VA                 955        0.6%               --        --             --
Loudoun, VA                 15,674     9.6%               279       0.2%           --
Prince William, VA          22,786     13.9%              --        --             --
Spotsylvania, VA            342        0.2%               --        --             --
Stafford, VA                20,287     12.4%              --        --             --
Other Counties in VA        1,648      1.0%               --        --             --
Outside VA, D.C. & MD      2,125      1.3%              --        --             --
                        $   163,658    100.0%         $   7,615     4.7%           0.4%

                       
(Dollars in             As of March 31, 2013
thousands)
Commercial,
Acquisition,                                                    Non-accruals  Net
Development and                                                                    charge-offs
Construction
                        Total          Percentage     Non-accrual   as a % of      as a % of
By
County/Jurisdiction     Outstandings  of Total       Loans        Outstandings  Outstandings
of Origination:
District of Columbia    $   272        0.2%           $   --        --             --
Montgomery, MD              1,974      1.5%               --        --             --
Prince Georges, MD          6,357      4.9%               --        --             --
Other Counties in MD        2,080      1.6%               --        --             --
Arlington/Alexandria,       14,415     11.2%              506       0.4%           --
VA
Fairfax, VA                 8,031      6.2%               2,142     1.7%           0.2%
Culpeper/Fauquier, VA       1,688      1.3%               1,688     1.3%           0.4%
Frederick, VA               2,000      1.5%               --        --             --
Henrico, VA                 --         --                 --        --             --
Loudoun, VA                 13,840     10.7%              --        --             --
Prince William, VA          45,990     35.7%              --        --             --
Spotsylvania, VA            1,640      1.3%               --        --             --
Stafford, VA                25,412     19.7%              8,014     6.2%           0.6%
Other Counties in VA        5,377      4.2%               835       0.6%           --
Outside VA, D.C. & MD      --         --                --        --             --
                        $   129,076    100.0%         $   13,185    10.2%          1.2%

                          
(Dollars in thousands)     As of March 31, 2013
                                                                                      Net
Non-Farm/Non-Residential                                           Non-accruals  charge-offs
                                                                                      as
                           Total          Percentage     Non-accrual   as a % of      a % of
By County/Jurisdiction     Outstandings  of Total       Loans        Outstandings  Outstandings
of Origination:
District of Columbia       $  82,287      7.1%           $   --        --             --
Montgomery, MD                18,729      1.6%               1,738     0.1%           --
Prince Georges, MD            72,084      6.2%               --        --             --
Other Counties in MD          47,781      4.1%               --        --             --
Arlington/Alexandria, VA      182,882     15.8%              909       0.1%           --
Fairfax, VA                   277,162     24.0%              719       0.1%           --
Culpeper/Fauquier, VA         5,197       0.4%               2,061     0.2%           --
Frederick, VA                 7,646       0.7%               --        --             --
Henrico, VA                   21,562      1.9%               --        --             --
Loudoun, VA                   146,847     12.7%              1,164     0.1%           --
Prince William, VA            181,661     15.7%              --        0.1%           --
Spotsylvania, VA              18,927      1.6%               --        --             --
Stafford, VA                  19,328      1.7%               --        --             --
Other Counties in VA          66,001      5.7%               --        --             --
Outside VA, D.C. & MD        8,932       0.8%              --        --             --
                           $  1,157,026   100.0%         $   6,591     0.7%           --
                                                                                      

Of this total of $1.2 billion in non-farm/non-residential real estate loans,
approximately $87.5 million will mature in 2012, $109.0 million in 2013 and
$201.9 million in 2014.

                                                                 
                          As of March 31,                As of     
(Dollars in thousands)    2013      2012      % Change   12/31/12  % Change
                                   
Investment Securities
(at book value):
Available-for-sale
(AFS):
U.S. government agency    $393,959   $494,041   -20.3%     $392,867   0.3%
obligations
Pooled trust preferred    364        486        -25.1%     357        2.0%
securities
Obligations of states
and political             100,763    103,651    -2.8%      100,200    0.6%
subdivisions
Total Investment          $495,086   $598,178   -17.2%     $493,424   0.3%
Securities

*Story too large*
                                                               
Virginia Commerce Bancorp, Inc.
Consolidated Balance Sheets
(Dollars in thousands, except per share data)
(Unaudited)
                                                                  
                                                                  As of
                                      As of March 31,             December 31,
                                      2013         2012          2012
Assets                                            
Cash and due from banks               $ 32,662      $ 33,047      $  49,531
Investment securities, AFS              495,086       598,178        493,424
Restricted stocks, at cost              10,253        11,272         10,147
Federal funds sold                      --            --             0
Interest bearing deposits in other      80,000        116,000        1,000
banks
Loans held-for-sale                     4,941         8,164          15,195
Loans, net of allowance for loan
losses of $41,970, $45,371 and          2,152,816     2,099,484      2,142,872
$42,773
Bank premises and equipment, net        9,668         11,058         10,072
Accrued interest receivable             9,075         9,798          8,563
Other real estate owned, net of
valuation allowance of $4,076,          9,562         12,928         12,302
$6,571 and $6,374
Bank owned life insurance               44,694        14,072         44,393
Other assets                           34,631       40,225        36,193
Total assets                          $ 2,883,388   $ 2,954,226   $  2,823,692
Liabilities and Stockholders’
Equity
Deposits
Demand deposits                       $ 420,579     $ 335,580     $  416,091
Savings and interest-bearing demand     1,163,374
deposits

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