Virginia Commerce Bancorp beats Q2 estimates (updated)

Virginia Commerce Bancorp Inc. (Nasdaq: VCBI) reported second-quarter earnings above analyst estimates Monday.

For the three months ended June 30, the commercial bank reported earnings of $6.9 million, or $0.28 per share, compared with earnings of $6.3 million, or $0.25 per share for the second quarter of 2006.

Seven analysts surveyed by Thomson Financial expected second quarter earnings of $0.26 per share.

“Obviously the results were better than expected, “said Stifel Nicolaus analyst Megan Malanga. “Virginia Commerce posted lower loss provisions than forecasted due to the mix of loans and credit quality trends that were generally favorable.”

Despite a challenging banking environment, Virginia Commerce said it saw a 66% decrease in loan loss provisions, and increases of almost 20% and 14% in loans and non-interest income, respectively.

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