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TheStreet Open House

Hampton Roads Bankshares Announces Fourth Quarter And Full Year Financial Results For 2010

Stocks in this article: HMPR

  • Net loss in the fourth quarter of $34.7 million
  • Completion of remainder of $295 million recapitalization
  • $50 million decline in nonperforming assets during the fourth quarter

NORFOLK, Va., March 9, 2011 (GLOBE NEWSWIRE) -- Hampton Roads Bankshares, Inc. (the "Company") (Nasdaq:HMPR), the holding company of Bank of Hampton Roads and Shore Bank, today announced financial results for the fourth quarter and full year of 2010. The Company reported a net loss of $34.7 million for the quarter, compared to a net loss (as restated) of $152.2 million for the fourth quarter of 2009. For the full year the Company reported a net loss of $211.3 million, with a net loss to common shareholders of $99.2 million. The full year loss included provisions for loan losses of $211.8 million.

During the fourth quarter, the Company completed the remainder of its $295 million capital raise, resulting in an additional $60 million of equity capital during the quarter. "As one of the few financial institutions successfully recapitalized in 2010, we are pleased to have our capital raise completed," said John A. B. "Andy" Davies, Jr., President and Chief Executive Officer. "This is the beginning of a new era for the Company, its shareholders, loyal customers and our team members."

As of December 31, 2010, the Company exceeded the regulatory capital minimums and Bank of Hampton Roads and Shore Bank were both considered "well-capitalized" under the risk-based capital standards.

In addition, the Company reported a decline of $50.1 million in nonperforming assets during the fourth quarter, from $365.5 million at September 30, 2010 to $315.4 million on December 31, 2010. Said Davies, "The decline in nonperforming assets is very gratifying to see and is a real testament to the hard work and effort of our team. Continuing to clean up our balance sheet remains job one. We have and will continue to focus resources specifically on managing our nonperforming assets." Nonperforming assets represented 11% of total assets at December 31, 2010.

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