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Hampton Roads Bankshares Announces Fourth Quarter And Full Year Financial Results

Stocks in this article: HMPR

  • Net loss available to common shareholders in the fourth quarter of $5.6 million, a 74% improvement over the fourth quarter of 2011
  • Loans outstanding increased $15.3 million during the fourth quarter
  • Provision for loan loss expense in the quarter declined to $870 thousand, a 94% decline over the fourth quarter of 2011
  • Nonperforming assets declined $28.5 million in the quarter and $66.2 million, or nearly 34%, for the full year

VIRGINIA BEACH, Va., Jan. 30, 2013 (GLOBE NEWSWIRE) -- Hampton Roads Bankshares, Inc. (the "Company") (Nasdaq:HMPR), the holding company of The Bank of Hampton Roads and Shore Bank, today announced financial results for the fourth quarter and full year of 2012. The Company reported a net loss available to common shareholders of $5.6 million for the quarter, compared to a net loss available to common shareholders of $21.4 million for the fourth quarter of 2011 and a net loss available to common shareholders of $5.9 million in the third quarter of 2012. For the full year 2012, the Company reported a net loss available to common shareholders of $25.1 million, a $73.5 million reduction from a net loss available to common shareholders of $98.6 million for 2011. 

"2012 was an important year for us and I am proud of the progress we have made," said Doug Glenn, President and Chief Executive Officer. "The trends continue to move in a positive direction and our bankers are actively engaged in meeting the needs of our local communities."

Net interest income for the fourth quarter of 2012 was $16.3 million, compared to $17.5 million in the fourth quarter of 2011 and up from the $15.8 million of net interest income in the third quarter of 2012. Net interest margin was 3.62% in the fourth quarter compared to 3.58% in the fourth quarter of last year and 3.55% in the third quarter of 2012. Net interest income for the full year 2012 was $65.0 million compared to $71.5 million in 2011 due to declines in average interest earning assets year over year. However, net interest margin improved from 3.23% in 2011 to 3.62% in 2012 because of the positive impact to yields from a shift in the mix of earning assets and declines in funding costs during the year.

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