Provision for loan loss expense for the fourth quarter was $0.9 million, down sharply from the $14.1 million of provision for loan loss expense in the fourth quarter of 2011 and also down from $2.5 million in the third quarter of 2012. Provision for loan loss expense for the full year 2012 was $15.0 million, down significantly from the $67.9 million of provision for loan loss expense in 2011. In addition, the Company reported that its nonperforming assets declined to $130.7 million at December 31, 2012, a decline of $28.5 million from September 30, 2012, marking the ninth straight quarterly decline in nonperforming assets. Nonperforming assets declined $66.5 million, or nearly 34%, during the full year 2012. Nonperforming assets represented 6.36%, 7.68% and 9.08% of total assets at December 31, 2012, September 30, 2012, and December 31, 2011, respectively.Noninterest income was $0.4 million during the fourth quarter of 2012 compared to $(1.1) million in the fourth quarter of 2011 and $2.2 million during the third quarter of 2012. Noninterest income continued to be impacted by losses and impairments on foreclosed real estate, which totaled $8.3 million in the fourth quarter of 2012. Mortgage revenue increased during the quarter to $6.1 million as origination volume continued to be positively impacted by the continued low interest rate environment. Noninterest income for the full year 2012 was $7.7 million compared to $4.2 million in 2011, due primarily to the increase in mortgage banking revenues.
Hampton Roads Bankshares Announces Fourth Quarter And Full Year Financial Results
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.