During the fourth quarter, the Company recognized $2.2 million of a tax benefit from the final resolution of certain Internal Revenue Service examination issues related to the amendment of previous tax returns. The Company continues to maintain a valuation allowance against all of its net deferred tax assets.As of December 31, 2012, total assets were $2.05 billion, down slightly from $2.07 billion at September 30, 2012. During the fourth quarter, loans outstanding increased from $1.42 billion to $1.43 billion as a result of new origination activity and the acquisition of a $40 million consumer loan portfolio, offset by continued resolutions of problem loans. Total deposits declined during the quarter to $1.62 billion from $1.63 billion at September 30, 2012 as the Company saw an increase in non-interest bearing deposits offset by continued declines in time deposits. Total assets, loans and deposits at December 31, 2011 were $2.2 billion, $1.5 billion and $1.8 billion, respectively.
Hampton Roads Bankshares Announces Fourth Quarter And Full Year Financial Results
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