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Hampton Roads Bankshares Announces Fourth Quarter And Full Year Financial Results

About Hampton Roads Bankshares

Hampton Roads Bankshares, Inc. is a bank holding company headquartered in Virginia Beach, Virginia. The Company's primary subsidiaries are The Bank of Hampton Roads, which opened for business in 1987, and Shore Bank, which opened in 1961 (collectively, the "Banks").  The Banks engage in general community and commercial banking business, targeting the needs of individuals and small to medium-sized businesses.  Currently, The Bank of Hampton Roads operates 33 banking offices in Virginia and North Carolina doing business as Bank of Hampton Roads and Gateway Bank & Trust Co.  Shore Bank serves the Eastern Shore of Maryland and Virginia through seven banking offices and two loan production offices in West Ocean City, Maryland and Rehoboth Beach, Delaware. Through various affiliates, the Banks also offer mortgage banking services and investment products. Shares of the Company's common stock are traded on the NASDAQ Global Select Market under the symbol "HMPR." Additional information about the Company and its subsidiaries can be found at www.hamptonroadsbanksharesinc.com .

Use of Non-GAAP Financial Measures

This earnings press release contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding our results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the Form 8-K filed related to this release. The Form 8-K can be found on the SEC's EDGAR website at www.sec.gov or our website at www.hamptonroadsbanksharesinc.com

       
       
       
Hampton Roads Bankshares, Inc.      
Financial Highlights      
Unaudited      
(in thousands, except per share data)      
       
       
Operating Results Q4 2012 Q3 2012 Q4 2011
       
Interest income  $ 20,093  $ 19,933  $ 22,875
Interest expense  3,804  4,096  5,420
Net interest income 16,289 15,837 17,455
Provision for loan losses  870  2,476  14,117
Noninterest income  366  2,200  (1,127)
Noninterest expense  22,356  20,394  23,393
Income tax benefit  (2,182)  --  --
Net loss  (4,389)  (4,833)  (21,182)
Noncontrolling Interest  1,210  1,088  230
Net loss attributable to Hampton Roads Bankshares, Inc.  $ (5,599)  $ (5,921)  $ (21,412)
       
       
Per Share Data      
       
Loss per share:      
Basic  $ (0.03)  $ (0.05)  $ (0.62)
Diluted  (0.03)  (0.05)  (0.62)
Common dividends declared  --   --   -- 
Book value per common share  1.08  1.10  3.29
Book value per common share - tangible  1.07  1.09  3.18
       
       
Balance Sheet at Period-End      
       
Total assets  $ 2,054,092  $ 2,071,433  $ 2,166,860
Gross loans  1,432,275  1,416,933  1,504,733
Allowance for loan losses  48,382  54,444  74,947
Total investment securities  294,521  311,104  304,527
Intangible assets  2,410  2,745  3,751
Total deposits  1,617,774  1,630,943  1,798,034
Total borrowings  236,062  236,183  236,558
Shareholders' equity  184,723  187,960  113,668
Shareholders' equity - tangible  182,313  185,215  109,917
Common shareholders' equity  184,723  187,960  113,668
Common shareholders' equity - tangible  182,313  185,215  109,917
       
       
Daily Averages      
       
Total assets  $ 2,057,454  $ 2,054,380  $ 2,270,707
Gross loans  1,399,480  1,422,909  1,577,877
Total investment securities  314,924  322,306  306,454
Intangible assets  2,560  2,907  3,955
Total deposits  1,615,975  1,651,972  1,880,808
Total borrowings  236,112  236,238  236,541
Shareholders' equity  187,592  149,019  131,991
Shareholders' equity - tangible  185,032  146,112  128,036
Common shareholders' equity  187,592  149,019  131,991
Common shareholders' equity - tangible  185,032  146,112  128,036
Interest-earning assets  1,787,472  1,770,564  1,934,073
Interest-bearing liabilities  1,601,172  1,639,320  1,878,916
       
       
Financial Ratios      
       
Return on average assets -1.08% -1.15% -3.74%
Return on average common equity -11.87% -15.81% -64.36%
Return on average common equity - tangible -12.04% -16.12% -66.35%
Net interest margin 3.62% 3.55% 3.58%
Efficiency ratio 135.43% 114.45% 143.86%
Tangible common equity to tangible assets 8.89% 8.95% 5.08%
       
       
Allowance for Loan Losses      
       
Beginning balance  $ 54,444  $ 62,907  $ 83,036
Provision for losses  870  2,476  14,117
Charge-offs  (9,619)  (13,281)  (24,690)
Recoveries  2,687  2,342  2,484
Ending balance  $ 48,382  $ 54,444  $ 74,947
       
       
Nonperforming Assets at Period-End      
       
Nonaccrual loans including nonaccrual impaired loans  $ 97,411  $ 115,093  $ 133,161
Loans 90 days past due and still accruing interest  1,024  --  84
Repossessed assets  32,215  44,061  63,613
Total nonperforming assets  $ 130,650  $ 159,154  $ 196,858
       
       
Asset Quality Ratios      
       
Annualized net (chargeoffs) recoveries to average loans -1.97% -3.06% -5.58%
Nonperforming loans to total loans 6.87% 8.12% 8.86%
Nonperforming assets to total assets 6.36% 7.68% 9.08%
Allowance for loan losses to total loans 3.38% 3.84% 4.98%
       
       
Composition of Loan Portfolio at Period-End      
       
Commercial  $ 267,080  $ 247,125  $ 256,058
Construction  206,391  233,194  284,984
Real-estate commercial  530,042  532,884  522,052
Real-estate residential  372,591  379,558  414,957
Installment  56,302  24,302  26,525
Deferred loan fees and related costs  (131)  (130)  157
Total loans  $ 1,432,275  $ 1,416,933  $ 1,504,733
     
     
     
Hampton Roads Bankshares, Inc.    
Financial Highlights    
Unaudited    
(in thousands, except per share data)    
     
  Twelve months ended
Operating Results December 31, 2012 December 31, 2011
     
Interest income  $ 82,302  $ 100,791
Interest expense  17,278  29,324
Net interest income 65,024 71,467
Provision for loan losses  14,994  67,850
Noninterest income  7,667  4,210
Noninterest expense  81,427  103,676
Income tax expense (benefit)  (2,182)  2,153
Net loss  (21,548)  (98,002)
Noncontrolling interest  3,543  612
Net loss attributable to Hampton Roads Bankshares, Inc.  $ (25,091)  $ (98,614)
     
     
Per Share Data    
     
Loss per share:    
Basic  $ (0.29)  $ (2.90)
Diluted  (0.29)  (2.90)
Common dividends declared  --   -- 
Book value per common share  1.08  3.29
Book value per common share - tangible  1.07  3.18
     
Daily Averages    
     
Total assets  $ 2,090,167  $ 2,557,877
Gross loans  1,438,508  1,731,851
Total investment securities  317,866  337,239
Intangible assets  3,065  8,137
Total deposits  1,695,673  2,128,648
Total borrowings  236,306  249,156
Shareholders' equity  139,862  157,408
Shareholders' equity - tangible  136,797  149,271
Common shareholders' equity  139,862  157,408
Common shareholders' equity - tangible  136,797  149,271
Interest-earning assets  1,798,660  2,209,541
Interest-bearing liabilities  1,693,584  2,145,338
     
Financial Ratios    
     
Return on average assets -1.20% -3.86%
Return on average common equity -17.94% -62.65%
Return on average common equity - tangible -18.34% -66.06%
Net interest margin 3.62% 3.23%
Efficiency ratio 112.99% 142.13%
Tangible common equity to tangible assets 8.89% 5.08%
     
     
Allowance for Loan Losses    
     
Beginning balance  $ 74,947  $ 157,253
Provision for losses  14,994  67,850
Charge-offs  (50,552)  (156,590)
Recoveries  8,993  6,434
Ending balance  $ 48,382  $ 74,947
     
     
Asset Quality Ratios    
     
Annualized net (chargeoffs) recoveries to average loans -2.89% -8.67%
Nonperforming loans to total loans 6.87% 8.86%
Nonperforming assets to total assets 6.36% 9.08%
Allowance for loan losses to total loans 3.38% 4.98%
CONTACT: Stephen P. Theobald
         Executive Vice President, Chief Financial Officer
         (757) 217-1000

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