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TheStreet Open House

Hampton Roads Bankshares Announces Third Quarter Financial Results

Stocks in this article: HMPR

  • Third quarter net income available to common shareholders totaled $2.8 million
  • Year-to-date earnings totaled $3.5 million, a $23.0 million increase over the comparable period in 2012
  • Average core deposits grew $21.2 million during the third quarter
  • Non-performing assets declined to 4.39% of total assets from 7. 68 % over past 12 months

VIRGINIA BEACH, Va., Nov. 7, 2013 (GLOBE NEWSWIRE) -- Hampton Roads Bankshares, Inc. (the "Company") (Nasdaq:HMPR), the holding company for the Bank of Hampton Roads and Shore Bank, today announced financial results for the third quarter of 2013. Net income available to common shareholders was $2.8 million for the three months ended September 30, 2013, compared to $0.1 million for the second quarter of 2013 and a net loss available to common shareholders of $5.9 million for the third quarter of 2012. On a year-to-date basis, net income available to common shareholders totaled $3.5 million in 2013, compared to a net loss available to common shareholders of $19.5 million for the comparable period in 2012.

"I am pleased with the Company's performance in the third quarter," said Douglas Glenn, President and Chief Executive Officer. "We are focused on ensuring that our business model meets the needs of our customers in an evolving banking environment and on continuing to position our Company for future growth through the implementation of our One Bank Strategy. This quarter represents yet another building block in our long-term foundation."

Net Interest Income

Net interest income for the three and nine months ended September 30, 2013 was $15.8 million and $47.8 million, respectively, a decrease of $37 thousand and $910 thousand, respectively, for the same periods ended September 30, 2012. The decrease in net interest income for the nine months ended September 30, 2013 was due to decreases in average interest-earning assets and the yields received on these assets, partially offset by an increase in net interest margin which benefited from a lower cost of funding due to re-pricing of deposits and a change in the composition of interest bearing liabilities. Net interest margin, as calculated using our new method that now includes the impact of nonaccrual loans, increased to 3.42% and 3.44% for the three and nine months ended September 30, 2013, respectively from 3.35% and 3.38% for the three and nine months ended September 30, 2012.

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