Hampton Roads Bankshares Announces Fourth Quarter And Full Year Financial Results

  • 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.

If you liked this article you might like

Hampton Roads Bankshares (HMPR) Upgraded From Sell to Hold

Hampton Roads Bankshares Inc Stock Upgraded (HMPR)

Insiders Trading PROJ JAX HMPR GIII

5 Stocks With Big Insider Buying

Insiders Trading DNKN, GEVA, HMPR, PGCG