Hampton Roads Bankshares, the holding company for Bank of Hampton Roads, announced operating results for the 4th quarter and full year 2015.
Article continues below
Net income attributable to common shareholders for the 4th quarter and the twelve months ended December 31, 2015 was $88.6 million and $93 million, respectively, as compared to $1.0 million and $9.3 million, respectively, for the same periods in 2014, as the company recognizes $92.5 million of deferred income tax benefits.
Net interest income was $15.6 million and $61.6 million, respectively, for the fourth quarter and full year of 2015.
This represented an increase of $0.7 million, or 4.8%, and $1.6 million, or 2.6%, respectively, over the comparable periods in 2014. Growth in loans primarily drove the increases.
Loans totaled $1.5 billion at December 31, 2015, compared to $1.4 billion at December 31, 2014. The Company has made a concerted effort to shift its asset mix away from cash and investment securities to higher yielding loans, with solid growth in commercial and industrial loans and installment loans.
During the past several years, the Company had a significant reduction in problem loans and as the credit quality of the loan portfolio has improved, the provision for loan losses has decreased significantly.
However, during 2015, nonaccrual loans increased $14.0 million, or 65.1%, to $35.5 million at December 31, 2015, compared to $21.5 million at December 31, 2014.
At December 31, 2015 and December 31, 2014, there were no loans categorized as 90 days or more past due and still accruing interest, and other real estate owned and repossessed assets declined $9.3 million, or 42.9%, in 2015 compared to 2014.
The allowance for loan losses was $23.2 million at December 31, 2015, or 1.50% of loans. This compares to $27.1 million, or 1.90% of loans at year-end 2014. Net charge-offs totaled $4.5 million for full year 2015, compared to $8.2 million in 2014. No provision for loan losses was recorded in the fourth quarter of 2015, totaling $0.6 million for the full year 2015. ■