HR bankshares loses $26.49M in third quarter

Hampton Roads Bankshares Inc., which went through a major recapitalization effort a year ago, said Friday that it lost $26.49 million in the third quarter, compared with a net loss of $84.48 million in the year-earlier period.

After a conversion of its preferred stock to common shares in last year's third quarter, the company had $30.02 million of net income available to shareholders for that quarter, Hampton Roads Bankshares said.

The Norfolk-based parent of Bank of Hampton Roads and Shore Bank said its net interest income for the recent quarter totaled $17.55 million, off 2 percent from $17.94 million in the year-earlier period.

The company noted that its earning assets continued to shrink. Its loans at the end of September totaled $1.63 billion, off 22 percent from $2.1 billion at the end of the 2010 third quarter.

Hampton Roads Bankshares said its nonperforming assets totaled $236.92 million, or 9.7 percent, of total assets. That was down from $365.49 million and 11.9 percent of total assets one year earlier.

"Reducing our portfolio of problem assets remains our No. 1 focus, and we continue to make slow but steady progress towards that goal," Douglas Glenn, the company's interim president and CEO, said in a statement. 

Tom Shean, (757) 446-2379, tom.shean@pilotonline.com