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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Xenith Bankshares, Inc. | NASDAQ:XBKS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 33.83 | 30.43 | 37.19 | 0 | 01:00:00 |
|
|
Virginia
|
54-2053718
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
|
641 Lynnhaven Parkway Virginia Beach, Virginia
|
23452
|
(Address of principal executive offices)
|
(Zip Code)
|
PART I
|
FINANCIAL INFORMATION
|
|
|
|
|
ITEM 1
|
FINANCIAL STATEMENTS
|
|
|
|
|
|
Consolidated Balance Sheets
|
|
|
March 31, 2016
|
|
|
December 31, 2015
|
|
|
|
|
|
Consolidated Statements of Operations
|
|
|
Three months ended March 31, 2016 and 2015
|
|
|
|
|
|
Consolidated Statements of Comprehensive Income
|
|
|
Three months ended March 31, 2016 and 2015
|
|
|
|
|
|
Consolidated Statement of Changes in Shareholders' Equity
|
|
|
Three months ended March 31, 2016
|
|
|
|
|
|
Consolidated Statements of Cash Flows
|
|
|
Three months ended March 31, 2016 and 2015
|
|
|
|
|
|
Notes to Consolidated Financial Statements
|
|
|
|
|
ITEM 2
|
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
|
|
|
AND RESULTS OF OPERATIONS
|
|
|
|
|
ITEM 3
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
|
|
|
|
ITEM 4
|
CONTROLS AND PROCEDURES
|
|
|
|
|
PART II
|
OTHER INFORMATION
|
|
|
|
|
ITEM 1
|
LEGAL PROCEEDINGS
|
|
|
|
|
ITEM 1A
|
RISK FACTORS
|
|
|
|
|
ITEM 2
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
|
|
|
|
ITEM 3
|
DEFAULTS UPON SENIOR SECURITIES
|
|
|
|
|
ITEM 4
|
MINE SAFETY DISCLOSURES
|
|
|
|
|
ITEM 5
|
OTHER INFORMATION
|
|
|
|
|
ITEM 6
|
EXHIBITS
|
|
|
|
|
|
SIGNATURES
|
|
|
|
|
|
EXHIBIT INDEX
|
(in thousands, except share data)
|
|
|
|
||||
(unaudited)
|
March 31, 2016
|
|
December 31, 2015
|
||||
Assets:
|
|
|
|
||||
Cash and due from banks
|
$
|
17,356
|
|
|
$
|
17,031
|
|
Interest-bearing deposits in other banks
|
721
|
|
|
691
|
|
||
Overnight funds sold and due from Federal Reserve Bank
|
43,855
|
|
|
46,024
|
|
||
Investment securities available for sale, at fair value
|
199,116
|
|
|
198,174
|
|
||
Restricted equity securities, at cost
|
12,007
|
|
|
9,830
|
|
||
Loans held for sale
|
51,306
|
|
|
56,486
|
|
||
Loans
|
1,520,844
|
|
|
1,541,502
|
|
||
Allowance for loan losses
|
(21,228
|
)
|
|
(23,184
|
)
|
||
Net loans
|
1,499,616
|
|
|
1,518,318
|
|
||
Premises and equipment, net
|
50,885
|
|
|
52,245
|
|
||
Interest receivable
|
4,305
|
|
|
4,116
|
|
||
Other real estate owned and repossessed assets,
|
|
|
|
||||
net of valuation allowance
|
8,661
|
|
|
12,409
|
|
||
Net deferred tax assets, net of valuation allowance
|
90,723
|
|
|
92,142
|
|
||
Bank-owned life insurance
|
51,044
|
|
|
50,695
|
|
||
Other assets
|
10,778
|
|
|
7,779
|
|
||
Totals assets
|
$
|
2,040,373
|
|
|
$
|
2,065,940
|
|
Liabilities and Shareholders' Equity:
|
|
|
|
||||
Deposits:
|
|
|
|
||||
Noninterest-bearing demand
|
$
|
291,770
|
|
|
$
|
298,351
|
|
Interest-bearing:
|
|
|
|
||||
Demand
|
696,751
|
|
|
693,413
|
|
||
Savings
|
63,971
|
|
|
61,023
|
|
||
Time deposits:
|
|
|
|
||||
Less than $100
|
337,804
|
|
|
343,031
|
|
||
$100 or more
|
293,962
|
|
|
309,327
|
|
||
Total deposits
|
1,684,258
|
|
|
1,705,145
|
|
||
Federal Home Loan Bank borrowings
|
11,000
|
|
|
25,000
|
|
||
Other borrowings
|
29,811
|
|
|
29,689
|
|
||
Interest payable
|
481
|
|
|
463
|
|
||
Other liabilities
|
21,204
|
|
|
15,022
|
|
||
Total liabilities
|
1,746,754
|
|
|
1,775,319
|
|
||
Commitments and contingencies
|
|
|
|
||||
Shareholders' equity:
|
|
|
|
||||
Preferred stock, 1,000,000 shares authorized; none issued
|
|
|
|
||||
and outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value; 1,000,000,000 shares
|
|
|
|
||||
authorized; 171,330,585 and 171,128,266 shares issued
|
|
|
|
||||
and outstanding on March 31, 2016 and December 31, 2015,
|
|
|
|
||||
respectively
|
1,713
|
|
|
1,711
|
|
||
Capital surplus
|
590,790
|
|
|
590,417
|
|
||
Accumulated deficit
|
(301,198
|
)
|
|
(302,580
|
)
|
||
Accumulated other comprehensive income, net of tax
|
1,768
|
|
|
560
|
|
||
Total shareholders' equity before non-controlling interest
|
293,073
|
|
|
290,108
|
|
||
Non-controlling interest
|
546
|
|
|
513
|
|
||
Total shareholders' equity
|
293,619
|
|
|
290,621
|
|
||
Total liabilities and shareholders' equity
|
$
|
2,040,373
|
|
|
$
|
2,065,940
|
|
See accompanying notes to consolidated financial statements.
|
(in thousands, except share and per share data)
|
Three Months Ended
|
||||||
(unaudited)
|
March 31, 2016
|
|
March 31, 2015
|
||||
Interest Income:
|
|
|
|
||||
Loans, including fees
|
$
|
16,732
|
|
|
$
|
16,159
|
|
Investment securities
|
1,350
|
|
|
1,742
|
|
||
Overnight funds sold and due from FRB
|
44
|
|
|
59
|
|
||
Total interest income
|
18,126
|
|
|
17,960
|
|
||
Interest Expense:
|
|
|
|
|
|
||
Deposits:
|
|
|
|
|
|
||
Demand
|
839
|
|
|
674
|
|
||
Savings
|
16
|
|
|
10
|
|
||
Time deposits:
|
|
|
|
|
|
||
Less than $100
|
953
|
|
|
909
|
|
||
$100 or more
|
911
|
|
|
934
|
|
||
Interest on deposits
|
2,719
|
|
|
2,527
|
|
||
Federal Home Loan Bank borrowings
|
18
|
|
|
324
|
|
||
Other borrowings
|
473
|
|
|
418
|
|
||
Total interest expense
|
3,210
|
|
|
3,269
|
|
||
Net interest income
|
14,916
|
|
|
14,691
|
|
||
Provision for loan losses
|
—
|
|
|
600
|
|
||
Net interest income after provision for loan losses
|
14,916
|
|
|
14,091
|
|
||
Noninterest Income:
|
|
|
|
|
|
||
Mortgage banking revenue
|
4,439
|
|
|
4,223
|
|
||
Service charges on deposit accounts
|
1,139
|
|
|
1,142
|
|
||
Income from bank-owned life insurance
|
349
|
|
|
349
|
|
||
Gain on sale of investment securities available for sale (1)
|
—
|
|
|
112
|
|
||
Visa check card income
|
641
|
|
|
641
|
|
||
Other
|
384
|
|
|
858
|
|
||
Total noninterest income
|
6,952
|
|
|
7,325
|
|
||
Noninterest Expense:
|
|
|
|
|
|
||
Salaries and employee benefits
|
10,781
|
|
|
10,667
|
|
||
Professional and consultant fees
|
634
|
|
|
808
|
|
||
Occupancy
|
1,623
|
|
|
1,629
|
|
||
FDIC insurance
|
414
|
|
|
624
|
|
||
Data processing
|
1,308
|
|
|
1,431
|
|
||
Problem loan and repossessed asset costs
|
101
|
|
|
120
|
|
||
Impairments and gains and losses on sales of other real estate owned and repossessed assets, net
|
(177
|
)
|
|
858
|
|
||
Impairments and gains and losses on sale of premises and equipment, net
|
—
|
|
|
14
|
|
||
Equipment
|
305
|
|
|
350
|
|
||
Directors' and regional board fees
|
246
|
|
|
302
|
|
||
Advertising and marketing
|
270
|
|
|
260
|
|
||
Merger-related expenses
|
1,568
|
|
|
—
|
|
||
Other
|
2,458
|
|
|
2,444
|
|
||
Total noninterest expense
|
19,531
|
|
|
19,507
|
|
||
Income before provision for income taxes
|
2,337
|
|
|
1,909
|
|
||
Provision for income taxes - current
|
15
|
|
|
40
|
|
||
Provision for income taxes - deferred
|
734
|
|
|
—
|
|
||
Net income
|
1,588
|
|
|
1,869
|
|
||
Net income attributable to non-controlling interest
|
206
|
|
|
534
|
|
||
Net income attributable to Hampton Roads Bankshares, Inc.
|
$
|
1,382
|
|
|
$
|
1,335
|
|
Per Share:
|
|
|
|
|
|
||
Basic and diluted income per share
|
$
|
0.01
|
|
|
$
|
0.01
|
|
(1) Includes $0 and $112 accumulated other comprehensive income reclassifications for unrealized net gains on available for sale securities during the three months ended March 31, 2016 and 2015, respectively.
|
|||||||
See accompanying notes to consolidated financial statements.
|
(in thousands)
|
Three Months Ended
|
||||||||||||
(unaudited)
|
March 31, 2016
|
|
March 31, 2015
|
||||||||||
Net income
|
|
|
|
1,588
|
|
|
|
|
|
1,869
|
|
||
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
||
Change in unrealized gain (loss) on securities available for sale
|
1,893
|
|
|
|
|
|
1,916
|
|
|
|
|
||
Tax effect (*)
|
(685
|
)
|
|
|
|
|
—
|
|
|
|
|
||
Reclassification adjustment for securities gains included in net income
|
—
|
|
|
|
|
|
(112
|
)
|
|
|
|
||
Tax effect (*)
|
—
|
|
|
|
|
|
—
|
|
|
|
|
||
Other comprehensive income, net of tax
|
|
|
|
1,208
|
|
|
|
|
|
1,804
|
|
||
Comprehensive income
|
|
|
|
2,796
|
|
|
|
|
|
3,673
|
|
||
Comprehensive income attributable to non-controlling interest
|
|
|
|
206
|
|
|
|
|
|
534
|
|
||
Comprehensive income attributable to Hampton Roads Bankshares, Inc.
|
|
|
|
$
|
2,590
|
|
|
|
|
|
$
|
3,139
|
|
(*) At December 31, 2015, the Company determined that it was more likely than not that a portion of the valuation allowance on net deferred tax assets could be released, therefore, beginning in the fourth quarter of 2015, the tax effect on other comprehensive income (loss) is presented. In quarters prior to the fourth quarter of 2015, there was a full valuation allowance against its net deferred tax assets; therefore, there was no stated tax effect in those prior quarters.
|
|||||||||||||
See accompanying notes to consolidated financial statements.
|
|
|
|
|
|
|
|
|
|
Accumulated Other
|
|
|
|
|
|||||||||||||
(in thousands, except share data)
|
Common Stock
|
|
Capital
|
|
Accumulated
|
|
Comprehensive Income,
|
|
Non-controlling
|
|
Total Shareholders'
|
|||||||||||||||
(unaudited)
|
Shares
|
|
Amount
|
|
Surplus
|
|
Deficit
|
|
Net of Tax
|
|
Interest
|
|
Equity
|
|||||||||||||
Balance at December 31, 2015
|
171,128,266
|
|
|
$
|
1,711
|
|
|
$
|
590,417
|
|
|
$
|
(302,580
|
)
|
|
$
|
560
|
|
|
$
|
513
|
|
|
$
|
290,621
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
1,382
|
|
|
—
|
|
|
206
|
|
|
1,588
|
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,208
|
|
|
—
|
|
|
1,208
|
|
||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
420
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
420
|
|
||||||
Net settlement of restricted stock units
|
202,319
|
|
|
2
|
|
|
(47
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(45
|
)
|
||||||
Distributed non-controlling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(173
|
)
|
|
(173
|
)
|
||||||
Balance at March 31, 2016
|
171,330,585
|
|
|
$
|
1,713
|
|
|
$
|
590,790
|
|
|
$
|
(301,198
|
)
|
|
$
|
1,768
|
|
|
$
|
546
|
|
|
$
|
293,619
|
|
See accompanying notes to consolidated financial statements.
|
(in thousands)
|
Three Months Ended
|
|||||
(unaudited)
|
March 31, 2016
|
March 31, 2015
|
||||
Operating Activities:
|
|
|
|
|
||
Net income
|
$
|
1,588
|
|
$
|
1,869
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
||
Depreciation and amortization
|
734
|
|
801
|
|
||
Deferred income tax expense
|
734
|
|
—
|
|
||
Amortization of fair value adjustments
|
272
|
|
79
|
|
||
Provision for loan losses
|
—
|
|
600
|
|
||
Proceeds from mortgage loans held for sale
|
153,876
|
|
130,729
|
|
||
Originations of mortgage loans held for sale
|
(148,696
|
)
|
(164,156
|
)
|
||
Share-based compensation expense
|
420
|
|
572
|
|
||
Net amortization of premiums and accretion of discounts on investment securities available for sale
|
59
|
|
355
|
|
||
Income from bank-owned life insurance
|
(349
|
)
|
(349
|
)
|
||
Gain on sale of investment securities available for sale
|
—
|
|
(112
|
)
|
||
Impairments and gains and losses on sales of other real estate owned and repossessed assets
|
(177
|
)
|
858
|
|
||
Impairments and gains and losses on sales of premises and equipment
|
—
|
|
14
|
|
||
Changes in:
|
|
|
|
|
||
Interest receivable
|
(189
|
)
|
294
|
|
||
Other assets
|
(3,149
|
)
|
(1,336
|
)
|
||
Interest payable
|
18
|
|
22
|
|
||
Other liabilities
|
6,182
|
|
1,040
|
|
||
Net cash provided by (used in) operating activities
|
11,323
|
|
(28,720
|
)
|
||
Investing Activities:
|
|
|
|
|
||
Proceeds from maturities and calls of investment securities available for sale
|
8,892
|
|
8,069
|
|
||
Proceeds from sale of investment securities available for sale
|
—
|
|
61,178
|
|
||
Purchase of investment securities available for sale
|
(8,000
|
)
|
—
|
|
||
Proceeds from sale of restricted equity securities
|
4,122
|
|
2,121
|
|
||
Purchase of restricted equity securities
|
(6,299
|
)
|
(196
|
)
|
||
Proceeds from sale of premises and equipment
|
—
|
|
5
|
|
||
Purchase of premises and equipment
|
(108
|
)
|
(140
|
)
|
||
Net (increase) decrease in loans
|
18,254
|
|
(111,623
|
)
|
||
Proceeds from sale of other real estate owned and repossessed assets, net
|
5,107
|
|
3,183
|
|
||
Net cash provided by (used in) investing activities
|
21,968
|
|
(37,403
|
)
|
||
Financing Activities:
|
|
|
|
|
||
Net increase (decrease) in deposits
|
(20,887
|
)
|
102,070
|
|
||
Repayments of short term Federal Home Loan Bank borrowings
|
(14,000
|
)
|
—
|
|
||
Repayments of long term Federal Home Loan Bank borrowings
|
—
|
|
(40,000
|
)
|
||
Repurchase of common stock in the settlement of restricted stock units
|
(45
|
)
|
1
|
|
||
Distributed non-controlling interest
|
(173
|
)
|
(173
|
)
|
||
Net cash provided by (used in) financing activities
|
(35,105
|
)
|
61,898
|
|
||
Decrease in cash and cash equivalents
|
(1,814
|
)
|
(4,225
|
)
|
||
Cash and cash equivalents at beginning of period
|
63,746
|
|
103,619
|
|
||
Cash and cash equivalents at end of period
|
$
|
61,932
|
|
$
|
99,394
|
|
Supplemental cash flow information:
|
|
|
|
|
||
Cash paid for interest
|
$
|
3,070
|
|
$
|
3,001
|
|
Cash paid for income taxes
|
—
|
|
3
|
|
||
Supplemental non-cash information:
|
|
|
|
|
||
Change in unrealized gain on securities available for sale
|
$
|
1,208
|
|
$
|
1,804
|
|
Transfer from other real estate owned and repossessed assets to loans
|
545
|
|
594
|
|
||
Transfer from loans to other real estate owned and repossessed assets
|
993
|
|
798
|
|
||
Transfer from premises and equipment to other real estate owned and repossessed assets
|
734
|
|
—
|
|
||
See accompanying notes to consolidated financial statements.
|
|
|
|
|||||
(in thousands, except share and per share data)
|
Three Months Ended
|
||||||
(unaudited)
|
March 31, 2016
|
|
March 31, 2015
|
||||
|
|
|
|
||||
Net income attributable to Hampton Roads Bankshares, Inc.
|
$
|
1,382
|
|
|
$
|
1,335
|
|
Shares:
|
|
|
|
||||
Weighted average shares outstanding
|
171,270,219
|
|
|
170,580,502
|
|
||
Weighted average vested restricted stock units
|
645,670
|
|
|
367,935
|
|
||
|
|
|
|
||||
Weighted average number of common shares outstanding
|
171,915,889
|
|
|
170,948,437
|
|
||
|
|
|
|
|
|
||
Dilutive effect of TARP-related warrants
|
452,924
|
|
|
441,829
|
|
||
Dilutive effect of restricted stock units
|
275,020
|
|
|
821,518
|
|
||
Dilutive effect of stock options
|
91,896
|
|
|
—
|
|
||
Total dilutive effect
|
819,840
|
|
|
1,263,347
|
|
||
|
|
|
|
||||
Diluted weighted average number of common shares outstanding
|
172,735,729
|
|
|
172,211,784
|
|
||
Basic and diluted income per share
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
March 31, 2016
|
||||||||||||||
|
|
|
Gross
|
|
Gross
|
|
|
||||||||
|
Amortized
|
|
Unrealized
|
|
Unrealized
|
|
Fair
|
||||||||
(in thousands)
|
Cost
|
|
Gains
|
|
Losses
|
|
Value
|
||||||||
U.S. agency securities
|
$
|
11,913
|
|
|
$
|
666
|
|
|
$
|
—
|
|
|
$
|
12,579
|
|
Corporate bonds
|
11,991
|
|
|
—
|
|
|
664
|
|
|
11,327
|
|
||||
Mortgage-backed securities -
|
|
|
|
|
|
|
|
||||||||
Agency
|
147,675
|
|
|
3,129
|
|
|
35
|
|
|
150,769
|
|
||||
Asset-backed securities
|
23,796
|
|
|
6
|
|
|
774
|
|
|
23,028
|
|
||||
Equity securities
|
970
|
|
|
443
|
|
|
—
|
|
|
1,413
|
|
||||
Total investment securities
|
|
|
|
|
|
|
|
||||||||
available for sale
|
$
|
196,345
|
|
|
$
|
4,244
|
|
|
$
|
1,473
|
|
|
$
|
199,116
|
|
|
December 31, 2015
|
||||||||||||||
|
|
|
Gross
|
|
Gross
|
|
|
||||||||
|
Amortized
|
|
Unrealized
|
|
Unrealized
|
|
Fair
|
||||||||
(in thousands)
|
Cost
|
|
Gains
|
|
Losses
|
|
Value
|
||||||||
U.S. agency securities
|
$
|
12,565
|
|
|
$
|
507
|
|
|
$
|
—
|
|
|
$
|
13,072
|
|
Corporate bonds
|
11,994
|
|
|
—
|
|
|
804
|
|
|
11,190
|
|
||||
Mortgage-backed securities -
|
|
|
|
|
|
|
|
||||||||
Agency
|
147,980
|
|
|
1,498
|
|
|
279
|
|
|
149,199
|
|
||||
Asset-backed securities
|
23,787
|
|
|
—
|
|
|
495
|
|
|
23,292
|
|
||||
Equity securities
|
970
|
|
|
451
|
|
|
—
|
|
|
1,421
|
|
||||
Total investment securities
|
|
|
|
|
|
|
|
||||||||
available for sale
|
$
|
197,296
|
|
|
$
|
2,456
|
|
|
$
|
1,578
|
|
|
$
|
198,174
|
|
|
March 31, 2016
|
||||||||||||||||||||||
(in thousands)
|
Less than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||
|
|
|
Unrealized
|
|
|
|
Unrealized
|
|
|
|
Unrealized
|
||||||||||||
Description of Securities
|
Fair Value
|
|
Loss
|
|
Fair Value
|
|
Loss
|
|
Fair Value
|
|
Loss
|
||||||||||||
Corporate bonds
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
11,327
|
|
|
$
|
664
|
|
|
$
|
11,327
|
|
|
$
|
664
|
|
Mortgage-backed securities -
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Agency
|
1,966
|
|
|
3
|
|
|
2,416
|
|
|
32
|
|
|
4,382
|
|
|
35
|
|
||||||
Asset-backed securities
|
13,543
|
|
|
493
|
|
|
5,664
|
|
|
281
|
|
|
19,207
|
|
|
774
|
|
||||||
|
$
|
15,509
|
|
|
$
|
496
|
|
|
$
|
19,407
|
|
|
$
|
977
|
|
|
$
|
34,916
|
|
|
$
|
1,473
|
|
|
December 31, 2015
|
||||||||||||||||||||||
(in thousands)
|
Less than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||
|
|
|
Unrealized
|
|
|
|
Unrealized
|
|
|
|
Unrealized
|
||||||||||||
Description of Securities
|
Fair Value
|
|
Loss
|
|
Fair Value
|
|
Loss
|
|
Fair Value
|
|
Loss
|
||||||||||||
Corporate bonds
|
—
|
|
|
—
|
|
|
11,190
|
|
|
804
|
|
|
11,190
|
|
|
804
|
|
||||||
Mortgage-backed securities -
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Agency
|
56,787
|
|
|
244
|
|
|
1,517
|
|
|
35
|
|
|
58,304
|
|
|
279
|
|
||||||
Asset-backed securities
|
17,554
|
|
|
291
|
|
|
5,738
|
|
|
204
|
|
|
23,292
|
|
|
495
|
|
||||||
|
$
|
74,341
|
|
|
$
|
535
|
|
|
$
|
18,445
|
|
|
$
|
1,043
|
|
|
$
|
92,786
|
|
|
$
|
1,578
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||||||||||
|
Amortized
|
|
|
|
Amortized
|
|
|
||||||||
(in thousands)
|
Cost
|
|
Fair Value
|
|
Cost
|
|
Fair Value
|
||||||||
Due after one year
|
|
|
|
|
|
|
|
||||||||
but less than five years
|
2,128
|
|
|
2,182
|
|
|
2,253
|
|
|
2,304
|
|
||||
Due after five years
|
|
|
|
|
|
|
|
||||||||
but less than ten years
|
12,434
|
|
|
11,854
|
|
|
12,518
|
|
|
11,785
|
|
||||
Due after ten years
|
9,342
|
|
|
9,870
|
|
|
9,788
|
|
|
10,173
|
|
||||
Mortgage-backed securities -
|
|
|
|
|
|
|
|
||||||||
Agency
|
147,675
|
|
|
150,769
|
|
|
147,980
|
|
|
149,199
|
|
||||
Asset-backed securities
|
23,796
|
|
|
23,028
|
|
|
23,787
|
|
|
23,292
|
|
||||
Equity securities
|
970
|
|
|
1,413
|
|
|
970
|
|
|
1,421
|
|
||||
Total available for sale securities
|
$
|
196,345
|
|
|
$
|
199,116
|
|
|
$
|
197,296
|
|
|
$
|
198,174
|
|
(in thousands)
|
March 31, 2016
|
|
December 31, 2015
|
||||
Commercial and Industrial
|
$
|
224,011
|
|
|
$
|
233,319
|
|
Construction
|
139,593
|
|
|
141,208
|
|
||
Real estate - commercial mortgage
|
642,345
|
|
|
655,895
|
|
||
Real estate - residential mortgage
|
345,632
|
|
|
349,758
|
|
||
Installment
|
169,643
|
|
|
161,918
|
|
||
Deferred loan fees and related costs
|
(380
|
)
|
|
(596
|
)
|
||
Total loans
|
$
|
1,520,844
|
|
|
$
|
1,541,502
|
|
|
|
|
Three Months Ended March 31, 2016
|
||||||||||||||||||||||||||
|
|
|
|
|
Real Estate
|
|
|
|
|
|
|
||||||||||||||||
|
Commercial
|
|
|
|
Commercial
|
|
Residential
|
|
|
|
|
|
|
||||||||||||||
(in thousands)
|
and Industrial
|
|
Construction
|
|
Mortgage
|
|
Mortgage
|
|
Installment
|
|
Unallocated Qualitative
|
|
Total
|
||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Beginning balance
|
$
|
3,576
|
|
|
$
|
3,339
|
|
|
$
|
6,302
|
|
|
$
|
7,501
|
|
|
$
|
839
|
|
|
$
|
1,627
|
|
|
$
|
23,184
|
|
Charge-offs
|
(46
|
)
|
|
(312
|
)
|
|
(751
|
)
|
|
(1,603
|
)
|
|
(53
|
)
|
|
—
|
|
|
(2,765
|
)
|
|||||||
Recoveries
|
63
|
|
|
268
|
|
|
248
|
|
|
220
|
|
|
10
|
|
|
—
|
|
|
809
|
|
|||||||
Provision
|
(529
|
)
|
|
176
|
|
|
(727
|
)
|
|
210
|
|
|
153
|
|
|
717
|
|
|
—
|
|
|||||||
Ending balance
|
$
|
3,064
|
|
|
$
|
3,471
|
|
|
$
|
5,072
|
|
|
$
|
6,328
|
|
|
$
|
949
|
|
|
$
|
2,344
|
|
|
$
|
21,228
|
|
Ending balance: attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
loans individually evaluated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
for impairment
|
$
|
205
|
|
|
$
|
961
|
|
|
$
|
1,126
|
|
|
$
|
1,304
|
|
|
$
|
88
|
|
|
|
|
$
|
3,684
|
|
||
Recorded investment: loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
individually evaluated for
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
impairment
|
$
|
3,700
|
|
|
$
|
20,798
|
|
|
$
|
27,225
|
|
|
$
|
11,127
|
|
|
$
|
98
|
|
|
|
|
|
||||
Ending balance: attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
loans collectively evaluated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
for impairment
|
$
|
2,859
|
|
|
$
|
2,510
|
|
|
$
|
3,946
|
|
|
$
|
5,024
|
|
|
$
|
861
|
|
|
$
|
2,344
|
|
|
$
|
17,544
|
|
Recorded investment: loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
collectively evaluated for
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
impairment
|
$
|
220,311
|
|
|
$
|
118,795
|
|
|
$
|
615,120
|
|
|
$
|
334,505
|
|
|
$
|
169,545
|
|
|
|
|
|
|
Three Months Ended March 31, 2015
|
||||||||||||||||||||||||||
|
|
|
|
|
Real Estate
|
|
|
|
|
|
|
||||||||||||||||
|
Commercial
|
|
|
|
Commercial
|
|
Residential
|
|
|
|
|
|
|
||||||||||||||
(in thousands)
|
and Industrial
|
|
Construction
|
|
Mortgage
|
|
Mortgage
|
|
Installment
|
|
Unallocated Qualitative
|
|
Total
|
||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Beginning balance
|
$
|
4,605
|
|
|
$
|
4,342
|
|
|
$
|
6,854
|
|
|
$
|
7,142
|
|
|
$
|
979
|
|
|
$
|
3,128
|
|
|
$
|
27,050
|
|
Charge-offs
|
(185
|
)
|
|
(31
|
)
|
|
(100
|
)
|
|
(96
|
)
|
|
(38
|
)
|
|
—
|
|
|
(450
|
)
|
|||||||
Recoveries
|
363
|
|
|
430
|
|
|
57
|
|
|
97
|
|
|
30
|
|
|
—
|
|
|
977
|
|
|||||||
Provision
|
(293
|
)
|
|
487
|
|
|
796
|
|
|
(454
|
)
|
|
93
|
|
|
(29
|
)
|
|
600
|
|
|||||||
Ending balance
|
$
|
4,490
|
|
|
$
|
5,228
|
|
|
$
|
7,607
|
|
|
$
|
6,689
|
|
|
$
|
1,064
|
|
|
$
|
3,099
|
|
|
$
|
28,177
|
|
Ending balance: attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
loans individually evaluated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
for impairment
|
$
|
227
|
|
|
$
|
1,318
|
|
|
$
|
551
|
|
|
$
|
1,984
|
|
|
$
|
47
|
|
|
|
|
$
|
4,127
|
|
||
Recorded investment: loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
individually evaluated for
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
impairment
|
$
|
1,535
|
|
|
$
|
10,795
|
|
|
$
|
22,029
|
|
|
$
|
15,174
|
|
|
$
|
114
|
|
|
|
|
|
||||
Ending balance: attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
loans collectively evaluated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
for impairment
|
$
|
4,263
|
|
|
$
|
3,910
|
|
|
$
|
7,056
|
|
|
$
|
4,705
|
|
|
$
|
1,017
|
|
|
$
|
3,099
|
|
|
$
|
24,050
|
|
Recorded investment: loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
collectively evaluated for
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
impairment
|
$
|
250,709
|
|
|
$
|
131,694
|
|
|
$
|
613,732
|
|
|
$
|
336,543
|
|
|
$
|
153,060
|
|
|
|
|
|
|
March 31, 2016
|
|
Three Months Ended
March 31, 2016 |
||||||||||||||||
|
Recorded
|
|
Unpaid
|
|
Related
|
|
Average
|
|
Interest
|
||||||||||
(in thousands)
|
Investment
|
|
Balance
|
|
Allowance
|
|
Investment
|
|
Recognized
|
||||||||||
With no related
|
|
|
|
|
|
|
|
|
|
||||||||||
allowance recorded:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial & Industrial
|
$
|
1,247
|
|
|
$
|
1,594
|
|
|
$
|
—
|
|
|
$
|
1,476
|
|
|
$
|
2
|
|
Construction
|
|
|
|
|
|
|
|
|
|
||||||||||
1-4 family residential
|
|
|
|
|
|
|
|
|
|
||||||||||
construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial construction
|
746
|
|
|
1,080
|
|
|
—
|
|
|
840
|
|
|
1
|
|
|||||
Real estate
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial Mortgage
|
|
|
|
|
|
|
|
|
|
||||||||||
Owner occupied
|
10,484
|
|
|
10,893
|
|
|
—
|
|
|
10,830
|
|
|
86
|
|
|||||
Non-owner occupied
|
4,255
|
|
|
6,338
|
|
|
—
|
|
|
4,541
|
|
|
17
|
|
|||||
Residential Mortgage
|
|
|
|
|
|
|
|
|
|
||||||||||
Secured by 1-4 family
|
|
|
|
|
|
|
|
|
|
||||||||||
1st lien
|
4,093
|
|
|
4,939
|
|
|
—
|
|
|
4,583
|
|
|
1
|
|
|||||
Junior lien
|
633
|
|
|
978
|
|
|
—
|
|
|
836
|
|
|
—
|
|
|||||
Installment
|
10
|
|
|
31
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|||||
|
$
|
21,468
|
|
|
$
|
25,853
|
|
|
$
|
—
|
|
|
$
|
23,121
|
|
|
$
|
107
|
|
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial & Industrial
|
$
|
2,453
|
|
|
$
|
2,650
|
|
|
$
|
205
|
|
|
$
|
2,479
|
|
|
$
|
—
|
|
Construction
|
|
|
|
|
|
|
|
|
|
||||||||||
1-4 family residential
|
|
|
|
|
|
|
|
|
|
||||||||||
construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial construction
|
20,052
|
|
|
21,374
|
|
|
961
|
|
|
20,075
|
|
|
49
|
|
|||||
Real estate
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial Mortgage
|
|
|
|
|
|
|
|
|
|
||||||||||
Owner occupied
|
8,516
|
|
|
8,616
|
|
|
1,035
|
|
|
8,657
|
|
|
49
|
|
|||||
Non-owner occupied
|
3,970
|
|
|
4,097
|
|
|
91
|
|
|
4,887
|
|
|
49
|
|
|||||
Residential Mortgage
|
|
|
|
|
|
|
|
|
|
||||||||||
Secured by 1-4 family
|
|
|
|
|
|
|
|
|
|
||||||||||
1st lien
|
4,830
|
|
|
4,830
|
|
|
703
|
|
|
4,856
|
|
|
32
|
|
|||||
Junior lien
|
1,571
|
|
|
1,571
|
|
|
601
|
|
|
1,624
|
|
|
11
|
|
|||||
Installment
|
88
|
|
|
88
|
|
|
88
|
|
|
88
|
|
|
—
|
|
|||||
|
$
|
41,480
|
|
|
$
|
43,226
|
|
|
$
|
3,684
|
|
|
$
|
42,666
|
|
|
$
|
190
|
|
Total:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial & Industrial
|
$
|
3,700
|
|
|
$
|
4,244
|
|
|
$
|
205
|
|
|
$
|
3,955
|
|
|
$
|
2
|
|
Construction
|
20,798
|
|
|
22,454
|
|
|
961
|
|
|
20,915
|
|
|
50
|
|
|||||
Real estate
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial mortgage
|
27,225
|
|
|
29,944
|
|
|
1,126
|
|
|
28,915
|
|
|
201
|
|
|||||
Residential mortgage
|
11,127
|
|
|
12,318
|
|
|
1,304
|
|
|
11,899
|
|
|
44
|
|
|||||
Installment
|
98
|
|
|
119
|
|
|
88
|
|
|
103
|
|
|
—
|
|
|||||
Total
|
$
|
62,948
|
|
|
$
|
69,079
|
|
|
$
|
3,684
|
|
|
$
|
65,787
|
|
|
$
|
297
|
|
|
December 31, 2015
|
|
Three Months Ended
March 31, 2015 |
||||||||||||||||
|
Recorded
|
|
Unpaid
|
|
Related
|
|
Average
|
|
Interest
|
||||||||||
(in thousands)
|
Investment
|
|
Balance
|
|
Allowance
|
|
Investment
|
|
Recognized
|
||||||||||
With no related
|
|
|
|
|
|
|
|
|
|
||||||||||
allowance recorded:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial & Industrial
|
$
|
3,735
|
|
|
$
|
4,317
|
|
|
$
|
—
|
|
|
$
|
1,344
|
|
|
$
|
2
|
|
Construction
|
|
|
|
|
|
|
|
|
|
||||||||||
1-4 family residential
|
|
|
|
|
|
|
|
|
|
||||||||||
construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial construction
|
14,913
|
|
|
16,485
|
|
|
—
|
|
|
4,630
|
|
|
16
|
|
|||||
Real estate
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial Mortgage
|
|
|
|
|
|
|
|
|
|
||||||||||
Owner occupied
|
10,309
|
|
|
10,607
|
|
|
—
|
|
|
12,737
|
|
|
74
|
|
|||||
Non-owner occupied
|
2,879
|
|
|
3,048
|
|
|
—
|
|
|
5,208
|
|
|
4
|
|
|||||
Residential Mortgage
|
|
|
|
|
|
|
|
|
|
||||||||||
Secured by 1-4 family
|
|
|
|
|
|
|
|
|
|
||||||||||
1st lien
|
4,253
|
|
|
4,649
|
|
|
—
|
|
|
6,866
|
|
|
15
|
|
|||||
Junior lien
|
872
|
|
|
1,336
|
|
|
—
|
|
|
1,495
|
|
|
1
|
|
|||||
Installment
|
10
|
|
|
31
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|||||
|
$
|
36,971
|
|
|
$
|
40,473
|
|
|
$
|
—
|
|
|
$
|
32,294
|
|
|
$
|
112
|
|
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial & Industrial
|
$
|
469
|
|
|
$
|
469
|
|
|
$
|
318
|
|
|
$
|
311
|
|
|
$
|
—
|
|
Construction
|
|
|
|
|
|
|
|
|
|
||||||||||
1-4 family residential
|
|
|
|
|
|
|
|
|
|
||||||||||
construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial construction
|
6,179
|
|
|
6,179
|
|
|
951
|
|
|
6,598
|
|
|
50
|
|
|||||
Real estate
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial Mortgage
|
|
|
|
|
|
|
|
|
|
||||||||||
Owner occupied
|
9,230
|
|
|
9,230
|
|
|
1,287
|
|
|
5,774
|
|
|
47
|
|
|||||
Non-owner occupied
|
5,530
|
|
|
7,030
|
|
|
629
|
|
|
—
|
|
|
—
|
|
|||||
Residential Mortgage
|
|
|
|
|
|
|
|
|
|
||||||||||
Secured by 1-4 family
|
|
|
|
|
|
|
|
|
|
||||||||||
1st lien
|
5,721
|
|
|
5,877
|
|
|
1,445
|
|
|
5,813
|
|
|
43
|
|
|||||
Junior lien
|
1,686
|
|
|
1,686
|
|
|
729
|
|
|
1,853
|
|
|
11
|
|
|||||
Installment
|
88
|
|
|
88
|
|
|
88
|
|
|
104
|
|
|
—
|
|
|||||
|
$
|
28,903
|
|
|
$
|
30,559
|
|
|
$
|
5,447
|
|
|
$
|
20,453
|
|
|
$
|
151
|
|
Total:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial & Industrial
|
$
|
4,204
|
|
|
$
|
4,786
|
|
|
$
|
318
|
|
|
$
|
1,655
|
|
|
$
|
2
|
|
Construction
|
21,092
|
|
|
22,664
|
|
|
951
|
|
|
11,228
|
|
|
66
|
|
|||||
Real estate
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial mortgage
|
27,948
|
|
|
29,915
|
|
|
1,916
|
|
|
23,719
|
|
|
125
|
|
|||||
Residential mortgage
|
12,532
|
|
|
13,548
|
|
|
2,174
|
|
|
16,027
|
|
|
70
|
|
|||||
Installment
|
98
|
|
|
119
|
|
|
88
|
|
|
118
|
|
|
—
|
|
|||||
Total
|
$
|
65,874
|
|
|
$
|
71,032
|
|
|
$
|
5,447
|
|
|
$
|
52,747
|
|
|
$
|
263
|
|
(in thousands)
|
March 31, 2016
|
|
December 31, 2015
|
||||
Loans 90 days past due and still accruing interest
|
$
|
—
|
|
|
$
|
—
|
|
Nonaccrual loans, including nonaccrual impaired loans
|
34,253
|
|
|
35,512
|
|
||
Other real estate owned and repossessed assets
|
8,661
|
|
|
12,409
|
|
||
Non-performing assets
|
$
|
42,914
|
|
|
$
|
47,921
|
|
(in thousands)
|
March 31, 2016
|
|
December 31, 2015
|
||||
Nonaccrual loans, including nonaccrual impaired loans
|
34,253
|
|
|
35,512
|
|
||
TDRs on accrual
|
28,695
|
|
|
28,939
|
|
||
Impaired loans on accrual
|
—
|
|
|
1,423
|
|
||
Total impaired loans
|
$
|
62,948
|
|
|
$
|
65,874
|
|
|
|
|
|
|
Real Estate
|
|
|
|
|
||||||||||||||
(in thousands)
|
Commercial & Industrial
|
|
Construction
|
|
Commercial Mortgage
|
|
Residential Mortgage
|
|
Installment
|
|
Total
|
||||||||||||
Balance at December 31, 2015
|
$
|
4,101
|
|
|
$
|
15,729
|
|
|
$
|
9,325
|
|
|
$
|
6,259
|
|
|
$
|
98
|
|
|
$
|
35,512
|
|
Transfers in
|
—
|
|
|
60
|
|
|
629
|
|
|
2,239
|
|
|
72
|
|
|
3,000
|
|
||||||
Transfers to OREO
|
(388
|
)
|
|
—
|
|
|
(234
|
)
|
|
(371
|
)
|
|
—
|
|
|
(993
|
)
|
||||||
Charge-offs
|
(46
|
)
|
|
(312
|
)
|
|
(751
|
)
|
|
(1,603
|
)
|
|
(53
|
)
|
|
(2,765
|
)
|
||||||
Payments
|
(46
|
)
|
|
11
|
|
|
(262
|
)
|
|
(147
|
)
|
|
(19
|
)
|
|
(463
|
)
|
||||||
Return to accrual
|
—
|
|
|
—
|
|
|
—
|
|
|
(38
|
)
|
|
—
|
|
|
(38
|
)
|
||||||
Balance at March 31, 2016
|
$
|
3,621
|
|
|
$
|
15,488
|
|
|
$
|
8,707
|
|
|
$
|
6,339
|
|
|
$
|
98
|
|
|
$
|
34,253
|
|
|
March 31, 2016
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
90 Days or
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
More Past
|
||||||||||||||
|
30-59 Days
|
|
60-89 Days
|
|
90 Days
|
|
Total
|
|
|
|
Total
|
|
Due and
|
||||||||||||||
(in thousands)
|
Past Due
|
|
Past Due
|
|
Past Due
|
|
Past Due
|
|
Current
|
|
Loans
|
|
Accruing
|
||||||||||||||
Commercial & Industrial
|
$
|
118
|
|
|
$
|
74
|
|
|
$
|
3,621
|
|
|
$
|
3,813
|
|
|
$
|
220,198
|
|
|
$
|
224,011
|
|
|
$
|
—
|
|
Construction
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
1-4 family residential
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
construction
|
153
|
|
|
—
|
|
|
—
|
|
|
153
|
|
|
24,916
|
|
|
25,069
|
|
|
—
|
|
|||||||
Commercial construction
|
290
|
|
|
—
|
|
|
15,488
|
|
|
15,778
|
|
|
98,746
|
|
|
114,524
|
|
|
—
|
|
|||||||
Real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial Mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Owner occupied
|
383
|
|
|
1,384
|
|
|
5,782
|
|
|
7,549
|
|
|
225,665
|
|
|
233,214
|
|
|
—
|
|
|||||||
Non-owner occupied
|
230
|
|
|
—
|
|
|
2,925
|
|
|
3,155
|
|
|
405,976
|
|
|
409,131
|
|
|
—
|
|
|||||||
Residential Mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Secured by 1-4 family
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
1st lien
|
1,980
|
|
|
—
|
|
|
5,089
|
|
|
7,069
|
|
|
216,382
|
|
|
223,451
|
|
|
—
|
|
|||||||
Junior lien
|
17
|
|
|
174
|
|
|
1,250
|
|
|
1,441
|
|
|
120,740
|
|
|
122,181
|
|
|
—
|
|
|||||||
Installment
|
—
|
|
|
—
|
|
|
98
|
|
|
98
|
|
|
169,545
|
|
|
169,643
|
|
|
—
|
|
|||||||
Deferred loan fees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
and related costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(380
|
)
|
|
(380
|
)
|
|
—
|
|
|||||||
Total
|
$
|
3,171
|
|
|
$
|
1,632
|
|
|
$
|
34,253
|
|
|
$
|
39,056
|
|
|
$
|
1,481,788
|
|
|
$
|
1,520,844
|
|
|
$
|
—
|
|
|
December 31, 2015
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
90 Days or
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
More Past
|
||||||||||||||
|
30-59 Days
|
|
60-89 Days
|
|
90 Days
|
|
Total
|
|
|
|
Total
|
|
Due and
|
||||||||||||||
(in thousands)
|
Past Due
|
|
Past Due
|
|
Past Due
|
|
Past Due
|
|
Current
|
|
Loans
|
|
Accruing
|
||||||||||||||
Commercial & Industrial
|
$
|
1,073
|
|
|
$
|
85
|
|
|
$
|
4,101
|
|
|
$
|
5,259
|
|
|
$
|
228,060
|
|
|
$
|
233,319
|
|
|
$
|
—
|
|
Construction
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
1-4 family residential
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,364
|
|
|
23,364
|
|
|
—
|
|
|||||||
Commercial construction
|
208
|
|
|
—
|
|
|
15,729
|
|
|
15,937
|
|
|
101,907
|
|
|
117,844
|
|
|
—
|
|
|||||||
Real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial Mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Owner occupied
|
1,489
|
|
|
—
|
|
|
6,255
|
|
|
7,744
|
|
|
232,043
|
|
|
239,787
|
|
|
—
|
|
|||||||
Non-owner occupied
|
282
|
|
|
—
|
|
|
3,070
|
|
|
3,352
|
|
|
412,756
|
|
|
416,108
|
|
|
—
|
|
|||||||
Residential Mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Secured by 1-4 family
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
1st lien
|
1,455
|
|
|
175
|
|
|
4,704
|
|
|
6,334
|
|
|
217,689
|
|
|
224,023
|
|
|
—
|
|
|||||||
Junior lien
|
74
|
|
|
240
|
|
|
1,555
|
|
|
1,869
|
|
|
123,866
|
|
|
125,735
|
|
|
—
|
|
|||||||
Installment
|
6
|
|
|
—
|
|
|
98
|
|
|
104
|
|
|
161,814
|
|
|
161,918
|
|
|
—
|
|
|||||||
Deferred loan fees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
and related costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(596
|
)
|
|
(596
|
)
|
|
—
|
|
|||||||
Total
|
$
|
4,587
|
|
|
$
|
500
|
|
|
$
|
35,512
|
|
|
$
|
40,599
|
|
|
$
|
1,500,903
|
|
|
$
|
1,541,502
|
|
|
$
|
—
|
|
|
March 31, 2016
|
||||||||||||||||||
|
|
|
Special
Mention |
|
|
|
Nonaccrual
Loans |
|
|
||||||||||
(in thousands)
|
Pass
|
|
|
Substandard
|
|
|
Total
|
||||||||||||
Commercial & Industrial
|
$
|
212,198
|
|
|
$
|
6,781
|
|
|
$
|
1,411
|
|
|
$
|
3,621
|
|
|
$
|
224,011
|
|
Construction
|
|
|
|
|
|
|
|
|
|
||||||||||
1-4 family residential
|
|
|
|
|
|
|
|
|
|
||||||||||
construction
|
25,069
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,069
|
|
|||||
Commercial construction
|
91,831
|
|
|
7,169
|
|
|
36
|
|
|
15,488
|
|
|
114,524
|
|
|||||
Real estate
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial Mortgage
|
|
|
|
|
|
|
|
|
|
||||||||||
Owner occupied
|
222,217
|
|
|
3,757
|
|
|
1,458
|
|
|
5,782
|
|
|
233,214
|
|
|||||
Non-owner occupied
|
391,858
|
|
|
5,963
|
|
|
8,385
|
|
|
2,925
|
|
|
409,131
|
|
|||||
Residential Mortgage
|
|
|
|
|
|
|
|
|
|
||||||||||
Secured by 1-4 family
|
|
|
|
|
|
|
|
|
|
||||||||||
1st lien
|
199,922
|
|
|
12,548
|
|
|
5,892
|
|
|
5,089
|
|
|
223,451
|
|
|||||
Junior lien
|
113,828
|
|
|
5,809
|
|
|
1,294
|
|
|
1,250
|
|
|
122,181
|
|
|||||
Installment
|
168,432
|
|
|
1,061
|
|
|
52
|
|
|
98
|
|
|
169,643
|
|
|||||
Deferred loan fees
|
|
|
|
|
|
|
|
|
|
||||||||||
and related costs
|
(380
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(380
|
)
|
|||||
Total
|
$
|
1,424,975
|
|
|
$
|
43,088
|
|
|
$
|
18,528
|
|
|
$
|
34,253
|
|
|
$
|
1,520,844
|
|
|
December 31, 2015
|
||||||||||||||||||
|
|
|
Special
Mention |
|
|
|
Nonaccrual
Loans |
|
|
||||||||||
(in thousands)
|
Pass
|
|
|
Substandard
|
|
|
Total
|
||||||||||||
Commercial & Industrial
|
$
|
220,225
|
|
|
$
|
7,407
|
|
|
$
|
1,586
|
|
|
$
|
4,101
|
|
|
$
|
233,319
|
|
Construction
|
|
|
|
|
|
|
|
|
|
||||||||||
1-4 family residential
|
|
|
|
|
|
|
|
|
|
||||||||||
construction
|
23,364
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,364
|
|
|||||
Commercial construction
|
94,855
|
|
|
7,260
|
|
|
—
|
|
|
15,729
|
|
|
117,844
|
|
|||||
Real estate
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial Mortgage
|
|
|
|
|
|
|
|
|
|
||||||||||
Owner occupied
|
228,273
|
|
|
3,792
|
|
|
1,467
|
|
|
6,255
|
|
|
239,787
|
|
|||||
Non-owner occupied
|
396,970
|
|
|
7,632
|
|
|
8,436
|
|
|
3,070
|
|
|
416,108
|
|
|||||
Residential Mortgage
|
|
|
|
|
|
|
|
|
|
||||||||||
Secured by 1-4 family
|
|
|
|
|
|
|
|
|
|
||||||||||
1st lien
|
200,992
|
|
|
12,576
|
|
|
5,751
|
|
|
4,704
|
|
|
224,023
|
|
|||||
Junior lien
|
116,630
|
|
|
5,762
|
|
|
1,788
|
|
|
1,555
|
|
|
125,735
|
|
|||||
Installment
|
160,708
|
|
|
1,055
|
|
|
57
|
|
|
98
|
|
|
161,918
|
|
|||||
Deferred loan fees
|
|
|
|
|
|
|
|
|
|
||||||||||
and related costs
|
(596
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(596
|
)
|
|||||
Total
|
$
|
1,441,421
|
|
|
$
|
45,484
|
|
|
$
|
19,085
|
|
|
$
|
35,512
|
|
|
$
|
1,541,502
|
|
(in thousands except number of contracts)
|
March 31, 2016
|
|
December 31, 2015
|
||||||||||
|
|
|
Recorded
Investment |
|
|
|
Recorded
Investment |
||||||
Troubled Debt Restructurings
|
Number of Contracts
|
|
|
Number of Contracts
|
|
||||||||
Commercial & Industrial
|
2
|
|
|
$
|
79
|
|
|
2
|
|
|
$
|
103
|
|
Construction
|
|
|
|
|
|
|
|
||||||
1-4 family residential construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Commercial construction
|
4
|
|
|
5,386
|
|
|
4
|
|
|
5,440
|
|
||
Real estate
|
|
|
|
|
|
|
|
||||||
Commercial Mortgage
|
|
|
|
|
|
|
|
||||||
Owner occupied
|
13
|
|
|
14,307
|
|
|
13
|
|
|
14,388
|
|
||
Non-owner occupied
|
6
|
|
|
5,300
|
|
|
6
|
|
|
5,339
|
|
||
Residential Mortgage
|
|
|
|
|
|
|
|
||||||
Secured by 1-4 family, 1st lien
|
10
|
|
|
4,373
|
|
|
10
|
|
|
4,396
|
|
||
Secured by 1-4 family, junior lien
|
4
|
|
|
1,034
|
|
|
5
|
|
|
1,087
|
|
||
Installment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Total
|
39
|
|
|
$
|
30,479
|
|
|
40
|
|
|
$
|
30,753
|
|
(in thousands)
|
Accruing
|
|
Nonaccruing
|
|
Total
|
||||||
Balance at December 31, 2015
|
$
|
28,939
|
|
|
$
|
1,814
|
|
|
$
|
30,753
|
|
Charge-offs
|
—
|
|
|
—
|
|
|
—
|
|
|||
Payments
|
(244
|
)
|
|
(30
|
)
|
|
(274
|
)
|
|||
New TDR designation
|
—
|
|
|
—
|
|
|
—
|
|
|||
Release TDR designation
|
—
|
|
|
—
|
|
|
—
|
|
|||
Transfer
|
—
|
|
|
—
|
|
|
—
|
|
|||
Balance at March 31, 2016
|
$
|
28,695
|
|
|
$
|
1,784
|
|
|
$
|
30,479
|
|
|
|
Three Months Ended March 31, 2015
|
||||||||||||||||||||
(in thousands except number of contracts)
|
Rate
|
|
Structure
|
||||||||||||||||||
|
Number of Contracts
|
|
Pre-
Modification Outstanding Recorded Investment |
|
Post-
Modification Outstanding Recorded Investment |
|
Number of Contracts
|
|
Pre-
Modification Outstanding Recorded Investment |
|
Post-
Modification Outstanding Recorded Investment |
||||||||||
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
||||||||||||||||
Troubled Debt Restructurings
|
|
|
|
|
|
||||||||||||||||
Commercial & Industrial
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Construction
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
1-4 family residential construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Commercial construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Real estate
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial Mortgage
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Owner occupied
|
2
|
|
|
391
|
|
|
391
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Non-owner occupied
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Residential Mortgage
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Secured by 1-4 family, 1st lien
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Secured by 1-4 family, junior lien
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Installment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
2
|
|
|
$
|
391
|
|
|
$
|
391
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
(in thousands)
|
Amount
|
||
Balance at December 31, 2015
|
$
|
12,409
|
|
Transfers in (via foreclosure)
|
1,727
|
|
|
Sales
|
(5,652
|
)
|
|
Gain on sales
|
249
|
|
|
Impairments
|
(72
|
)
|
|
Balance at March 31, 2016
|
$
|
8,661
|
|
(in thousands)
|
March 31, 2016
|
|
March 31, 2015
|
||||
Balance at beginning of year
|
$
|
9,875
|
|
|
$
|
7,553
|
|
Impairments
|
72
|
|
|
934
|
|
||
Charge-offs
|
(2,991
|
)
|
|
(953
|
)
|
||
Balance at end of period
|
$
|
6,956
|
|
|
$
|
7,534
|
|
(in thousands)
|
March 31, 2016
|
|
March 31, 2015
|
||||
Gain on sales
|
$
|
(249
|
)
|
|
$
|
(76
|
)
|
Impairments
|
72
|
|
|
934
|
|
||
Operating expenses
|
52
|
|
|
131
|
|
||
Total
|
$
|
(125
|
)
|
|
$
|
989
|
|
|
Options
Outstanding |
|
Weighted
Average Exercise Price |
|
Aggregate
Intrinsic Value |
|
Weighted-Average Contractual Term in Years
|
|||||
|
|
|
|
|||||||||
|
|
|
(in thousands)
|
|
||||||||
Balance at December 31, 2015
|
3,566,894
|
|
|
$
|
2.31
|
|
|
$
|
760
|
|
|
5.68
|
Granted
|
—
|
|
|
—
|
|
|
|
|
|
|
||
Forfeited and canceled
|
—
|
|
|
—
|
|
|
|
|
|
|
||
Expired
|
(78,165
|
)
|
|
2.54
|
|
|
|
|
|
|
||
Balance at March 31, 2016
|
3,488,729
|
|
|
$
|
2.30
|
|
|
$
|
498
|
|
|
5.44
|
Options exercisable at
|
|
|
|
|
|
|
|
|||||
March 31, 2016
|
1,306,488
|
|
|
$
|
3.40
|
|
|
$
|
193
|
|
|
5.42
|
|
Number
of Unvested Awards |
|
Weighted-Average
Grant Date Fair Value |
|||
|
|
|||||
|
|
|||||
Balance at December 31, 2015
|
954,034
|
|
|
1.66
|
|
|
Granted
|
—
|
|
|
—
|
|
|
Vested
|
(69,639
|
)
|
|
1.69
|
|
|
Forfeited and canceled
|
—
|
|
|
—
|
|
|
Balance at March 31, 2016
|
884,395
|
|
|
$
|
1.66
|
|
(in thousands)
|
March 31, 2016
|
|
March 31, 2015
|
||||
Expense recognized:
|
|
|
|
||||
Related to stock options
|
$
|
176
|
|
|
$
|
332
|
|
Related to restricted stock units
|
244
|
|
|
243
|
|
(in thousands)
|
Total
|
Elimination
|
BOHR
|
Mortgage
|
Corporate
|
||||||||||
Three Months Ended March 31, 2016
|
|
|
|
|
|
|
|||||||||
Net interest income (loss)
|
$
|
14,916
|
|
$
|
—
|
|
$
|
15,207
|
|
$
|
154
|
|
$
|
(445
|
)
|
Provision for loan losses
|
—
|
|
—
|
|
(26
|
)
|
26
|
|
—
|
|
|||||
Net interest income (loss)
|
|
|
|
|
|
|
|
|
|
|
|||||
after provision for loan losses
|
14,916
|
|
—
|
|
15,233
|
|
128
|
|
(445
|
)
|
|||||
Noninterest income
|
6,952
|
|
(85
|
)
|
2,972
|
|
4,476
|
|
(411
|
)
|
|||||
Noninterest expense
|
19,531
|
|
(85
|
)
|
15,253
|
|
3,997
|
|
366
|
|
|||||
Income (loss) before provision
|
|
|
|
|
|
|
|
|
|
|
|||||
for income taxes
|
2,337
|
|
—
|
|
2,952
|
|
607
|
|
(1,222
|
)
|
|||||
Provision for income taxes
|
749
|
|
—
|
|
734
|
|
15
|
|
—
|
|
|||||
Net income (loss)
|
1,588
|
|
—
|
|
2,218
|
|
592
|
|
(1,222
|
)
|
|||||
Net income attributable to
|
|
|
|
|
|
|
|
|
|
|
|||||
non-controlling interest
|
206
|
|
—
|
|
—
|
|
206
|
|
—
|
|
|||||
Net income (loss) attributable to
|
|
|
|
|
|
|
|
|
|
|
|||||
Hampton Roads Bankshares, Inc.
|
$
|
1,382
|
|
$
|
—
|
|
$
|
2,218
|
|
$
|
386
|
|
$
|
(1,222
|
)
|
Total assets at March 31, 2016
|
$
|
2,040,373
|
|
$
|
(93,033
|
)
|
$
|
2,055,168
|
|
$
|
71,134
|
|
$
|
7,104
|
|
(in thousands)
|
Total
|
Elimination
|
BOHR
|
Mortgage
|
Corporate
|
||||||||||
Three Months Ended March 31, 2015
|
|
|
|
|
|
|
|||||||||
Net interest income (loss)
|
$
|
14,691
|
|
$
|
—
|
|
$
|
15,020
|
|
$
|
60
|
|
$
|
(389
|
)
|
Provision for loan losses
|
600
|
|
—
|
|
642
|
|
(42
|
)
|
—
|
|
|||||
Net interest income (loss)
|
|
|
|
|
|
|
|
|
|
|
|||||
after provision for loan losses
|
14,091
|
|
—
|
|
14,378
|
|
102
|
|
(389
|
)
|
|||||
Noninterest income
|
7,325
|
|
(102
|
)
|
3,163
|
|
4,248
|
|
16
|
|
|||||
Noninterest expense
|
19,507
|
|
(76
|
)
|
15,794
|
|
3,267
|
|
522
|
|
|||||
Income (loss) before provision
|
|
|
|
|
|
|
|
|
|
|
|||||
for income taxes
|
1,909
|
|
(26
|
)
|
1,747
|
|
1,083
|
|
(895
|
)
|
|||||
Provision for income taxes
|
40
|
|
—
|
|
8
|
|
32
|
|
—
|
|
|||||
Net income (loss)
|
1,869
|
|
(26
|
)
|
1,739
|
|
1,051
|
|
(895
|
)
|
|||||
Net income attributable to
|
|
|
|
|
|
|
|
|
|
|
|||||
non-controlling interest
|
534
|
|
—
|
|
—
|
|
534
|
|
—
|
|
|||||
Net income (loss) attributable to
|
|
|
|
|
|
|
|
|
|
|
|||||
Hampton Roads Bankshares, Inc.
|
$
|
1,335
|
|
$
|
(26
|
)
|
$
|
1,739
|
|
$
|
517
|
|
$
|
(895
|
)
|
Total assets at March 31, 2015
|
$
|
2,055,741
|
|
$
|
(97,158
|
)
|
$
|
2,073,203
|
|
$
|
69,746
|
|
$
|
9,950
|
|
|
|
|
Gross
|
Net Amounts
|
Gross Amounts
|
|
|||||||||||||
|
|
|
Amounts
|
of Assets
|
Not Offset in the
|
|
|||||||||||||
|
|
Gross
|
Offset in
|
Presented
|
Consolidated Balance Sheets
|
|
|||||||||||||
|
|
Amounts
|
the
|
in the
|
|
|
|
||||||||||||
|
|
of
|
Consolidated
|
Consolidated
|
|
Cash
|
|
||||||||||||
|
|
Recognized
|
Balance
|
Balance
|
Financial
|
Collateral
|
Net
|
||||||||||||
(in thousands)
|
|
Assets
|
Sheets
|
Sheets
|
Instruments
|
Received
|
Amount
|
||||||||||||
Derivative assets:
|
|
|
|
|
|
|
|
||||||||||||
March 31, 2016
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swap agreements
|
|
$
|
2,604
|
|
$
|
—
|
|
$
|
2,604
|
|
$
|
—
|
|
$
|
—
|
|
$
|
2,604
|
|
December 31, 2015
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swap agreements
|
|
1,219
|
|
—
|
|
1,219
|
|
—
|
|
—
|
|
1,219
|
|
|
|
|
Gross
|
Net Amounts
|
Gross Amounts
|
|
|||||||||||||
|
|
|
Amounts
|
of Liabilities
|
Not Offset in the
|
|
|||||||||||||
|
|
Gross
|
Offset in
|
Presented
|
Consolidated Balance Sheets
|
|
|||||||||||||
|
|
Amounts
|
the
|
in the
|
|
|
|
||||||||||||
|
|
of
|
Consolidated
|
Consolidated
|
|
Cash
|
|
||||||||||||
|
|
Recognized
|
Balance
|
Balance
|
Financial
|
Collateral
|
Net
|
||||||||||||
(in thousands)
|
|
Liabilities
|
Sheets
|
Sheets
|
Instruments
|
Pledged
|
Amount
|
||||||||||||
Derivative liabilities:
|
|
|
|
|
|
|
|
||||||||||||
March 31, 2016
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swap agreements
|
|
$
|
2,604
|
|
$
|
—
|
|
$
|
2,604
|
|
$
|
—
|
|
$
|
2,604
|
|
$
|
—
|
|
December 31, 2015
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swap agreements
|
|
1,219
|
|
—
|
|
1,219
|
|
—
|
|
1,219
|
|
—
|
|
(in thousands)
|
March 31, 2016
|
|
Fair Value Measurements at Reporting Date Using
|
||||||||||||
Assets
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|||||||||
Investment securities available for sale
|
|
|
|
|
|
|
|
||||||||
U.S. agency securities
|
$
|
12,579
|
|
|
$
|
—
|
|
|
$
|
12,579
|
|
|
$
|
—
|
|
Corporate bonds
|
11,327
|
|
|
—
|
|
|
11,327
|
|
|
—
|
|
||||
Mortgage-backed securities -
|
|
|
|
|
|
|
|
||||||||
Agency
|
150,769
|
|
|
—
|
|
|
150,769
|
|
|
—
|
|
||||
Asset-backed securities
|
23,028
|
|
|
—
|
|
|
23,028
|
|
|
—
|
|
||||
Equity securities
|
1,413
|
|
|
1,314
|
|
|
—
|
|
|
99
|
|
||||
Total investment securities
|
|
|
|
|
|
|
|
||||||||
available for sale
|
199,116
|
|
|
1,314
|
|
|
197,703
|
|
|
99
|
|
||||
Derivative loan commitments
|
1,151
|
|
|
—
|
|
|
—
|
|
|
1,151
|
|
||||
Interest rate swaps
|
2,604
|
|
|
—
|
|
|
2,604
|
|
|
—
|
|
||||
Total assets
|
$
|
202,871
|
|
|
$
|
1,314
|
|
|
$
|
200,307
|
|
|
$
|
1,250
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
$
|
2,604
|
|
|
$
|
—
|
|
|
$
|
2,604
|
|
|
$
|
—
|
|
Total liabilities
|
$
|
2,604
|
|
|
$
|
—
|
|
|
$
|
2,604
|
|
|
$
|
—
|
|
(in thousands)
|
December 31, 2015
|
|
Fair Value Measurements at Reporting Date Using
|
||||||||||||
Assets
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|||||||||
Investment securities available for sale
|
|
|
|
|
|
|
|
||||||||
U.S. agency securities
|
$
|
13,072
|
|
|
$
|
—
|
|
|
$
|
13,072
|
|
|
$
|
—
|
|
Corporate bonds
|
11,190
|
|
|
—
|
|
|
11,190
|
|
|
—
|
|
||||
Mortgage-backed securities -
|
|
|
|
|
|
|
|
||||||||
Agency
|
149,199
|
|
|
—
|
|
|
149,199
|
|
|
—
|
|
||||
Asset-backed securities
|
23,292
|
|
|
—
|
|
|
23,292
|
|
|
—
|
|
||||
Equity securities
|
1,421
|
|
|
1,322
|
|
|
—
|
|
|
99
|
|
||||
Total investment securities
|
|
|
|
|
|
|
|
||||||||
available for sale
|
198,174
|
|
|
1,322
|
|
|
196,753
|
|
|
99
|
|
||||
Derivative loan commitments
|
1,020
|
|
|
—
|
|
|
—
|
|
|
1,020
|
|
||||
Interest rate swaps
|
1,219
|
|
|
—
|
|
|
1,219
|
|
|
—
|
|
||||
Total assets
|
$
|
200,413
|
|
|
$
|
1,322
|
|
|
$
|
197,972
|
|
|
$
|
1,119
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
$
|
1,219
|
|
|
$
|
—
|
|
|
$
|
1,219
|
|
|
$
|
—
|
|
Total liabilities
|
$
|
1,219
|
|
|
$
|
—
|
|
|
$
|
1,219
|
|
|
$
|
—
|
|
|
Activity in Level 3
|
|
Activity in Level 3
|
||||||||||||
|
Fair Value Measurements
|
|
Fair Value Measurements
|
||||||||||||
(in thousands)
|
Three Months Ended March 31, 2016
|
|
Three Months Ended March 31, 2015
|
||||||||||||
|
Investment
Securities Available for Sale |
|
Derivative
Loan Commitments |
|
Investment
Securities Available for Sale |
|
Derivative
Loan Commitments |
||||||||
|
|
|
|
||||||||||||
Description
|
|
|
|
||||||||||||
Beginning of period balance
|
$
|
99
|
|
|
$
|
1,020
|
|
|
$
|
280
|
|
|
$
|
472
|
|
Unrealized gains included in:
|
|
|
|
|
|
|
|
||||||||
Earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Purchases
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
|
||||
Sales
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Issuances
|
—
|
|
|
131
|
|
|
—
|
|
|
743
|
|
||||
Settlements
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
End of period balance
|
$
|
99
|
|
|
$
|
1,151
|
|
|
$
|
289
|
|
|
$
|
1,215
|
|
|
Assets
Measured at Fair Value |
|
Fair Value Measurements at
|
||||||||||||
|
|
March 31, 2016 Using
|
|||||||||||||
(in thousands)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|||||||||
Impaired loans
|
$
|
54,146
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
54,146
|
|
Other real estate owned
|
|
|
|
|
|
|
|
||||||||
and repossessed assets
|
8,661
|
|
|
—
|
|
|
—
|
|
|
8,661
|
|
|
Assets
Measured at Fair Value |
|
Fair Value Measurements at
|
||||||||||||
|
|
December 31, 2015 Using
|
|||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|||||||||
Impaired loans
|
$
|
55,279
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
55,279
|
|
Other real estate owned
|
|
|
|
|
|
|
|
||||||||
and repossessed assets
|
12,409
|
|
|
—
|
|
|
—
|
|
|
12,409
|
|
|
|
|
|
|
|
||
(in thousands except for percentages)
|
|
|
Significant Unobservable
|
|
Significant Unobservable
|
||
|
Fair Value at
|
|
Inputs by
|
|
Inputs as of
|
||
Type
|
March 31, 2016
|
|
Valuation Technique
|
|
March 31, 2016
|
||
Derivative loan commitments
|
$
|
1,151
|
|
|
Pull through rate
|
|
83%
|
|
|
|
Percentage of loans that will
|
|
|
||
|
|
|
ultimately close
|
|
|
||
Impaired loans
|
54,146
|
|
|
Appraised value
|
|
11%
|
|
|
|
|
Average discounts to reflect current
|
|
|
||
|
|
|
market conditions, ultimate collectability,
|
|
|
||
|
|
|
and estimated costs to sell
|
|
|
||
Other real estate owned
|
8,661
|
|
|
Appraised value
|
|
11%
|
|
|
|
|
Weighted average discounts to reflect
|
|
|
||
|
|
|
current market conditions, abbreviated
|
|
|
||
|
|
|
holding period, and estimated costs to sell
|
|
|
|
March 31, 2016
|
||||||||||||||||||
|
Carrying
Amount |
|
Fair
Value |
|
Fair Value Measurements at Reporting Date Using
|
||||||||||||||
(in thousands)
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||
Financial Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans, net(1)
|
$
|
1,499,616
|
|
|
$
|
1,514,312
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,514,312
|
|
Financial Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
1,684,258
|
|
|
1,674,489
|
|
|
—
|
|
|
1,674,489
|
|
|
—
|
|
|||||
FHLB borrowings
|
11,000
|
|
|
10,959
|
|
|
—
|
|
|
10,959
|
|
|
—
|
|
|||||
Other borrowings
|
29,811
|
|
|
56,703
|
|
|
—
|
|
|
56,703
|
|
|
—
|
|
|
December 31, 2015
|
||||||||||||||||||
|
Carrying
Amount |
|
Fair
Value |
|
Fair Value Measurements at Reporting Date Using
|
||||||||||||||
(in thousands)
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||
Financial Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans, net(1)
|
$
|
1,518,318
|
|
|
$
|
1,525,606
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,525,606
|
|
Financial Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
1,705,145
|
|
|
1,678,886
|
|
|
—
|
|
|
1,678,886
|
|
|
—
|
|
|||||
FHLB borrowings
|
25,000
|
|
|
25,000
|
|
|
—
|
|
|
25,000
|
|
|
—
|
|
|||||
Other borrowings
|
29,689
|
|
|
56,703
|
|
|
—
|
|
|
56,703
|
|
|
—
|
|
•
|
Our success is largely dependent on attracting and retaining key management team members;
|
•
|
We are not paying dividends on our Common Stock currently and absent regulatory approval are prevented from doing so. The failure to resume paying dividends on our Common Stock may adversely affect the market price of our Common Stock;
|
•
|
We incurred significant losses from 2009 to 2012. While we returned to profitability in 2013 and continued to be profitable during 2014, 2015, and into 2016, we can make no assurances that will continue. An inability to improve our profitability could adversely affect our operations and our capital levels;
|
•
|
Our mortgage banking earnings are cyclical and sensitive to the level of interest rates, changes in economic conditions, decreased economic activity, and slowdowns in the housing market, any of which could adversely impact our results of operations;
|
•
|
Economic, market, or operational developments may negatively impact our ability to maintain required capital levels or otherwise negatively impact our financial condition;
|
•
|
Virginia law and the provisions of our Articles of Incorporation and Bylaws could deter or prevent takeover attempts by a potential purchaser of our Common Stock that would be willing to pay you a premium for your shares of our Common Stock;
|
•
|
Our ability to maintain adequate sources of funding and liquidity may be negatively impacted by the economic environment which may, among other things, impact our ability to resume the payment of dividends or satisfy our obligations;
|
•
|
Our future success is dependent on our ability to compete effectively in the highly competitive banking industry;
|
•
|
Sales, or the perception that sales could occur, of large amounts of our Common Stock by our institutional investors may depress our stock price;
|
•
|
The concentration of our loan portfolio continues to be in real estate – commercial mortgage, equity line lending, and construction, which may expose us to greater risk of loss;
|
•
|
General economic conditions in the markets in which we do business may decline and may have a material adverse effect on our results of operations and financial condition;
|
•
|
We have had large numbers of problem loans. Although problem loans have declined significantly, there is no assurance that they will continue to do so;
|
•
|
The determination of the appropriate balance of our allowance for loan losses is merely an estimate of the inherent risk of loss in our existing loan portfolio and may prove to be incorrect. If such estimate is proven to be materially incorrect and we are required to increase our allowance for loan losses, our results of operations, financial condition, and the market price of our Common Stock could be materially adversely affected;
|
•
|
Our profitability will be jeopardized if we are unable to successfully manage interest rate risk;
|
•
|
We may face increasing deposit-pricing pressures, which may, among other things, reduce our profitability;
|
•
|
We face a variety of threats from technology-based frauds and scams;
|
•
|
Our operations and customers might be affected by the occurrence of a natural disaster or other catastrophic event in our market area;
|
•
|
Our business, financial condition, and results of operations are highly regulated and could be adversely affected by new or changed regulations and by the manner in which such regulations are applied by regulatory authorities;
|
•
|
Banking regulators have broad enforcement power, but regulations are meant to protect depositors and not investors;
|
•
|
The fiscal, monetary, and regulatory policies of the federal government and its agencies could have a material adverse effect on our results of operations;
|
•
|
Government legislation and regulation may adversely affect our business, financial condition, and results of operations;
|
•
|
The soundness of other financial institutions could adversely affect us;
|
•
|
Completion of the Merger with Xenith is subject to the satisfaction of numerous conditions, and the Merger may not be completed on the proposed terms, within the expected timeframe, or at all;
|
•
|
Regulatory approvals may not be received, may take longer than expected or may impose conditions that are not presently anticipated or that could have an adverse effect on the combined company following the Merger;
|
•
|
Combining the two companies may be more difficult, costly or time consuming than expected and the anticipated benefits and cost savings of the Merger may not be realized;
|
•
|
Termination of the Merger Agreement, or failure to complete the Merger, could negatively impact our stock price and our future business and financial results;
|
•
|
We will be subject to business uncertainties and contractual restrictions while the Merger is pending;
|
•
|
If the Merger is not completed, we will have incurred substantial expenses and committed substantial time and resources without realizing the expected benefits of the Merger; and
|
•
|
The combined company may not be able to realize our deferred income tax assets.
|
•
|
Assets declined $25.6 million or 1.2% from December 31, 2015. A major contributor to this decline in assets was in loans as paydown activity exceeded new loan originations during the quarter.
|
•
|
Loans have declined $20.7 million or 1.3% since
December 31, 2015
. Most loan categories experienced some level of decline, except for installment loans, which grew $7.7 million or 4.8% as marine financing saw healthy growth in new loan originations.
|
•
|
Allowance for loan losses decreased $2.0 million, or 8.4% to $21.2 million at
March 31, 2016
; down from $23.2 million at
December 31, 2015
. Lower historical losses in the lookback period, combined with a contracted loan portfolio, and charge-offs moved the allowance lower. There was no additional loss provision expense recorded in the first quarter of 2016.
|
•
|
Deposits declined $20.9 million or 1.2% from
December 31, 2015
. The majority of this decline was in time deposits, driven mainly by the maturing of a portion of our national certificates of deposit.
|
•
|
Net interest income increased $225 thousand during the
three
months ended
March 31, 2016
as compared to the same period in 2015. The growth in net interest income continues to be as a result from the shift away from lower yielding assets into loans for which the Company earns a higher yield.
|
•
|
Net interest margin was 3.30% and 3.14% for the three months ended
March 31, 2016
and
March 31, 2015
, respectively.
|
•
|
Noninterest income for the
three
months ended
March 31, 2016
declined $373 thousand compared to the same period in 2015. Mortgage banking revenue continues to be a positive driver increasing $216 thousand. Offsetting this growth in mortgage banking revenue is a year-over-year decline in gain on sale of investment securities available for sale, and other noninterest income.
|
•
|
Noninterest expense for the
three
months ended
March 31, 2016
increased $24 thousand compared to the same period in 2015. The overall increase in noninterest expense was primarily driven by merger-related expenses, offset by declines in impairment and gains and losses on sales of other real estate owned and repossessed assets.
|
•
|
The Company's return on average assets ratio (ROAA) was 0.27%, and 0.26% for the
three
months ended
March 31, 2016
and
2015
, respectively, and its return on average equity ratio (ROAE) was 1.89% and 2.66% for the
three
months ended
March 31, 2016
and
2015
, respectively.
|
•
|
Our effective tax rate was 32.05% for the
three
months ended
March 31, 2016
compared to 2.08% for the same period in 2015. These taxes related to current state income taxes owed and the change in net deferred tax assets. These rates differ from the statutory rate due primarily due to the partial valuation allowance in 2016, and the full valuation allowance in 2015, against the Company’s net deferred tax assets.
|
|
Three Months Ended March 31, 2016
|
|
Three Months Ended March 31, 2015
|
|
2016 Compared to 2015
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
|
|
|
||||||||||||||||
|
|
|
Interest
|
|
Average
|
|
|
|
Interest
|
|
Average
|
|
Income/
|
|
Variance
|
||||||||||||||||||
(in thousands, except
|
Average
|
|
Income/
|
|
Yield/
|
|
Average
|
|
Income/
|
|
Yield/
|
|
Expense
|
|
Attributable to
|
||||||||||||||||||
average yield/rate data)
|
Balance
|
|
Expense
|
|
Rate
|
|
Balance
|
|
Expense
|
|
Rate
|
|
Variance
|
|
Rate
|
|
Volume
|
||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loans
|
$
|
1,564,868
|
|
|
$
|
16,732
|
|
|
4.30
|
%
|
|
$
|
1,519,205
|
|
|
$
|
16,159
|
|
|
4.31
|
%
|
|
$
|
573
|
|
|
$
|
(321
|
)
|
|
$
|
894
|
|
Investment securities
|
209,932
|
|
|
1,350
|
|
|
2.59
|
|
|
267,303
|
|
|
1,742
|
|
|
2.64
|
|
|
(392
|
)
|
|
(28
|
)
|
|
(364
|
)
|
|||||||
Overnight funds sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
and due from FRB
|
45,066
|
|
|
44
|
|
|
0.39
|
|
|
110,226
|
|
|
59
|
|
|
0.22
|
|
|
(15
|
)
|
|
96
|
|
|
(111
|
)
|
|||||||
Interest-bearing deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
in other banks
|
708
|
|
|
—
|
|
|
—
|
|
|
1,741
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total interest-earning assets
|
1,820,574
|
|
|
18,126
|
|
|
4.00
|
|
|
1,898,475
|
|
|
17,960
|
|
|
3.84
|
|
|
166
|
|
|
(253
|
)
|
|
419
|
|
|||||||
Noninterest-earning assets
|
214,374
|
|
|
|
|
|
|
135,972
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total assets
|
$
|
2,034,948
|
|
|
|
|
|
|
$
|
2,034,447
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities and Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest-bearing demand deposits
|
$
|
689,306
|
|
|
$
|
839
|
|
|
0.49
|
%
|
|
$
|
631,011
|
|
|
$
|
674
|
|
|
0.43
|
%
|
|
$
|
165
|
|
|
$
|
100
|
|
|
$
|
65
|
|
Savings deposits
|
62,138
|
|
|
16
|
|
|
0.10
|
|
|
57,471
|
|
|
11
|
|
|
0.08
|
|
|
5
|
|
|
4
|
|
|
1
|
|
|||||||
Time deposits
|
642,461
|
|
|
1,864
|
|
|
1.17
|
|
|
673,419
|
|
|
1,843
|
|
|
1.11
|
|
|
21
|
|
|
365
|
|
|
(344
|
)
|
|||||||
Total interest-bearing deposits
|
1,393,905
|
|
|
2,719
|
|
|
0.78
|
|
|
1,361,901
|
|
|
2,528
|
|
|
0.75
|
|
|
191
|
|
|
469
|
|
|
(278
|
)
|
|||||||
Borrowings
|
41,473
|
|
|
491
|
|
|
4.76
|
|
|
181,831
|
|
|
741
|
|
|
1.65
|
|
|
(250
|
)
|
|
1,568
|
|
|
(1,818
|
)
|
|||||||
Total interest-bearing liabilities
|
1,435,378
|
|
|
3,210
|
|
|
0.90
|
|
|
1,543,732
|
|
|
3,269
|
|
|
0.86
|
|
|
(59
|
)
|
|
2,037
|
|
|
(2,096
|
)
|
|||||||
Noninterest-bearing liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Demand deposits
|
287,839
|
|
|
|
|
|
|
|
267,408
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other liabilities
|
17,025
|
|
|
|
|
|
|
|
22,455
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total noninterest-bearing liabilities
|
304,864
|
|
|
|
|
|
|
|
289,863
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total liabilities
|
1,740,242
|
|
|
|
|
|
|
|
1,833,595
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Shareholders' equity
|
294,706
|
|
|
|
|
|
|
|
200,852
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total liabilities and shareholders' equity
|
$
|
2,034,948
|
|
|
|
|
|
|
|
$
|
2,034,447
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income
|
|
|
$
|
14,916
|
|
|
|
|
|
|
|
$
|
14,691
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest spread
|
|
|
|
|
3.10
|
%
|
|
|
|
|
|
2.98
|
%
|
|
|
|
|
|
|
||||||||||||||
Net interest margin
|
|
|
|
|
3.30
|
%
|
|
|
|
|
|
3.14
|
%
|
|
|
|
|
|
|
||||||||||||||
Note
: Interest income from loans includes fees of $201 thousand and $263 thousand for the three months ended March 31, 2016 and 2015, respectively.
|
|
|
|
|
|
Three Months Ended March 31,
|
|
2016 Compared to 2015
|
|||||||||||
(in thousands, except for percentages)
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
Mortgage banking revenue
|
$
|
4,439
|
|
|
$
|
4,223
|
|
|
$
|
216
|
|
|
5.1
|
%
|
Service charges on deposit accounts
|
1,139
|
|
|
1,142
|
|
|
(3
|
)
|
|
(0.3
|
)
|
|||
Income from bank-owned life insurance
|
349
|
|
|
349
|
|
|
—
|
|
|
—
|
|
|||
Gain on sale of investment securities available for sale
|
—
|
|
|
112
|
|
|
(112
|
)
|
|
(100.0
|
)
|
|||
Visa check card income
|
641
|
|
|
641
|
|
|
—
|
|
|
—
|
|
|||
Other
|
384
|
|
|
858
|
|
|
(474
|
)
|
|
(55.2
|
)
|
|||
Total noninterest income
|
$
|
6,952
|
|
|
$
|
7,325
|
|
|
$
|
(373
|
)
|
|
(5.1
|
)%
|
|
Three Months Ended March 31,
|
|
2016 Compared to 2015
|
|||||||||||
(in thousands, except for percentages)
|
2016
|
|
2015
|
|
$
|
|
%
|
|||||||
Salaries and employee benefits
|
$
|
10,781
|
|
|
$
|
10,667
|
|
|
$
|
114
|
|
|
1.1
|
%
|
Professional and consultant fees
|
634
|
|
|
808
|
|
|
(174
|
)
|
|
(21.5
|
)
|
|||
Occupancy
|
1,623
|
|
|
1,629
|
|
|
(6
|
)
|
|
(0.4
|
)
|
|||
FDIC insurance
|
414
|
|
|
624
|
|
|
(210
|
)
|
|
(33.7
|
)
|
|||
Data processing
|
1,308
|
|
|
1,431
|
|
|
(123
|
)
|
|
(8.6
|
)
|
|||
Problem loan and repossessed asset costs
|
101
|
|
|
120
|
|
|
(19
|
)
|
|
(15.8
|
)
|
|||
Impairments and gains and losses on sales of other real estate owned and repossessed assets, net
|
(177
|
)
|
|
858
|
|
|
(1,035
|
)
|
|
(120.6
|
)
|
|||
Impairments and gains and losses on sales of premises and equipment, net
|
—
|
|
|
14
|
|
|
(14
|
)
|
|
(100.0
|
)
|
|||
Equipment
|
305
|
|
|
350
|
|
|
(45
|
)
|
|
(12.9
|
)
|
|||
Directors' and regional board fees
|
246
|
|
|
302
|
|
|
(56
|
)
|
|
(18.5
|
)
|
|||
Advertising and marketing
|
270
|
|
|
260
|
|
|
10
|
|
|
3.8
|
|
|||
Merger-related expenses
|
1,568
|
|
|
—
|
|
|
1,568
|
|
|
100.0
|
|
|||
Other
|
2,458
|
|
|
2,444
|
|
|
14
|
|
|
0.6
|
|
|||
Total noninterest expense
|
$
|
19,531
|
|
|
$
|
19,507
|
|
|
$
|
24
|
|
|
0.1
|
%
|
(in thousands, except for percentages)
|
March 31, 2016
|
|
December 31, 2015
|
||||
Allowance for loan losses:
|
|
|
|
||||
Specific component
|
$
|
3,684
|
|
|
$
|
5,447
|
|
Pooled component
|
15,200
|
|
|
16,110
|
|
||
Unallocated qualitative component
|
2,344
|
|
|
1,627
|
|
||
Total
|
$
|
21,228
|
|
|
$
|
23,184
|
|
Impaired loans
|
$
|
62,948
|
|
|
$
|
65,874
|
|
Non-impaired loans
|
1,457,896
|
|
|
1,475,628
|
|
||
Total loans
|
$
|
1,520,844
|
|
|
$
|
1,541,502
|
|
|
|
|
|
||||
Specific component as % of impaired loans
|
5.85
|
%
|
|
8.27
|
%
|
||
Pooled component as % of non-impaired loans
|
1.04
|
|
|
1.09
|
|
||
Allowance as % of loans
|
1.40
|
|
|
1.50
|
|
||
Allowance as % of nonaccrual loans
|
61.97
|
|
|
65.28
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||
|
|
|
|
||
Non-performing loans with no allowance due to previous charge-offs as a percentage of total loans
|
0.28
|
%
|
|
1.21
|
%
|
Non-performing loans with no allowance due to previous charge-offs as a percentage of non-performing loans
|
12.30
|
|
|
52.52
|
|
Charge-off rate for non-performing loans with no allowance due to previous charge-offs
|
50.99
|
|
|
15.81
|
|
Coverage ratio net of non-performing loans with no allowance due to previous charge-offs
|
70.67
|
|
|
137.49
|
|
Total allowance divided by total loans less non-performing loans with no allowance due to previous charge-offs
|
1.40
|
|
|
1.52
|
|
Allowance for individually impaired loans divided by impaired loans for which an allowance has been provided
|
8.88
|
|
|
18.85
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||||||||
|
Change in Net Interest Income
|
|
Change in Net Interest Income
|
||||||||||
(in thousands, except for percentages)
|
Amount
|
|
%
|
|
Amount
|
|
%
|
||||||
Change in Interest Rates:
|
|
|
|
|
|
|
|
||||||
+200 basis points
|
$
|
1,910
|
|
|
3.07
|
%
|
|
$
|
2,101
|
|
|
3.32
|
%
|
+100 basis points
|
944
|
|
|
1.52
|
|
|
1,023
|
|
|
1.62
|
|
||
–100 basis points
|
(2,129
|
)
|
|
(3.42
|
)
|
|
(2,129
|
)
|
|
(3.37
|
)
|
||
–200 basis points
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
HAMPTON ROADS BANKSHARES, INC.
|
(Registrant)
|
DATE:
|
May 11, 2016
|
|
/s/ Thomas B. Dix III
|
|
|
|
Thomas B. Dix III
|
|
|
|
Chief Financial Officer
|
Exhibit Number
|
|
Description
|
|
2.1
|
|
|
Agreement and Plan of Reorganization, dated as of February 10, 2016, by and between Hampton Roads Bankshares, Inc. and Xenith Bankshares, Inc. (attached as Exhibit 2.1 to the Current Report on Form 8-K filed February 16, 2016 and incorporated by reference herein)
|
10.1
|
|
|
Amendment No. 3, effective as of February 10, 2016, to Employment Agreement of Thomas B. Dix III dated August 19, 2014 (attached as Exhibit 10.1 to the Current Report on Form 8-K filed February 16, 2016 and incorporated by reference herein)
|
10.2
|
|
|
Amendment No. 4, effective as of February 10, 2016, to Employment Agreement of Donna W. Richards dated May 22, 2013 (attached as Exhibit 10.2 to the Current Report on Form 8-K filed February 16, 2016 and incorporated by reference herein)
|
10.3
|
|
|
Employment Agreement with Thomas B. Dix III, dated February 10, 2016 (attached as Exhibit 10.3 to the Current Report on Form 8-K filed February 16, 2016 and incorporated by reference herein)
|
10.4
|
|
|
Employment Agreement with Donna W. Richards, dated February 10, 2016 (attached as 10.4 to the Current Report on Form 8-K filed February 16, 2016 and incorporated by reference herein)
|
31.1
|
|
|
The Rule 13a-14(a)/15d-14(a) Certification of Interim Chief Executive Officer, filed herewith.
|
31.2
|
|
|
The Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer, filed herewith.
|
32.1
|
|
|
Statement of Interim Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, filed herewith.
|
101
|
|
|
The following materials from the Hampton Roads Bankshares, Inc. Quarterly Report on Form 10-Q for the three months ended March 31, 2016 formatted in eXtensible Business Reporting Language: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Changes in Shareholders’ Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements, filed herewith.
|
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