Hampton Roads Bankshares has reported that its net income for the fourth quarter ended December 31, 2008 was $2.3 million, or $0.18 per diluted share, up 37% from $1.71 million, or $0.16 per diluted share, for the comparable quarter in 2007.
Net interest income for the fourth quarter of 2008 was $8.7 million, up 42% over the $6.12 million for the fourth quarter of 2007. For the fourth quarter of 2008, net interest margin was 4.07% versus 4.68% for the 2007 fourth quarter.
For the year ended December 31, 2008, net income was $7.2 million, or $0.59 per diluted share, representing a growth of 5% over $6.81 million, or $0.65 per dilutes share, for the year ended December 31, 2007.
For the 12 months ended December 31, 2008, net interest income was $27.26 million, an increase of 13% over $24.19 million for the comparable period in 2007. The net interest margin for the year 2008 was 3.89%, as compared to 4.95% for the year 2007.
The company’s total assets as of December 31, 2008, were $3.1 billion or 446% ahead of $564 million at December 31, 2007. Total deposits were up 432% from $431 million as December 31, 2008 to $2.3 billion as of December 31, 2007.
Jack Gibson, vice chairman and CEO of Hampton Roads Bankshares, said: 2008 was almost the perfect storm for financial institutions. The earnings we are reporting for the fourth quarter do not include any income from Gateway’s operations and, for the year, only recognise Shore’s income since June 1, 2008. While I don’t foresee any fewer challenges in 2009, I am equally convinced that banking is a good business and our fundamental business model continues to be focused on the business of banking.
