The Virginia Beach-based community bank chain Hampton Roads Bankshares (HMPR) posted its third quarter earnings report after the bell on Nov 8, with the lender showing its highest profit margin recorded for some time.
Hampton Roads had been hindered for several years by bad loans accumulated during the dregs of the financial crisis, which had prevented the company from turning a profit. As far removed from the crisis as 2012, Hampton Roads was still posting a steady string of quarterly losses. The company barely eked out a profit in the second quarter of 2013, at $0.1 million.
The third quarter report represented a welcome turnaround for the regional chain, which has seven locations scattered throughout Virginia, Maryland, and Delaware. On the turnaround, Douglas Glenn, President and Chief Executive Officer said. "We are focused on ensuring that our business model meets the needs of our customers in an evolving banking environment and on continuing to position our Company for future growth through the implementation of our One Bank Strategy. This quarter represents yet another building block in our long-term foundation."
For their third quarter 2013 earnings report, Hampton Roads reported a net gain of $2.8 million, or $0.02 per share, versus the net loss of $5.9 million, or $0.32 per share, from the same period a year ago. Revenue for the quarter was $27 million, as compared to $22 million from the previous year. Analysts did not provide estimates for the company.
Hampton Bankshares popped on the news, rising 9.63 percent to hit $1.49 a share.
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