Continuing to be plagued by problem construction loans, Hampton Roads Bancshares Inc. in Norfolk, Va., said after the markets closed on Monday that it lost $31.7 million in the quarter that ended March 31.
The quarterly loss was the eighth in a row for Hampton Roads, which hasn't turned a profit since the first quarter of 2009.
Still, the $2.7 billion-asset company appears to be headed in the right direction. The company said nonperforming assets fell by nearly 15% since the fourth quarter of last year, when it lost nearly $35 million. Nonperformers totaled $269.3 million, or 9.9% of assets, at March 31, compared to $315.4 million, of 10.9% of assets, just three months earlier.