By Bill Cresenzo
bill.cresenzo@insidebiz.com
The president of Newport News-based Virginia Company Bank cited the opening of two new branches, a "hiccup" in loans and a low-interest rate market as the reasons for a net loss in 2012.
"2012 was going to be a leaner year for Virginia Company Bank," said Mark Hanna, the bank's president and CEO.
Virginia Company Bank was founded in 2005. The bank had a loss of $191,000 in 2012, compared to a net income of $101,000 the year prior.
The bank moved its Oyster Point headquarters at 601 Thimble Shoals Blvd. in Newport News to 11801 Merchant's Walk in Newport News.
It moved its Williamsburg branch from 102 Discovery Park Blvd. to 1430 High St. in Williamsburg,
The bank has a third branch at 2198 Coliseum Drive in Hampton.
Hanna said the moves had an effect on the company's earnings.
In addition, he said, "We had a small hiccup with some of our loans, but we are far less than our competitors as far as loan loss."
The bank's nonperforming assets stood at 2.4 percent in 2012, up from 1.4 percent in 2011.
