Table of Contents
VBA DEFINED CONTRIBUTION PLAN FOR
HAMPTON ROADS BANKSHARES, INC.
Notes to Financial Statements
December 31,
2013
and
2012
(1)
Description of t
he Plan
The following description of VBA Defined Contribution Plan
for Hampton Roads
Bankshares, Inc.
(the
“
Plan
,
”
formerly called the Virginia Bankers Association Defined Contribution Plan for the Bank of Hampton Roads
)
provides only general information
(
Hampton Roads
Bankshares, Inc.
(the “Plan Sponsor”)
is a public
ly
traded company
)
.
Participants should refer to the
p
lan agreement for a more complete description of the Plan
’
s provisions.
(a)
General
The Plan is a defined contribution plan covering substantially all eligible employees of
Hampton Roads
Bankshares, Inc.
and its subsidiaries
who have
at least three months of
service and are
at least
twenty
-
one
years of age
.
However, employees of Shore Bank who are at least eighteen years of age and ha
d
at least three months of service prior to April 1,
201
1
are eligible to participate in the Plan.
The Plan
is subject to the provisions of the Employee Retirement Income Security Act of 1974
(
“
ERISA
”
)
.
(b)
Contributions
Each yea
r, participants may contribute up to 9
6
%
of
pre
-
tax
compensation, as defined in the Plan, up to the maximum allowable by the Internal Revenue Code
(
“
IRC
”
)
.
These limits were
$17,5
00
and
$1
7
,
0
00 during
2013
and
2012
, respectively
.
Par
ticipants who have attained age
50 before the end of the
p
lan year are eligible to make catch
‑
up contributions.
These catch
‑
up contributions are subject to Internal Revenue Service (
“
IRS
”) limits of $5,500 for
2013
and
2012
.
Participants may also contribute funds from other tax
‑
qualified plans as rollover contributions.
The
Plan Sponsor
provides matching contributions of 100% of the first
3
% of base compensation
and 50% for the next 2% of base compensation
that a participant contributes to the Plan
; these matching contributions are allocated proportionate to the participant holdings
.
Additional profit sharing amounts may be contributed at the discretion of the
Plan Sponsor’s
board of directors.
No discretionary profit sharing contrib
utions were made during the
year
s
ended
December 31, 2013
or
2012
.
(c)
Participant Accounts
Each participant
’
s account is credited with the participant
’
s contributions and allocations of matching contributions and plan earnings on the account and charged with an allocation of administrative expenses.
Allocations are based on participant earnings or account balances, as defined.
The benefit to which a participant is entitled is the benefit that can be provided from the participant
’
s vested account.
(d)
Participant Loans
Participants may borrow from their fund account an amount not to exceed the lesser of $50,000 or 50% of their vested account balance. The minimum loan amount allowed by the Plan is $1,000. A participant may only have two loans outstanding at a given time. Loans must be repaid within five years unless the loan is used to acquire a principal residen
ce
for the participant for which the loan must be repaid within a reasonable period of time not to ex
cee
d 15 years. The loans are secured by the vested balance in the participant’s account.
All loans of the Plan bear interest at a fixed annual rate. The fixed rate of interest is set at 1% over the Wall Street Journal Prime Rate at the time that the loan application is made or approved.
Principal and interest are paid ratably through payroll deductions.
(e)
Investment
Options
Participants direct the investments of all contributions into various investment options offered by the Plan.
The Plan offers
one
common collective trust fund
,
twenty
self
‑
directed mutual funds, and
the
Plan Sponsor
’
s common stock
.
Participants may choose to invest up to
10%
of their account balance and
10% of
future contribu
tions in
the
Plan Sponsor’s
common stock.
Table of Contents
VBA DEFINED CONTRIBUTION PLAN FOR
HAMPTON ROADS BANKSHARES, INC.
Notes to Financial Statements
December 31,
2013
and
2012
(f)
Vesting
Participants are vested immediately in their contributions and
in
the
Plan Sponsor
’
s matching contributions plus actual earnings thereon.
Vesting in the
Plan Sponsor
’
s profit sharing contribution portion of their accounts is based on years of service, as defined by the Plan.
A partici
pant is 100% vested
in Plan Sponsor’s
profit
sharing contributions
after three
years of credited service.
(g)
Payment of Benefits
On termination of service, a participant may elect to receive a lump
‑
sum amount equal to the value of the participant
’
s vested interest in his or her account or annual installments.
In certain situations, participants may receive in
‑
service hardship withdrawals from the elective deferral and employer m
atch portions of their account.
(h)
Forfeited Accounts
At
December 31, 2013
and
2012
, forfeited non
-
vested accounts
consisting of employer contributions
totaled
$
1,
374
and
$
1
,
137
, respectively.
These accounts will be used to reduce future employer contributions.
In
2013
, employer contributions were reduced by
$2
36
from forfeited non-vested accounts
.
(2)
Summary of Significant Accounting Poli
cies
(a)
Basis of Accounting
The financial statements of the Plan are prepared on t
he accrual basis of accounting.
Investment contracts held by a defined contribution plan are required to be reported at fair value.
However, contract value is the relevant measurement attribute for that portion of the assets available for benefits of a defined contribution plan attributable to fully benefit
‑
responsive investment contracts because
the
contract value is the amount participants would receive if they were to initiate permitted trans
actions under the terms of the P
lan.
The Statement
s
of Assets Available for Benefits present
s
the fair value of the investments contracts as well as the adjustment of the fully benefit
‑
responsive investment contracts from fair value to contract value.
The Statement
s
of Changes in
Assets Available for Benefits are
prep
ared on a contract
‑
value basis.
(b)
Administrative Expenses
Certain administrative expenses are absorbed by
the Plan
S
ponsor.
(c)
Use of Estimates
The preparation of financial statements in conformity with
U.S.
generally accepted accounting principles
(“GAAP”)
requires management to make estimates and assumptions that affect the reported amounts of assets available for benefits, and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
(d)
Investment V
aluation and Income Recognition
Investments are reported at fair value.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Refer to
N
ote
3
,
Fair Value Measurements
, for discuss
ion of fair value measurements.
Purchases and sales of securities are recorded on a trade
‑
date basis.
Interest income is recorded on the accrual basis.
Dividends are recorded on the ex
‑
dividend date.
Net
appreciation or
depreciation
in fair value of investments
includes the Plan
’
s gains and losses on investments bought and sold a
s well as held during the year.
Table of Contents
VBA DEFINED CONTRIBUTION PLAN FOR
HAMPTON ROADS BANKSHARES, INC.
Notes to Financial Statements
December 31,
2013
and
2012
(e)
Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest.
If a participant ceases to make loan repayments and the plan administrator deems the participant loan to be in default, the participant loan balance is reduced and a benefit payment is recorded. The Form 5500 presents participant loans as an investment.
(f)
Payment of Benefits
B
enefits are recorded when paid.
(g)
New Accounting Pronouncements
On January 1,
201
2
, the
Plan
adopted ASU
2012
-04,
Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs
, which
provides clarification about the application of existing fair value measurement and disclosure requirements and expands certain other disclosure requirements. The adoption did not have a material impact on the Statements of Assets Available for Benefits or the Statements of Changes in Assets Available for Benefits
.
(3)
Fair Value Measurements
FASB
Accoun
ting Standards Codification
(
“
ASC
”
)
820,
Fair Value Measurements and Disclosures
, establishes a framework for measuring fair value.
That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identic
al assets or liabilities (Level
1 measurements) and the lowest priorit
y to unobservable inputs (Level
3 measurements).
The three levels of the fair value hierarchy und
er ASC
820 are described below:
|
|
Level 1
|
Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.
|
Level 2
|
Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.
|
Level 3
|
Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
|
The asset or liability
’
s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at
December 31, 2013
and
2012
.
Plan Sponsor C
ommon
S
tock
: Valued at the closing price reported on the
stock exchange
on which the in
dividual securities are traded.
Mutual Funds
:
Val
ued at the closing price
reported
on the active market, which represents the
net
asset value of
shares held by the Plan at year
‑
end.
Common Collective Trust Fund
: Valued at
net asset value, which is used as a practical expedient for fair value
.
The use of net asset value as fair value is deemed appropriate as there are no imposed redemption restrictions and the Plan
Table of Contents
VBA DEFINED CONTRIBUTION PLAN FOR
HAMPTON ROADS BANKSHARES, INC.
Notes to Financial Statements
December 31,
2013
and
2012
does not have any contractual obligations to further invest in the trust fund.
Refer to
N
ote
4
,
Investment
in Common Collective Trust Fund
, for more information.
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values.
Furthermore, while the Plan believes the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value mea
surement at the reporting date.
The following table
s
set forth by level, within the fair value hierarchy, the Plan
’
s
investments
at fair value as of
December 31, 2013
and
2012
.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2013
|
Investment Category
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plan Sponsor common stock
|
|
$
|
301,758
|
|
$
|
-
|
|
$
|
-
|
|
$
|
301,758
|
Mutual funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodities Broad Basket
|
|
|
13,447
|
|
|
-
|
|
|
-
|
|
|
13,447
|
Emerging Markets - Large Cap Growth
|
|
|
323,069
|
|
|
-
|
|
|
-
|
|
|
323,069
|
Foreign Large Cap Blend
|
|
|
2,807
|
|
|
-
|
|
|
-
|
|
|
2,807
|
Foreign Large Cap Growth
|
|
|
2,199,513
|
|
|
-
|
|
|
-
|
|
|
2,199,513
|
Large Cap Blend
|
|
|
1,092,433
|
|
|
-
|
|
|
-
|
|
|
1,092,433
|
Large Cap Growth
|
|
|
3,000,552
|
|
|
-
|
|
|
-
|
|
|
3,000,552
|
Large Cap Value
|
|
|
2,729,532
|
|
|
-
|
|
|
-
|
|
|
2,729,532
|
Mid-Cap Growth
|
|
|
1,940,636
|
|
|
-
|
|
|
-
|
|
|
1,940,636
|
Mid-Cap Value
|
|
|
718,952
|
|
|
-
|
|
|
-
|
|
|
718,952
|
Real Estate Mid-Blend
|
|
|
252,180
|
|
|
-
|
|
|
-
|
|
|
252,180
|
Small Cap Growth
|
|
|
400,349
|
|
|
-
|
|
|
-
|
|
|
400,349
|
Small Cap Value
|
|
|
298,974
|
|
|
-
|
|
|
-
|
|
|
298,974
|
Subtotal - Equity Mutual Funds
|
|
|
12,972,444
|
|
|
-
|
|
|
-
|
|
|
12,972,444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed income:
|
|
|
|
|
|
|
|
|
|
|
|
|
High Yield Bond
|
|
|
101,316
|
|
|
-
|
|
|
-
|
|
|
101,316
|
Inflation-Protected Bond
|
|
|
166,340
|
|
|
-
|
|
|
-
|
|
|
166,340
|
Intermediate Term Bond
|
|
|
2,363,846
|
|
|
-
|
|
|
-
|
|
|
2,363,846
|
Short Term Bond
|
|
|
905,854
|
|
|
-
|
|
|
-
|
|
|
905,854
|
Subtotal - Fixed Income Mutual Funds
|
|
|
3,537,356
|
|
|
-
|
|
|
-
|
|
|
3,537,356
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total mutual funds
|
|
|
16,509,800
|
|
|
-
|
|
|
-
|
|
|
16,509,800
|
Common collective trust fund
|
|
|
-
|
|
|
1,951,808
|
|
|
-
|
|
|
1,951,808
|
Total investments at fair value
|
|
$
|
16,811,558
|
|
$
|
1,951,808
|
|
$
|
-
|
|
$
|
18,763,366
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table of Contents
VBA DEFINED CONTRIBUTION PLAN FOR
HAMPTON ROADS BANKSHARES, INC.
Notes to Financial Statements
December 31,
2013
and
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2012
|
Investment Category
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plan Sponsor common stock
|
|
$
|
129,962
|
|
$
|
-
|
|
$
|
-
|
|
$
|
129,962
|
Mutual funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodities Broad Basket
|
|
|
3,418
|
|
|
-
|
|
|
-
|
|
|
3,418
|
Emerging Markets - Large Cap Growth
|
|
|
309,502
|
|
|
-
|
|
|
-
|
|
|
309,502
|
Foreign Large Cap Blend
|
|
|
22
|
|
|
-
|
|
|
-
|
|
|
22
|
Foreign Large Cap Growth
|
|
|
1,473,789
|
|
|
-
|
|
|
-
|
|
|
1,473,789
|
Large Cap Blend
|
|
|
857,222
|
|
|
-
|
|
|
-
|
|
|
857,222
|
Large Cap Growth
|
|
|
1,738,457
|
|
|
-
|
|
|
-
|
|
|
1,738,457
|
Large Cap Value
|
|
|
2,021,958
|
|
|
-
|
|
|
-
|
|
|
2,021,958
|
Mid-Cap Growth
|
|
|
1,685,362
|
|
|
-
|
|
|
-
|
|
|
1,685,362
|
Mid-Cap Value
|
|
|
328,932
|
|
|
-
|
|
|
-
|
|
|
328,932
|
Real Estate Mid-Blend
|
|
|
272,020
|
|
|
-
|
|
|
-
|
|
|
272,020
|
Small Cap Growth
|
|
|
306,768
|
|
|
-
|
|
|
-
|
|
|
306,768
|
Small Cap Value
|
|
|
315,356
|
|
|
-
|
|
|
-
|
|
|
315,356
|
Subtotal - Equity Mutual Funds
|
|
|
9,312,806
|
|
|
-
|
|
|
-
|
|
|
9,312,806
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed income:
|
|
|
|
|
|
|
|
|
|
|
|
|
High Yield Bond
|
|
|
312,393
|
|
|
-
|
|
|
-
|
|
|
312,393
|
Inflation-Protected Bond
|
|
|
193,041
|
|
|
-
|
|
|
-
|
|
|
193,041
|
Intermediate Term Bond
|
|
|
2,047,260
|
|
|
-
|
|
|
-
|
|
|
2,047,260
|
Short Term Bond
|
|
|
626,377
|
|
|
-
|
|
|
-
|
|
|
626,377
|
Subtotal - Fixed Income Mutual Funds
|
|
|
3,179,071
|
|
|
-
|
|
|
-
|
|
|
3,179,071
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total mutual funds
|
|
|
12,491,877
|
|
|
-
|
|
|
-
|
|
|
12,491,877
|
Common collective trust fund (1)
|
|
|
-
|
|
|
2,483,494
|
|
|
-
|
|
|
2,483,494
|
Total investments at fair value
|
|
$
|
12,621,839
|
|
$
|
2,483,494
|
|
$
|
-
|
|
$
|
15,105,333
|
(1) The table has been corrected to reflect the Plan’s common collective trust fund as Level 2 within the fair value hierarchy. Previously, this investment was reflected as Level 3.
|
|
|
|
|
|
|
|
|
|
|
|
|
(4)
Investment
in
Common Collective Trust Fund
The Plan invests in the Reliance Trust Stable Value Fund, MetLife Series 25157 (the “Fund”), a fully benefit
‑responsive common collective trust fund. The Fund invests entirely in the MetLife Group Annuity Contract 25157, which consists of separately managed investment portfolios in fixed income securities
, and also enters into wrapper contracts, which are issued by third-parties and are designed to allow the Fund to maintain a constant net asset value
. The Fund is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses.
As described in Note 2, contract value is the relevant measurement attribute for the Fund that is a fully benefit-responsive investment. Contract value, as reported to the Plan, represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value.
There are no reserves against the contract value for credit risk of the contract issuer or otherwise. The crediting interest rate is based on a formula agreed upon with the issuer. Such interest rates are reviewed on a quarterly basis for resetting.
Table of Contents
VBA DEFINED CONTRIBUTION PLAN FOR
HAMPTON ROADS BANKSHARES, INC.
Notes to Financial Statements
December 31,
2013
and
2012
Certain events may limit the ability of the Plan to transact at contract value with the Fund. Such events include the following: (1) amendments to the plan documents (including complete or partial plan termination or merger with another plan that requires liquidation of the Fund), (2) changes to the Plan’s prohibition on competing investment options or deletion of equity wash provisions, (3) bankruptcy of the Plan Sponsor or other Plan Sponsor events (for example, divestitures or spin
‑offs of a subsidiary that require liquidation of the Fund), or (4) the failure of the trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA. The plan administrator does not believe that any events which would limit the Plan’s ability to transact at contract value with participants have occurred or are probable of occurring.
Average yields for the Fund for years ended December 31, 2013 and 2012 were as follows:
|
|
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
Average yields:
|
|
|
|
|
Based on actual earnings
|
|
-1.58%
|
|
6.84%
|
Based on interest rate credited to participants
|
|
3.34%
|
|
3.90%
|
(5)
Tax Status
The Plan received a favorable determination letter dated May 30,
2012
, whereby the IRS stated that the Plan and related trust are designed in accordance with the applicable sections of the IRC. The Plan has not been amended since receiving the determination letter.
U.S. GAAP requires plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The plan administrator has analyzed the tax positions taken by the Plan and has concluded that as of
December 31, 2013
, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are no audits for any tax periods currently in progress.
(6)
Plan Termination
Although it has not expressed any intent to do so, the
Plan Sponsor
has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of plan termination, participants would become 100% vested in their employer contributions
.
(7)
Investments
The following
table
presents investments that represent 5% or more of the Plan
’
s assets at
December
31:
|
|
|
|
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
American Beacon Large Cap Investor Fund
|
|
$
|
1,526,357
|
|
$
|
949,933
|
American Europacific Growth Fund - Class R4
|
|
|
2,199,513
|
|
|
1,473,789
|
BlackRock Equity Dividend I Fund
|
|
|
1,203,175
|
|
|
1,072,025
|
T. Rowe Price Institutional Large Cap Growth Fund
|
|
|
3,000,552
|
|
|
1,738,457
|
Munder Midcap Core Growth Fund - Class Y
|
|
|
1,940,636
|
|
|
1,685,362
|
Pimco Total Return Fund - Class Administrative
|
|
|
2,145,276
|
|
|
1,789,588
|
Vanguard 500 Index Fund Signal
|
|
|
1,053,192
|
|
|
816,413
|
Reliance Trust Stable Value Fund, MetLife Series 25157
|
|
|
1,951,808
|
|
|
2,483,494
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table of Contents
VBA DEFINED CONTRIBUTION PLAN FOR
HAMPTON ROADS BANKSHARES, INC.
Notes to Financial Statements
December 31,
2013
and
2012
During
2013
and
2012
, the Plan
’
s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated (de
preciated) in value as follows:
|
|
|
|
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
Net appreciation (depreciation) in fair value of investments:
|
|
|
|
|
|
|
Mutual funds
|
|
$
|
2,555,453
|
|
$
|
1,350,577
|
Plan Sponsor common stock
|
|
|
77,732
|
|
|
(64,963)
|
Common collective trust fund
|
|
|
47,763
|
|
|
63,724
|
|
|
$
|
2,680,948
|
|
$
|
1,349,338
|
|
|
|
|
|
|
|
(8)
Related
Party Transactions
Reliance Trust Company is the trustee and investment manager of the Plan’s investment in the Fund. Transactions in the Fund qualify as party
‑in
‑interest transactions which are exempt from the prohibited transaction rules of ERISA and the IRC.
The option to invest in
the
Plan Sponsor’s
common stock makes
the
Plan Sponsor
a party
‑
in
‑
interest, and these transactions qualify as exempt party
‑
in
‑
interest transactions.
Investment in employer securities is
permitted
by ERISA and the United States Department of Labor Rules and Regulations.
The fair value of the
Plan Sponsor
’s
common stock is based on quotes from
a stock exchange
.
The Plan held 173,424, and 56,726 shares of the Plan Sponsor’s common stock at
December 31, 2013
and
2012
,
respectively.
These investments represent
less than
1
% of total
p
lan investments at
December 31, 2013
and
2012
.
(9)
Risks a
nd Uncertainties
The Plan invests in various investment securities.
Investment securities are exposed to various risks such as interest rate, market, and credit risks.
Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants
’
account balances and the amounts reported in the Statement
s
of
Assets Available
f
or Benefits.
(10)
Reconciliation of Financial Statem
ents to Form
5500
The following
tables provide
a reconciliation of
the
Net I
ncrease in Assets Available for Benefits
and
Assets
Available for Benefits
p
er the financial statements for the year
s
ended
December 31, 2013
and
2012
to Schedule
H of Form 5500.
|
|
|
|
|
|
|
|
|
2013
|
|
2012
|
Increase in assets available for benefits per the financial statements
|
|
$
|
3,805,455
|
|
$
|
1,061,272
|
Current year adjustment from fair value to contract value for fully
|
|
|
|
|
|
|
benefit-responsive investment contract
|
|
|
41,922
|
|
|
166,845
|
Prior year adjustment from fair value to contract value for fully
|
|
|
|
|
|
|
benefit-responsive investment contract
|
|
|
(166,845)
|
|
|
(138,031)
|
Net increase in assets available for benefits per Form 5500
|
|
$
|
3,680,532
|
|
$
|
1,090,086
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table of Contents
VBA DEFINED CONTRIBUTION PLAN FOR
HAMPTON ROADS BANKSHARES, INC.
Notes to Financial Statements
December 31,
2013
and
2012
|
|
2013
|
|
2012
|
Assets available for benefits per the financial statements
|
|
$
|
19,383,314
|
|
$
|
15,577,859
|
Current year adjustment from fair value to contract value for fully
|
|
|
|
|
|
|
benefit-responsive investment contract
|
|
|
41,922
|
|
|
166,845
|
Assets available for benefits per Form 5500
|
|
$
|
19,425,236
|
|
$
|
15,744,704
|
|
|
|
|
|
|
|
(1
1
)
Subsequent Events
The Plan has evaluated subsequent events through
June
30
, 201
4
, the date these financial statements were available to be issued and, except as disclosed, there are no additional events required for disclosure.