Virginia Heritage Up on Margin Lift

Virginia Heritage Bank in Fairfax reported $1.3 million of fourth-quarter net income, an 86.5% increase from a year earlier.

The $453 million-asset company said the improved result was due primarily to a $1.4 million increase in net interest income. Total loans rose 22.3% last year, and total assets grew 32.8%.

The nonperforming assets ratio fell 41 basis points, to 0.31%, at Dec. 31. The bank had a total risk-based capital ratio of 12%, a Tier 1 risk-based capital ratio of 10.75% and a leverage ratio of 8.86%.

"The bank's results significantly exceeded our internal projections," David Summers, the parent company's president, said in a press release. "Much of the improvement came from a better-than-anticipated net interest margin as our funding costs remained at historically low levels while our booking of new loans remained robust."

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