Heritage Bankshares Inc. announced unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2009. For the quarter, the company reported net income available to common stockholders of $317,000 or $0.14 per diluted share compared to net income available to common stockholders of $67,000 or $0.03 per diluted share, for the fourth quarter of 2008. The company's pretax income was $709,000 compared to pretax income of $100,000 for the fourth quarter of 2008. Net interest income was $2,361,000 compared to $2,152,000 for the same period of last year. Annualized return on average assets was 0.46% compared to 0.11% for the same period of last year. Annualized return on average equity was 3.40% compared to 1.06% for the same period of last year. For the year, the company reported net income available to common stockholders of $896,000 or $0.39 per diluted share compared to net income available to common stockholders of $662,000, or $0.29 per diluted share, for 2008. The company's pretax income was $1,593,000 compared to pretax income of $1,039,000 for the twelve months ended December 31, 2008, resulting in an increase of $554,000. Net interest income was $9,062,000 compared to $8,029,000 for the same period of last year. Annualized return on average assets was 0.34% compared to 0.28% for the same period of last year. Annualized return on average equity was 3.08% compared to 2.60% for the same period of last year. Book value per share as on date was $11.64 compared to $11.34 for the same period of last year. The Board of Directors declared a quarterly dividend on the company's common stock in the amount of $0.06 per share, payable on February 19, 2010 to shareholders of record on February 8, 2010. The Board of Directors also declared quarterly dividends on the preferred stock issued by the company in connection with its participation in the TARP Capital Purchase Program. Specifically, the Board declared (a) a cash dividend in the aggregate amount of $126,287.50 on the outstanding shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, and (b) a cash dividend in the aggregate amount of $6,817.50 on the outstanding shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series B. The Preferred Dividends are payable on February 15, 2010 to the U.S. Department of the Treasury, the sole holder of record of such preferred stock.

On October 28, 2009, the Board of Directors of Heritage Bankshares Inc. declared a quarterly dividend on the Companys common stock in the amount of $0.06 per share, payable on November 20, 2009 to shareholders of record on November 9, 2009.

Heritage Bankshares Inc. announced unaudited consolidated financial results for the third quarter and first nine months ended September 30, 2009. For the quarter, net income was $206,000 compared to net income of $385,000 for the third quarter of 2008. After the effect of dividends on preferred stock, net income available to common stockholders was $196,000, or $0.09 per diluted share compared to net income available to common stockholders, of $385,000, or $0.17 per diluted share, for the third quarter of 2008. Net income for the third quarter of 2008 included an after tax gain of $339,000 on the sale of investment securities in the third quarter of 2008. The company took the unusual step of selling a large number of securities in the third quarter of 2008 to avoid any potential impairment of these securities from the turbulence in the financial markets existing at that time. There were no gains on the sale of investment securities in the third quarter of 2009. The company's pretax income was $337,000 for the third quarter of 2009, compared to pretax income of $600,000 for the third quarter of 2008. The company reported net interest income of $2.263 million compared to the net interest income of $1.964 million for the same period a year ago. Compared to the third quarter of 2008, net interest income increased by $299,000, provision for loan losses decreased by $3,000, noninterest income decreased by $527,000 and noninterest expense increased by $38,000. The company's net interest income before provision for loan losses increased by $299,000 in the third quarter of 2009 compared to the third quarter of 2008. This increase was primarily attributable to an increase of $37.2 million in the average balance of interest-earning assets, which more than offset an increase of $17.6 million in average interest-bearing liabilities, and to an increase in net interest spread from 3.06% to 3.25%. Annualized return on average assets was 0.30% compared to 0.67% for the same period a year ago. Annualized return on average equity was 2.86% compared to 6.01% for the same period a year ago. Book value per share was $11.62 compared to $11.01 for the same period a year ago. The company reported total interest income of $2.792 million compared to the total interest income of $2.833 million for the same period a year ago. For the nine months, net income was $588,000 compared to net income of $595,000 for the same period in 2008. After the effect of dividends on preferred stock, net income available to common stockholders for the first nine months of 2009 was $578,000, or $0.25 per diluted share, compared to net income available to common stockholders, of $595,000, or $0.26 per diluted share for the same period in 2008. The company's pretax income was $884,000 for the first nine months of 2009, compared to pretax income of $939,000 for the first nine months of 2008, a decrease of $55,000. The company reported net interest income of $6.701 million compared to the net interest income of $5.877 million for the same period a year ago. Compared to the first nine months of 2008, net interest income increased by $824,000, provision for loan losses increased by $73,000, noninterest income decreased by $636,000 and noninterest expense increased by $170,000. The company's net interest income before provision for loan losses increased by $824,000 for the first nine months of 2009 compared to the first nine months of 2008. This increase was primarily attributable to an increase of $34.6 million in the average balance of interest-earning assets, which more than offset an increase of $21.1 million in average interest-bearing liabilities, and to an increase in net interest spread from 2.97% to 3.25%. Annualized return on average assets was 0.30% compared to 0.35% for the same period a year ago. Annualized return on average equity was 2.93% compared to 3.11% for the same period a year ago. Book value per share was $11.62 compared to $11.01 for the same period a year ago. The company reported total interest income of $8.472 million compared to the total interest income of $8.824 million for the same period a year ago.

Heritage Bankshares, Inc. Announces Fourth Quarter and Full Year 2009 Earnings and Declares Dividends

Heritage Bankshares, Inc. Announces Fourth Quarter and Full Year 2009 Earnings and Declares Dividends

HERITAGE BANKSHARES INC /VA Files SEC form 10-Q, Quarterly Report

HERITAGE BANKSHARES INC /VA Files SEC form 8-K, Regulation FD Disclosure

HERITAGE BANKSHARES INC /VA Files SEC form 10-Q, Quarterly Report

HERITAGE BANKSHARES INC /VA Files SEC form 8-K, Results of Operations and Financial Condition, Other Events, Financia

HERITAGE BANKSHARES INC /VA Files SEC form 8-K, Other Events

Heritage Bankshares, Inc. Announces Third Quarter and Nine Months 2009 Earnings

HERITAGE BANKSHARES INC /VA Files SEC form 8-K, Entry into a Material Definitive Agreement, Unregistered Sale of Equi

Heritage Bankshares, Inc. Completes Capital Purchase Transaction With U.S. Treasury

HERITAGE BANKSHARES INC /VA Files SEC form 10-Q, Quarterly Report

HERITAGE BANKSHARES INC /VA Files SEC form 8-K, Other Events

HERITAGE BANKSHARES INC /VA Files SEC form 8-K, Results of Operations and Financial Condition, Financial Statements a