Virginia Heritage Bank reported earnings results for the second quarter and six months ended June 30, 2009. The bank reported net income of $265,000 in the second quarter of 2009, compared to a $495,000 net loss for the same period in 2008. The 2009 quarter-end net income included a $350,000 provision for loan losses due primarily to significant growth of the loan portfolio. On a per share basis, the second quarter income was $0.07 per share basic and diluted, compared to a loss of $0.13 per share basic and diluted for the second quarter of 2008. For the quarter, the company reported interest income of $3,699,000 compared to interest income of $2,417,000 for the same period a year ago. For the period the company reported return on average assets of 0.38% and return on average stockholders equity of 3.5% compared to negative return on average assets of 1.19% and return on average stockholders equity of 6.45% for the same period a year ago. The net income for the six months ended June 30, 2009 was $482,000, compared to a net loss of $1.1 million for the six months ended June 30, 2008. The 2009 year-to-date net income included $833,000 for provision for loan losses due primarily to growth in the loan portfolio. The income per share basic and diluted was $0.13 per share for the six months ended June 30, 2009, compared to a loss of $0.29 per share basic and diluted for the six months ended June 30, 2008. For the period, the company reported interest income of $7,105,000 compared to interest income of $4,457,000 for the same period a year ago. For the period the company reported return on average assets of 0.37% and return on average stockholders equity of 3.21% compared to negative return on average assets of 1.46% and return on average stockholders equity of 7.12% for the same period a year ago.

Virginia Heritage Bank reported unaudited earnings results for the first quarter ended March 31, 2009. For the period, the company's interest income was $3,406,000 against $2,004,000 a year ago. Net interest income was $2,177,000 against $1,191,000 a year ago. Net income before provision for loan losses was $700,000 against net loss before provision for loan losses of $260,000 a year ago. Net income was $217,000 or $0.06 per basic and diluted share against net loss of $605,000 or $0.16 per basic and diluted share a year ago. Book value per share at period end was $7.93 against $8.10 a year ago. Return on average assets was 0.34% against loss on average assets of 1.78% a year ago. Return on average stockholders' equity 2.89% against loss on average stockholders' equity of 7.78% a year ago.

Virginia Heritage Bank reported unaudited earnings results for the fourth quarter and full year ended December 31, 2008. The bank reported a net loss of $185,000 in the fourth quarter of 2008, compared to an $876,000 loss for the same period in 2007. On a per share basis, the fourth quarter loss was $0.05 per share compared to a loss of $0.39 per share for the fourth quarter of 2007. The company reported interest income of $3,245,000 compared to $1,734,000 for the same period of last year. For the year, the company reported net loss was $1.7 million compared to a net loss of $3.4 million for the same period in 2007. The loss per share was $0.45 compared to a loss of $2.00 per share for the year ended December 31, 2007. The company reported interest income of $10,664,000 compared to $4,834,000 for the same period of last year.