Heritage Bankshares has reported that its net income, after-tax, was $71,000, or $0.03 per diluted share, for the fourth quarter ended December 31, 2008, compared to $336,000, or $0.15 per diluted share, for the fourth quarter ended December 31, 2007.
Net income, after-tax, for the year ended December 31, 2008 was $688,000, or $0.30 per diluted share, compared to $920,000, or $0.40 per diluted share, earned in 2007.
The company’s total assets increased by $44.3 million, or 20%, from $221.2 million at December 31, 2007 to $265.5 million at the end of 2008. Loans held for investment at December 31, 2008 were $176.6 million, which represents an increase of $22.7 million, or 14.8%, from the loan balance of $153.9 million at December 31, 2007. Total year-end deposits increased by $29.8 million, or 16%, from $186 million at December 31, 2007 to $215.8 million at December 31, 2008.
Michael Ives, president and CEO, said: Because of the deteriorating economic situation, we have been aggressive in our actions to deal with loan weaknesses as they arise. We plan to continue our aggressive approach to identify asset quality issues as quickly as they arise and to act decisively to preserve the balance sheet of the bank.