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."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.