Heritage Bankshares posts $648,000 profit

Heritage Bankshares Inc. said Thursday that it earned $648,000, or 22 cents a share, in the three months ended Sept. 30. That's up from $206,000, or 9 cents a share, a year ago.

The Norfolk-based parent of Heritage Bank, which has four branches in Norfolk and two in Virginia Beach, expanded its loan portfolio 17 percent to $207.6 million in the past year. Total assets grew 4 percent to stand at $281.4 million as of Sept. 30.

"Our asset quality remained excellent in the third quarter, with total nonperforming assets of only $60,000, or 0.02 percent of our total assets," CEO Michael S. Ives said.

The company charged off $85,000 of loans in the quarter and set aside $178,000 to boost its loan-loss reserve to just over $2 million.