VIRGINIA HERITAGE BK VA (OTC:VGBK) Reports EPS of 35 cents


VIRGINIA HERITAGE BK VA  (OTC:VGBK) stated that the net income after tax during the 3rd quarter of the F.Y 2011 amounted to $1.5 million, more comparison to $1.0 million earned for the same period in the F.Y 2010. The increase in net income was due to the increase in income generated from the net interest which interpreted a strong growth in the company’s balance sheet

The basic and diluted EPS of the company during the 3rd quarter for the F.Y 2011 was $0.35 per share and $0.34 per share, more in comparison to $0.27 per share (basic and diluted) during the 3rd quarter in the previous year.

The company’s PAT till the September ending in the F.Y 2011 went down to $3.4 million in comparison from $4.3 million for the same period in the previous year. The company earned high after tax earnings in the F.Y 2010 because it realized the one-time deferred income tax benefit of $2.2 million earned in the 1st quarter of F.Y 2010.

PBT till the September ending rose to $5.2 million from $3.3 million earned in the same period in 2010. The company’s basic and diluted net income after tax till September 2011 amounted to $0.79 per share less in comparison to $1.14 per share earned for the same period in the previous year.

The Bank as on 30th September 2011 ,recorded a substantial increase of $550 million in its total asset, which represented an increase of $118 million in comparison to total assets  recorded during the same period in the previous year. The bank’s gross loan after deducting loans held for sale amounted to $412 million, which was about $45 million more in comparison with total gross loan during the September end in the previous year. Total deposits as on 30th Sept.2011 amounted to $471 million more in comparison to $362 million recorded during the same period in the previous year.

The company’s Non-performing assets, which included other real estate owned, as a percentage of total assets, went down to 0.23% from 0.62% atSeptember 30, 2010.

Shares of VGBK traded flat at $9.00.

Disclaimer:

The assembled information distributed by headlineotc.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Headlineotc.com does expect that investors will buy and sell securities based on information assembled and presented herein. Headlineotc.com will not be responsible in any way for or accept any liability for any losses arising from an investor’s reliance on or use of information obtained from our website or emails. PLEASE always do your own due diligence, and consult your financial advisor.

Our Research Report on VGBK is now available. Don´t Trade VGBK until you Read our FREE FULL REPORT. Click Here