THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Friday, April 21, 1995 TAG: 9504210489
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
SOURCE: BY TOM SHEAN, STAFF WRITER
LENGTH: Short : 33 lines
Helped by improvements in their net interest income, Resource Bank in Virginia Beach and Heritage Bankshares Inc. in Norfolk reported sharply higher earnings for the quarter ending March 31.
But two other community banks in the region - Bank of Tidewater in Virginia Beach and Old Point Financial Corp. in Hampton - posted only modest increases in first-quarter net income.
Resource Bank earned $170,387 for the January-through-March period, up from $108,255 in the year-earlier quarter. Per-share earnings were 20 cents vs. 13 cents. The bank attributed the increase to a 40 percent rise in loans, which boosted its net interest income to $559,268 from $403,961 in the 1994 first quarter.
Heritage Bankshares, parent company of Heritage Bank & Trust, earned $168,000 in the latest quarter, up 58 percent from $106,000 in the comparable period last year. Earnings per share were 21 cents, compared from 14 cents.
Bank of Tidewater posted first-quarter net income of $397,355, a 2 percent increase from $394,588 in the 1994 first quarter. Per-share earnings were flat at 29 cents.
At Old Point Financial, net income was up 2 percent to $734,000 from $717,000 in the 1994 first quarter. Earnings per share were 58 cents, compared with 57 cents. by CNB