
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, April 11, 1991                   TAG: 9104110181
SECTION: BUSINESS                    PAGE: B-5   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

CENTRAL FIDELITY EARNS $14.7 MILLION

Central Fidelity Banks Inc. has reported record net income of nearly $14.7 million or $1.03 cents a share for the first quarter of 1991.

The figure is up 4.6 percent over $14 million during the corresponding quarter last year. The 1990 income represented 91 cents a share on a larger number of outstanding shares.

Net interest income for the first quarter grew 12.6 percent to $56.7 million, while noninterest income rose 29.2 percent to $17.4 million because of higher deposit fees and and profits on trading securities.

Expenses increased 9.5 percent to $45.9 million due to personnel costs, higher premiums for deposit insurance and expenses related to carrying costs of foreclosed real estates, the company reported.

Nonperforming assets, those which did not generate income, stood at $88 million or 2.45 percent of Central Fidelity's loans and foreclosed properties. That compared to $12 million or 0.34 percent of loans at the same time last year.

Central Fidelity reported assets totaled $6 billion at the end of the quarter, up 14.8 percent from a year earlier.

The bank said loans of $3.6 billion were up only nominally from the prior year "due to lower economic activity resulting in less demand for credit."

by CNB