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

DATE: TUESDAY, April 16, 1991                   TAG: 9104160292
SECTION: BUSINESS                    PAGE: A-7   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

C&S/SOVRAN INCOME DOWN FROM YEAR AGO

C&S/Sovran Corp., parent company of Sovran Bank, on Monday reported first-quarter net income of $30.8 million or 20 cents a share.

That is a 71.5 percent decline compared with net income of $108.2 million or 79 cents a share in the first quarter of 1990. The bank said the decline resulted from an increase in non-performing assets and a $183.3 million provision for loan losses.

The Norfolk and Atlanta-based company's board, however, declared the regular quarterly dividend of 39 cents a share, payable June 15 to shareholders of record on May 28.

Also, the board asked Chairman Bennett Brown to remain in that position for an additional 12 to 18 months beyond his planned retirement at the end of the year. The board reaffirmed its intention to name Dennis Bottorff chief executive officer at the end of 1991 when Brown relinquishes that position. Bottorff currently is president and chief operating officer.

Non-performing assets, those producing no income to the company, increased by $403.3 million from year's end to $1.1 billion or 3.25 percent of total loans and other real estate owned. It included a $192 million increase in non-performing loans and a $211.3 million increase in other owned real estate.

The increase in nonperforming loans was primarily in the metropolitan Washington market.

The allowance for credit losses was $702.5 million at March 31, bringing the coverage ratio, which is the level of the allowance to nonperforming loans, to 91 percent.

by CNB