Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, January 20, 1993 TAG: 9301200063
SECTION: BUSINESS PAGE: B7 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
FIRST VIRGINIA POSTS RECORD 1992 EARNINGS
First Virginia Banks Inc. has reported record 1992 earnings of $97.5 million, up 40 percent from $69.6 million in 1991. Income per share was $3.02, up from $2.17.Chairman Robert H. Zalokar attributed the improvement to the low-interest environment and a strong demand for loans.
He said the bank expanded its position in financing of cars through dealers, with growth coming in Baltimore, Md.; West Virginia and Tennessee.
For the fourth quarter, income was $26.5 million, or 82 cents a share, against $18.6 million, or 58 cents a share, in 1991.
The bank took a one-time charge of 3 cents a share in the quarter for an accounting change dealing with taxes.
Loans at year end totaled $3.8 billion, up 9 percent from $3.5 billion. Deposits rose 12 percent, from $5.3 billion to $6 billion.
First Virginia, based at Falls Church, had assets of $6.8 billion at the end of 1992, a 12 percent jump from $6.1 billion a year earlier. Apco, AEP
Earnings of Appalachian Power Co. and its parent, American Electric Power Co. of Columbus, Ohio, fell last year as a result of cool spring and summer weather and wholesale price competition for municipal customers.
Apco said Tuesday its 1992 profits came to $114.8 million, down 9.3 percent from $126.6 million a year earlier; Apco's operating revenues for the year were $1.41 billion, an increase of 2.3 percent from $1.38 billion.
AEP earned $468.3 million last year, down 6 percent from $497.9 million; AEP operating revenues for the year were $5.045 billion, down from $5.047 billion.
In the fourth quarter, Apco earned $38.7 million, up 3 percent from $37.6 million, and operating revenues were $371.1 million, up from $357.4 million. AEP earned $156 million, up 35.6 percent from $115 million in the quarter, and its operating revenues totaled $1.29 billion, up from $1.26 billion.
Richard Disbrow, AEP chairman, said the results also were affected by increased operating expenses caused by refueling outages at nuclear units in Michigan. Fourth-quarter earnings increased as a result of colder weather, a favorable court ruling for wholesale fuel, lower employee benefit expenses and income tax interest income, he said.