REPORTED EARNINGS SIGNET BANKING CORP.

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

DATE: TUESDAY, April 13, 1993                   TAG: 9304130002
SECTION: BUSINESS                    PAGE: B5   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short
REPORTED EARNINGS SIGNET BANKING CORP.
Signet Banking Corp., Richmond parent of Signet Bank, on Monday reported first-quarter earnings of $38.3 million, or $1.35 per share, up 74 percent from $22.1 million, or 81 cents per share, for the same period last year.
Nonperforming assets, those earning no income for the bank, totaled $142.1 million, or 2.23 percent of loans. Signet said its allowance for loan losses at the end of the quarter amounted to $273.3 million, or 4.33 percent of all loans, compared with $319.3 million, or 5.59 percent, a year earlier.
Net interest income rose $23.6 million, or 22 percent, from the 1992 quarter due a wider spread between what the bank earned on loans and what it paid savers. Provision for losses on bad loans totaled $15.5 million, down $9.5 million from the 1992 period. Non-interest operating income increased $15.8 million, or 27 percent.
Total assets at the end of the quarter were up 2 percent from a year earlier, to $11.5 billion. Total loans increased 10 percent to $6.3 billion and total deposits fell 9 percent, with the most significant decline in savings certificates.

by Bhavesh Jinadra by CNB