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

DATE: TUESDAY, July 13, 1993                   TAG: 9307130089
SECTION: BUSINESS                    PAGE: B5   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

REPORTED EARNINGS

First Virginia Banks on Monday reported record earnings of $29.1 million or 90 cents a share for the second quarter.

That represents a 22 percent increase over $23.8 million or 74 cents a share reported for the same period last year.

For the first six months, net income of $58.3 million or $1.80 a share was up 29 percent over year-earlier $45.3 million or $1.41 a share.

First Virginia Chairman Robert H. Zalokar said key factors in this year's performance were a wide earnings margin, modest but steady loan growth, a decline in charge-offs of bad loans and greater operating efficiency.

As the economy improves, Zalokar said, First Virginia has moved to increase its share of the market for car loans. Average loans rose 8 percent, while installment loans were up 12 percent.

The company, based at Falls Church with operations and offices in Roanoke, had assets of $6.875 billion, up 4 percent over the year. It reported deposits of $6 billion.