Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: TUESDAY, April 12, 1994 TAG: 9404120127
SECTION: BUSINESS PAGE: C-7 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
First Virginia Banks Inc. on Monday reported earnings of $28.8 million, or 89 cents a share, for this year's first quarter, down 1 percent from the record earnings of $29.2 million, or 90 cents a share, in the 1993 quarter but unchanged from the 89 cents a year earlier.
First Virginia, based in Falls Church, operates regional offices and an operations center in Roanoke.
Robert H. Zalokar, chairman, attributed the results to excellent asset quality and increased consumer loan demand, particularly for automobile and home equity loans.
Zalokar said the company anticipates robust loan production throughout the spring lending season because of an aggressive and effective corporatewide loan campaign.
At the end of the quarter, First Virginia had total loans of $4.15 billion, which increased at an annualized rate of 13.1 percent from the end of 1993, up from $3.87 billion in last year's third quarter.
Average deposits rose 3.2 percent from the first quarter last year to $6.16 billion at the end of March. Most of the rise was in consumer accounts, with transaction accounts up 9.4 percent, and average consumer savings accounts up 9.3 percent.
Total assets stood at $7.12 billion at the end of March, up 3.5 percent from the end of last year.
Brendle's Inc.
Brendle's Inc., Elkin, N.C. retailer operating a discount store in the Roanoke Valley, on Monday reported fourth-quarter revenues of $72.7 million, down from $97.4 million in the 1993 quarter. Same-store revenues increased 16 percent. Net income was $576,000, compared with a net loss of $2.1 million.
For the fiscal year ended Jan. 29, revenues were $171 million, compared with $235 million in fiscal 1993. Same-store revenues rose 6 percent. The net loss for the year was $19.6 million, compared with $19.8 million in 1993.
by CNB