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

DATE: TUESDAY, April 19, 1994                   TAG: 9404190172
SECTION: BUSINESS                    PAGE: C-8   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

REPORTED EARNINGS

Charter Federal Savings Bank of Bristol, which has branches throughout Southwest Virginia, reported third-quarter net income of $2.5 million, or 49 cents per share, down 2.9 percent from $2.6 million for the previous quarter ended Dec. 31. The decrease resulted primarily from a drop in interest income.

Earnings for the first three quarters totaled $7.4 million, or $1.44 per share.

The results for the third quarter and the first nine months of fiscal 1994 represent an improvement over last year's results. For the third quarter and first nine months, the bank recorded $2 million in net income and $3 million in net income, respectively.

At the end of March, Charter Federal had $723.6 million in total assets, $538.1 million in deposits, and stockholders' equity of $40 million.

Reynolds Metals Co.

Reynolds Metals Co. of Richmond on Monday reported a first-quarter loss of $21 million, compared with a $33 million loss in the same period last year.

The performance ``continues to reflect the impact of excess world aluminum inventories and low pricing,'' said Richard G. Holder, chairman and chief executive officer.

The per-share loss of 46 cents included 11 cents for the dividend on the company's new preferred stock issued in January. Per-share loss for the same quarter last year was 55 cents.

Revenues for the quarter ending March 31 were $1.26 billion, up 2 percent from $1.24 billion in the first quarter of 1993.

Aluminum shipments decreased to 345,000 tons, compared with 352,000 tons in the first quarter last year.

NationsBank Corp.

NationsBank Corp. on Monday reported strong quarterly earnings of $417 million, attributing much of the success to solid loan growth and the impact of several key acquisitions.

For the three months ending March 31, NationsBank's $417 million profit, or $1.52 per common share, was 48 percent higher than the $281 million, or $1.10 per share, it earned in the same period last year.

However, a change in accounting boosted the bank's 1993 first-quarter profit $200 million, or 79 cents a share, lifting the Charlotte-based bank-holding company's first-quarter profit in 1993 to $481 million, or $1.89 per common share.

NationsBank has banks in Florida, Georgia, Kentucky, Maryland, North Carolina, South Carolina, Tennessee, Texas, Virginia and Washington, D.C.

NationsBank said average loans and leases of $92 billion in the quarter were more than 25 percent greater than year-earlier levels and grew $2.5 billion, an 11 percent annualized rate, since the fourth quarter of 1993.

Average deposits were $90 billion, compared with nearly $82 billion in the same quarter last year, reflecting the impact of 1993's acquisitions, including Chicago Research & Trading Ltd.