Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, July 16, 1994 TAG: 9407180136
SECTION: BUSINESS PAGE: A-4 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
National Commerce Bancorporation of Memphis, Tenn., which operates NBC Banks in Kroger stores in Western Virginia, has reported record second-quarter earnings.
Income was $10.77 million, up 14 percent from $9.45 million a year earlier. Earnings per share rose from 38 cents to 43 cents.
For the six months, income totaled $20.92 million, or 74 cents a share, up 13 percent from $18.52 million, or 84 cents.
Chairman Thomas M. Garrott attributed the performance to continuing improvement in interest earnings and strong contributions from fee-generating areas such as brokerage and trust services.
He said the company's loan portfolio improved, so there was no significant increase in provision for loan losses.
Loans rose 22.8 percent, from $1.25 billion to $1.54 billion. Deposits were up 15.8 percent, from $1.2 billion to $2 billion. The bank has assets of $2.8 billion.
First Union Corp.
First Union Corp., led by significant loan growth, earned $223 million, or $1.32 a share, in the second quarter. That compares with $221 million, or $1.32 a share, in the 1993 quarter, when First Union had a special gain of $44 million, or 16 cents a share, in merchant banking.
In the first half of 1994, income was $440 million, or $2.59 a share, compared with $414 million, or $2.49, in the 1993 period.
The Charlotte, N.C., company and parent of Roanoke-based First Union National Bank of Virginia said key factors in its second-quarter earnings were loan growth of $2.2 million - up 5 percent from the first quarter - and continued improvement in credit quality, including a 17 percent, or $134 million, reduction in nonperforming assets.
Consumer lending, primarily in credit cards, led loan growth. Virginia was among the states that led in commercial loans. Loans on June 30 stood at $48.8 billion and assets were $72.6 billion.
by CNB