Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, October 14, 1994 TAG: 9410140082
SECTION: BUSINESS PAGE: A-13 EDITION: METRO
SOURCE: MAG POFF
DATELINE: LENGTH: Medium
Crestar said it had earnings of $43.6 million, or $1.15 a share, up 17 percent from $37.2 million, or 96 cents, in the 1993 quarter.
For nine months, income was $126.6 million, or $3.34 a share, up 25 percent from $101.8 million, or $2.67 cents, a year ago.
Chairman Richard G. Tilghman said the results "show continued earnings momentum driven by a combination of revenue growth and control of expenses."
Loans at Sept. 30 were $8.6 billion, up from $7.1 billion a year ago but unchanged from June 30.
Net charge-offs in the third quarter were $8.9 million or 0.42 percent of average loans, compared with $13.8 million, or 0.78 percent, last year.
At the end of last month, Crestar had assets of $14.5 billion and total deposits of $11 billion.
National Commerce, which operates NBC Banks in Kroger supermarkets in Western Virginia, said it had income of $11.3 million, up 12.4 percent from $10 million in the same period a year earlier. Earnings per share were 45 cents against 40 cents a year ago.
For nine months, the bank earned $32.2 million, or $1.29 a share, compared with $28.5 million, or $1.14.
Thomas M. Garrott, chairman, attributed the performance to a continuing improvement in net interest earnings and to strong contributions from fee-generating areas such as trust services and bank service charges. Garrott also noted that the quality of the company's loan portfolio improved, so there was no significant increase in the provision for loan losses.
Assets rose 19.2 percent, from $2.5 billion to more than $2.9 billion. Loans rose 16.9 percent, from $1.3 billion to $1.5 billion. Deposits were up 14.9 percent, from $1.8 billion to $2.1 billion.
by CNB