Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: TUESDAY, July 11, 1995 TAG: 9507110075
SECTION: BUSINESS PAGE: B-5 EDITION: METRO
SOURCE: MAG POFF STAFF WRITER
DATELINE: LENGTH: Medium
The banking company, based at Falls Church, said it earned nearly $27.6 million, or 81 cents a share in the second quarter, compared with $29 million or 89 cents a share last year. But compared to the first quarter, earnings were up 1.4 percent from $27.2 million, or 80 cents a share.
For the first six months, income was almost $54.8 million, or $1.61 a share, compared to last year's report of $57.8 million, or $1.78 a share.
Chairman Barry J. Fitzpatrick said the second quarter was marked by strong commercial loan demand.
Demand for indirect lending for consumer automobile sales resumed late in the quarter with volume from the Memorial Day weekend sales ranking as one of the best in the bank's history.
Fitzpatrick said that recent declines in interest rates should further stimulate loan demand and help to ease downward pressure on the net interest margin.
On June 30, the company's total loans of $4.968 billion were up 10.2 percent over the prior year's second quarter and up 3.5 percent over the 1995 first quarter. Deposits of $6.83 billion were up 9.2 percent over the prior year's second quarter and up 4.4 percent over the first quarter.
The bank said savings deposits and money-market accounts declined compared to the first quarter as consumers shifted funds into higher-yielding certificates of deposit. By the end of the quarter, however, this shifting of funds had slowed significantly so that money market accounts began to grow again while consumer savings stabilized.
Total assets on June 30 reached $7.947 billion, up 9.9 percent from a year earlier.
by CNB