ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Friday, January 19, 1996 TAG: 9601190051
SECTION: BUSINESS PAGE: A-9 EDITION: METRO
SOURCE: MAG POFF STAFF WRITER
Crestar Financial Corp. reported Thursday that its income for the year, excluding one-time merger charges, increased 14 percent to a record $209.1 million or $4.79 a share.
Income for the fourth quarter and year was reduced by $29.3 million for costs associated with acquisition of Loyola Capital Corp. of Baltimore.
That reduced income for 1995 to $179.8 million or $4.12 a share compared to $184.1 million or $4.24 a share the prior year.
For the quarter, revenue was $26.3 million or 61 cents a share compared to $46.5 million or $1.08 a share in the same quarter of 1994.
Chairman Richard Tilghman said the bank's five acquisitions during the year strengthened market share in existing markets and established a significant presence in Baltimore.
Loans at the end of the year were $11.8 billion, up 5 percent from a year earlier. The bank said fee income rose 26 percent over last year while expenses rose 4 percent.
Signet Banking Corp. reported earning $118.3 million or $1.98 a share, up 41 percent from the prior year's figures of $83.9 million or $1.45 a share. The figures are adjusted for special charges in connection with spinoff of Capital One Financial Corp.
Without the special adjustment, Signet reported earnings of $133.8 million or $2.24 a share compared to last year's report of $149.8 million or $2.59 a share.
For the fourth quarter, Signet had income of $31.8 million or 53 cents a share compared to $42.9 million or 73 cents a share the prior year.
Chairman Robert M. Freeman said the bank had reshaped virtually all aspects of its business and started marketing consumer loan and investment products nationwide.
The loan portfolio grew $166 million during the fourth quarter to $6.7 billion. Specialized lending and leasing accounted for growth of 6 percent in the commercial loan portfolio. Installment and student loans led growth of 5 percent on the consumer side.
Signet reduced its commercial real estate lending portfolio by 6 percent.
The bank had assets of $11 billion.
National Commerce Bancorp. of Memphis, Tenn., which operates NBC Bank inside area Kroger supermarkets, announced record yearly and quarterly earnings.
The bank said it had income of $49 million or $1.94 a share last year, up 10.6 percent from $44.3 million or $1.77 a share the prior year.
For the fourth quarter, income was $13.2 million or 52 cents a share, up 8.5 percent over $12.1 million or 48 cents a share.
The bank said its income would have been higher except for taking a one-time accrual of $885,000 for an expected assessment for the Savings Association Insurance Fund. National Commerce owns several thrifts.
Chairman Thomas M. Garrott said the loan quality continues to be strong, while both consumer and commercial loan portfolios grew.
Loan business increased 21.2 percent over the year.
The bank has assets of $3.7 billion.
First National Bank of Rocky Mount reported 1995 earnings of $2.4 million or $2.57 a share compared to $1.85 million or $1.98 a share the prior year, a gain of 30 percent.
Total assets stood at $220 million, up from $195 last year. Deposits rose from $182 million to $206 million.
Patrick Henry National Bank of Bassett earned $3.77 million or $1.97 a share last year vs. $2.47 million or $1.29 a share the prior year, a gain of 53 percent.
Assets were up from $292 million to $330 million, while deposits rose from $273 million to $310 million.
Blue Ridge Bank of Floyd said its earnings were up 34 percent from $824,000 or $7.06 a share in 1994 compared to $1.1 million or $9.45 a share a year earlier.
The bank's assets grew from $83 million to $92 million, while deposits rose from $77 million to $85 million.
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