THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Tuesday, July 19, 1994 TAG: 9407190383
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
SOURCE: By TOM SHEAN, STAFF WRITER
LENGTH: Short : 46 lines
Helped partly by continued loan growth, two Virginia Beach community banks reported higher net income for the three months ended ended June 30.
Princess Anne Bank said it earned a record $222,000 for the second quarter, a 6 percent increase from $210,000 earned in the April-through-June period of 1993. Per-share earnings were 22 cents, up from 21 cents in the year-earlier quarter.
Separately, Resource Bank said its second-quarter net income totaled $184,248, a more than three-fold increase from the $53,127 earned in the 1993 second quarter. Earnings per share were 7 cents, up from 2.
Princess Anne attributed the improvement in its net income to a modest rise in income from loans and investments, sharply higher income from non-interest sources, and a reduced provision for loan losses.
Its net interest income rose 4 percent to $874,000, while income from fees and other non-interest sources jumped 93 percent to $187,000. The bank's provision for loan losses dropped to $25,000 from $40,000 in the 1993 second quarter.
However, Princess Anne's return on average assets, a yardstick for bank profitability, slipped to 1.16 percent for the recent quarter from 1.25 percent for the 1993 second quarter.
Its assets at midyear were $84.31 million, up 13 percent from June 30, 1993.
For the six months through June, Princess Anne's net income totaled $442,000, a 4 percent increase from $427,000 for the first half of 1993. Per-share earnings were 44 cents, compared with 41 cents.
Citing an increase in its earning assets, Resource Bank said net interest income for the latest quarter jumped 82 percent to $508,372. Its net loans on June 30 stood at $35.72 million, a 35 percent increase from $26.41 million at mid-1993.
The bank's return on average assets for the recent quarter advanced to 1.47 percent from 0.69 percent for the year-earlier quarter.
Resource's net income for the first half of 1994 was $292,503, more than double the $128,423 earned in last year's January-through-June period. Per-share earnings were 12 cents, compared with 5 cents. by CNB