THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Tuesday, February 14, 1995 TAG: 9502140372
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
TYPE: Daily Digest
LENGTH: Short : 25 lines
CENIT Bancorp Inc., the holding company for CENIT Bank, announced that net income for the year ended Dec. 31 increased to $3.1 million, or $2.42 per share, compared with $2.8 million, or $2.21 per share, in 1993. CENIT's 1994 results include the affects of the bank's merger with Homestead Savings Bank on April 1. Net interest income increased by $966,000, or 7 percent, to $14.7 million for the year, compared with $13.8 million in 1993. This increase resulted primarily from the merger with Homestead, which had interest-earning assets and interest-bearing liabilities of approximately $51.1 million and $48.6 million, respectively, on March 31, and from a net increase in the bank's portfolio of mortgage-backed certificates of $40.1 million during the year. (Business Wire) by CNB