THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Wednesday, July 26, 1995 TAG: 9507260359
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
SOURCE: BY TOM SHEAN, STAFF WRITER
LENGTH: Short : 40 lines
Life Bancorp Inc., citing an increase in its loans and other earning assets, said Tuesday that its second-quarter net income jumped 97 percent.
The Norfolk-based parent of Life Savings Bank reported net income of $2.16 million for the April-through-June period. That was almost double the $1.1 million that it earned in the comparable three months of 1994.
The company's shares rose 1/8 Tuesday to close at 15 1/2.
Life Savings, the largest financial institution based in Hampton Roads, was converted last fall from a depositor-owned thrift to a stock institution with a holding company, Life Bancorp.
Per-share earnings for the recent quarter were 21 cents. For the year-earlier quarter, earnings per share would have been 10.1 cents had Life been publicly traded at the time.
Life reported Tuesday that its board declared a quarterly dividend of 11 cents, payable Aug. 31 to shareholders who owned stock as of Aug. 18.
Life's results for the recent quarter benefited from a small provision for possible loan losses, which dropped to $123,000 from $1.02 million in the 1994 second quarter. Banks and thrifts routinely set aside a portion of their earnings to cover possible losses on their loans.
However, the company's non-interest expenses jumped 24 percent to $4.01 million from $3.23 million in last year's second quarter. Non-interest expenses include such things as personnel, occupancy costs and legal fees.
For the six months through June, Life's net income totaled $4.66 million, a 156 percent increase from $1.82 million for the 1994 first half. Earnings per share for this year's first half were 46 cents.
That would have compared with 16.4 cents per share for the January-June period of 1994 had Life been a stock institution at the time. by CNB