Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, October 15, 1993 TAG: 9310150125
SECTION: BUSINESS PAGE: A9 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
First Union Corp. on Thursday reported third-quarter earnings of $189 million, up 22 percent from $155 million in the 1992 period. That equaled $1.12 per share compared with 96 cents a year ago.
In the first nine months, the Charlotte, N.C.-based company said income jumped 76 percent to $603 million, or $3.61 a share, from last year's $343 million, or $2.18 a share.
All of last year's data have been restated for acquisition of Dominion Bankshares Corp. of Roanoke on March 1 and of South Carolina Federal Corp. and DFSoutheastern Inc. on Jan. 15.
Income from interest increased 11 percent, but the margin between interest earned and paid dropped from 4.89 percent last year to 4.65 percent this year. First Union said the margin change reflected the addition of acquired banks that had lower margins, and the impact of refinancing activity.
Credit quality continued to strengthen in the quarter. Charge-offs as a percent of average loans shrank to 0.5 percent from 0.81 percent a year ago.
Nonperforming loans declined to $1.2 billion compared with $1.4 billion a year ago.
Loans rose from $41.2 billion to $46.2 billion because of the acquisitions and increased lending activity, primarily in North Carolina and Florida. The acquisitions also were responsible for an increase in deposits from $47.3 billion to $52.9 billion. First Union has assets of $71.4 billion.
Charter Federal
Charter Federal Savings Bank reported income of $2.3 million, or 9 cents a share, for its first quarter ended Sept. 30.
This compares with earnings of $2.8 million, or 11 cents a share, for the prior year.
Charter said it recorded a $2.5 million provision for loan losses in the quarter, partially offset by a tax benefit of nearly $1.6 million because of a change in accounting.
The thrift has assets of $718 million, deposits of $546 million and loans of $407 million.
Crestar Financial
Crestar Financial Corp. on Thursday reported a 73 percent increase in income on the way to setting an earnings record for the third quarter. Crestar said income of $37.2 million, or 96 cents a share, compared to last year's $21.5 million or 64 cents a share.
For the first nine months, earnings totaled $101.8 million, or $2.67 a share, compared to $51.9 million, or $1.54 a share, in the 1992 period.
Crestar had assets of $13 billion at the end of the quarter. Deposits reached $9.9 billion and loans were $7 billion.
Family Dollar Stores
Family Dollar Stores Inc., a Matthews, N.C., retailer operating discount stores in the Roanoke Valley and Western Virginia, on Tuesday reported the highest fourth-quarter and fiscal-year sales and earnings in its history.
Sales for the year were $1.3 billion, up 12 percent from $1.2 billion in fiscal 1992. Net income was $64.4 million, up 15.7 percent from $55.7 million. Earnings per share rose to $1.15 from $1.
For the quarter, sales were $326.3 million, up 9.8 percent from $297.2 million in the 1992 quarter. Net income was $12.4 million, up 13.4 percent from $10.9 million, and earnings per share increased to 22 cents from 20 cents.
Reynolds Metals
Reynolds Metals Co., Richmond-based aluminum products maker with recycling operations in Roanoke, on Thursday reported a third-quarter loss of $28 million in part because of record-low aluminum prices. For the quarter ended Sept. 30, the company lost 47 cents a share on revenue of $1.34 billion, compared with earnings of $12.7 million, or 21 cents per share, on revenue of $1.48 billion in the year-ago period.
by CNB