THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Tuesday, January 24, 1995 TAG: 9501240258
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
SOURCE: BY TOM SHEAN, STAFF WRITER
LENGTH: Short : 40 lines
The thrift holding company TideMark Bancorp Inc. reported a 65 percent increase in net income for the quarter ended Dec. 31, citing higher net interest income and reduced operating expenses.
The Newport News-based parent of TideMark Bank said its earnings also were helped by smaller provisions for loan losses and foreclosed real estate.
Net income for the October-through-December period totaled $549,000, compared with $333,000 in the year-earlier period. Per-share earnings were 8 cents, up from 5 cents.
TideMark's results for the quarter included a $40,000 gain on the sale of its Kilmarnock branch and $300,000 from the sale of a foreclosed hotel in North Carolina.
However, these gains were offset by a $570,000 decline in gains from mortgage banking and a $738,000 decline in gains on the sale of mortgage-backed securities.
TideMark said its provision for losses on loans and foreclosed real estate dropped to $100,000 in the quarter from $450,000 in the comparable three months of 1993.
For the six months through December, TideMark reported net income of $1.53 million, which was more than double the $715,000 earned in the July-through-December period last year.
Earnings per share rose to 22 cents from 10 cents.
TideMark shareholders are scheduled to vote Feb. 2 on a previously announced merger offer from Crestar Financial Corp., the Richmond-based parent of Crestar Bank.
TideMark president Robert N. Springer said the transaction with Crestar is expected to close March 24. by CNB