THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Friday, October 20, 1995 TAG: 9510200486
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
SOURCE: BY TOM SHEAN, STAFF WRITER
LENGTH: Short : 34 lines
Helped by a $4 million rebate from the Federal Deposit Insurance Corp. and growth in its student, installment and home-equity loans, Signet Banking Corp. said Thursday it earned $30.14 million, or 50 cents a share, for the Sept. 30 quarter.
For the comparable period of 1994, Richmond-based Signet had reported net income of $3.46 million, or 5 cents a share.
Signet's earnings for the year-earlier quarter had been depressed by a $33.6 million restructuring charge and a $49 million contract-termination charge related to the spinoff of its Capital One bank-card unit. Without the one-time charges, its net income for the recent quarter would have been up 15 percent, Signet said.
Separately, Jefferson Bankshares Inc. said its third-quarter net income rose 10 percent because of loan growth and increases in its trust income and deposit-account fees.
Like several other banking companies in the region, Jefferson said its results for the recent quarter were helped by a rebate of insurance premiums from the FDIC.
Jefferson, based in Charlottesville, said it earned $6.15 million for the recent quarter, which was up from $5.61 million for the comparable three months last year. Its per-share earnings rose 8 percent to 40 cents from 37 cents. by CNB