THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Saturday, January 20, 1996 TAG: 9601200267
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
SOURCE: BY TOM SHEAN, STAFF WRITER
LENGTH: Short : 50 lines
Crestar Financial Corp. and Signet Banking Corp., citing the impact of one-time events, reported lower earnings for 1995.
Crestar said its net income for both the fourth quarter and the year declined because of $29 million in merger-related expenses. Signet said its results were affected by the spinoff of its credit-card subsidiary to shareholders in early 1995.
Meanwhile, Jefferson Bankshares Inc. said its earnings improved for both the fourth quarter and the full year because of lower premiums for federal deposit insurance and higher non-interest income.
Richmond-based Crestar said its net income for the October-through-December period fell 43 percent to $26.3 million from $46.54 million largely because of the one-time charge related to its Dec. 31 acquisition of Loyola Capital Corp., a Baltimore thrift holding company.
Its per-share earnings for the quarter dropped to 61 cents from $1.18.
For the full year, Crestar earned $179.8 million, which was down 2 percent from $184.12 million in 1994. Per-share earnings in 1995 were $4.11, compared with $4.24 in '94.
At Richmond-based Signet, fourth-quarter net income declined 26 percent to $31.78 million because of lower net interest income, lower income from fees and other non-interest sources, and a higher provision for loan losses. Per-share earnings dropped to 53 cents from 73 cents.
If the effects of spinning off its Capital One credit-card operation were excluded, its fourth-quarter net income would have been up 80 percent, Signet said.
For all of 1995, Signet earned $133.83 million, off 11 percent from $149.83 million in 1994. Per-share earnings were $2.24, compared with $2.59 the previous year.
At Charlottesville-based Jefferson Bankshares, fourth-quarter net income rose 26 percent to $7.27 million from $5.78 million despite an increase in its provision for loan losses.
Per-share earnings were 48 cents, up from 38 cents in the 1994 fourth quarter.
Jefferson's 1995 net income totaled $24.86 million, a 10 percent increase from $22.6 million in 1994. Earnings per share were $1.64, compared with $1.49.
KEYWORDS: BANK EARNINGS by CNB