Virginia National Bankshares reported a 6.1 per cent increase in consolidated income for the second quarter of 1977, and a 4.7 per cent increase in net income.
Consolidated income was $3.2 million (72 cents a share) compared with $6 million (67 cents) in the second quarter of 1976. Net income was $3.2 million (71 cents) compared with $3 million (63 cents) in 1968.
"This is the fourth consecutive quarterly increase in income before securities transactions," said board chairman W. Wright Harrison. He attributed the increase to a rise in net interest differential income, singing out continuing growth in consumer loans and deposits.
First-half, net income increased by 5.4 per cent to $5.9 million ($1.32) from $5.6 million ($1.25) in the first half of 1976.
First Virginia Bankshares Corp. earnings for the first six months of 1977 are the highest for any comparable period in the company's history.
Net income was $5.2 million for the first six months, an increase of 26 per cent and equivalent to 49 cents a share compared with $4.1 million (39 cents) for the first half of 1976.
Net operating income for the second quarter also set a record at $2.4 million (23 cents) compared with $2.1 million (29 cents) for the second quarter of 1976.
The bank said the increase was due to deposit growth in accounts of individuals, partnerships and corporations, and loan growth, particularly in installment and time and demand obligations.
Fidelity American Bankshares announced a 17.8 per cent, increase in quarterly income over the second quarter in 1976. It is the sixth consecutive quarter the company has shown an increase.
Income was $1.4 million (55 cents a share) compared with $1.2 million (47 cents) for the same quarter last year.