Profits of Black & Decker Manufacturing Co., a Maryland tool manufacturer, rose sharply during the nine months ended June 26 and are expected to set a record high for the full fiscal year.
In the recent third quarter, Black & Decker reported yesterday, profits were $12.3 million (30 cents a share) compared with $9.3 million (22 cents) for the same period last year. Sales increased to $205.3 million from $186.2 million.
That brought earnings for the nine months to $39.2 million (94 cents) vs. $31.4 million (75 cents) as salers rose to $626.9 million from $572.4 million.
United Virginia Bankshares Inc., the largest commercial banking firm in the state, reported a 15 per cent increase in operating profits for the second quarter of 1977. Not counting securities transactions, Richmond-based UVB earned $3.7 million (66 cents a share) compared with $3.15 million (59 cents) for the same period last year.
For the first half, UVB profits from operations were $7.1 million ($1.31) against $6.3 million ($1.17) while net income including gains or losses from selling securities totaled $1.31 a share vs. $1.18.
Chairman Joseph A. Jennings attributed the gain in profits to higher interest income and reduced allocationof reserves for possible loan losses. Daily average deposits in the first half were $1.99 billion, up 7.8 per cent from a year ago.
Net income for Financial General Bankshares rose 13.3 per cent for the first six months of 1977 over the same period last year. Net income was $5 million (83 cents a share), against $5.9 million (74 cents) in 1976.
Contributing to the increase was the recognition of an additional tax benefit of $423,000 relating to the loan on the sale of the H.G. Smithy Co. in March 1977, according to J. William Middendorf, chairman of the bank holding company.
Merchantile Bansharee Corp. reported an increase in earnings of 7 per cent for the first six months of 1977. Earnings were $4.7 million ($1.04 a share) compared with $4.4 million (97 cents) for the first six months of 1976.
Providence Savings and Loan Association announced earnings of $540,000 ($3.000 a share) for the first half of 1977, up 10 per cent from $493,000 ($2.73) for the same period last year.
New Virginia Bancorporation, parent company of the Northern Virginia Bank in Springfield, reported net income for the six months ended June 30 of $578,000 (52 cents a share) against $534,000 (48 cents per share) for the first half last year.
United Services Life Insurance Co. reported earnings for the second quarter of $1.6 million (50 cents a share), up from $1.4 million (43 cents) for the second quarter of 1976. Six-months earnings total $3.2 million ($1.03), up from $2.7 million (91 cents) for the same period in 1976.