The resources of First National Bank of Maryland were reported incorrectly in yesterday's editions. The bank, owned by First Maryland Bancorp had assets of $1.6 billion and deposits of $1.2 billion.
Fairchild Industries, a diversified aerospace firm based in Montgomery County, yesterday reported substantial gains in profits and sales for the third quarter and first nine months of 1977.
United Virginia Bankshares, the state's largest banking firm, also reported a sharp third quarter gain in profits. Four other banking firms posted increased profits while Citizens Bank & Trust Co. of Maryland listed a slight decline.
Quarterly profits of Fairchild totaled $3.1 million (66 cents a share), a gain of 140 per cent over $1.3 million (28 cents) in the same period last year. Sales climbed 67 per cent to $102.7 million Fiarchild's nine months earnings rose to $6 million ($129) compared with $3.3 million (72 cents) a year earlier while sales rose to $287 million from $179 million.
Principal factors in the recent gains have been the firm's production of A - 10 close air support aircraft for the Pentagon and sales of the Merlin - Metro commercial aircraft produced by a subsidiary, Swearingen Aviation Corp.
Fairchild delivered 15 of the A - 10s to the Air Force in the recent quarter, bringing total deliveries for 1977 to 42. In addition, the Air Force awarded a $2.6 million fee to Fairchild in the recent period for minimizing costs on the A - 10 program. Earlier this week, a contract for 144 additional A - 10s was awarded by the Pentagon increasing the backlog of undelivered fighters under firm contract to 277.
United Virginia Bankshares, based in Richmond, listed third quarter operating profits of $4.8 million (90cents a share) compared with $3.8 million (72 cents) in the 1976 period. Net income of the bank holding company was 90 cents against 73 cents, including small gains from selling securities.
In the first nine months, United Virginia's profits before securities transactions totaled $11.9 million ($2.21) compared with $10.1 million ($1.89). Net income was $2.21 compared with $1.19.
Cominion Bankshares Corp., a bank holding company based in Roanoke, reported record third quarter operating profits of $3.9 million (61 cents a share), up 13 per cent from $3.5 million (55 cents) in the 1976 period.
[WORD ILLEGIBLE] months earnings rose to $10 million ($1.58) compared with $9.55 million ($1.51) a year earlier. President Byron A. Hicks said a substantial increase in loan business - up 17 per cent in the past 12 months to $976 million on Sept. 30 - was the primary factor in the recent earnings growth.
Earnings at Citizens Bank and Trust Co. of Maryland fell fractionally, from $5.2 million ($4.31).
Citizens Bank, which on Sept. 24, acquired Chevy Chase Bank and Trust Co., said total assets including the new bank increased 12.7 per cent to $543 million Deposits were up 13.4 per cent to $484 million, but outstanding loans increased only 8.7 per cent and operating expenses were up 12.4 per cent to $18.9 million, the babk said.
Central National reported its best third quarter and nine months ever, with quarterly income before securities transactions up 11.2 per cent to $1.2 million and year-to-date earnings up 11.6 per cent to $3.4 million. On a per-share basis, the Richmond bank firm's earning were 67 cents for the quarter, compared with 60 cents, and $1.88 for three quarters, up from $1.69.
Total resources increased 11.8 per cent to $505 million, while deposits climbed 11.7 per cent to $434 million, and loans gained 8.2 per cent to $274 millon.
First Maryland's net for the nine months before securities transactions was $8.7 million (84 cents), up from $7.4 million (76 cents).
The company, parent of First National Bank of Maryland, reported record increase in assest, loans and deposits. Total assets were up 17 per cent to $1.6 million; loans, up 34 per cent to $967 million; deposits, up 21 per cent to $1.2 million.