Potomac Electic Co. reported yesterday a decline in second-quarter profits while Financial General Bankshares Inc. a large bank holding company, reported record earnings.
Pepco, a Washington utility that serves the city and its populous Maryland suburbs, said profits in the three months ended June 30 dipped to $11.7 million (23 cents a share) from $14.2 million (26 cents) in the same period last year.
For the first six months of 1978, earnings also decline to $26.7 million (55 cents) from $30.7 million 61 cents) one year earlier.
Revenues for the recent quarter were $147 million compared with $143 million a year ago; six month revenues rose to $309 million from $289 million.
Citing inflation in costs and declining profitability, Pepco has asked area regulatory agencies for rate increases. In the District, the company has a $45 million request pending, while the Maryland public service commission recently turned down a Pepco request for a $27.2 million rise and instead ordered a small reduction.
Virgiania's State Corporation Commission recently approved a $355,000 rate increase for the small portion of Arlington County served by Pepco.
The D.C. commission, meanwhile, has scheduled a public hearing today on Pepco's response to the recent severe thunderstorm that cut power to more than 100,000 customers.
Pepco's directors yesterday approved regular quarterly dividends, including 33 1/2 cents a share on common, payable Sept. 29 to owners of record Aug. 30.
Financial General Bankshares reported second-quarter profits rose to $3.05 million (49 cents a share) from $2.3 million (33 cents) in the same period a year ago, a gain of more than 30 percent.
That brought six-month earnings to $5.8 million (93 cents) compared with $4.5 million (73 cents) in the 1977 period, a gain of 28.5 percent. In the year-earlier six month, Financial General also had a one-time tax benefit of 7 cents a share that brought final net income for that period to 14.96 million (89 cents).
President J. William Middendorf II attributed the growth in profits to higher interest yields - in particular, on loans. He said loan volume at banks owned by his farm jumped 14 percent in the past year to $972 million on June 30
Total assets of the company rose 9 percent to $1.9 billion, and deposits increased 9.6 percent to $1.6 billion. Financial General controls 13 banks, including Union First National of D.C., American Bank of Maryland and First American Bank of Virginia.
First American Bank, formed March 31 by the merger of Alexandria National Bank, Arlington Trust Co., and Clarendon Bank & Trust, reported first-half earnings of $3 million ($1.91 a share) compared with $2.7 million ($1.68) a year ago.
First-half income before securities transactions was $7 million ($1.88) compared with $5.6 million ($1.57) a year ago. First Maryland Bancorp, also announced a quarterly dividend of 32 cents a share payable on Oct. 2 to shareholders of record Sept. 15.
BANK OF VIRGINIA CO. reported second-quarter earnings of $3.2 million (70 cents a share), up from $2.9 million (62 cents) a year ago.
First-half earnings for the statewide bank holding company based in Richmond were $6.3 million ($1.37) compared with $5.7 million ($1.24) a year ago.
Dominion Bankshares Corp. of Roanoke reported second-quarter profits of $4 million (63 cents a share) compared with $3.4 million (54 cents) a year ago.
Net income before securities transactions for the first half were $7.8 million ($1.23) compared with $6.1 million (97 cents) a year earlier.
D.C. National Bank reported a 32 percent increase in first-half earnings to $308,795 from $233,137 a year ago.
New Virginia Bancorp. of Springfield reported a 56 percent increase in first-half earnings to $899,770 (76 cents a share) from $577,738 (49 cents) a year ago.
Providence Savings and Loan Association, based in Vienna, reported a 9 percent increase in first-half profits to $545,588 ($2.74 a share) from $505,506 ($2.54) a year ago.
Noxell Corp., the Baltimore-based cosmetics firm, reported an 8 percent increase in second-quarter earnings to $2.8 million (54 cents a share) on sales of $39.2 million from $2.5 million (50 cents) on sales of $35.7 million a year earlier.
Profits for the first half were $6.4 million ($1.26) on sales of $83.5 million compared with $6 million ($1.19) on sales of $75.7 million a year ago.
Most of the sales growth came in the United States, largely from higher sales of the Cover Girl cosmetics line, the company said.