Virginia National Bankshares, a statewide bank holding company based in Norfolk, yesterday reported record profits during the third quarter and first nine months of 1978.
Reflecting "continued strong loan demand and good interest rate spreads," VNB's third-quarter operating profits jumped 26 percent to $5 million (74 cents a share) from $4 million (50 cents) in the 1977 period, chairman W. Wright Harrison said.
For the first three quarters, the company'r profits were up to 28 percent to $12.8 million ($1.89 compared with $9.95 million ($1.47) in the same period last year.
Loan volume rose 12 percent to an average of $1.38 billion in the first nine months while deposits rose 8 percent to $1.89 billion.
Nine-month net income, including securities transactions, totaled $12.6 million ($1.86 a share) compared with $9.9 million ($1.46) last year. Total assets rose to $2.3 billion on Sept. 30 from $1.9 billion a year earlier.
Citizens Bank & Trust Co. of Maryland, of Riverdale, reported profits of $6.1 million ($4.77 a share) in the first nine months of 1978 compared with $5.1 million ($3.95) in the same period last year.
Loan volume in the past year increased $22 million to $298 million on Sept. 30 while deposits declined $3 million to $481 million.
Rowe Furniture Co., of Salem. Va., reported a profitable third quarter compared with a loss last year. In the period ended Aug. 31, Rowe earned $252.000 (10 cents a share) compared with a loss of $29.000. Shipments of furniture rose slightly to $11.14 million from 11.13 million.
For the first nine months of Rowe's fiscal year, the company's operations also turned around with profits of $802,000 (25 cents a share) compared with a loss of $225.000. Revenues from shipments rose 6.5 percent to $36.5 million.
Chairman Gerald Birnbach said that while third-quarter results showed only a slight increase in shipments, "improvement in gross margins and reduction in administrative and sales-related expenses contributed to profit gains.
Rowe is planning a new series of national television advertisements to help boost sales of its medium priced living room and wood and metal furniture.