A typographical error appeared in a story about Schwartz Brothers earnings. The company's fourth-quarter profits were $469,144 compared with $449,921 a year ago.
Sharp increases in first-quarter profits are being reported by regional banking firms in the Washington area as strong loan demand has continued despite high interest rates and has resulted in record income in many instances.
Schwartz Brothers Inc., owner of the Harmony Huts record stores, also posted a record year, and Avemco Corp. reported a record first quarter from its business as the nation's biggest insurer of private aircraft.
United Virginia Bankshares, a Richmond holding company that is the state's largest banking organization, said first-quarter profits rose 10 percent to $6 million ($1.11 a share) from $5.4 million ($1.01) a year ago, not counting securities transactions.
UVB unloaded some securities in the quarter to build up a higher-yielding portfolio, leading to a loss on such transactions of $1.5 million and reducting net income to $4.4 million (82 cents a share) from $5.4 million ($1.01) last year. Assets on March 31 were $3.02 billion, up 1 percent from the 1978 period.
First & Merchants Corp., holding company for First & Merchants National Banks in Virginia, reported first-quarter operating profits of $3.8 million ($1.14 a share) compared with $2.3 million (69 cents) last year.
First Virginia Banks Inc., of Falls Church reported earnings for the first quarter that were the highest in its history. The company's earnings rose 26 percent to $3.3 million (32 cents a share) from $2.6 million (25 cents) a year ago.
Total loans outstanding increased by 12 percent to $850.9 million, while deposits increased 8 percent to $1.22 billion and total assets rose 8 percent to $1.38 billion as of March 30.
Suburban Bancorporation also reported record earnings of $3.8 million (86 cents a share) for the first quarter compared with $2.9 million (63 cents) for the same quarter last year.
Average loans increased by 32 percent to a record $843 million from the first quarter last year, the company said. Total deposits on March 31 increased to $1.1 billion 14.7 percent more than the same quarter last year.
Suburban, a multi-bank holding company with headquarters in Hyattsville, has as its principal subsidiary Suburban Trust Co.
Citizens Bank and Trust Co. of Maryland reported first-quarter earnings of $2.3 million ($1.8 a share), a 22 percent increase from $1.9 million ($1.48) reported for the first quarter last year.
Loans for the quarter increased 14 percent from the same quarter last year, from $288 million to $329 million. Deposits grew 6 percent from $451 million during the first quarter last year to $478 million. The bank also reported that its 55th office will open later this month in the Olney Village Mart.
Union First National Bank of Washington reported first-quarter earnings of $1.46 million (64 cents a share), up from $1.15 million (51 cents a share) for the first quarter last year. Union First is a major subsidiary of Financial General Bankshares Inc.
Schwartz Brothers Inc., a music retailer and wholesaler, reported earnings for the year ending Jan. 31 of $653,308 (85 cents a share) compared with $551,637 (73 cents) last year.
Fourth-quarter earnings of fiscal 1979 for the company, which owns 19 Harmony Hut music stores in the Washington area and New Jersey, were $469,144 (61 cents a share) compared with $49,921 (60 cents) for the fourth quarter last year.
Avemco Corp. of Bethesda reported first-quarter earnings of $630,000 (25 cents a share), up from $393,000 (16 cents) for the same quarter last year. Avemco Insurance Co., the national aviation insurance, finance services and marketing firm's major subsidiary had premium revenues of $4.9 million during the first quarter compared with $4.4 million for the 1977 first quarter.