First American Bank of Maryland yesterday reported a 15 percent increase in earnings for the three months ended June 30.
First American's earnings before securities transaction increased to $629,000 [64 cents per share] from $545,000 [55 cents] and the bank's net income climbed to $606,000 [62 cents] from $539,000 [54 cents].
The strong second quarter performance helped compensate for first quarter profits which were depressed by the cost of merging with Chesapeake National Bank, said president G.j. Manderfield. He said First American's performance is now "back in line" with previous projections of $2.25 to $2.75 per share this year.
Smith's Transfer of Staunton, Va., blamed a 10-day Teamsters Union strike and higher fuel coses for a sharp decline in its second quarter profits.
Smith's net for the three months ended June 16 fell to $590,000 [24 cents] from $2.97 million [$1.18] a year earlier. About a half million dollars of the difference resulted from a decline in earnings from sale of assets to $166,000 from $749,000 a year ago.
The truck line -- the sixth largest publicly owned trucking company said its revenues for the quarter fell to $58.1 million from $59.1 million.