United Virginia Bankshares Inc., the largest bank holding company in Virginia, has reported a 17 percent increase in second-quarter operating profits.
Chairman Joseph Jennings attributed the gain to increased loan volume with higher interest rate yields for UVB. He said the company earned $7.8 million ($1.45 a share) in the recent three months compared with $6.7 million ($1.23) a year earlier, not counting gains or losses from securities transactions. Sic-month operating profits rose 14 percent to $13.8 million ($2.56) from $12.1 million ($2.24).
Assets rose to $3.078 billion on June 30 from $3.077 billion a year earlier. Average loans rose 10 percent to $1.78 billion.
Dominion Bankshares, a Roanoke-based bank holding firm, also reported higher operating profits and announced a stock dividend. Second-quarter earnings before securities transactions were $4.7 million (75 cents a share) compared with $4 million (63 cents). Six-month operating profits rose to $10 million, and deposits jumped $25 million to $128 million.ed a 10 percent stock dividend and a regular quarterly cash payout of 24 cents a share, apoyable Sept. 10 to owners of record Aug. 10.
First Maryland Bancorp, holding company for First National Bank of Maryland, posted second-quarter operating profits of $4.6 million ($1.24 a share) compared with $3.8 million ($1.01) a year ago.
Madison National Bank of Washington had record six-month earings of $901,214 ($2.34 a share) vs. $634,456 ($1.65); loan volume rose $19 million to $90 million, and deposits jumped $25 million to $218 million.