Seven Washington area banks yesterday reported higher profits, with the increases ranging from 11 percent at Dominion Bankshares Corp. to 39 percent at Madison National Bank.
The improvement in bank profits directly reflect today's higher interest rates but the wide variation in gains indicates all banks are not affected equally by the high rates.
At Madison National, profits increased to $1.4 million ($3.72 per share) from $1 million (2.69), and loans and deposits jumped more than 25 percent in the third quarter.
Union First National Bank of Washington reported a 19 percent increase in earnings for the nine months, profits of $4.6 million ($2.04) compared with $3.9 million ($1.71) a year ago. Quarterly profits climbed to $1.6 million (72 cents) from $1.4 million (62cents.)
First & Merchants of Richmond said its nine month earnings were 35 percent ahead of a year ago -- $11.3 million ($3.41 per share) compared with $8.4 million ($2.54). For the quarter First & Merchants earned $3.6 million ($1.11) versus $3.3 million (99 cent).
Suburban Bancorp, headquartered in Hyattsville, reported earnings before securities transactions were up 25 percent for the nine months, to $12.4 million (2.69) from $9.9 million (2.15).
United Virginia Bankshares of Richmond showed and 18 percent gain for the quarter. Earnings were $7.9 million $1.46) compared with $6.7 million ($1.24.)
First Maryland Bancorp. showed a 19 percent increase in earnings, to $5 million ($1.35) from $4.2 million ($1.13) for the third quarter. For the first nine months earnings before securities transactions were $14.2 million ($3.79) compared with $11.2 million ($3.01.)
Dominion Bankshares of Richmond showed an 11 percent gain for the quarter -- $4.8 million (69 cents), up from $4.3 million (62 cents.) Nine month earnings were $14.8 million ($2.12), up from $12.1 million ($1.74.)