Financial General Bankshares, holding company for the First American banks in the District, Maryland and Virginia, yesterday reported the fourth straight year of record earnings.

Fourth-quarter income before securities losses was $4.8 million (65 cents a share) compared with $4.2 million (58 cents). During the quarter, securities losses were $118,000, dropping the final net income to $4.7 million (63 cents). A year ago fourth-quarter securities losses were $48,000, dropping the final net income to $4.1 million (57 cents).

For the year, income before securities losses was $16.5 million ($2.26) compared with $15.8 million ($2.16). Securities losses for the year were $145,000, dropping the final net income to $16.4 million ($2.24). In 1979 securities losses were $120,000, making the final net income $15.6 million ($2.14).

Year-end assets were $2.4 billion, up from $2.3 billion, and deposits were $2.1 billion up from $2.0 billion.

President J. William Middendorf said the company's record performance could be attributed principally to an 11.2 percent rise in net interest income, from continued growth in total earning assets, coupled with higher interest rates centered primarily in the commercial loan portfolio and short-term investments.

W. Bell & Co. yesterday reported earnings for the second quarter ended Dec. 27 of $1.9 million ($1.48), up from $1.8 million ($1.39). Revenues were $44.7 million, up from $41.0 million.

For the last six months, earnings were $1.9 million ($1.54), up from $1.8 million ($1.46). Revenues were $60.4 million, up from $56.9 million.

Most of the company's business during the last six months was made in November and December.