While many financial officers winced as they sent out balance sheets covering the 1982 recession, two large banking companies, Suburban Bancorp of Bethesda and American Security Corp. of the District, posted significant increases in profits.
American Security officials said yesterday that earnings for the year increased to $28.7 million ($3.93 a share) from $26.1 million ($3.62) after securities transactions.
During the fourth quarter, American Security earned $7 million (96 cents), compared with $5.9 million (82 cents) the year before--a gain of 19.3 percent.
Total assets increased 12 percent during the year to $3.4 billion. Loans increased to $1.8 billion and total deposits increased to $2.6 billion.
American Security's net interest revenues jumped 21 percent.
"Economic conditions over the last several years--ranging from sever inflation to prolonged recession--have created a difficult environment for financial institutions," said American Security Chairman W. Jarvis Moody.
Among the things Moody said would influence bank earnings during 1983 are "the timing and extent of any economic recovery and the impact of deregulation on the financial industry.
"We look ahead with confidence because of the competence of our people and the strength of our balance sheet and earnings," he said.
Suburban's net interest income helped it achieve its highest profits in history. After securities transactions, Suburban earned $18.8 million ($3.95), compared with $17.7 ($3.72) in 1981, officials said yesterday.
Fourth-quarter profits declined, however, to $4.4 million (93 cents) from $5 million ($1.05) in 1981.
Chairman Robert F. Tardio also pointed to the bank's six-year low for nonperforming assets--.40 percent, substantially below the level for financial institutions of comparable size--and reductions in the provision for loan losses as reasons for 1982's showing.
Suburban's assets increased 29 percent to $2.1 billion, deposits grew 28 percent to $1.7 billion and loans grew by 3 percent to $877 million during 1982.