Virginia Electric and Power Co. stockholders approved the formation of a holding company, Dominion Resources Inc., at the firm's annual meeting in Richmond yesterday, and announced that first-quarter profits had dropped from last year.

Vepco earned $73.4 million (49 cents) in the quarter ended March 31, compared with $75 million (56 cents) last year. Revenues increased, however, to $642.8 million from $612.7 million. There are more common shares outstanding this year.

Richmond-based Bank of Virginia reported record earnings for the first quarter of 1983 that were 126 percent above earnings for the same period last year.

The bank said earnings were $7.14 million ($1.20) compared with $3.07 million (53 cents) in the first Shareholders Approve Vepco Holding Company

Virginia Electric and Power Co. stockholders approved the formation of a holding company, Dominion Resources Inc., at the firm's annual meeting in Richmond yesterday, and announced that first-quarter profits had dropped from last year.

Vepco earned $73.4 million (49 cents) in the quarter ended March 31, compared with $75 million (56 cents) last year. Revenues increased, however, to $642.8 million from $612.7 million. There are more common shares outstanding this year.

Richmond-based Bank of Virginia reported record earnings for the first quarter of 1983 that were 126 percent above earnings for the same period last year.

The bank said earnings were $7.14 million ($1.20) compared with $3.07 million (53 cents) in the first quarter of 1982.

Frederick Deane Jr., chairman, said the first-quarter figures reflected continued noninterest expense control, higher noninterest income and improved net interest income, the latter produced by growth in earning assets.

NS&T Bankshares posted earnings of $1.6 million ($1.16), compared with $1.5 million ($1.07) last year, an 8.2 percent gain. Total assets increased 20 percent to $695 million from $578 million.

NS&T noted that its first-quarter figures were up despite large rental expenses incurred with its headquarters renovation.

NS&T, parent of NS&T Bank N.A., has signed an agreement with Fidelity Brokerage Service Inc. to provide discount brokerage services to NS&T by Aug. 1, Chairman Joseph H. Riley said.

Ethyl Corp. of Richmond reported an 18-percent increase in net income during the first quarter of 1983, from $17.1 million (43 cents a share) to $20.2 million (49 cents).

Net sales for the first three month of 1983 declined 2 percent to $395.9 million from $402.7 million a year ago.

The company said earnings per share for 1982 were restated to reflect the two-for-one stock split declared Feb. 24, 1983.

Chairman Floyd D. Gottwald Jr. said chemical operations were strong, making up for continued weak sales of antiknock compounds.

John Hanson Savings & Loan, which doubled its assets and branches in two years, posted earnings of $1.7 million ($1.34) for the third quarter, compared with a loss of $482,939 last year. It was the best quarter the company has ever had.

President Jerry D. Whitlock said "the drastic decrease in the cost of money" accounts for the performance.

For nine months, John Hanson, based in Calverton, Md., earned $2.8 million ($2.14), compared with a loss of $1.8 million in the same period last year. Revenues increased to $35.4 million from $23.3 million in the nine months. Assets are up to $429 million from $332.2 million.