Sovran Financial Corp., the corporate parent of Sovran Bank, reported profits of $80.2 million ($4.65 per share) for 1984, up 22.5 percent from earnings of $65.5 million ($3.94) in 1983.
Net income for the fourth quarter increased to $21.2 million ($1.20) last year, a 53.2 percent increase from $13.9 million (83 cents) in the same period of 1983.
Sovran's chairman, C. A. Cutchins III, attributed the earnings increases to higher levels of net interest income and other income.
Total assets on Dec. 31 were $8.3 billion, 15.3 percent higher than at the end of 1983. Deposits totaled $6.2 billion, a 12 percent increase over the previous year.
* First American Bank of Maryland, based in Silver Spring, reported profits of $3.9 million ($3.91) in 1984, up 20 percent from earnings of $3.2 million ($3.24) in 1983.
Net income for the fourth quarter was $1 million ($1.04), an 11 percent increase from $874,000 (88 cents) for the same period of 1983.
Total assets were $536 million at the end of 1984, up 31.4 percent from the end of 1983. Deposits totaled $475.6 million.
* Equitable Bancorporation, based in Baltimore, reported earnings of $25.3 million ($2.69) for the year ended Dec. 31, a 74 percent increase from $14.5 million ($1.22) the year before.
Fourth-quarter profits were $7.5 million (85 cents), up 60 percent from $4.7 million (43 cents) in the same period of 1983.
The corporation also announced yesterday that it would purchase the shares of stockholders who own 99 or fewer shares of Equitable's common stock or class B common stock. Under the offer, the bank holding company will pay $22 per share of common stock and $11 per share of class B common stock. The offer will expire Feb. 15, unless extended by the company.
Total assets were $3.3 billion on Dec. 31, up 14 percent from the end of 1983. Deposits totaled $2.4 billion, up 7 percent from the end of 1983.
* General Kinetics Inc. reported profits of $535,466 (66 cents) on sales of $4.5 million for the six months ended Nov. 30. This compares with a loss of $160,062 (20 cents) on sales of $3.6 million for the same period of 1983.
GKI, based in Rockville, supplies shipboard electronic mounting systems to the U.S. Navy and its prime systems contractors.
* Ethyl Corp. a Richmond petroleum firm, reported net income of $132 million ($3.44) in 1984, a 25 percent increase from $106 million ($2.61) in 1983.
Net sales declined to $1.6 billion in 1984 from $1.7 billion in 1983.
Fourth-quarter profits rose 19 percent to $38.4 million, from $32.4 million for the same period of 1983.