MNC Financial Inc., the Washington area's second-largest bank holding company, yesterday reported that its profits rose 34 percent, to $43.5 million ($1.46 per fully diluted share), in the fourth quarter, up from $32.5 million ($1.10) a year earlier.
For the full year, profits rose 21 percent to $148.8 million ($5), compared with $122.8 million ($4.18) in 1986.
MNC owns Maryland National Bank, the largest bank in the state, and American Security Bank in the District.
MNC sold $57 million of Latin American debt in a series of year-end transactions, which included a charge to its loss reserves of $12.5 million.
MNC's total reserves for possible loan losses totaled $213 million at the end of the year, or 1.84 percent of total loans.
As of Dec. 31, MNC had total assets of $16.7 billion, up 18 percent from the previous year.
Entre Computer Centers Inc., a McLean-based franchisor of personal computer stores, yesterday said its profits jumped 107 percent in its first quarter, to $1.2 million (12 cents) from $579,000 (6 cents) in the same period last year.
"While first-quarter earnings were healthy, they were also depressed by the high legal expenses that Entre is currently experiencing for defenses against a group of lawsuits from former franchisees," said Bert I. Helfinstein, Entre's president and chief executive.
Entre faces a rash of lawsuits related to accusations that it broke agreements with certain franchisees.
Revenue for the quarter jumped 77.6 percent, to $29.1 million, from $16.4 million in the same quarter last year.