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RESOURCE BANK ANNOUNCES THIRD QUARTER RESULTS

 VIRGINIA BEACH, Va., Oct. 19 /PRNewswire/ -- Lawrence N. Smith, president and chief executive officer, announced today that Resource Bank earned $93,284 for the third quarter ended Sept. 30, 1993. This compares to a net loss of $184,382 for the third quarter of 1992.
 Total assets as of Sept. 30, 1993, were $42,861,043 vs. $24,257,204 at year end 1992 or an increase of 76.7 percent. Total net loans as of Sept. 30, 1993, were $31,623,731 vs. $15,724,256 at year end 1992 or an increase of 101.1 percent. Shareholders' equity as of Sept. 30, 1993, was $4,087,763 or 9.5 percent of total assets and an increase of 5.1 percent over Dec. 31, 1992.
 The major increase in third-quarter earnings was related to the increase in earning assets, which had a favorable impact on net interest income. Net interest income for the third quarter 1993 was $390,542 vs. $214,214 for the same period in 1992 or an increase of 82.3 percent. Also having a favorable impact was the net income of Resource Mortgage Corporation in the amount of $57,000 for the quarter.
 Total non-earning assets (non-accruals and other real estate owned) were $217,137 at Sept. 30, 1993, down $300,012 or 58 percent from June 30, 1993, and down $735,933 or 77 percent from Dec. 31, 1992.
 The provision for loan losses was increased $141,000 during the third quarter 1993. The increase in the provision reflects the growth in the loan portfolio and the need to increase the general reserve for any future credit problems. The loan loss reserve was $422,935 as of Sept. 30, 1993, and represented 1.3 percent of loans.
 RESOURCE BANK
 Key Financial Data
 Balance Sheet 9/30/93 12/31/92 Pct. Increase
 Total Assets $42,861,043 $24,257,204 76.7
 Total Net Loans $31,623,731 $15,724,256 101.1
 Total Deposits $38,483,399 $19,882,298 93.6
 Shareholders'
 Equity $4,087,763 $3,888,569 5.1
 3rd Qtr 3rd Qtr
 Income Statement 1993 1992 Pct. Increase
 Net Interest
 Income $390,542 $214,214 82.3
 Net Profit $93,284 ($184,382) --
 Return on Assets 0.87 pct. -- --
 Nine Months Nine Months
 1993 1992 Pct. Increase
 Net Interest Income $917,528 $722,304 27.0
 Net Profit $221,707 ($189,331) --
 Loan Loss Prov. 170,711 198,000 --
 Return on Assets 0.83 pct. -- --
 9/30/93 12/31/92 Pct. Increase
 Non accruals $106,137 $602,472 (82.4)
 OREO $111,000 $350,598 (68.3)
 Loan Loss Reserve $422,935 $403,012 4.9
 -0- 10/19/93
 /CONTACT: Lawrence N. Smith, president and CEO, of Resource Bank, 804-431-2406/


CO: Resource Bank ST: Virginia IN: FIN SU: ERN

MH-DT -- DC009 -- 3850 10/19/93 10:21 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
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