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RESOURCE BANK ANNOUNCES SECOND QUARTER RESULTS

 VIRGINIA BEACH, Va., July 28 /PRNewswire/ -- Lawrence N. Smith, president and chief executive officer, announced today that Resource Bank earned $53,127 for the second quarter ended June 30, 1993. This compares to a net profit of $2,717 for the second quarter of 1992.
 Total assets for the quarter ended June 30, 1993, were $42,923,461 vs. $24,257,204 at year-end 1992, or an increase of 77.0 percent over the prior period. Shareholders' equity as of June 30, 1993, was $4,008,145, or 9.3 percent of total assets.
 The major increase in second quarter earnings was related to the increase in earning assets, which had a favorable impact on the net interest income of $26,331.
 Non-interest expense declined 5.5 percent in the second quarter of 1993 over the comparable period of 1992.
 Non-earning assets were $517,149, up slightly from the first quarter but down $545,245 from June 30, 1992.
 Resource Mortgage, Inc., became a wholly owned subsidiary on June 1, 1993, and this acquisition should have a favorable impact on earnings for the second half of 1993.
 -0- 7/28/93
 /CONTACT: Lawrence N. Smith, president and CEO, Resource Bank, 804-431-2406/


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

TW -- DC005 -- 6650 07/28/93 09:20 EDT
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Publication:PR Newswire
Date:Jul 28, 1993
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