The tobacco giant reported $1.17 billion in profit for the third quarter, up from $1.13 billion a year ago. Revenue for the quarter was $6.1 billion, down 4.6 percent. The company also announced a new cost reduction program that includes layoffs and will save the company an expected $400 million by the end of 2013. That figure includes approximately $300 million in employee separation costs related to the layoffs.
Apple REIT Ten
The company entered into a purchase contract for the potential acquisition of a hotel in Oceanside, Calif. for $30.5 million. The property is currently under construction and will be a 142-room Courtyard by Marriott. The hotel is expected to open this month.
Brink’s quarterly profit was $30.8 million, up from $23.9 million a year ago. It brought in $995 million in revenue, an increase from $776.1 million in the same period last year.
C&F Financial Corp.
The holding company of C&F Bank reported net income of $3.06 million, up from $2.3 million compared to a year ago. Its nonperforming assets were $14.86 million at quarter’s end, compared to $18.06 million at the end of 2010. Its total assets were $908.8 million, down from $911.8 million a year ago.
Community Bankers Trust
The holding company for Essex Bank reported $1.2 million in net income, an improvement from a $1.6 million loss in the same period a year ago. Its non-performing assets that are not covered by an FDIC loss-share agreement were $45.1 million, down from $47.6 million. Total assets at quarter’s end were $1.07 billion, down from $1.17 billion. Total loans were $588.6 million, down from $635.4 million. Total deposits dropped to $915.6 million from $1.01 billion.
Dominion reported earnings of $392 million, down from $575 million in the same period a year ago. The company said the decline in earnings was related to higher costs from the August earthquake that shut down one of its nuclear plants, new air pollution regulations and power outages from the Hurricane Irene.
The REIT reported $1.5 million in net income, down from $5.9 million a year ago. The decrease in profit was partially related to $8.2 million in litigation costs for a settlement in a case against the Teamsters. The company’s investment portfolio was $2.59 billion.
First Capital Bancorp
The holding company of First Capital Bank reported a net loss of $2.8 million for the third quarter. That compares to $467,000 in profit from the same period a year ago. The company said the loss was due primarily to losses on non-accrual loans and foreclosed real estate. It had $26.9 million in non-performing assets at quarter’s end, up from $16.7 million a year ago. Its total assets were $535.6 million, down from $541 million. Total deposits were $432.4 million, up from $428.8 million. Total loans were $363.9 million, down from $397.4 million.
The company reported $71.4 million in net income for the quarter, up from $45.7 million in the third quarter 2010. That profit includes a strong performance from its petroleum additives business plus a $38 million gain from a legal settlement.
NewMarket also declared a quarterly dividend $0.75 cents per share payable Jan. 1 shareholders of record at the close of business on Dec. 15.
The company announced that its annual shareholders meeting will be held Dec. 16 at the Westin Grand Hotel in Washington, D.C. at 10 a.m.
Union First Market Bankshares
Union declared a quarterly dividend of $0.07 per share.
Vice President Karen Whelan exercised options for 2,600 shares at $39.71 per share. She then sold 10,600 shares for $42.12 each or $446,000.
*All bank earnings are reported as net income available to common shareholders – which is profit or loss after accounting for dividends paid in the TARP Capital Purchase Program.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected]