FALLS CHURCH, Va. Powered by a big gain in noninterest income, First Virginia Banks Inc.s first-quarter per-share net income rose 24.3% from a year earlier, to 87 cents a share, or $40.26 million.
The company said much of the jump in noninterest earnings came from two one-time events. First Virginia pocketed $4.74 million when it sold its stake in the Star Systems network of automated teller machines, and it gained another $1.47 million on securities sales.
The $9.65 billion-asset company also reported strong increases in service charges and electronic banking fees.
First Virginias noninterest income rose 43.6%, to $38.73 million.
