Earnings Personal Income Update

July 30, 1986|The Morning Call

EARNINGS

Atlantic Financial, with offices in Allentown, Nazareth and Quakertown, reported third quarter net income of $4.59 million, a 68 percent increase over the period a year earlier. For the nine months ended June 30, net income totaled $10.65 million, a 48 percent gain from a year ago. The nine-month figure includes a $2.4 million provision in lieu of federal income tax expense, offset by an equal amount of extraordinary income derived from the tax benefit of loss carryforwards. Fully diluted earnings per share were 64 cents for the quarter and $1.76 for the nine months. That compares with 67 cents and $2.12, respectively, for the year-earlier periods. Atlantic Financial's headquarters are in Bala Cynwyd, Montgomery County

PERSONAL INCOME

Americans' personal incomes rose a modest 1.1 percent in the first three months of the year, and residents of 10 states actually suffered declines in earnings, the government reported Monday. The Commerce Department said energy and farm states were the hardest hit, with Alaska enduring a 9 percent income plunge, the biggest of any state. Since January, 115,000 jobs have been lost in the oil and gas industry as companies have cut back sharply on drilling plans because of the dramatic fall in oil prices. The weak income numbers cut a swath across the Farm Belt as well, led by a 6.1 percent fall in North Dakota, one of eight farm states that had declines in earnings during the first three months of the year. In the Mideast portion of the country, income rose $658.50 billion, up 1.4 percent. It breaks down as follows: Pennsylvania, $157.54 billion, up 1.1 percent; Delaware, $9.28 billion, up 1.2 percent; District of Columbia, $11.48 billion, up 1.3 percent; Maryland, $70.20 billion, up 1.5 percent; New Jersey, $129.48 billion, up 1.5 percent; New York, $280.54 billion, up 1.5 percent.