Midlantic Corp., which last year purchased Central Trust Co. of Rochester and four other upstate banks from the Bank of New York, said its net income fell 68 percent during the fourth quarter ended Dec. 31 after the bank set aside $75 million for possible loan losses. The bank reported net income of $19.1 million, or 47 cents per share, compared with a profit of $59.5 million, or $1.53 per share, one year ago. The loan loss provision reduced earnings by $49.5 million, or $1.25 per share. Robert Van Buren, chairman and chief executive officer, said the loss provision will put the company in a better position given the current weakening business climate and declining real estate values. For the year, the bank's net income fell 7.5 percent to $206.3 million, or $5.27 per share, from $222.9 million, or $5.73 per share.
Onbancorp. Inc., the Syracuse-based bank that has offices in Western New York, said its profits rose 10 percent during the fourth quarter ended Dec. 31 to $2.9 million, or 47 cents per share. That compares with net income of $2.6 million, or 43 cents per share, during the fourth quarter of 1988. Most of the earnings increase was due to a 5 percent rise in net interest income, which reached $9.3 million during the quarter. For the fiscal year, the bank's net income rose 38 percent to $11 million, or $1.79 per share, from $8 million, or $1.30, per share. Net interest income increased 15 percent and non-interest income rose 11 percent, while non-interest operating expenses rose 2 percent.
Westinghouse Electric Corp. said net income for the fourth quarter rose 30 percent as nearly each of its main business units posted gains in operating profits. For the three months ended Dec. 31, Westinghouse earned $270 million, or $1.85 per share, up from $208 million, or $1.43 a share in the year-ago period. Revenue rose to $3.65 billion from $3.64 billion a year ago. Fourth-quarter results included a restructuring provision of $123 million, essentially offsetting the gain from the sale of the remaining interest in Westinghouse's transmission and distribution segment. For the entire year, net income increased 12 percent to $922 million, or $6.31 a share, from $823 million or $5.66 a share, in 1988. Revenue totaled $12.84 billion, up from $12.50 billion. The results for the year include a restructuring provision of $384 million, which essentially offset gains from the sale of the Westinghouse elevator business and from the divestiture of the entire transmission and distribution segment.
Hilton Hotels Corp., which operates a hotel in Buffalo, said profits fell 24 percent in the fourth quarter and 16 percent for the year, largely because of poor returns from Nevada casinos. In the quarter ended Dec. 31, net income totaled $26.9 million, or 55 cents per share, down from $35.2 million, or 73 cents per share, during the previous year. Revenue rose 2 percent, to $259.6 million from $254.4 million. Hotel income increased 5 percent in the fourth quarter to $36 million, while gambling income fell 28 percent to $20.7 million. Annual net income was $110.1 million, or $2.27 per share, compared with $130.9 million, or $2.72 per share, in fiscal 1988. Revenue for fiscal 1989 rose 5 percent, to $998.2 million from $953.6 million. The 1989 results include a $2.4 million after-tax loss from a property transaction,
Park Communications Inc., which owns several newspapers in upstate New York, said its net income fell to $6.2 million, or 30 cents a share, during the fourth quarter, down from $6.4 million, or 31 cents a share one year ago. For the year, earnings fell to $18.7 million, or 91 cents a share, from $19.1 million, or 92 cents per share, in 1988. Revenues rose 2 percent to $163 million.
Paychex, Inc., which has an office in Amherst, reported net earnings of $2.7 million, or 21 cents per share, during the second quarter ended Nov. 30. That's a 10 percent increase compared to net income of $2.5 million, 19 cents per share, one year ago. Revenue for the second quarter rose 23 percent to a record $29.5 million from $24 million a year earlier.