Provident's net income up slightly

October 18, 1990

Provident Bankshares Corp., the parent company of Provident Bank of Maryland, reported third quarter net income of $1 million, or 17 cents per share.

That performance was a slight improvement over the third quarter of 1989 when the company earned $956,000, or 16 cents per share.

For the first nine months, the bank holding company lost $4.9 million, or 82 cents per share, compared with a profit of $4 million, or 65 cents a share, for the same period a year ago.

The bank attributed the third quarter results to a 26 percent increase in non-interest income. Net interest income remained flat compared with last year's results.

Non-performing assets and past-due loans, which are primarily related to real estate, were $30.2 million, or 3.58 percent of total outstanding loans as of Sept. 30, up from a year ago but 9 percent less than the amount on June 30.

Provident, which has 38 branches in the Baltimore area, had total assets of $1.5 billion as of Sept. 30, up 17 percent from a year ago when assets were $1.3 billion.

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