Provident cuts its dividend to a nickel a share

April 18, 1991|By Peter H. Frank

Despite reporting a healthy jump in earnings during the first three months, Provident Bankshares Corp. cut its quarterly dividend in half yesterday, to 5 cents a share, saying the need to preserve capital was paramount in banking's currently troubled atmosphere.

2 .... .... ....Income.... .... .... .... Share

'91.... .... ....815,000.. .... .... .... 0.14

'90.... .... ....654,000.. .... .... .... 0.11

% change.... .... ..+24.6.. .... .... .... +27.3

.... .... .... ....Assets.... .... .... Deposits

'91. .... .... 1,503,293,000.... 1,168,131,000

'90. .... .... 1,328,220,000.... 1,142,168,000

% change. .... .... ... +13.2.... .... .... +2.3

Loan portfolio

Three months ended 3/31/91

OC .... .... .... Loans outstanding.... .... .... Net charge-offs

'91.... .... .... 777,255,000.... .... .... .... 1,215,000

.... .... 883,147,000.... .... .... .... 3,385,000

change.... .... .... ..-12.0.... .... .... .... .....-64.1

.... .... .... Addition to allowance.... .... .... Allowance

ND.... .... .... for loan losses..... .... .... .... for loan losses

'91. .... .... 1,862,000.... ..... .... .... .... 14,447,000

'90. .... .... 1,037,000.... ..... .... .... .... 11,545,000

% change. .... .... +79.6.... ..... .... .... .... ..... +25.1

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