Citizens Bancorp

BY THE NUMBERS

October 10, 1991

This Laurel-based bank holding company, parent of Citizens Bank of Maryland, reported lower earnings during its third quarter compared with a year ago as a higher provision for possible souring loans and higher federal deposit insurance premiums took their combined toll.

The banking company, which has 120 offices in Maryland, Virginia and Washington, said it earned $6.3 million, or 45 cents a share, compared with income of $7.5 million, or 53 cents a share, a year earlier.

Calvin T. Wetklow, controller of the company, said that much of the drop came as a result of increased deposit insurance premiums. Those cost the banking company slightly more than $3 million during this year's first nine months, compared with $1.4 million in the comparable period last year. The insurance premium was increased to 23 cents per $100 of domestic deposits earlier this year from 19 1/2 cents.

The company increased its provision for possible loan losses to nearly $2.2 million during the quarter, up 78 percent from last year's level. Mr. Wetklow said the additional amount set aside to cover possible losses stemming from souring loans was a precautionary move in the face of an increasingly troubled real estate market.

Citizens, which has about 110 bank branches in Maryland, also owns Citizens Bank of Virginia and Citizens Bank of Washington N.A.

Three months ended 9/30/91

..... ..... Income..... ..... Share

'91..... ..... 6,340,000....... 0.45

'90..... ..... 7,500,000....... 0.53

% change ..........- 15.5........-15.1

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

'91.......2,915,101,000...... 2,514,213,000

'90...... 2,585,521,000...... 2,114,947,000

% change..... .... +12.7...... ........ +18.9

Nine months ended 9/30/91

..... ..... Income..... ..... Share

'91..... ..... 19,264,000 ..... 1.37

'90..... ..... 22,820,000 ..... 1.59

% change ..... .....- 15.6 .....- 13.8

Loan portfolio

Three months ended 9/30/91

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

'91..... ..... 1,742,617,000 ...... NA

'90..... ..... 1,714,853,000 ...... NA

% change ..... ..... ...+1.6 ...... NA

Addition to allowance for loan losses...Allowance for loan losses

'91...... 2,195,000....... ...... ....... 21,090,000

'90...... 1,233,000....... ...... ....... 13,931,000

% change ......+78.0....... ...... ....... ..... +51.4

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