Provident Bankshares Corp.This Baltimore-based banking...

BY THE NUMBERS

October 17, 1991

Provident Bankshares Corp.

This Baltimore-based banking company, the parent of Provident Bank of Maryland, reported that earnings fell more than 40 percent in its third quarter, compared with a year earlier, as the company nearly tripled the amount it set aside during the period to cover bad loans.

Provident said that the increased provision for loan losses wathe result of "continued weakness in the real estate market."

In addition, operating expenses increased 21 percent because ohigher employee benefit costs, regulatory fees and professional services, the company said.

Much of the increased costs, however, were offset bnon-interest income, which rose to $7.2 million in the third quarter, compared with $2.4 million a year ago.

The level of troubled assets -- primarily problem real estate loan-- grew nearly 9 percent during the past three months, to $33.6 million, or about 5.4 percent of total loans, the company said.

Nearly $4.8 million was added to its reserve to cover the cost osouring loans, compared with an addition of $1.7 million in last year's third quarter and $2.2 million during this year's second quarter.

Provident, which has $1.5 billion in assets, also reported thawhile its deposits grew slightly during the past 12 months, loans fell by 27 percent. The company said that more than half the drop was the result of the sale of about $123 million of residential real estate loans during the second and third quarters.

A quarterly dividend of 5 cents a share was declared yesterdaypayable on Nov. 8 to stockholders of record as of Oct. 28.

Three months ended 9/30/91

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

'91 602,000 .. .. ... ... ... ... ... 0.10

'90 1,007,000 ... ... ... ... ... ... 0.17

% change -40.2 ... ... ... ... ... ... -41.2

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

'91 1,534,544,000 ... ... ... ... ... 1,162,445,000

'90 1,491,913,000 ... ... ... ... ... 1,116,536,000

% change +2.9 ... ... ... ... .. .. .. +4.1

Nine months ended 9/30/91

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

'91 2,277,000 ... ... ... ... ... ... 0.38

'90 (4,907,000) ... ... ... ... .. .. (0.82)

% change -- ... ... ... ... ... .. ... --

Portfolio (Three months ended 9/30/91)

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

'91 617,119,000 ... ... ... ... ... .. .. 1,609,000

'90 845,946,000 ... ... ... ... ... .. .. 2,371,000

% change -27.0 .. .. ... ... ... .. ... .. -32.1

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

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

'91 4,796,000 .. ... ... ... ... ... ... .. 17,438,000

'90 1,693,000 .. ... ... ... ... ... ... .. 13,779,000

% change +183.3 ... ... ... ... ... ... ... +26.6

AVEMCO Corp.

Hurricane Bob, which hit Long Island and Cape Cod in August, hurt the profits of Frederick-based AVEMCO Corp., a major aircraft and boat insurance company.

"The third quarter historically has been our most volatile," President William P. Condon said in a prepared statement. "It is not only the peak season for aircraft and watercraft use in both our aviation and marine business, but it is prime hurricane season."

According to Jack Yuska, the company's chief financial officer, "We had 214 claims -- 194 were boat-related and 20 were aircraft-related."

Mr. Yuska said that there is some evidence of an upturn in the company's primary business of insuring aircraft. After 17 consecutive quarters of declines in aviation premiums, the company said, it has experienced back-to-back quarters in which premiums have increased, compared with the year before.

Total premiums written for all lines in the quarter were $18.6 million, representing a 9 percent increase.

Three months ended 9/30/91

Revenue ... ... ... ... ... Net* ... ... ... ... ... ... Share*

'91 20,019,000 ... ... ... 2,902,000 .. ... ... ... .. 0.25

'90 20,368,000 ... ... ... 2,762,000 .. ... ... ... .. 0.24

% change -1.7 ... ... ... .. +5.1 .. ... ... ... .. ... .. +4.2

Twelve months ended 9/30/91

Revenue ... ... ... ... ... ... Net* ... ... ... ... Share*

'91 63,968,000 ... ... ... ... 12,299,000 .. ... .. 1.07

'90 60,995,000 ... ... ... ... 9,267,000 ... ... .. 0.78

L % change +4.9 ... ... ... .. .. +32.7 .. ... ... ... ..+37.2

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