MNC reports lower losses in quarter Real estate woes cited for performance in fourth period

January 16, 1992|By Jon Morgan

MNC Financial reported today a fourth quarter loss of $82 million, or 96 cents a share, down substantially from a loss of $198 million, or $2.31 per share during the same period a year earlier.

The Baltimore-based banking company, whose holdings include Maryland National Bank, posted a loss of $70 million, or 89 cents, for 1991. That compares with a loss of $440 million, or $5.23 per share, for 1990.

The results were in line with Wall Street expectations, said David S. Penn, an analyst who follows the company for Legg Mason Wood Walker in Baltimore. "It appears that their problems are not getting too much worse and the question is have they bottomed out and begun getting better? It's too soon to tell."

The company blamed its fourth quarter loss on further troubles with its real estate portfolio.

At the same time, a company statement noted some good signs: Nonperforming assets have declined to their lowest levels since September, 1990; operating results were improved in all of the company's lines of business; and the residential mortgage lending and trust companies enjoyed record growth and profitability.

MNC's total equity on Dec. 31, was $1.020 billion.

MNC also operates American Security Bank, Security Trust Company, N.A., Virginia Federal Savings Bank, and Maryland National Mortgage Corp.

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