First Maryland, Loyola post record profits for 1991

January 23, 1992|By Ross Hetrick

The state's second-largest banking company, First Maryland Bancorp, and one of Maryland's largest thrifts, Loyola Capital Corp., reported record profits for 1991 yesterday.

Loyola had more good news for shareholders -- dividends. For the first time since becoming a publicly traded company more than five years ago, the thrift announced a 10-cent-a-share quarterly dividend.

This is hopefully the beginning of a routine," said James V. McAveney, executive vice president of Loyola.

First Maryland, the parent of First National Bank of Maryland, said it earned $23.9 million in the fourth quarter, compared with $1.5 million in the final quarter of 1990. For the year, the company earned $75.1 million, a 72.4 percent increase over the $43.5 million net income in 1990. The profit was the biggest in the company's 186-year history.

First Maryland attributed the higher earnings to strong growth in fee income, lower costs for funds and gains from investment securities. First Maryland, which has assets of $8.9 billion, is owned by Allied Irish Banks PLC of Dublin, Ireland.

At Loyola, the parent of Loyola Federal Saving and Loan $H Association, the dividend announcement could end what has become a yearly ritual for Loyola shareholders: com

plaining about the lack of dividends at the company's annual meetings.

"I find this all very boring," one shareholder said at Loyola's last annual meeting. "It's not putting anything in my pocket."

However, the news of the new dividend policy did not boost the company's stock, which ended the day unchanged at $16.25 a share.

Loyola Chairman Joseph W. Mosmiller, said that the board's decision to begin a dividend reflects the corporation's strong capital position and confidence in its prospects. The dividend is payable March 31 to stockholders of record at the close of business on March 16.

First Maryland Bancorp

, Three months ended 12/31/91

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

'91. . . .. 23,893,000. . . . . . . . NA

'90. .. .. . 1,511,000. . .........,.. NA

change. . . . +1481.3. . . . ....... NA

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

'91. ... 8,945,544,000 . . .6,987,125,000

'90. . .. 8,176,046,000. ... 5,992,429,000

% change. ..... . . +9.4. .............+16.6

Twelve months ended 12/31/91

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

'91. . .. 75,056,000. . . ............ NA

.......43,541,000. .... ... ...... .NA

% change. .. .....+72.4. ................ NA

Loyola Capital Corp.

* Three months ended 12/31/91.. .. .. ..Income. . .... ... ... . Share

'91. ... 2,920,000. . ........... 0.66

'90. . ... 901,000. . ... ....... 0.20

change. . . +224.1. . ............ +230.0

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

'91. ..... 2,002,195,000. ..1,614,442,000

'90. ..... 2,007,983,000. . 1,565,800,000

% change. ........... -0.30. . .........+3.1

Twelve months ended 12/30/911

XTC

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

'91. .. .. . 10,638,000. . .. .... .. 2.35

'90. .. .... 7,042,000. ... ... .. . 1.49

% change. . .. ...+51.1. ... ... .... +57.7

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.