Provident gains 5.1% in income Lower interest expenses occur in 2nd quarter.

July 16, 1992

Provident Bankshares Corp. reported that sharply lower interest expenses and higher operating expenses resulted in a 5.1 percent increase in income for this year's second-quarter.

The company's board of directors also declared a quarterly dividend of 5 cents a share payable Aug. 7 to shareholders of record on July 27.

Provident Bankshares Corp., a Baltimore-based banking company with assets of $1.6 billion, is the parent of Provident Bank of Maryland.

Three months ended 6/30/92

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

'92 ... 904,000 .. .. ... ... ... ... ... 0.14

'91 ... 860,000 .. .. ... ... ... ... ... 0.14

% change ... +5.1 ... .. ... ... ... .. .. 0.0

... ... Annualized return on assets

'92 ... 0.24%

'91 ... 0.23%

... ... Addition to allowance for loan losses ... ... ... Net charge-off

'92 ... 1,800,000 ... ... ... ... ... ... ... .. ... ... 2,385,000

'91 ... 2,209,000 ... ... ... ... ... ... ... .. ... ... 2,405,000

% change ... 18.5 .. ... ... .. .. ... ... ... .. ... ... 0.8

Six months ended 6/30/92

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

'92 ... 1,510,000 ... ... ... ... ... ... 0.24

'91 ... 1,675,000 ... ... ... ... ... ... 0.28

% change ... 9.9 .. .. ... ... ... ... ... -14.3

Balances as of 6/30/92

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

'92 ... 1,537,189,000 ... ... ... ... ... 1,211,527,000

'91 ... 1,535,800,000 ... ... ... ... ... 1,183,823,000

% change ... +0.1 ... ... .. .. .. ... ... +2.3

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