1st Maryland profit up 21.5% in 2nd quarter

July 23, 1992|By David Conn | David Conn,Staff Writer

First Maryland Bancorp, parent of First National Bank of Maryland, said yesterday that its second-quarter earnings were up more than 20 percent from earnings in the 1991 second quarter and in the first quarter of this year.

The company said it earned $24.3 million in the quarter that ended June 30, a 21.5 percent increase over the $20 million earned in the same period a year ago. First Maryland is owned by Allied Irish Banks PLC of Dublin, Ireland, and does not report per-share figures.

Allied Irish posted a 12 percent increase in earnings in fiscal 1992, which ended March 31, to $170 million, or 26 cents a share.

For the first six months of the year, First Maryland's profits rose 45.8 percent, to $44.3 million, from $30.4 million in last year's first half.

The Baltimore-based subsidiary credited the higher profits to more net interest income, the difference between money it made from lending and money it paid for deposits, which it says was a byproduct of the drop in interest rates. It also said it had lower provisions for future loan losses and higher fee-based revenues.

"With our strong total capital [to assets] ratio of 13.23 percent, with our allowance for loan losses at 141 percent of non-performing loans, and with our high level of liquidity, we are well-poised to respond to opportunities in this still unsettled economy," Charles W. Cole Jr., president and chief executive officer of First Maryland, said in a news release.

First Maryland said its $130 million acquisition last year of York Bank & Trust Co., a bank in York, Pa., with $1.3 billion in assets, was only slowly working its way toward profitability.

Three months ended 6/30/92

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

'92.... .... 24,341,000 ..... a --

'91.... .... 20,034,000 ..... a --

% change.... ..... +21.5 ....... --

Annualized return on assets

'92 ..... 1.11%

'91 ..... 1.05%

Addition to allowance.... .... Net

.... for loan losses ...... charge-offs

'92.... 11,687,000...... .... 14,739,000

'91.... 16,367,000...... .... 12,217,000

% change..... -28.6...... .... ......+20.4

Six months ended 6/30/92

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

'92.... .... 44,328,000.... a --.

'91.... .... 30,400,000.... a --

% change.... ..... +45.8...... --

Balances as of 6/30/92

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

'92.... ....b 8,760,874,000 ....b 6,618,782,000

'91.... ....b 7,642,451,000 ....b 5,831,917,000

% change.............. +14.6 ........ ..... +13.5

.... .... Loans ..... .....Allowance

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

'92.... .... 5,048,048,000... 203,631,000

'91.... .... 4,672,537,000... 174,179,000

% change.... ......... +8.0..... .....+16.9

a Allied Irish Banks, the parent of First Mary- land Bancorp, does not report per-share data for its subsidiaries.

b 1991 figures are not adjusted to include First Maryland's acquisition of the $1.3 billion York Bank & Trust Co. on Dec. 31, 1991.

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