First Maryland Bancorp profit, up 23% in 1992, sets record

January 22, 1993|By David Conn | David Conn,Staff Writer

First Maryland Bancorp, parent of the First National Bank of Maryland, reported slightly higher fourth-quarter profits yesterday and much stronger earnings for all of 1992.

The company, which also owns the York Bank & Trust Co., earned $24.1 million in the three months that ended Dec. 31. The results were basically flat compared with the third quarter and only 0.8 percent more than the $23.9 million profit in '91.

The performance for the year was more impressive. The 1992 earnings of $92.5 million, a company record, were 23 percent higher than in 1991, when First Maryland earned $75.1 million. As a subsidiary of Allied Irish Banks Plc., First Maryland does not report per-share earnings.

"This performance reflects a compound earnings growth rate of 20 percent since 1983, notably strong during a period which included the most difficult banking challenges in half a century," President and Chief Executive Officer Charles W. Cole Jr. said in a statement.

Despite a wider net interest margin, growth in fourth-quarter earnings was hampered by a sharp drop from past gains stemming from the sale of investment securities. A rise in administrative expenses during the quarter also cut into earnings.

But the company's capital levels remained well above regulatory requirements, and with assets down slightly from last year, First Maryland's return on assets was higher in 1992 than the year before.

The company had $8.8 billion in assets on Dec. 31 and 145 branches in Maryland, Delaware, Pennsylvania and Washington.

First Maryland ..... Ticker ..... Yesterday's

Bancorp ...... ..... Symbol ..... Cls.Chg.

....... ...... ..... * .... ...... NA.. NA

Period ended

Dec. 31 ..... ..... 4th qtr. ..... Year ago ..... Chg.

Net Income ......... $24,084 ...... $23,893 ..... +0.8%

Primary EPS ........ .... NA ...... .... NA ....... NA

Annualized return

on avg. assets ....... 1.04% ........ 1.23% .......

Add. to allowance

for loan losses ..... $14,136 ...... $15,005 .... -5.8%

..... ..... ..... .... Year ..... Year ago ..... Chg.

Net Income ...... ... $92,473 ..... $75,056 ..... +23.2%

Primary EPS ..... ....... NA .......... NA ........ NA

Annualized return

on avg. assets .... .... 1.03% ..... 0.96% ........

Add. to allowance

for loan losses ..... $55,726 .... $68,496 ...... 18.6%

......... ....... Balances as of

......... ....... 12/31/92 ....... 12/31/91

Assets ........ $8,849,941 ...... $8,945,544 ... 1.1%

Deposits ...... $6,819,091 ...... $6,987,125 ... 1.4%

Loans outst. .. $5,167,139 ...... $5,630,802 ... 8.2%

Loan loss

reserve ........ $200,301 ........ $204,397 .... 2.0%

Figures in thousands.

* First Maryland is a wholly owned subsidiary of Allied Irish Banks and is not publicly traded.

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.