Bank Maryland Corp. of Towson said yesterday that it posted a profit in the second quarter as distressed loans declined under a restructuring plan.
The company, parent of the Bank of Maryland, had net income of $128,000, or 6 cents a share, for the three months ended June 30 in contrast to a loss of $150,000, or 7 cents a share, a year earlier.
"The profit for the second quarter is further evidence that our turnaround plan for the company is continuing to take a stronger hold and show measurable results," said H. David Shumpert, president and chief executive.
Bank Maryland, operating under Mr. Shumpert since mid-1991, said it developed and implemented a plan to achieve profitability and increase capital by improving loan quality and reducing operating costs.
The company added $175,000 to its reserves a year earlier. In all, loan loss reserves fell to $2.84 million from $4.25 million a year ago.
Bank Maryland Corp.
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... ... ... ...Ticker... ... ... ... ... ... Yesterday's ... ... ... ... ..Symbol... ... .. ... ... .. . Cls.... ...Chg.
... ... ... ..BKMD... ... ... ... ... ... 6 1/4 BID... ...Unch.
Period ended
June 30 ... ...2nd qtr.... ... .... Year ago ... ... ...Chg.
Net Income ...$128 ... ... ... ... .($150)... ... ..... --
Primary EPS ..$0.06... ... ... ... .($0.07)... ... .... --
Annualized return
on assets ... .0.27%... ... ... ... (0.31)%
Add. to allowance
for loan losses $0... ... ... ... ... $175... ... .. ... --
... ... .... ...6 mos.... ... ... .. Year ago... ... ... Chg.
Net Income... . $52 ... ... ... ... .$(233)... ... ... ... --
Primary EPS ... $0.03... ... ... ... $(0.12)... ... ... .. --
Annualized
return on assets 0.06%... ... ... ...(0.24)%
Add. to allowance
for loan losses .$0... ... ... ... ...$600 --
... ... ... ... ... Balances as of
... ... ... ...6/30/93... ... ... ... 6/30/92
DAssets ... ... $188,794... ... ... .. $192,751... ... ... ...-2.1%
Deposits ... ..$170,457... ... ... .. $174,258... ... ... ...-2.2%
Loans outst. ..$123,962... ... ... .. $126,198... ... ... ...-1.8%
Loan loss
reserve ... ...$2,835... ... ... .... $4,245... ... ... ... .-33.2%
Figures in thousands (except per share data.)
