Mercantile profits rose 4% for quarter

April 12, 1994|By Staff Report

Mercantile Bankshares Corp., the parent of the Mercantile-Safe Deposit & Trust Co., reported yesterday that profits rose 4 percent during the first quarter, as the Baltimore-based bank was able to add less money to reserves for bad loans.

Mercantile's net income rose to $21.2 million, or 46 cents a common share, during the quarter that ended March 31, up from $20.5 million, or 45 cents a share, during the same period last year. Assets grew 4.3 percent, to $5.55 billion.

During the first quarter, the bank added $1.82 million to reserves for loan losses, for a total reserve of $91.6 million. During the first three months of 1993, Mercantile had to add $3.25 million to reserves. Bankspokesman David Borowy said Mercantile Bankshares had fewer-than-expected defaults during the 1994 quarter.

Mercantile's stock closed up 37.5 cents in trading yesterday, to close at $19.50.

The share prices have been adjusted to reflect a three-for-two stock split that Mercantile declared in September.

Mercantile Bankshares

?5Ticker.. .. .. .. .. .. .. .. .. .. .. ..Yesterday's

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

MRBK .. .. .. .. .. .. .. .. .. .. .. ..19 1/2 .. .. ..+ 3/8

Period ended

March. 31.. .. .. .. .. 1st qtr.. .. .. .. ..Year ago .. .. .. ..Chg.

Net income .. .. .. .. $21,221 .. .. .. .. .. $20,492 .. .. .. .. +3.6%

Primary EPS .. .. .. .. .$0.46 .. .. .. .. .. .. $0.45 .. .. .. ..+2.2%

Annualized

return on assets .. .. ..1.56% .. .. .. .. .. ..1.57%

Add. to allowance

for loan losses .. .. ..$1,822 .. .. .. .. .. ..$3,253 .. .. .. ..-43.9%

.. .. .. .. .. .. .. Balances as of .. .. .. .. .. .. .. 3/31/94 .. .. .. .. .. .. .. ..3/31/93

JAssets .. .. ... .. $5,548,279 .. .. .. .. .. .. ..$5,320,860 .. ..+4.3%

Deposits .. .. .. .. $4,493,106 .. .. .. .. .. .. ..$4,383,559 .. ..+2.5%

Loans outst. .. ... .$3,567,203 .. .. .. .. .. .. ..$3,516,646 .. ..+1.5%

Loan loss reserve....$91,600 .. .. .. .. .. .. .. ..$90,061 .. .. ..+1.7%

Figures in thousands (except per share data.)

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