First National parent reports dip in earnings

April 21, 1994|By From Staff Reports

In earnings charts published in yesterday's Business section for Provident Bankshares Corp. and First Maryland Bancorp, the date on which the first quarter ended was reported incorrectly. The first quarter at both banking companies ended March 31. The name of Robinson Humphrey Co. Inc. was also misstated.

+ The Sun regrets the errors.

First Maryland Bancorp, parent of First National Bank of Maryland, said yesterday that its earnings fell slightly during the first quarter, and the company pinned most of the blame on about $5 million in operating expenses it believes will not recur.

Net income fell to $26.1 million during the three months ended March 31, from $28.5 million in the same months of 1993.

FOR THE RECORD - CORRECTION

Spokeswoman Carol Dunsworth said the one-time expenses include consulting fees and an infusion of money into employee benefits designed to keep the current value of benefits stable in the face of interest-rate fluctuations.

The state's second-largest bank is owned by Allied Irish Banks PLC of Dublin. First Maryland said its net interest income also fell.

First Maryland Bancorp

... .. .. .. .. ..Ticker.. .. .. .. .. Yesterday's

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

.. .. .. .. .. .. N/A .. .. .. .. .. .. .. .. N/A

IPeriod ended 1/31/94 .. .. .. .. 1st qtr... .. .. .. Year ago .. . Chg.

Net Income .. .. .. .. .. .. .. .$26,056.. .. .. .. . $28,462 .. .-8.5%

Primary EPS.. .. .. .. .. .. .. .N/A .. .. .. .. .. . N/A .. .. .. N/A

Annualized return on assets .. . 1.08%.. .. .. .. .. 1.27%

Balances as of .. .. .. .. .1/31/94 .. .. .. .. 1/31/93

Assets .. .. .. .. .. .. . $10,061,296 .. .. .. $9,445,551 .. .. +6.5%

Deposits .. .. .. .. .. .. $6,751,087 .. .. .. . $6,589,644 .. .. +2.4%

Loans outst. .. .. .. .. . $5,056,039 .. .. .. . $4,873,686 .. .. +3.7%

Loan loss reserve .. .. .. 199,805 .. .. .. .. .. . N/A .. .. ... . N/A

Figures in thousands (except per share data.)

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