Columbia Bancorp net income rises 44% Gains posted for quarter, nine months despite cost of adding more branches

Bank earnings

October 15, 1997|By Bill Atkinson | Bill Atkinson,SUN STAFF

Despite increasing expenses from expansion, Columbia Bancorp's net income soared more than 44 percent in the third quarter to $1 million.

The Columbia-based banking company earned 47 cents a share in the third quarter, which ended Sept. 30, compared with 33 cents for the same period in 1996.

"The year is going reasonably well; it reflects a work in progress," John M. Bond Jr., Columbia's president and chief executive, said yesterday.

Columbia's net income was $3.1 million, or $1.34 a share for the first nine months of the year, compared with $2.8 million, or $1.23 a share in 1996.

The company paid a one-time charge of $299,000 in 1996 as a result of the nation's savings and loan insurance fund being recapitalized.

Total interest income, which is made up largely of interest and fees on loans, rose 20.3 percent in the quarter to $7.9 million. Total noninterest income, or gains from mortgage loan sales and fees charged for other services, jumped 35.3 percent to $701,809.

Columbia's loans grew 17.2 percent to more than $264 million, deposits increased 20.8 percent to $294 million, and assets were up 25.1 percent to $370.3 million.

Bond said he was pleased with the performance in light of Columbia's expansion. The bank has 14 offices, three of which opened this year.

"We are very optimistic for the opportunities for expansion around here," Bond said. "We see a lot more opportunity coming."

Sandy Spring net rises 42%

Sandy Spring Bancorp said yesterday that third-quarter net income shot up 42 percent to $3.5 million, or 71 cents a share, compared with net income of $2.5 million, or 51 cents a share, for the same period a year earlier.

The Olney-based banking company, which has $1 billion in assets, reported net income of $9.8 million, or $2 a share, for the first nine months of 1997, compared with $8.3 million, or $1.71 a share for the same period in 1996.

Assets grew 15 percent to $1.067 billion as of Sept. 30. Deposits rose 5 percent to $818.2 million, and loans were up 7 percent to $552.4 million. Sandy Spring has 20 banking offices in Montgomery, Howard, Anne Arundel and Prince George's counties. It opened a mortgage subsidiary, Sandy Spring Mortgage Corp., in the second quarter.

Mason-Dixon profit up 9%

Mason-Dixon Bancshares Inc.'s third-quarter net income rose 9 percent to $2.3 million, compared with $2.1 million for the third quarter of 1996. The Westminster-based banking company earned 45 cents a share, up 13 percent from 40 cents reported for the third quarter of 1996.

For the first nine months, net income totaled $6.7 million, up 8 percent, compared with net income of $6.2 million for the same period in 1996. Earnings per share were $1.29, up 9 percent from $1.18 for the same period a year earlier.

Total assets jumped 17 percent to $982 million, loans grew 20 percent to $449 million, and deposits grew 3 percent to $649 million. The company has 22 banking offices in central Maryland and on the Eastern Shore.

FCNB reports 24% gain

Frederick-based FCNB Corp. reported net income of $2.37 million, or $44 a share, for the third quarter, up 24 percent over the same period in 1996.

Net income increased to $6.4 million for the first nine months of the year, up more than 60 percent from the same time a year earlier.

Assets rose 19 percent to $894 million for the first nine months of the year, compared with assets of $749 million as of Sept. 30, 1996.

The company's board of directors raised the quarterly dividend for the second consecutive quarter, to 17 cents from 16 cents. The board also declared a 10 percent stock dividend. Both are payable Oct. 31 to shareholders of record as of Oct. 24, 1997.

Pub Date: 10/15/97

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