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BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,Sun Staff Writer | April 12, 1995
The Ryland Group Inc. agreed yesterday to sell its mortgage-backed securities division to Norwest Bank Minnesota for $47 million as part of the Columbia-based company's strategy of focusing on its core homebuilding operations.The sale of the institutional financial services division, which as of March 31 had a portfolio of $43 billion, is expected to close by September."Clearly this [division] was a strong contributor to our bottom line, but with our renewed focus on homebuilding, we believe we can put some pretty good numbers on the board," said Michael Mangan, a Ryland executive vice president and the company's chief financial officer.
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BUSINESS
December 6, 2006
The Columbia Bank named Brian Canuel as branch manager for the Howard County-based bank's Bowie office. Harbor Bank of Maryland announced that D.M. Terrance has joined the bank as senior vice president/senior lending officer. He is responsible for the loan department and ensuring the quality of the bank's loan portfolio. Susquehanna Bank named Maurice Workman manager of the Light Street branch. Legal & insurance Rifkin, Livingston, Levitan & Silver LLC said Kevin O'Keeffe and Derrick L. Green have joined the legal firm's Annapolis and Greenbelt offices, respectively.
BUSINESS
October 11, 1991
MBNA Corp.This credit card company, a former subsidiary of MNC Financial Inc., reported higher earnings in the third quarter as the percentage of bad loans to total loans continued to fall.MBNA, which has its headquarters in Newark, Del., said its earnings rose 16 percent, to $40.3 million, or 81 cents a share, for the past three months, compared with earnings of $34.8 million, or 70 cents a share, during the year-ago period.The company said its total managed loans, including credit card loans that have been sold as packages of securities or are being held for sale, increased $1.3 billion to $8.2 billion.
BUSINESS
By Ross Hetrick | January 23, 1992
The state's second-largest banking company, First Maryland Bancorp, and one of Maryland's largest thrifts, Loyola Capital Corp., reported record profits for 1991 yesterday.Loyola had more good news for shareholders -- dividends. For the first time since becoming a publicly traded company more than five years ago, the thrift announced a 10-cent-a-share quarterly dividend.This is hopefully the beginning of a routine," said James V. McAveney, executive vice president of Loyola.First Maryland, the parent of First National Bank of Maryland, said it earned $23.9 million in the fourth quarter, compared with $1.5 million in the final quarter of 1990.
BUSINESS
By David Conn and David Conn,Sun Staff Writer | April 19, 1995
Loyola Capital Corp., showing strong growth in consumer lending, yesterday reported a 17 percent increase in first-quarter earnings.The company, parent of Loyola Federal Savings Bank, said earnings rose to $4.1 million, or 47 cents a share, from $3.5 million, or 40 cents a share a year ago."To compete effectively, we have streamlined and strengthened our core businesses while diversifying into promising business activities," Chairman and Chief Executive Officer Joseph W. Mosmiller said."Even while mortgage originations slowed, we've continued to increase income in construction and consumer lending and mortgage servicing," Mr. Mosmiller said.
BUSINESS
By Laura Smitherman and Laura Smitherman,SUN STAFF | January 26, 2005
Baltimore's First Mariner Bank reported yesterday that its net income rose 30 percent in the fourth quarter, propelled by demand for mortgages and residential construction loans. First Mariner made $1.8 million in the fourth quarter of last year, or 29 cents per diluted share, compared with $1.4 million, or 23 cents per diluted share, during the comparable period of 2003. Its net income for the year rose 15 percent to $6.1 million from $5.3 million. Both quarterly and annual figures were record levels for the banking company.
BUSINESS
By Dan Thanh Dang and Dan Thanh Dang,SUN REPORTER | October 19, 2007
Provident Bankshares Corp. reported yesterday that profit declined 22 percent in the third quarter because of higher interest rates the bank paid to attract customer deposits and a greater amount of money it had to set aside to cover bad loans. In the three months that ended Sept. 30, net income at Maryland's largest independent bank declined to $16 million, or 50 cents per share, from $20.4 million, or 62 cents per share, for the third quarter of 2006. Analysts polled by Thomson Financial expected earnings of 52 cents per share.
BUSINESS
By Eileen Ambrose and Eileen Ambrose,eileen.ambrose@baltsun.com | May 2, 2009
1st Mariner Bancorp said Friday that it lost $3.1 million for the first quarter, or 48 cents per share, as the Baltimore company continued to see deterioration in its real estate loan portfolio. For the corresponding quarter last year, 1st Mariner lost $3.278 million, or 52 cents per share. Nonperforming assets in the first quarter rose to $65.1 million, or 4.72 percent of total assets, up nearly $25 million from a year earlier. That increase is largely due to bad loans in residential construction and development.
BUSINESS
By Laura Smitherman and Laura Smitherman,SUN STAFF | July 27, 2005
Mercantile Bankshares Corp. reported yesterday a 21 percent increase in second-quarter profit as the Baltimore-based bank incorporated Community Bank of Northern Virginia onto its balance sheet. Maryland's largest independent bank earned $67.9 million in the quarter, or 84 cents a share, topping Wall Street expectations of 80 cents a share, according to an average of analyst estimates compiled by Thomson Financial. Mercantile had $56.3 million in net income, or 71 cents a share, in the year-earlier period.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | October 12, 1996
Citizens Bancorp's earnings jumped 20 percent in the third quarter as loans grew briskly and the bank sold more services to customers, the company said yesterday.Citizens earned $11.3 million for the third quarter in 1996, or 75 cents a share, compared with $9.4 million, or 63 cents a share for the same time a year ago.Jo M. Stewart, a senior vice president with the Laurel-based banking company, said sales of annuities, home equity lines and mortgages helped boost the bottom line."We've seen pretty strong growth in the commercial portfolios and we've had some heavy promotion of our home equity line as well," Stewart said.
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