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PROVIDENT BANKSHARES REPORTS EARNINGS INCREASE AND IMPROVEMENT IN ASSET QUALITY

 PROVIDENT BANKSHARES REPORTS EARNINGS INCREASE
 AND IMPROVEMENT IN ASSET QUALITY
 BALTIMORE, Oct. 21 /PRNewswire/ -- The board of directors of Provident Bankshares Corporation (NASDAQ-NMS: PBKS) announced today that the corporation's third quarter earnings were 86 percent higher than last year.
 Net income for the quarter ended Sept. 30, 1992, was $1.12 million, or $.18 per share, compared to $602,000, or $.10 per share, for the third quarter of the prior year. The higher earnings in 1992 were due to a 26 percent increase in net interest income, increased mortgage banking income and a lower provision for possible loan losses. These were partially offset by a reduction in securities gains and an increase in operating expenses. The increases in mortgage banking income and operating expenses are attributable to the recent acquisition of Consolidated Mortgage Corporation. Net income for the nine months ended Sept. 30, 1992 and 1991 was $2.6 million and $2.3 million, respectively.
 Non-performing assets decreased 26 percent during the quarter. At Sept. 30, 1992, non-performing assets declined to $18.7 million, or 1.1 percent of total assets, while the allowance for possible loan losses increased to $19.5 million, or 117 percent of non-performing loans and loans past due 90 days or more.
 Total deposits at Sept. 30, 1992, were $1.2 billion and total loans increased 9 percent to $670 million. The increase in loans was due to higher volume in the consumer loan portfolio. Assets totaled $1.64 billion compared to $1.53 billion at Sept. 30, 1991.
 Provident's total capital at the end of 1992's third quarter was $115 million, and the corporation's leverage ratio stood at 7.24 percent. The book value of the corporation was $18.77 per share of common stock outstanding as of Sept. 30, 1992.
 The board of directors declared a quarterly cash dividend of $.05 per share payable on Nov. 13, 1992, to stockholders of record at the close of business Nov. 2.
 -0- 10/21/92
 /CONTACT: Marcia Goldman, corporate communications (media), 410-576-2833, or Harold H. Johnson, CFO (financial), 410-576-2750, both of Provident Bankshares/
 (PBKS) CO: Provident Bankshares Corporation ST: Maryland IN: FIN SU: ERN DIV


MK-CC -- PH042 -- 2985 10/21/92 14:32 EDT
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Publication:PR Newswire
Date:Oct 21, 1992
Words:370
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