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PROVIDENT BANKSHARES REPORTS FIRST QUARTER EARNINGS, DECLARES DIVIDEND

PROVIDENT BANKSHARES REPORTS FIRST QUARTER EARNINGS, DECLARES DIVIDEND
 BALTIMORE, April 15 /PRNewswire/ -- The board of directors of Provident Bankshares Corporation (NASDAQ-NMS: PBKS) today announced net income of $606,000 or $.10 per share for the first quarter of 1992.
 The first quarter earnings compares with $815,000 or $.14 per share for the first quarter of 1991.
 Although earnings for 1992 were lower than those of last year, non- performing and past due loans declined 26 percent or $8.3 million from March 31, 1991, and other real estate owned declined $4.3 million. The decrease in non-performing assets resulted primarily from sales of two properties during the first quarter of 1992. Net interest income after provision for possible loan losses for the first quarter of 1992 was 5.6 percent higher than the first quarter of 1991 due to a 33 percent reduction in the provision for possible loan losses. This increase was offset by a 12 percent reduction in non-interest income and higher operating expenses.
 Total deposits at March 31, 1992, were $1.2 billion, an increase of $36 million over the $1.17 billion reported on the same date last year. Loans declined by 19 percent to $632 million at March 31, 1992, in part due to the securitization of approximately $123 million of residential real estate loans during the second and third quarters of 1991. Assets increased 8 percent to $1.6 billion at March 31, 1992, up from $1.5 billion of a year ago.
 Provident's total capital at the end of 1992's first quarter was $113 million, and the corporation's leverage ratio stood at 7.3 percent. The book value of the corporation was $18.59 per share of common stock outstanding as of March 31, 1992.
 The board of directors declared a quarterly cash dividend of $.05 per share payable on May 8, 1992, to stockholders of record at the close of business April 27.
 -0- 4/15/92
 /CONTACT: Marcia Goldman (media), 410-576-2833, or Harold H. Johnson, CFO (investment community), 410-576-2750, both of Provident Bankshares/
 (PBKS) CO: Provident Bankshares Corporation ST: Maryland IN: FIN SU: ERN


KA-CC -- PH032 -- 8782 04/15/92 14:13 EDT
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Publication:PR Newswire
Date:Apr 15, 1992
Words:363
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