Baltimore-Based Bank Posts 21-Percent Second-Quarter Profit Increase
Posted on: Wednesday, 27 July 2005, 00:00 CDT
Jul. 27--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.
Mercantile stock rose $1.48, or 3 percent, to close at $55.34 on the Nasdaq Stock Market yesterday.
"They did just as expected," said Matt Schultheis, an analyst with Ferris Baker Watts Inc. who doesn't own shares in Mercantile. "They slightly exceeded expectations, but it was nothing really to jump up and down about. They didn't blow past the numbers."
The bank's loan portfolio increased 16 percent over the last year to $11.4 billion at the end of June. Assets increased by 14 percent to $16.1 billion, and deposits were up 11 percent from the prior year to $11.8 billion.
Mercantile made a greater push into Virginia with the acquisition of Community Bank of Northern Virginia. Edward J. "Ned" Kelly III, Mercantile's chairman, president and chief executive, said in an interview yesterday that the company would consider another acquisition, though nothing is now in the works.
"We have to be opportunistic," he said, "but we're continuing to focus on building our footprint, particularly in Virginia."
-----
To see more of The Baltimore Sun, or to subscribe to the newspaper, go to http://www.baltimoresun.com.
Copyright (c) 2005, The Baltimore Sun
Distributed by Knight Ridder/Tribune Business News.
For information on republishing this content, contact us at (800) 661-2511 (U.S.), (213) 237-4914 (worldwide), fax (213) 237-6515, or e-mail reprints@krtinfo.com.
MRBK, CBNV, TOC, NDAQ,
Source: The Baltimore Sun, Maryland
Related Articles
- Verizon Communications Raises Quarterly Dividend 3.3 Percent to 47.5 Cents per Share
- Jack Henry & Associates Increases the Quarterly Dividend on Its Common Stock By 13 Percent to $.085 Per Share
- Dow Declares Quarterly Dividend of 42 Cents per Share
- Sunoco Declares Quarterly Dividend of 30.0 Cents Per Share on Common Stock
- Verizon Communications Raises Quarterly Dividend 7 Percent to 46 Cents Per Share
- Sunoco, Inc. Declares Quarterly Dividend of 30.0 Cents Per Share on Common Stock
- Dow Declares Quarterly Dividend of 37.5 Cents Per Share
- Apache's 2005 Earnings Climb 56 Percent to $7.84 Per Share
 |
 |
User Comments (0)
RSS Feeds