Mercantile Bankshares Corp. of Baltimore announced Tuesday that its third-quarter earnings rose 20%, to $56.8 million.
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The $14.3 billion-asset company's profit for the nine months that ended Sept. 30 rose 15%, to $169 million.
Edward J. Kelly 3d, Mercantile's president and chief executive, said it benefited from stronger loan growth and rising interest rates.
Mercantile's loan portfolio generated interest income of $138 million in the quarter, 15% more than a year earlier. Nonperforming assets were $38.9 million on Sept. 30, or 0.39% of total loans; a year earlier those numbers were $51 million and 0.57%.
