Provident Bankshares Corp. of Baltimore reported Thursday that its first-quarter earnings rose 15.9% from a year earlier, to $18.3 million.
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Diluted earnings per share rose 17%, to 55 cents, 3 cents short of the average of analysts' expectations.
The $6.4 billion-asset company said the earnings gains came from replacing investment securities with loans. Investment securities declined from 33% of its assets to 30%.
Provident's net interest income increased 5.2%, to $51.2 million, and noninterest income rose 22.5%, to $28.2 million. Its provisions for loan losses fell 79.8%, to $318,000.
