Citizens Bank & Trust Co. of Maryland yesterday reported a 30 percent profits gain for the first quarter, while Madison National Bank of Washington had a first-quarter earnings rise of 8 percent.
Citizens said its income for the quarter was $2.55 million ($1.66 a share), up from $1.96 million ($1.28) a year earlier. The per-share earnings reflect shares issued in connection with the merger of Century National Bank on March 13.
Total resources were up 4 percent to $672.7 million, and time deposits increased by 9 percent to $327.1 million.
Chairman Alfred H. Smith said the bank's strong earnings for last year's fourth quarter and this year's first quarter show that the bank will have record growth and profits this year.
Madison's income rose to $591,920 ($1.44 a share) from $548,104 ($1.34) in the first quarter last year, total assets increased to $174.6 million from $162.5 million, deposits were up 9.8 percent to $147.9 million and loans increassed to $103.2 million.
K. Donald Menefee, Madison chairman and president, said the comparatively modest increase in profits for the quarter resulted from the bank's policy of "capping the majority of our loans at significantly below-market rates."