NS&T Bankshares, the parent company of NS&T Bank of Washington, reported sharply increased profits for the second quarter of 1985, citing gains in loans and investments.
The company said net income for the three months ended June 30 totaled $2.1 million ($1.51 per share), compared with $1.5 million ($1.13) for the previous year, an increase of 34.5 percent. Net income for the first six months was $4.2 million, up 39.2 percent over $3.0 million for the same period a year ago.
NS&T Chairman John J. Mason, in a statement, attributed the improvement in income to a 12 percent increase in average interest-earning assets, coupled with an improvement in the interest margin on such assets.
Total assets grew 10.5 percent over the quarter to $932.7 million, while total loans were $638.6 million, up 33.2 percent.
Baltimore Bancorp, the holding company for the Bank of Baltimore, showed a profit of $4.096 million (64 cents per share) during the second quarter, a 97.7 percent jump over the samer period of 1984. (Earnings per share were not disclosed before the company went public in November.)
President Harry L. Robinson attributed the increase to an 18 percent growth in the bank's loan portfolio as well as to control over loan losses. The bank had no net losses during the quarter but instead had a net recovery of $477,000 from previously reported losses.
Last month Baltimore Bancorp signed an agreement making Municipal Savings & Loan Association of Baltimore County a subsidiary. The parent company will provide the S&L with enough capital to qualify for federal insurance.