Baltimore-based Mercantile Bankshares Corp. announced Tuesday that its first-quarter net income was up 13 percent to $70.8 million compared with the same quarter of 2005, when the company reported net income of $62.6 million.
The company?s first-quarter net income dipped 5.5 percent from the fourth quarter of 2005.
For the quarter ended March 31, diluted net income per share was 57 cents, an increase of 9.6 percent compared with the first quarter of 2005, when the company reported net income of 52 cents per share. Net interest for the first quarter was also up 10.6 percent to $158.3 million, from $143.1 million for the first quarter of 2005.
“The performance this quarter was mixed,” Edward J. Kelly III, the company?s chairman, president and chief executive officer, said in a statement. “The year-over-year comparisons are generally good and credit quality continues to be strong. We also controlled our expenses in this quarter.”
