Provident Bankshares Corp., the parent company of Provident Bank, said positive financial results during the first quarter of 2006 were fueled by a number of factors ? mainly increased lending activity and growth in deposits.

The Baltimore-based company reported Thursday a 16 percent increase in net income for the first quarter of 2006. Total net income was $18.3 million, or 55 cents per diluted share, compared with $15.8 million, or 47 cents per diluted share, for the same quarter in 2005.