Maryland banks increase profits by 21% in second quarter

Maryland banks posted a 21 percent profit increase in the second quarter as lending and deposits both were on the rise.

Banks headquartered in Maryland posted combined profits of $172 million, up from $142 million in the same quarter last year, according to the Federal Deposit Insurance Corp.

Lending and leases grew 10 percent to $28.5 billion, up from $25.8 billion last year. Deposits increased by more than 5 percent to $30 billion.

While profits rose, the number of banks in Maryland continued to decline. The number of FDIC-insured banks decreased from 67 a year ago to 57 as smaller banks continue to get acquired by larger institutions. The number of full-time bank employees in the state dropped from 6,574 to 6,465.

Total assets in the second quarter were $37.1 billion, an increase of 6 percent from $35 billion a year ago.

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