Marine Midland Reports 1.9% Net Gain in Quarter
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Marine Midland Banks reported a 1.9% increase in 1985 fourth-quarter net earnings, compared to the same period of 1984.
Marine Midland, the holding company that owns the nation’s 12th-largest bank system, said it had net income of $30.2 million in the quarter ended Dec. 31. That compared to net income of $29.7 million in the fourth quarter of 1984, the company said.
Higher operating expenses and a sharply higher provision for loan losses were offset during the final quarter and the entire year by increased income from interest and non-interest sources, gains on investment securities and a change in accounting rules related to pensions, Marine Midland reported.
For the full year, Marine Midland listed net income of $125.1 million, compared to $106.4 million in 1984.
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