Provident Bankshares jumps 28% on strong Q2 earnings

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Bank holding company Provident Bankshares Corporation (Nasdaq:PBKS) is up 28% today after reporting strong second-quarter earnings. For the quarter ended June 30, net income was $15.1 million, or $0.41 per share, which soared above Wall Street’s expectations of $0.30 per share. The better-than-expected results were due to no significant deterioration in the credit quality of the company’s loan portfolio and a decrease in non-performing loans, the company said. The Baltimore, Md.-based company is trading $1.70 higher today at $7.77. Trading volume has zoomed past 1 million shares, well above the average.

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