Baltimore Bancorp reports profit Elation tempered by resignations of five board directors.

April 09, 1992|By Ross Hetrick | Ross Hetrick,Staff Writer

The new management team at Baltimore Bancorp reported yesterday its first profit since taking over the bank holding company in September.

But the elation was muted by the recent defection of five board members.

Baltimore Bancorp, the parent company of the Bank of Baltimore, reported first-quarter income of $5.1 million, or 40 cents a share, half a percent higher than the $5.08 million, or 40 cents a share, earned during the 1991 first quarter.

It was a welcome sign after 1991 losses of $126.5 million, primarily because of provisions for losses on loans made by previous management. However, the news had little effect on the company's stock, which closed at $5.125 a share, down 12 1/2 cents, on the New York Stock Exchange yesterday.

Stock analysts said the results were better than expected, primarily because of lower-than-expected provisions for loan losses, which were $4.8 million this quarter.

The banking company reported Tuesday that five directors have resigned since early February. On Monday, Charles Kelly, an investment banker, J. Richard Leon, a banker, and David Smith, president of Sinclair Broadcasting Group, resigned. They followed resignations of Richard Fasold, president of Treasury Bank in Washington, and Dr. David Hungerford, an orthopedist.

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