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.