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BALTIMORE BANCORP REPORTS $5.1 MILLION PROFIT FOR FIRST QUARTER

 BALTIMORE BANCORP REPORTS $5.1 MILLION PROFIT FOR FIRST QUARTER
 BALTIMORE, April 8 /PRNewswire/ -- Baltimore Bancorp (NYSE: BBB), parent company of The Bank of Baltimore, today reported net income of $5.102 million, or $.40 per share, for the quarter ended March 31, 1992, compared with $5.079 million for the first quarter of 1991, also $.40 per share. Current returns on average assets and equity amounted to .65 percent and 18.98 percent, respectively, for the three months ended March 31, 1992, compared with .60 percent and 8.56 percent, respectively, for the same quarter last year.
 C.H. Whittum Jr., chief executive officer, said, "These are the best quarterly results since June 30, 1989, when you exclude the extraordinary income recorded in prior periods. This achievement marks the beginning of the company's journey back to financial health and prosperity. We've accomplished a lot since we arrived six months ago, though we certainly recognize that we are not out of the woods yet. But we feel good about delivering what we said could be done and look forward to establishing a record for consistent quarterly performance in the periods ahead."
 Nonperforming assets were substantially unchanged from year-end 1991 and amounted to $237.9 million on March 31, 1992, compared with $237.3 million at Dec. 31, 1991. Net loans charged off amounted to $1.6 million for the first quarter of 1992 compared with $65.7 million for the previous quarter ended Dec. 31, 1991, and $3.3 million for the first quarter of 1991. The allowance for possible loan losses was increased to $80.7 million at March 31, 1992, from $77.4 million at year-end 1991, increasing the coverage ratio of nonperforming loans to 48 percent from 46 percent at year-end.
 The first quarter results include a loan loss provision of $4.9 million compared with $2.1 million for the first quarter of 1991. Other operating income for the current quarter includes $4.2 million in gains on the sale of $118 million of home equity lines of credit and a $3.7 million loss from market value declines in assets held for sale.
 Edwin F. Hale Sr., chairman, added, "We're right on track with our 1992 business plan for profits and capital recovery. Already, our net yield on earning assets of 2.86 percent is up to where it was four years ago, and since year-end, the bank's capital (leverage) ratio has increased by 32 basis points to 3.66 percent. We're pleased with the results so far, but we won't be satisfied until the job is completed."
 Baltimore Bancorp is a $3.2 billion Baltimore-based bank holding company. Its principal subsidiary, The Bank of Baltimore, founded in 1818, operates 51 branches within the Baltimore-Washington Common Market.
 BALTIMORE BANCORP AND SUBSIDIARIES
 (Thousands of dollars, except per-share data)
 Quarter ended March 31 1992 1991 Pct. Chg.
 Results of operations:
 Net interest income $21,195 $20,504 3.4
 Provision for possible loan losses 4,881 2,050 138.1
 Other operating income 7,128 4,347 64.0
 Investment securities gains 2,416 2,339 3.3
 Other operating expenses 20,673 18,104 14.2
 Income taxes 83 2,146 (96.1)
 Income before extraordinary item 5,102 4,890 4.3
 Extraordinary item(A) --- 189 (100.0)
 Net income 5,102 5,079 0.5
 Per share:
 Income before extraordinary item $.40 $.38 5.5
 Extraordinary item(A) --- .02 (100.0)
 Net income .40 .40 0.2
 Cash dividends declared --- .15 (100.0)
 Book value 8.82 18.74 (53.0)
 Common stock closing price (NYSE) 6.00 7.875 (23.8)
 At March 31:
 Investment securities $682,673 $707,767 (3.5)
 Loans (net of unearned income) 1,692,137 2,238,296 (24.4)
 Earning assets 2,950,963 3,128,548 (5.7)
 Total assets 3,108,552 3,307,596 (6.0)
 Core deposits(B) 2,231,788 2,175,451 2.6
 Total deposits 2,854,498 2,923,696 (2.4)
 Stockholders' equity 112,297 239,022 (53.0)
 Stockholder shares 12,736,797 12,751,336 ---
 Average balances:
 Investment securities $615,352 $769,962 (20.1)
 Loans (net of unearned income) 1,907,232 2,219,322 (14.1)
 Earning assets 2,985,170 3,234,580 (7.7)
 Total assets 3,154,464 3,399,880 (7.2)
 Core deposits(B) 2,259,259 2,148,131 5.2
 Total deposits 2,922,811 2,912,378 0.4
 Stockholders' equity 107,521 237,247 (54.7)
 Earnings ratios (pct.):
 Return on average total assets .65 .60 ---
 Return on average stockholders'
 equity 18.98 8.56 ---
 Net yield on average earning assets 2.86 2.57 ---
 Capital ratios (period end) (pct.):
 Stockholders' equity to total assets 3.61 7.23 ---
 Tier 1 risk-based capital
 (fully phased in) 4.51 7.55 ---
 Total risk-based capital
 (fully phased in) 6.07 8.63 ---
 (A) Gain, net of taxes, from early extinguishment of debt.
 (B) Total deposits excluding certificates of deposit $100,000 and over and broker deposits.
 -0- 4/8/92
 /CONTACT: David L. Spilman, treasurer of Baltimore Bancorp, 800-722-8823/
 (BBB) CO: Baltimore Bancorp ST: Maryland IN: FIN SU: ERN


JS-MK -- PH022 -- 6288 04/08/92 13:06 EDT
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Date:Apr 8, 1992
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