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BALTIMORE BANCORP TELLS STOCKHOLDERS TO LOOK FOR CONTINUED PROFITABILITY

BALTIMORE BANCORP TELLS STOCKHOLDERS TO LOOK FOR CONTINUED PROFITABILITY
 BALTIMORE, May 20 /PRNewswire/ -- At their annual meeting today, Edwin F. Hale Sr., chairman of the board of Baltimore Bancorp (NYSE: BBB) told stockholders that the company anticipates continued profitability from its core operating businesses in the periods ahead, assuming normalized loan loss provisions consistent with those recorded in the first quarter.
 "Our first quarter profit of $5.1 million has set the pace for coming quarters and includes $2.7 million from the company's core banking operations. So far this quarter, our net interest margin is growing, fee income is increasing, expenses are controlled, liquidity is high and capital ratios are improving," Hale said.
 In separate remarks, Chief Executive Officer C.H. Whittum Jr., said, "Although we continue to project a long and arduous journey to rid ourselves of nonperforming assets, we are making progress and can report a 5 percent, or $12 million, net reduction in nonperforming assets between March 31 and April 30."
 A substantial majority of stockholders voted in favor of all three nominee directors standing for a three-year term. Two of those directors, Conrad H.C. Everhard and Jay H. Gouline, were added to the board in April 1992. The third director, Barry B. Bondroff, was re-elected to a three-year term. Herbert F. Lee, the only other director standing for re-election this year, was elected by stockholders to a one-year term.
 Two amendments to the company's Articles of Incorporation, which were the only other proposals put before stockholders, failed to receive the required supermajority affirmative vote of outstanding shares entitled to vote at the annual meeting. The amendments would have (1) eliminated the supermajority voting requirements for amendments, and (2) eliminated the "for cause" and 80 percent stockholder voting requirements for removal of directors and specified a minimum and maximum number of directors. Both proposals were put forth by the current board of directors as fulfilling their pledge during last year's successful proxy contest to ensure a more democratic process for stockholder control.
 Baltimore Bancorp is a $3.1 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.
 -0- 5/20/92
 /CONTACT: David L. Spilman, treasurer and director of investor relations of Baltimore Bancorp, 800-722-8823/
 (BBB) CO: Baltimore Bancorp ST: Maryland IN: FIN SU:


MK-MP -- PH003 -- 6200 05/20/92 11:35 EDT
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Publication:PR Newswire
Date:May 20, 1992
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