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Annapolis Bancorp earns $141K in fourth quarter

Annapolis Bancorp Inc., parent company of BankAnnapolis, said Thursday it earned $141,000 for the fourth quarter of 2010, compared to $261,000 for the corresponding period in 2009.

The company ended the year in the black, earning $1.61 million for the full year, compared to a $1.7 million loss for 2009.

Annapolis Bancorp also reduced its nonperforming assets for the year. On Dec. 31, nonperforming assets amounted to $10.1 million, or 2.35 percent of total assets, a reduction of $9.2 million or 48 percent, compared to $19.3 million or 4.35 percent of total the prior year.

The company said the decline reflects year-to-date net charge-offs of $3.2 million, and $6.9 million in problem loan resolutions including the return of borrowers to performing status, payoffs, and sales of foreclosed assets.

“We are pleased to report a turnaround in operating earnings and significantly improved asset quality at year-end 2010,” Chairman and CEO Richard M. Lerner said in a statement. “While encouraged that our response to the economic downturn has yielded positive results, we recognize there is still much to be accomplished, as we continue to aggressively manage nonperforming assets, build capital and reserves, and make investments in our franchise that are intended to benefit our customers and shareholders in future periods.”

Annapolis Bancorpended 2010 with capital ratio in line for a well-capitalized institution. The company had a Tier 1 capital ratio of 12.8 percent, a total capital ratio of 14.1 percent and a Tier 1 leverage ratio of 9.1 percent.