Bay National Corp. pares 1Q loss - Baltimore Business Journal:

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For the three months ended March 31, Lutherville-baseed Bay National lost $884,000, or 41 centw a diluted share, compared with a loss of $1.4o million, or 69 centx a diluted share, in the firs t quarter of 2008. Total deposits rose 18.5 percent, to $274.0 while total assets increased 11.3 percent, to $297.2 As the real estate market continues to Bay National’s management is “working vigorously to sell increase collateral for non-performing loans, move collateral into real estate owned, and taking appropriate charge-offe to reflect the gap between collateral values and loan Hugh W.
Mohler, Bay National’s chairman and chiefd executive, said in a Mohler, in an interview Friday, describe d the results for the January-to-March period as “disappointing.” In the past 18 to 20 however, the bank has cleaned up most of its portfolik of underperforming commercial real estate loans and residential Mohler said. “We’re anticipating that we have most of the problemk loansbehind us,” he said. In February, The bank is currentlh consideredas “adequately capitalized.
” The 9-year-old whose customers are primarilgy locally based, privately held plans to raise between $8 million and $12 million this summer through private-placement stock sales, Mohler said. The proceeds will be used “to grow our capital back to well-capitalized he said. Bay National, which has 50 employeesa compared with about 72 ayear ago, operateds two full-services branches in Baltimore and Salisburg and residential mortgage lending operations in Baltimorer and Maryland’s Eastern Shore. Shares of Bay National, which tradeds on Nasdaq, were down less than one to $1.49, in trading Friday Shares have rebounded since hittinga 52-weeik low of 52 cents on March 17.