Business Digest

4th-quarter drop for BankAnnapolis

Annapolis - BankAnnapolis reported a significant drop in profits in the fourth quarter of 2008, but still the locally owned bank stayed on the plus side.

According to a release from the bank, its net income dropped 73 percent to $145,000 in the quarter.

Officials said the earnings were $531,000 in the fourth quarter of 2007.

BankAnnapolis also recorded a $956,000 provision for credit losses in the fourth quarter. That brings the bank's total set-asides for credit losses in 2008 to $2.375 million, up from $448,000 in 2007.

"The significant increase in...