Baltimore Bancorp, the parent of the Bank of Baltimore, has reported first-quarter earnings of $5.08 million, or 40 cents a share, compared with $5.1 million, or 40 cents a share, for the year-ago period.

"We are pleased to report these earnings during a difficult period of economic weakness," Harry L. Robinson, Baltimore Bancorp's chairman and chief executive officer, said yesterday in a prepared release.

Robinson also said that problem loans appear to have leveled off since the end of 1990. "Our current reserves and increased capital position, which amounts to about 7.25 percent of assets, provides an appropriate cushion in these uncertain times," he said.

Total assets for the bank-holding company were $3.31 billion at the end of March, a 4.4 percent decrease from a year ago.