Baltimore Gas and ElectricA hot summer and...


Baltimore Gas and Electric

A hot summer and a recent rate increase have contributed to an increase in electricity sales and profits in the second fiscal quarter for the Baltimore-based utility.

However, BG&E;'s net earnings for the first half fell compared with last year. An accounting change added to last year's profits.

The company, which received a 4 percent electricity rate increase in June and a similar increase in December, said that residential sales of kilowatt-hours rose 8.4 percent in the first six months of this year. Industrial demand for power rose 2.9 percent.

Price decreases drove revenues from gas sales down for the first half, even though the volume of gas sold rose 1 percent from last year.

This Salisbury-based savings bank has suffered a sharp drop-off in profits since last year. The company reported a per-share loss, even though earnings were positive, because of the dividends it pays on preferred stock. Second National's non-performing assets grew to $195 million from $64 million a year ago, and Chairman Henry Berliner said that current loan appraisals may require the company to increase its reserves for loan losses.

FB&T; Corp., a York, Pa.-based banking company with Baltimore operations, yesterday reported a 13.2 percent improvement in earnings for the first half of 1991, compared with the corresponding period a year earlier. The results include the operations of Farmers Bank in Baltimore and the newly acquired branch of Farmers Bank in Randallstown.

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