A week after its chairman resigned, Annapolis National Bancorp last Friday restated its first-quarter earnings to reflect a big boost in loan-loss reserves.

Annapolis, which had disclosed in May that it would be forced to make revisions, said its net income was $60,000, or 3 cents a share, down from the previously reported $314,000, or 14 cents a share.

Annapolis boosted it reserves to $405,000, from $75,000.

Annapolis' new chairman, Richard M. Lerner, declined to say whether the departure of John M. Marhefka, a former bank regulator, as chairman was related to the increase in loan in loan-loss provisions. - Karen Talley

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