Baltimore Gas & Electric Co. yesterday reported its annual earnings fell from $106.8 million ($3.12 per share) to $103.1 million ($2.86) due largely to increased operating, refueling and maintenance expenses of its Calvert Cliffs nuclear plant.

Revenues for the big Maryland utility grew from $725 million in 1976 to $792 million last year.

Baltimore Gas said the higher costs of its nuclear generators were not covered by rates set by the Maryland Public Service Commission.

Other factors blamed for the decline in earnings were lower gas sales, start-up costs of a new synthetic gas plant, added maintenance costs from last year's severe weather, and changes in Pennsylvania taxes on utilities.

Overnite Transportation Co., of Richmond, reported a 30 per cent increase in net income, from $9.2 million to $12.1 million, and a 29 percent gain in revenues, from $120 million to $156 million last year.

Earnings per share were $3.81 against $2.97; Overnite said it issued about 13,000 shares under an employee stock offering plan last year and workers have subscribed to a 100,000 share offering for this year.

The truck line said that on Jan. 6 it extended its operations to Kansas City, Kan., and Indianapolis, by taking over routes of St. Louis-Kansas City Express.

For the fourth quarter, Overnite reported net income of $3.4 million ($1.07 per share) up 53 percent from last year's $2.2 million (70 cents), as revenues gained 28 percent, from $32 million to $41 million and freight tonnage increased 21 percent.

Madison National Bank reported a 28 per cent increase in net earnings, from $787,000 in 1976 to $1,009,000 for 1977. Earnings per share were $2.80 compared to $2.19 the previous year.

Madison National said its loans increased from $48 million to $66 million, deposits were up from $82 million to $101 million and total assets grew from $93 million to $114 million.

Bank of Columbia reported its net income for 1977 was more than double.

It can be argued that if Western that of the previous year at $276,000 (63 cents per share) compared with $134,000 (39 cents) in 1976.

The Washington bank said deposits grew from $31 million to $37 million, loans increased from $20 million to nearly $24 million, and total assets were up from $33 million to $40 million.