Carrollton Bancorp Reports Second Quarter And Year To Date Net Loss
Carrollton Bancorp, (NASDAQ: CRRB) the parent company of Carrollton Bank, announced a net loss for the second quarter of 2011 of $697,000, compared to a net income of $221,000 for the second quarter of 2010. Net loss to common stockholders for the second quarter of 2011 was $834,000 ($0.32 loss per diluted share) compared to net income available to common stockholders of $86,000 ($0.03 per diluted share) for the second quarter of 2010.
The Company’s loss before taxes was $1.2 million for the quarter ended June 30, 2011 compared to pre-tax income of $301,000 for the quarter ended June 30, 2010. For the six month period ended June 30, 2011, the Company’s loss before taxes was $968,000 compared to income before taxes of $7,000 for the six month period ended June 30, 2010.
The overall decline in operating results for the 2011 periods compared to the same periods in 2010 is a result of the ongoing losses associated with the loan portfolio and foreclosed real estate. During the three and six month periods ended June 30, 2011, the Company recorded provisions for loan losses of $1.4 million and $1.5 million compared to $570,000 and $704,000 during the same periods in 2010. Expenses and losses associated with foreclosed real estate were $821,000 and $896,000 for the three and six month periods ended June 30, 2011 as compared to $71,000 and $145,000 for the same periods in 2010.
The Company reduced non-performing assets (non-accrual loans and foreclosed real estate) by 33.6% from $14.9 million at March 31, 2011 to $9.9 million at June 30, 2011. As a result of this improvement and the Company’s continued strategy focused on reducing excess balance sheet liquidity and reducing the cost of our interest-bearing liabilities, the Company’s net interest income improved by approximately $84,000 and $194,000 for the three and six month periods ended June 30, 2011 as compared to the prior year periods. In addition, the Company increased non-interest income by approximately $213,000 and $888,000 for the three and six month periods as a result of strength in the Company’s electronic banking, investment brokerage and mortgage origination businesses.
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