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Carrollton Bancorp Reports Third Quarter Profit And Year To Date Net Loss

Carrollton Bancorp, (NASDAQ: CRRB) the parent company of Carrollton Bank, announced net income for the third quarter of 2011 of $504,000, compared to a net income of $153,000 for the third quarter of 2010. Net income to common stockholders for the third quarter of 2011 was $367,000 ($0.14 per diluted share) compared to net income available to common stockholders of $18,000 ($0.01 per diluted share) for the third quarter of 2010. Net loss to common stockholders for the nine month period ended September 30, 2011 was $433,000 ($0.17 loss per diluted share) compared to net loss available to common stockholders of $163,000 ($0.06 loss per diluted share) for the same period in 2010.

The Company’s pre-tax income was $782,000 for the quarter ended September 30, 2011 compared to pre-tax income of $183,000 for the quarter ended September 30, 2010. For the nine month period ended September 30, 2011, the Company incurred a loss before taxes of $186,000 compared to income before taxes of $191,000 for the nine month period ended September 30, 2010.

The improvement in operating results for the quarter ended September 30, 2011, as compared to the same period in 2010, is a result of a $445,000 decline in the provision for loan losses, as well as an increase in noninterest income and a decline in noninterest expenses.

The decline in operating results for the nine month period ended September 30, 2011, compared to the same period in 2010, is a result of the ongoing losses associated with the loan portfolio and foreclosed real estate. During the nine month period ended September 30, 2011, the Company recorded a provision for loan losses of $2.0 million compared to $1.6 million during the same period in 2010. Expenses and losses associated with foreclosed real estate were $1.1 million for the nine month period ended September 30, 2011 as compared to $211,000 for the same period in 2010.

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