Carrollton Bancorp Reports Fourth Quarter And Full Year Net Income

Carrollton Bancorp, (NASDAQ: CRRB) the parent company of Carrollton Bank, announced net income of $569,000 for the fourth quarter of 2011 and $547,000 for the year ended December 31, 2011, compared to net losses of $1.2 million and $946,000 for the comparable periods in 2010. Net income available to common stockholders for the fourth quarter of 2011 was $431,000 ($0.17 per diluted share) compared to a net loss attributable to common stockholders of $1.3 million ($0.52 loss per diluted share) for the fourth quarter of 2010. Net loss attributable to common stockholders for the year ended December 31, 2011 was $1,587 ($0.00 loss per diluted share) compared to net loss attributable to common stockholders of $1.5 million ($0.58 loss per diluted share) for the same period in 2010.

The Company’s pre-tax income was $887,000 for the quarter ended December 31, 2011 compared to a pre-tax loss of $2.0 million for the quarter ended December 31, 2010. For the year ended December 31, 2011, the Company earned income before taxes of $701,000 compared to a loss before taxes of $1.8 million for the year ended December 31, 2010.

The improvement in operating results for the quarter ended December 31, 2011, as compared to the same period in 2010, is primarily a result of a $2.3 million decline in the provision for loan losses, as well as an $801,000 decline in noninterest expenses.

The improvement in operating results for the year ended December 31, 2011, compared to 2010, is primarily a result of a $1.1 million improvement in noninterest income and a $1.9 million decline in the provision for loan losses. These improvements were partially offset by higher costs associated with foreclosed real estate and lower net interest income earned on a smaller asset base. During the year ended December 31, 2011, the Company recorded a provision for loan losses of $2.2 million compared to $4.1 million during the same period in 2010. Expenses and losses associated with foreclosed real estate were $1.4 million for the year ended December 31, 2011 as compared to $889,000 for 2010.

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