Carrollton Bancorp Reports Second Quarter And Year To Date Loss
Carrollton Bancorp (NASDAQ: CRRB), the parent company of Carrollton Bank, announced net losses of $164,804 and $417,268 for the three and six month periods ended June 30, 2012, compared to net losses of $697,358 and $526,063 for the comparable periods in 2011. Net losses attributable to common stockholders for the three and six month periods ended June 30, 2012 were $301,883 ($0.12 loss per diluted share) and $691,426 ($0.27 loss per diluted share) compared to net losses attributable to common stockholders of $834,437 ($0.32 loss per diluted share) and $800,220 ($0.31 loss per diluted share) for the comparable periods in 2011.
The Company’s pre-tax loss was $289,526 for the quarter ended June 30, 2012 compared to a pre-tax loss of $1.2 million for the quarter ended June 30, 2011.
The improvement in operating results for the quarter, as compared to the same period in 2011, are primarily a result of a $1.0 million decrease in the provision for loan losses, a reduction in securities write downs of $414,000 and a $298,000 improvement in mortgage fee income. These improvements are partially offset by a $345,000 decrease in net interest income, a $305,000 increase in professional fees and a $108,000 increase in costs and write downs associated with foreclosed real estate. The increases in professional fees are associated with legal and investment banking expenses incurred in connection with the planned merger with Jefferson Bancorp, Inc. announced on April 9, 2012.
Nonperforming assets (nonaccrual loans and foreclosed real estate) decreased by 32.6% from $9.9 million at June 30, 2011 to $6.7 million at June 30, 2012. The allowance for loan losses represented 1.86% of outstanding loans as of June 30, 2012 compared to 1.75% at June 30, 2011. The Company experienced net charge-offs of $753,000 for the quarter ended June 30, 2012 as compared to $1.2 million for the same period in 2011.
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