Carrollton Bancorp (CRRB, Financial) filed Quarterly Report for the period ended 2009-03-31.
CARROLLTON BANCORP is a bank holding company. Carrollton Bancorp has a market cap of $13.5 million; its shares were traded at around $5.25 with a P/E ratio of 15.9 and P/S ratio of 0.5. The dividend yield of Carrollton Bancorp stocks is 6.1%. Carrollton Bancorp had an annual average earning growth of 4.9% over the past 5 years.
compared to $404.2 million at the end of 2008. The increase was due primarily to
the $9.4 million increase in loans held for sale due to the high demand for
refinancing existing residential loans because of the low interest rates. Loans
increased by $1.7 million or 0.60% to $282.2 million during the period. Total
average interest-earning assets increased $29.5 million during the period to
$390.8 million and were 96.4% of total average assets at March 31, 2009. Total
deposits increased by $19.5 million or 6.7% to $311.8 million as of March 31,
2009 from $292.4 million as of December 31, 2008. Certificate of deposit
accounts increased $14.3 million while non-interest bearing checking, lower
interest bearing checking, savings accounts and money market accounts increased
$1.5 million, $1.3 million, $1.3 million and $1.1 million respectively.
Stockholders' equity increased 29.9% or $8.2 million to $35.6 million at March
31, 2009. The increase was due primarily to the $9.2 million raised through the
sale of Series A Preferred Stock, net income of $488,000, all of which was
partially offset by dividends paid of $205,000 and a decrease in accumulated
other comprehensive income of $1.3 million. The decrease in accumulated other
comprehensive income was due to the decrease in the fair market value of the
available for sale securities and the decrease in the fair market value of the
effective cash flow hedge.
Total deposits increased by $19.5 million or 6.7% to $311.8 million as of
March 31, 2009, from $292.4 million as of December 31, 2008. Certificate of
deposit accounts increased $14.3 million while non-interest bearing checking,
lower-interest bearing checking, savings accounts and money market accounts
increased $1.5 million, $1.3 million, $1.3 million and $1.1 million,
respectively.
Interest and fee income on loans decreased 3.0% primarily due to the
decline in interest rates, with total interest income decreasing 1.4%. Net
interest income was substantially the same at $3.4 million for the quarter ended
March 31, 2009 and 2008. The decrease in net interest income due to compression
of the Company's net interest margin to 3.63% for the three months ended March
31, 2009 from 4.18% in the comparable period in 2008 was offset by the $58.1
million or 17.5% increase in average interest earning assets. Non interest
income increased 9.4% or $156,000 to $1.8 million in the first quarter of 2009
compared to the first quarter of 2008. The increase was due to the $381,000
increase in mortgage banking fees and gains partially offset by the $87,000
decrease in brokerage commissions, $43,000 decrease in Electronic Banking and
the $81,000 decrease in security gains.
Noninterest expenses were $4.4 million in the first quarter of 2009 and
2008. Salaries increased $113,000 due to normal salary increases and increased
commissions paid primarily to the loan originators in the mortgage subsidiary
(CMSI). Because of the low interest rates, loan originations due to refinancing
of residential loans increased significantly in 2009, compared to the same
period in 2008. Professional fees increased $45,000 due to an increase in
consulting fees and legal fees related to delinquencies and foreclosures. Other
operating expenses increased $160,000 due to the $116,000 increase in the FDIC
insurance premiums due to the FDIC raising premiums, deposits increasing $34.1
million and the one time credit assessment fully utilized as of December 31,
2008. Also, OREO expenses increased $28,000 and various loan expenses, i.e.
appraisals, credit reports, and fees related to collection of loans increased
$35,000. These increases were partially offset by the $368,000 charge recorded
in 2008 for closing the Wilkens drive-thru and decreases in various other
expenses.
Noninterest expenses were $4.4 million in the first quarter of 2009 and
2008. Salaries increased $113,000 due to normal salary increases and increased
commissions paid primarily to the loan originators in the mortgage subsidiary
CMSI. Because of the low interest rates, loan originations due to refinancing of
residential loans increased significantly in 2009, compared to the same period
in 2008. Professional fees increased $45,000 due to an increase in consulting
fees and legal fees related to delinquencies and foreclosures. Other operating
expenses increased $160,000 due to the $116,000 increase in the FDIC insurance
premiums due to the FDIC raising premiums, deposits increasing $34.1 million and
the one time assessment credit fully utilized as of December 31, 2008. Also,
OREO expenses increased $28,000 and various loan expenses, i.e. appraisals,
credit reports, and fees related to collection of loans increased $35,000. These
increases were partially offset by the $368,000 charge recorded in 2008 for
closing the Wilkens drive-thru and decreases in various other expenses.
The Company also has external sources of funds through the FRB and FHLB,
which can be drawn upon when required. There is a line of credit totaling
approximately $64 million with the FHLB based on qualifying loans pledged as
collateral. Also the Company can pledge securities at the FRB and FHLB and
borrow approximately 97% of the fair market value of the securities. In
addition, the Company had $32.7 million of securities pledged at the FHLB under
which the Company's subsidiary, Carrollton Bank, could have borrowed
approximately $31.7 million. Also, Carrollton Bank has $8.0 million of
securities pledged at FRB under which it could have borrowed approximately $7.7
million. Outstanding borrowings at the FHLB were $51.5 million at March 31,
2009. Additionally, the Company has an unsecured federal funds line of credit of
$5.0 million and a $10.0 secured federal funds line of credit with other
institutions. The secured federal funds line of credit with another institution
would require Carrollton Bank to transfer securities pledged at the FHLB or FRB
to this institution before Carrollton Bank could borrow against this line. There
was no balance outstanding under these lines at March 31, 2009. These lines bear
interest at the current federal funds rate of the correspondent bank.
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CARROLLTON BANCORP is a bank holding company. Carrollton Bancorp has a market cap of $13.5 million; its shares were traded at around $5.25 with a P/E ratio of 15.9 and P/S ratio of 0.5. The dividend yield of Carrollton Bancorp stocks is 6.1%. Carrollton Bancorp had an annual average earning growth of 4.9% over the past 5 years.
Highlight of Business Operations:
Total assets increased $11.0 million to $415.2 million at March 31, 2009,compared to $404.2 million at the end of 2008. The increase was due primarily to
the $9.4 million increase in loans held for sale due to the high demand for
refinancing existing residential loans because of the low interest rates. Loans
increased by $1.7 million or 0.60% to $282.2 million during the period. Total
average interest-earning assets increased $29.5 million during the period to
$390.8 million and were 96.4% of total average assets at March 31, 2009. Total
deposits increased by $19.5 million or 6.7% to $311.8 million as of March 31,
2009 from $292.4 million as of December 31, 2008. Certificate of deposit
accounts increased $14.3 million while non-interest bearing checking, lower
interest bearing checking, savings accounts and money market accounts increased
$1.5 million, $1.3 million, $1.3 million and $1.1 million respectively.
Stockholders' equity increased 29.9% or $8.2 million to $35.6 million at March
31, 2009. The increase was due primarily to the $9.2 million raised through the
sale of Series A Preferred Stock, net income of $488,000, all of which was
partially offset by dividends paid of $205,000 and a decrease in accumulated
other comprehensive income of $1.3 million. The decrease in accumulated other
comprehensive income was due to the decrease in the fair market value of the
available for sale securities and the decrease in the fair market value of the
effective cash flow hedge.
Total deposits increased by $19.5 million or 6.7% to $311.8 million as of
March 31, 2009, from $292.4 million as of December 31, 2008. Certificate of
deposit accounts increased $14.3 million while non-interest bearing checking,
lower-interest bearing checking, savings accounts and money market accounts
increased $1.5 million, $1.3 million, $1.3 million and $1.1 million,
respectively.
Interest and fee income on loans decreased 3.0% primarily due to the
decline in interest rates, with total interest income decreasing 1.4%. Net
interest income was substantially the same at $3.4 million for the quarter ended
March 31, 2009 and 2008. The decrease in net interest income due to compression
of the Company's net interest margin to 3.63% for the three months ended March
31, 2009 from 4.18% in the comparable period in 2008 was offset by the $58.1
million or 17.5% increase in average interest earning assets. Non interest
income increased 9.4% or $156,000 to $1.8 million in the first quarter of 2009
compared to the first quarter of 2008. The increase was due to the $381,000
increase in mortgage banking fees and gains partially offset by the $87,000
decrease in brokerage commissions, $43,000 decrease in Electronic Banking and
the $81,000 decrease in security gains.
Noninterest expenses were $4.4 million in the first quarter of 2009 and
2008. Salaries increased $113,000 due to normal salary increases and increased
commissions paid primarily to the loan originators in the mortgage subsidiary
(CMSI). Because of the low interest rates, loan originations due to refinancing
of residential loans increased significantly in 2009, compared to the same
period in 2008. Professional fees increased $45,000 due to an increase in
consulting fees and legal fees related to delinquencies and foreclosures. Other
operating expenses increased $160,000 due to the $116,000 increase in the FDIC
insurance premiums due to the FDIC raising premiums, deposits increasing $34.1
million and the one time credit assessment fully utilized as of December 31,
2008. Also, OREO expenses increased $28,000 and various loan expenses, i.e.
appraisals, credit reports, and fees related to collection of loans increased
$35,000. These increases were partially offset by the $368,000 charge recorded
in 2008 for closing the Wilkens drive-thru and decreases in various other
expenses.
Noninterest expenses were $4.4 million in the first quarter of 2009 and
2008. Salaries increased $113,000 due to normal salary increases and increased
commissions paid primarily to the loan originators in the mortgage subsidiary
CMSI. Because of the low interest rates, loan originations due to refinancing of
residential loans increased significantly in 2009, compared to the same period
in 2008. Professional fees increased $45,000 due to an increase in consulting
fees and legal fees related to delinquencies and foreclosures. Other operating
expenses increased $160,000 due to the $116,000 increase in the FDIC insurance
premiums due to the FDIC raising premiums, deposits increasing $34.1 million and
the one time assessment credit fully utilized as of December 31, 2008. Also,
OREO expenses increased $28,000 and various loan expenses, i.e. appraisals,
credit reports, and fees related to collection of loans increased $35,000. These
increases were partially offset by the $368,000 charge recorded in 2008 for
closing the Wilkens drive-thru and decreases in various other expenses.
The Company also has external sources of funds through the FRB and FHLB,
which can be drawn upon when required. There is a line of credit totaling
approximately $64 million with the FHLB based on qualifying loans pledged as
collateral. Also the Company can pledge securities at the FRB and FHLB and
borrow approximately 97% of the fair market value of the securities. In
addition, the Company had $32.7 million of securities pledged at the FHLB under
which the Company's subsidiary, Carrollton Bank, could have borrowed
approximately $31.7 million. Also, Carrollton Bank has $8.0 million of
securities pledged at FRB under which it could have borrowed approximately $7.7
million. Outstanding borrowings at the FHLB were $51.5 million at March 31,
2009. Additionally, the Company has an unsecured federal funds line of credit of
$5.0 million and a $10.0 secured federal funds line of credit with other
institutions. The secured federal funds line of credit with another institution
would require Carrollton Bank to transfer securities pledged at the FHLB or FRB
to this institution before Carrollton Bank could borrow against this line. There
was no balance outstanding under these lines at March 31, 2009. These lines bear
interest at the current federal funds rate of the correspondent bank.
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