Carrollton Bancorp (CRRB, Financial) filed Quarterly Report for the period ended 2009-09-30.
CARROLLTON BANCORP is a bank holding company. Carrollton Bancorp has a market cap of $13.1 million; its shares were traded at around $5.09 with and P/S ratio of 0.4. The dividend yield of Carrollton Bancorp stocks is 3.1%. Carrollton Bancorp had an annual average earning growth of 4.9% over the past 5 years.
2009 compared to $404.2 million at the end of 2008. The increase was due
primarily to the $9.5 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 $7.8 million or 2.8% to $288.3 million during the
period. Total average interest-earning assets increased $36.5 million during the
period to $397.8 million and were 96.3% of total average assets at September 30,
2009. Total deposits increased by $47.3 million or 16.2% to $339.7 million as of
September 30, 2009 from $292.4 million as of December 31, 2008. Certificate of
deposit accounts increased $44.4 million while non-interest bearing checking and
money market accounts increased $3.3 million and $3.2 million respectively.
These increases were partially offset by a $3.8 million decrease in interest
bearing checking. Stockholders' equity increased 33.0% or $9.0 million to $36.4
million at September 30, 2009. The increase was due primarily to the $9.2
million raised by participation in the U.S. Treasury's Capital Purchase Program
through the sale of Series A Preferred Stock, net income of $91,000, all of
which was partially offset by Preferred Stock dividends paid of $233,000, Common
Stock dividends paid of $513,000 and a decrease in accumulated other
comprehensive loss of $481,000. The decrease in accumulated other comprehensive
loss was due to the increase in the fair market value of the available for sale
securities partially offset by the decrease in the fair market value of the
effective cash flow hedge.
Carrollton Bancorp reported net income for the first nine months of 2009 of
$91,000 compared to $1.1 million for the comparable period in 2008. Net loss
attributable to common shareholders for the nine months ended September 30, 2009
was $254,000 ($0.10 loss per diluted shares) compared to net income available to
common shareholder of $1.1 million ($0.42 income per diluted share) for the
prior year period. The Company's provision for loan losses increased $1.3
million to $2.3 million for the nine months ended September 30, 2009. The
Company's earning performance in the first nine months of 2008 was impacted by
the $368,000 pretax charge to close the Wilkens drive-thru effective April 30,
2008, partially offset by the $80,000 gain related to the Visa, Inc. initial
public offering that occurred in March 2008. The net interest margin decreased
to 3.45% for the nine months ended September 30, 2009 from 4.07% in the
comparable period in 2008.
Interest and fee income on loans decreased 1.1% or $155,000 as a result of
the yield on loans declining 90 basis points to 5.87% while average loans
increased $38.9 million to $314.4 million. Total interest decreased 2.8 % or
$460,000. Net interest income decreased 4.0% or $420,000 due to the compression
of the Company's net interest margin to 3.45% for the nine months ended
September 30, 2009 from 4.07% in the comparable period in 2008. Non-interest
income was $5.6 million compared to $4.9 million for the same period in 2008, an
increase of $651,000 or 13.2%. This increase was due to the $1.2 million
increase in mortgage banking fees and gains and was partially offset by the
$80,000 decrease in service charges, $181,000 decrease in brokerage commissions,
and the $317,000 decrease in gains on securities sales due to the $247,000
other-than-temporary impairment charges related to the debt securities issued by
financial institutions compared to the one time $80,000 gain related to the
Visa, Inc. initial public offering that occurred in March 2008.
Non-interest expenses were $13.4 million for the first nine months of 2009
compared to $12.9 million for the same period in 2008, an increase of $494,000
or 3.8%. Salaries increased $385,000 due to increased commissions paid primarily
to the loan originators in the mortgage subsidiary. Because of the lower
interest rates, loan originations due to refinancing of residential loans
increased significantly in 2009 compared to the same period in 2008. Other
operating expenses increased $754,000 due to the $544,000 increase in the FDIC
insurance premiums for the FDIC special assessment, average deposits increasing
$35.6 million and the one time assessment credit fully utilized as of December
31, 2008. Also, other real estate owned expenses increased $308,000 and various
loan expenses, i.e. appraisals, credit reports, and fees related to collection
of loans increased $152,000. These increases were partially offset by the
$86,000 decrease in employee benefits, primarily medical benefits and the
$60,000 decrease in professional fees due to reimbursement of legal fees from
the insurance company related to a specific claim. In 2009, there was a recovery
of $108,000 of the charges recorded in 2008 for closing the Wilkens drive-thru
due to negotiating a lease buy out from the landlord.
Non-interest expenses were $13.4 million for the first nine months of 2009
compared to $12.9 million for the same period in 2008, an increase of $494,000
or 3.8%. Salaries increased $385,000 due to increased commissions paid primarily
to the loan originators in the mortgage subsidiary. 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. Other operating
expenses increased $754,000 due to the $544,000 increase in the FDIC insurance
premiums for the FDIC special assessment, average deposits increasing $35.6
million and the one time assessment credit fully utilized as of December 31,
2008. Also, other real estate owned expenses increased $308,000 and various loan
expenses, i.e. appraisals, credit reports, and fees related to collection of
loans increased $152,000. These increases were partially offset by the $86,000
decrease in employee benefits, primarily medical benefits and the $60,000
decrease in professional fees due to reimbursement of legal fees from the
insurance company related to a specific claim. In 2009, there was a recovery of
$108,000 of the charges recorded in 2008 for closing the Wilkens drive-thru due
to negotiating a lease buy out from the landlord.
Net loss for the third quarter of 2009 was $594,000 compared to net income
of $51,000 for the third quarter of 2008, a $644,000 decrease. Net loss
attributable to common shareholders for the third quarter of 2009 was $732,000
($0.28 loss per diluted share) compared to net income available to common
shareholders of $51,000 ($0.02 per diluted share) for the third quarter of 2008.
The Company recorded a provision for loan losses of $1.6 million in the third
quarter of 2009 compared to $799,000 in the same period of 2008. The allowance
for loan losses represented 1.58% of outstanding loans as of September 30, 2009
compared to 1.31% at September 31, 2008. Non-performing assets totaled $14.8
million at September 30, 2009 compared to $9.8 million at December 31, 2008 and
$12.1 million at September 30, 2008.
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CARROLLTON BANCORP is a bank holding company. Carrollton Bancorp has a market cap of $13.1 million; its shares were traded at around $5.09 with and P/S ratio of 0.4. The dividend yield of Carrollton Bancorp stocks is 3.1%. Carrollton Bancorp had an annual average earning growth of 4.9% over the past 5 years.
Highlight of Business Operations:
Total assets increased $26.0 million to $430.1 million at September 30,2009 compared to $404.2 million at the end of 2008. The increase was due
primarily to the $9.5 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 $7.8 million or 2.8% to $288.3 million during the
period. Total average interest-earning assets increased $36.5 million during the
period to $397.8 million and were 96.3% of total average assets at September 30,
2009. Total deposits increased by $47.3 million or 16.2% to $339.7 million as of
September 30, 2009 from $292.4 million as of December 31, 2008. Certificate of
deposit accounts increased $44.4 million while non-interest bearing checking and
money market accounts increased $3.3 million and $3.2 million respectively.
These increases were partially offset by a $3.8 million decrease in interest
bearing checking. Stockholders' equity increased 33.0% or $9.0 million to $36.4
million at September 30, 2009. The increase was due primarily to the $9.2
million raised by participation in the U.S. Treasury's Capital Purchase Program
through the sale of Series A Preferred Stock, net income of $91,000, all of
which was partially offset by Preferred Stock dividends paid of $233,000, Common
Stock dividends paid of $513,000 and a decrease in accumulated other
comprehensive loss of $481,000. The decrease in accumulated other comprehensive
loss was due to the increase in the fair market value of the available for sale
securities partially offset by the decrease in the fair market value of the
effective cash flow hedge.
Carrollton Bancorp reported net income for the first nine months of 2009 of
$91,000 compared to $1.1 million for the comparable period in 2008. Net loss
attributable to common shareholders for the nine months ended September 30, 2009
was $254,000 ($0.10 loss per diluted shares) compared to net income available to
common shareholder of $1.1 million ($0.42 income per diluted share) for the
prior year period. The Company's provision for loan losses increased $1.3
million to $2.3 million for the nine months ended September 30, 2009. The
Company's earning performance in the first nine months of 2008 was impacted by
the $368,000 pretax charge to close the Wilkens drive-thru effective April 30,
2008, partially offset by the $80,000 gain related to the Visa, Inc. initial
public offering that occurred in March 2008. The net interest margin decreased
to 3.45% for the nine months ended September 30, 2009 from 4.07% in the
comparable period in 2008.
Interest and fee income on loans decreased 1.1% or $155,000 as a result of
the yield on loans declining 90 basis points to 5.87% while average loans
increased $38.9 million to $314.4 million. Total interest decreased 2.8 % or
$460,000. Net interest income decreased 4.0% or $420,000 due to the compression
of the Company's net interest margin to 3.45% for the nine months ended
September 30, 2009 from 4.07% in the comparable period in 2008. Non-interest
income was $5.6 million compared to $4.9 million for the same period in 2008, an
increase of $651,000 or 13.2%. This increase was due to the $1.2 million
increase in mortgage banking fees and gains and was partially offset by the
$80,000 decrease in service charges, $181,000 decrease in brokerage commissions,
and the $317,000 decrease in gains on securities sales due to the $247,000
other-than-temporary impairment charges related to the debt securities issued by
financial institutions compared to the one time $80,000 gain related to the
Visa, Inc. initial public offering that occurred in March 2008.
Non-interest expenses were $13.4 million for the first nine months of 2009
compared to $12.9 million for the same period in 2008, an increase of $494,000
or 3.8%. Salaries increased $385,000 due to increased commissions paid primarily
to the loan originators in the mortgage subsidiary. Because of the lower
interest rates, loan originations due to refinancing of residential loans
increased significantly in 2009 compared to the same period in 2008. Other
operating expenses increased $754,000 due to the $544,000 increase in the FDIC
insurance premiums for the FDIC special assessment, average deposits increasing
$35.6 million and the one time assessment credit fully utilized as of December
31, 2008. Also, other real estate owned expenses increased $308,000 and various
loan expenses, i.e. appraisals, credit reports, and fees related to collection
of loans increased $152,000. These increases were partially offset by the
$86,000 decrease in employee benefits, primarily medical benefits and the
$60,000 decrease in professional fees due to reimbursement of legal fees from
the insurance company related to a specific claim. In 2009, there was a recovery
of $108,000 of the charges recorded in 2008 for closing the Wilkens drive-thru
due to negotiating a lease buy out from the landlord.
Non-interest expenses were $13.4 million for the first nine months of 2009
compared to $12.9 million for the same period in 2008, an increase of $494,000
or 3.8%. Salaries increased $385,000 due to increased commissions paid primarily
to the loan originators in the mortgage subsidiary. 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. Other operating
expenses increased $754,000 due to the $544,000 increase in the FDIC insurance
premiums for the FDIC special assessment, average deposits increasing $35.6
million and the one time assessment credit fully utilized as of December 31,
2008. Also, other real estate owned expenses increased $308,000 and various loan
expenses, i.e. appraisals, credit reports, and fees related to collection of
loans increased $152,000. These increases were partially offset by the $86,000
decrease in employee benefits, primarily medical benefits and the $60,000
decrease in professional fees due to reimbursement of legal fees from the
insurance company related to a specific claim. In 2009, there was a recovery of
$108,000 of the charges recorded in 2008 for closing the Wilkens drive-thru due
to negotiating a lease buy out from the landlord.
Net loss for the third quarter of 2009 was $594,000 compared to net income
of $51,000 for the third quarter of 2008, a $644,000 decrease. Net loss
attributable to common shareholders for the third quarter of 2009 was $732,000
($0.28 loss per diluted share) compared to net income available to common
shareholders of $51,000 ($0.02 per diluted share) for the third quarter of 2008.
The Company recorded a provision for loan losses of $1.6 million in the third
quarter of 2009 compared to $799,000 in the same period of 2008. The allowance
for loan losses represented 1.58% of outstanding loans as of September 30, 2009
compared to 1.31% at September 31, 2008. Non-performing assets totaled $14.8
million at September 30, 2009 compared to $9.8 million at December 31, 2008 and
$12.1 million at September 30, 2008.
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