Carrollton Bancorp (CRRB, Financial) filed Quarterly Report for the period ended 2010-03-31.
Carrollton Bancorp has a market cap of $13.5 million; its shares were traded at around $5.28 with and P/S ratio of 0.5. The dividend yield of Carrollton Bancorp stocks is 3%.
Total deposits decreased by $13.5 million or 4.0% to $322.3 million as of March 31, 2010 from $335.8 million as of December 31, 2009. Certificate of deposit accounts decreased $12.1 million while non-interest bearing checking and money market accounts decreased $135,887 and $2.8 million, respectively. These decreases were slightly offset by a $1.6 million increase in savings accounts. The decrease in certificate of deposit balances is a result of a management decision to reduce excess liquidity and higher cost deposits in order to improve net interest margin.
Advances from the Federal Home Loan Bank (FHLB) decreased $2.5 million to $40.8 million at March 31, 2010. Total borrowings decreased $5.0 million to $44.8 million at March 31, 2010, compared to $49.8 million at the end of 2009. The decrease in other borrowings is also a result of the management decision to reduce excess liquidity and high-cost sources of funding.
Carrollton Bancorp reported a net loss for the first three months of 2010 of $131,252 compared to net income of $488,325 for the comparable period in 2009. Net loss attributable to common shareholders for the three months ended March 31, 2010 was $266,736 ($0.10 loss per diluted share) compared to net income available to common shareholders of $428,263 ($0.17 income per diluted share) for the prior year period. The Company has experienced a loss on securities of $753,537 for the three months ended March 31, 2010.
Non-interest income was $942,247 compared to $1.8 million for the same period in 2009, a decrease of $873,578 or 48.1%. This decrease was due primarily to the one time security loss of $753,537, in addition to the $230,368 reduction of mortgage banking fees. These decreases to noninterest income were partially offset by a $67,714 increase in brokerage commissions and an $88,131 increase in electronic banking fees. The security loss resulted from three trust preferred securities held in the Company s investment portfolio that were written down through the income statement as the quarterly impairment analysis dictated. Impairments result from the deferral of dividends by several financial institutions or complete failure of the institution that hold the underlying debt obligations on these securities. It is possible that continuation of the current economic environment will result in additional write-downs resulting from future deferrals or failures. While this creates volatility in the Company s earnings, the write-downs have very little effect on the Bank s regulatory capital position since the regulatory capital calculations allocate enough capital to cover the unrealized losses. Management is hopeful that these investments will increase in value as the economy improves and management will continuously evaluate all strategies to maximize the ultimate value realized from these investments.
Interest expense decreased $454,798 to $1.6 million during the first three months of 2010 compared to $2.1 million during the first three months of 2009. The cost of interest-bearing liabilities decreased to 1.98% for the first three months of 2010 compared to 2.56% for the first three months of 2009. The decrease was primarily related to management s deliberate reduction in high-cost certificates of deposit and other borrowings during the fourth quarter of 2009 and the first quarter of 2010. The decrease in the cost of interest-bearing liabilities was partially offset by the $2.3 million or 0.7% increase in average interest-bearing liabilities to $327.3 million as of March 31, 2010, from $324.9 million as of March 31, 2009.
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Carrollton Bancorp has a market cap of $13.5 million; its shares were traded at around $5.28 with and P/S ratio of 0.5. The dividend yield of Carrollton Bancorp stocks is 3%.
Highlight of Business Operations:
Total assets decreased $17.9 million to $405.9 million at March 31, 2010, compared to $423.8 million at the end of 2009. The decrease was due primarily to the $9.2 million decrease in loans held for sale resulting from lower demand for refinancing of existing residential loans, $5.0 million decrease in Federal Funds Sold due to management s efforts to reduce balance sheet liquidity, and $3.1 million reduction in available for sale securities due to two securities maturing during the 1st quarter. Loans decreased by $389,445, or 0.13%, to $293.4 million during the period. Total deposits decreased by $13.5 million or 4.0% to $322.3 million as of March 31, 2010, from $335.8 million as of December 31, 2009. Stockholders equity increased 1.5% or $529,257 to $35.7 million at March 31, 2010. The increase was due primarily to the $920,272 decrease in unrealized losses on AFS securities (net of tax), which was partially offset by $131,252 net loss and payment of $217,757 in dividends.Total deposits decreased by $13.5 million or 4.0% to $322.3 million as of March 31, 2010 from $335.8 million as of December 31, 2009. Certificate of deposit accounts decreased $12.1 million while non-interest bearing checking and money market accounts decreased $135,887 and $2.8 million, respectively. These decreases were slightly offset by a $1.6 million increase in savings accounts. The decrease in certificate of deposit balances is a result of a management decision to reduce excess liquidity and higher cost deposits in order to improve net interest margin.
Advances from the Federal Home Loan Bank (FHLB) decreased $2.5 million to $40.8 million at March 31, 2010. Total borrowings decreased $5.0 million to $44.8 million at March 31, 2010, compared to $49.8 million at the end of 2009. The decrease in other borrowings is also a result of the management decision to reduce excess liquidity and high-cost sources of funding.
Carrollton Bancorp reported a net loss for the first three months of 2010 of $131,252 compared to net income of $488,325 for the comparable period in 2009. Net loss attributable to common shareholders for the three months ended March 31, 2010 was $266,736 ($0.10 loss per diluted share) compared to net income available to common shareholders of $428,263 ($0.17 income per diluted share) for the prior year period. The Company has experienced a loss on securities of $753,537 for the three months ended March 31, 2010.
Non-interest income was $942,247 compared to $1.8 million for the same period in 2009, a decrease of $873,578 or 48.1%. This decrease was due primarily to the one time security loss of $753,537, in addition to the $230,368 reduction of mortgage banking fees. These decreases to noninterest income were partially offset by a $67,714 increase in brokerage commissions and an $88,131 increase in electronic banking fees. The security loss resulted from three trust preferred securities held in the Company s investment portfolio that were written down through the income statement as the quarterly impairment analysis dictated. Impairments result from the deferral of dividends by several financial institutions or complete failure of the institution that hold the underlying debt obligations on these securities. It is possible that continuation of the current economic environment will result in additional write-downs resulting from future deferrals or failures. While this creates volatility in the Company s earnings, the write-downs have very little effect on the Bank s regulatory capital position since the regulatory capital calculations allocate enough capital to cover the unrealized losses. Management is hopeful that these investments will increase in value as the economy improves and management will continuously evaluate all strategies to maximize the ultimate value realized from these investments.
Interest expense decreased $454,798 to $1.6 million during the first three months of 2010 compared to $2.1 million during the first three months of 2009. The cost of interest-bearing liabilities decreased to 1.98% for the first three months of 2010 compared to 2.56% for the first three months of 2009. The decrease was primarily related to management s deliberate reduction in high-cost certificates of deposit and other borrowings during the fourth quarter of 2009 and the first quarter of 2010. The decrease in the cost of interest-bearing liabilities was partially offset by the $2.3 million or 0.7% increase in average interest-bearing liabilities to $327.3 million as of March 31, 2010, from $324.9 million as of March 31, 2009.
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