Carrollton Bancorp Reports Second Quarter Net
Income and Announces a $0.04 Quarterly Dividend
August 10, 2010 12:05 PM Eastern Daylight Time
COLUMBIA, Md.--(EON: Enhanced Online News)--Carrollton Bancorp, (NASDAQ: CRRB) the parent
company of Carrollton Bank, is issuing this corrected press release with respect to its results for the quarter ended
June 30, 2010. The Company announced net income for the second quarter of 2010 of $221,000, compared to net
income of $196,000 for the second quarter of 2009. Net income available to common shareholders for the second
quarter of 2010 was $86,000 ($0.03 per diluted share) compared to net income available to common shareholders
of $49,000 ($0.02 per diluted share) for the second quarter of 2009.
Carrollton Bancorp also announced a quarterly dividend of $0.04 per share, payable September 2, 2010 to
stockholders of record on August 13, 2010.
The Company’s quarterly net income before taxes was $301,000 for the quarter ended June 30, 2010 compared to
pre-tax operating income of $226,000 for the quarter ended June 30, 2009. During the second quarter of 2010, the
Company improved net interest income by approximately $138,000 while decreasing non-interest expenses by
approximately $298,000. These improvements were offset by a reduction in mortgage related fee income resulting
from decreased volume in the Company’s mortgage subsidiary.
For the first six months of 2010, the Company’s net income before taxes decreased to $7,000 compared to
$935,000 for the first half of 2009. A write down of $887,000 on securities during 2010 accounts for the majority
of the change in operating income.
The Company has Trust Preferred securities with a cost basis of $7.2 million and a fair value of $1.7 million as of
June 30, 2010. The $5.5 million of the unrealized loss is currently recognized as an adjustment to shareholders’
equity. These investments are measured for other than temporary impairment on a quarterly basis and the
investments are written down through t