Carroll Bancorp, Inc. Announces Fourth Quarter and Year-End Results
Sykesvville, MD
01/21/2015 01:45 PM
Carroll Bancorp, Inc. (the “Company”) (OTCQB: CROL), the parent company of Carroll Community Bank (the “Bank”), today announced net income of $118,000 or $0.26 per diluted common share for the three months ended and net income of $390,000 or $0.90 per diluted common share for the twelve months ended December 31, 2014. By comparison, the Company recorded net income of $47,000 or $0.14 per diluted common share for the three months ended and net income of $222,000 or $0.66 per diluted common share for the twelve months ended December 31, 2013.

Total assets grew by $8.2 million, or 7.6%, compared to December 31, 2013, to $115.9 million. Most of that growth was in our loan portfolio which grew by $6.5 million, or 7.8%, to $90.7 million at December 31, 2014. Nonperforming loans at December 31, 2014 decreased by $570,000 to $479,000 compared to December 31, 2013 and total nonperforming assets decreased during 2014 by $979,000, or 64.8%, to $532,000. The ratio of nonperforming loans to total loans was 0.53% and 1.25%, respectively, at December 31, 2014 and 2013 and the ratio of total nonperforming assets to total assets was 0.46% and
1.40%, respectively, at December 31, 2014 and 2013.

Net interest income was $3.8 million for the twelve months ended December 31, 2014, an increase of 6.8% from the same period in 2013 as interest income remained relatively flat and interest expense declined by 20.1%. Our net interest margin remained strong at 3.67% for the year ending December 31, 2014 compared to 3.60% for the year ending December 31, 2013. Noninterest expense also remained relatively flat remaining at $3.4 million for the year ended December 31, 2014 compared to
the year ended December 31, 2013.

“The Company continued to make significant progress in 2014, exceeding our strategic goals for the year. Net income increased by $169,000, or 76%, compared to 2013 as our net interest income increased and our net interest margin continued to improve, exceeding our FDIC peer group. Additionally, our asset quality metrics continue to outperform our state and national peer groups.” stated Russell J. Grimes, President and CEO of Carroll Bancorp, Inc.

Carroll Bancorp, Inc.’s common stock trades on the OTC Markets (www.otcmarkets.com) under the symbol “CROL.”
Reference
Russell Grimes
410-795-1900
 
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