Carroll Bancorp, Inc. Announces First Quarter Results
Sykesville, MD
04/16/2015 04:16 PM

Carroll Bancorp, Inc. (the “Company”) (OTCQB: CROL), the parent company of Carroll Community Bank (the “Bank”), today announced quarterly net income of $55,000, or $0.10 per diluted common share, for the quarter ended March 31, 2015 compared to $73,000, or $0.17 per diluted common share, for the quarter ended March 31, 2014.

 

In late 2014 and early 2015, the Company implemented the infrastructure to expand its lending footprint into the Washington Metropolitan area and Howard County as part of its strategic plan. We hired two seasoned commercial lenders with extensive experience along with supporting staff. During the first quarter of 2015 the Bank originated $12.4 million in loan balances and commitments. The loan loss provision expense necessary in connection with this loan growth, along with the compensation costs for the employee infrastructure were the primary reasons for the $18,000 decrease in net income for the three months ended March 31, 2015 compared to the three months ended March 31, 2014.

 

Total assets were $120.2 million at March 31, 2015, an increase of $4.3 million and $9.7 million, respectively compared to December 31, 2014 and March 31, 2014 as loan balances increased substantially by $8.0 million during the three months ended March 31, 2015. Deposits decreased by $2.2 million during the three months ended March 31, 2015 as a result of escrow funds of $2.9 million being held at December 31, 2014 in connection with our private placement offering of our common stock, which was transferred to capital in January 2015 upon the closing of the offering. Non-interest bearing and interest bearing checking accounts increased by $2.6 million to $12.8 million, or 25.2%, at March 31, 2015 compared to March 31, 2014 as we continued to focus on growth in relationship based deposit accounts. “

 

We are pleased with the loan and asset growth obtained during the first quarter of 2015. Loan demand is strong and is expected to boost interest income in future quarters offsetting our increased operational costs from the commercial lending infrastructure.” stated Russell J. Grimes, President and CEO of Carroll Bancorp, Inc.

 

Nonperforming assets dropped to $199,000 at March 31, 2015 compared to $532,000 at December 31, 2014 and $487,000 at March 31, 2014. Our past due loans continue to remain at a low level of 0.19% of total loans at March 31, 2015. Loans 90 days or more past due are considered nonperforming loans.

 

Carroll Bancorp, Inc.’s common stock trades on the OTC Markets (www.otcmarkets.com) under the symbol “CROL.” For more information, visit our website at www.carrollcobank.com or contact Russell Grimes, President & CEO, at 410-795-1900.

Reference
Russell Grimes
410-795-1900
 
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