Carroll Bancorp, Inc. Announces Fourth Quarter and Year-End Results
Eldersburg, MD
02/01/2016 04:02 PM

Carroll Bancorp, Inc. (the “Company”) (OTCQB: CROL), the parent company of Carroll Community Bank (the “Bank”), today announced net income of $60,000 or $0.06 per diluted common share for the three months ended and net income of $271,000 or $0.29 per diluted common share for the twelve months ended December 31, 2015. By comparison, the Company recorded net income of $118,000 or $0.21 per diluted common share for the three months ended and net income of $390,000 or $0.75 per diluted common share for the twelve months ended December 31, 2014.

 

Total assets grew by $35.4 million, or 30.6%, compared to December 31, 2014, to $151.3 million. The growth was all in our loan portfolio which grew by $38.6 million, or 42.6%, to $129.3 million at December 31, 2015. We had no nonperforming loans at December 31, 2015 compared to $479,000 at December 31, 2014 and total nonperforming assets decreased during 2015 by $333,000, or 62.5%, to $199,000 compared to $532,000 at December 31, 2014. The ratio of total nonperforming assets to total assets was 0.13% and 0.46%, respectively, at December 31, 2015 and 2014.

 

Net interest income was $4.6 million for the twelve months ended December 31, 2015, an increase of 19.2% from the same period in 2014 as interest income increased by 16.9% and interest expense increased slightly by 3.5%. Our net interest margin remained strong at 3.64% for the year ending December 31, 2015 compared to 3.67% for the year ending December 31, 2014 despite the strong downward pressure on loan rates. Noninterest expense increased by $785,000, or 23.2% to $4.2 million for the year ended December 31, 2015 compared to $3.4 million for the year ended December 31, 2014 as we invested in the personnel and facilities infrastructure necessary to expand our market into the Washington Metropolitan area.

 

“2015 marked the beginning of our major push into the Washington Metropolitan market and we are gratified by the new relationships that have been developed and the resulting loan and asset growth during the year. Additionally, we capitalized on acquiring knowledgeable and seasoned bankers in our Carroll County market as a result of the Susquehanna and BB&T merger. We believe we are well positioned to capitalize and grow substantially in both markets during 2016.” stated Russell J. Grimes, the Company’s President and CEO.

 

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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