Last10K.com

Carroll Bancorp, Inc. (CROL) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

Carroll Bancorp, Inc.

CIK: 1515069 Ticker: CROL

Exhibit 99.1

FOR IMMEDIATE RELEASE

Contact: Russell J. Grimes

President and Chief Executive Officer

(410) 795-1900

Carroll Bancorp, Inc. Announces Fourth Quarter and Year-End Results

SYKESVILLE, MD – January 25, 2013

– Carroll Bancorp, Inc. (OTCBB: CROL), the parent company of Carroll Community Bank (the “Bank”), today announced net loss of $65,000 or $0.19 per common share for the three months ended and net loss of $63,000 or $0.19 per common share for the twelve months ended December 31, 2012. By comparison, the Company recorded a net loss of $53,000 or $0.16 per common share for the three months ended and net income of $20,000 or $0.06 per common share for the twelve months ended December 31, 2011, respectively.

“Consistent with our plan to focus on improving asset quality and our asset mix, 2012 was a year of continued growth and progress in executing our strategic plan. We significantly improved our net interest margin and asset quality ratios, demonstrated the ability to grow commercial loans and demand deposits positioning the Bank for future success.” stated Russell J. Grimes, President and CEO of Carroll Bancorp, Inc. The Bank recorded specific loan loss provisions for one residential mortgage loan in the second quarter of $101,000 and for one residential mortgage loan in the fourth quarter of $174,000, which was the primary reason for the net losses for those respective quarters and for the year ending December 31, 2012. Both of these legacy loans were originated prior to the current management team which was put in place starting in 2008. We do not expect to incur any future losses related to these assets. The Company would have recorded net income for the year of approximately $104,000 excluding the impact of the specific provisions mentioned above.

Total loans grew by $14.5 million or 23% during 2012 to $78.7 million at December 31, 2012. Russell J. Grimes stated: “Despite the sluggish economic environment, the Bank was able to develop and expand lending relationships and generate high quality commercial loans while continuing to focus on and improve our asset quality.” Nonperforming loans at December 31, 2012 increased slightly by $39,000 to $678,000 while total nonperforming assets decreased by $945,000, or 39%, to $1.5 million compared to December 31, 2011. The ratio of nonperforming loans to total loans was 0.86% and 1.00%, respectively, at December 31, 2012 and 2011 and the ratio of total nonperforming assets to total assets was 1.43% and 2.51%, respectively, at December 31, 2012 and 2011.

Net interest income was $3.0 million for the twelve months ended December 31, 2012, an increase of 13% from the same period last year as interest income increased by 4% and interest expense declined by 16%. “We believe the net loan growth the Bank was able to generate in 2012, especially the second half of 2012, will produce higher yielding assets and increase our net interest income and margin which we anticipate will have a positive impact on 2013 earnings.” stated Russell J. Grimes, President and CEO of Carroll Bancorp, Inc.

Carroll Bancorp, Inc.’s common stock trades on the OTC Bulletin Board (www.otcbb.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.

About Carroll Bancorp, Inc. and Carroll Community Bank

Carroll Bancorp, Inc. is the holding company of Carroll Community Bank. Carroll Community Bank, originally founded in 1870, is now a state-chartered commercial bank with branch offices in Eldersburg and Westminster of Carroll County, Maryland. Carroll Community Bank operates as a community-oriented institution, offering a variety of loan and deposit products and serving the financial needs of its local community.

Forward-Looking Statements: The statements in this release regarding the Bank’s future success, the impact in 2013 of our net loan growth in 2012 and our expectation that we will not incur future losses on identified legacy loans are forward-looking statements within the meaning of and pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such a statement is based on our current beliefs and expectations and is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, such forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Potential risks and uncertainties include, but are not limited to, further deterioration in general economic conditions in our market areas, the impact of new


The following information was filed by Carroll Bancorp, Inc. (CROL) on Wednesday, January 30, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Carroll Bancorp, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Carroll Bancorp, Inc..

Continue

Assess how Carroll Bancorp, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Carroll Bancorp, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2013 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity (parenthetical)
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Financial Condition
Consolidated Statements Of Financial Condition (parenthetical)
Consolidated Statements Of Operations
Borrowings
Borrowings (details 1)
Borrowings (details Textual)
Borrowings (details)
Borrowings (tables)
Commitments Contingent Liabilities And Off-balance Sheet Arrangements (tables)
Commitments, Contingent Liabilities And Off-balance Sheet Arrangements
Commitments, Contingent Liabilities, And Off-balance Sheet Arrangements (details Textual)
Commitments, Contingent Liabilities, And Off-balance Sheet Arrangements (details)
Credit Quality Of Loans And Allowance For Loan Losses
Credit Quality Of Loans And Allowance For Loan Losses (details 1)
Credit Quality Of Loans And Allowance For Loan Losses (details 2)
Credit Quality Of Loans And Allowance For Loan Losses (details 3)
Credit Quality Of Loans And Allowance For Loan Losses (details 4)
Credit Quality Of Loans And Allowance For Loan Losses (details 5)
Credit Quality Of Loans And Allowance For Loan Losses (details 6)
Credit Quality Of Loans And Allowance For Loan Losses (details 7)
Credit Quality Of Loans And Allowance For Loan Losses (details Textual)
Credit Quality Of Loans And Allowance For Loan Losses (details)
Credit Quality Of Loans And Allowance For Loan Losses (tables)
Deposits
Deposits (details 1)
Deposits (details Textual)
Deposits (details)
Deposits (tables)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Employee Benefit Plan
Employee Benefit Plan (details Textual)
Employee Stock Ownership Plan
Employee Stock Ownership Plan (details Textual)
Employee Stock Ownership Plan (details)
Employee Stock Ownership Plan (tables)
Fair Value Measurements
Fair Value Measurements (details 1)
Fair Value Measurements (details 2)
Fair Value Measurements (details 3)
Fair Value Measurements (details)
Fair Value Measurements (tables)
Foreclosed Assets
Foreclosed Assets (details)
Foreclosed Assets (tables)
Income Taxes
Income Taxes (details 1)
Income Taxes (details 2)
Income Taxes (details Textual)
Income Taxes (details)
Income Taxes (tables)
Loans
Loans (details)
Loans (tables)
Parent Company Only Financial Statements
Parent Company Only Financial Statements (details 1)
Parent Company Only Financial Statements (details 2)
Parent Company Only Financial Statements (details Textual)
Parent Company Only Financial Statements (details)
Parent Company Only Financial Statements (tables)
Premises And Equipment
Premises And Equipment (details 1)
Premises And Equipment (details Textual)
Premises And Equipment (details)
Premises And Equipment (tables)
Regulatory Matters And Capital Requirements
Regulatory Matters And Capital Requirements (details 1)
Regulatory Matters And Capital Requirements (details Textual)
Regulatory Matters And Capital Requirements (details)
Regulatory Matters And Capital Requirements (tables)
Related Party Transactions
Related Party Transactions (details)
Related Party Transactions (tables)
Securities
Securities (details 1)
Securities (details 2)
Securities (details Textual)
Securities (details)
Securities (tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details Textual)
Summary Of Significant Accounting Policies (policies)
Ticker: CROL
CIK: 1515069
Form Type: 10-K Annual Report
Accession Number: 0001193125-13-097331
Submitted to the SEC: Fri Mar 08 2013 8:46:14 AM EST
Accepted by the SEC: Fri Mar 08 2013
Period: Monday, December 31, 2012
Industry: State Commercial Banks

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/crol/0001193125-13-097331.htm