| FINANCIAL HIGHLIGHTS | |||
| Carrollton Bancorp | |||
| Quarter Ended March 31 | |||
| 2003 | 2002 | %Change | |
| Results of Operations | |||
| Net interest income | $2,297,997 | $2,568,031 | -11% |
| Provision for possible loan losses | 121,500 | 131,500 | -8% |
| Noninterest income | 1,913,297 | 1,627,195 | 18% |
| Noninterest expenses | 3,532,988 | 3,605,742 | -2% |
| Income taxes | 207,561 | 132,462 | 57% |
| Net income | 349,245 | 325,522 | 7% |
| Per Share - Note 1 | |||
| Net income | 0.12 | 0.11 | 8% |
| Cash dividends declared | 0.09 | 0.09 | 0% |
| Book value | 12.11 | 11.36 | 7% |
| Common stock closing price | 15.25 | 12.29 | 24% |
| At March 31 | |||
| Short term investments | 13,064,322 | 9,908,594 | 32% |
| Investment securities | 86,009,959 | 98,399,704 | -13% |
| Gross loans (net of unearned income) | 195,103,946 | 218,215,317 | -11% |
| Earning assets - Note 2 | 293,205,793 | 328,258,999 | -11% |
| Total assets | 324,378,604 | 352,723,732 | -8% |
| Total deposits | 228,358,069 | 259,965,045 | -12% |
| Shareholders' equity | 34,179,940 | 32,209,217 | 6% |
| Common shares outstanding - Note 1 | 2,821,757 | 2,835,354 | |
| Average Balances | |||
| Short term investments | 19,464,328 | 10,045,133 | 94% |
| Investment securities | 74,166,698 | 96,113,371 | -23% |
| Gross loans (net of unearned income) | 200,750,283 | 219,605,956 | -9% |
| Earning assets - Note 2 | 296,881,208 | 329,014,460 | -10% |
| Total assets | 322,943,849 | 355,712,234 | -9% |
| Total deposits | 229,224,599 | 263,232,745 | -13% |
| Shareholders' equity | 33,941,821 | 32,824,477 | 3% |
| Earnings Ratios | |||
| Return on average total assets | 0.43% | 0.37% | |
| Return on average shareholders' equity | 4.12% | 3.97% | |
| Net yield on average earning assets - Note 2 | 3.21% | 3.25% | |
| Interest rate spread - Note 2 | 2.12% | 2.43% | |
| Credit Ratios | |||
| Nonperforming assets as a percent of | |||
| period-end loans and other real estate | 1.36% | 1.04% | |
| Allowance to total loans | 1.89% | 1.58% | |
| Net loan losses to average loans | 0.00% | 0.01% | |
| Capital Ratios (period end) | |||
| Shareholders' equity to total assets | 10.54% | 9.13% | |
| Leverage capital - Note 3 | 9.57% | 8.73% | |
| Tier 1 risk-based capital - Note 3 | 14.59% | 13.10% | |
| Total risk-based capital - Note 3 | 15.38% | 14.35% | |
| Note 1: Per share amounts and common shares outstanding have been adjusted to retroactively reflect the effect of a 5% stock dividend declared by the Board of Directors on October 24, 2002. | |||
| Note 2: Calculated using amortized cost basis of investments which does not consider the effect of market value gains or losses resulting from Statement of Financial Accounting Standards No. 115. | |||
| Note 3: Regulatory capital ratios exclude the net unrealized holding gains or losses on available for sale securities, except that 45% of the unrealized market value gains on equity securities are included in total capital in accordance with regulations. | |||
| March 31 | |||
| 2003 | 2002 | %Change | |
| Loans, net of unearned income | $195,104 | $218,215 | -11% |
| Allowance for loan losses | 3,692 | 3,450 | 7% |
| Investment Securities | 86,010 | 98,400 | -13% |
| Total Assets | 324,379 | 352,724 | -8% |
| Deposits | 228,358 | 259,965 | -12% |
| Stockholders' Equity | 34,180 | 32,209 | 6% |
| Shares Outstanding | 2,821,757 | 2,835,354 | |
| Quarter ended March 31 | |||
| 2003 | 2002 | %Change | |
| Net Interest Income | $2,298 | $2,568 | -11% |
| Provision For Loan Losses | 122 | 132 | -8% |
| Net Income | 349 | 326 | 7% |
| Per Share: basic and diluted | $0.12 | $0.11 | 9% |
| Return on Average Assets | 0.43% | 0.37% | 16% |
| Return on Average Equity | 4.12% | 3.97% | 4% |