| FINANCIAL HIGHLIGHTS Carrollton Bancorp and Subsidiary |
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| Quarter Ended December 31 | Twelve Months Ended December 31 | |||||||||||
| 2002 | 2001 | %Change | 2002 | 2001 | %Change | |||||||
| Results of Operations | ||||||||||||
| Net interest income | $2,428,630 | $2,605,136 | -7% | $10,293,044 | $10,960,269 | -6% | ||||||
| Provision for loan losses | 131,500 | 137,500 | -4% | 526,000 | 550,000 | -4% | ||||||
| Noninterest income | 1,552,956 | 1,593,234 | -3% | 7,534,802 | 7,156,444 | 5% | ||||||
| Noninterest expenses | 3,553,894 | 3,563,535 | 0% | 14,536,958 | 14,817,504 | -2% | ||||||
| Income taxes | 57,537 | 141,453 | -59% | 847,630 | 816,132 | 4% | ||||||
| Net income | 238,655 | 355,882 | -33% | 1,917,258 | 1,933,077 | -1% | ||||||
| Per Share - Note 1 | ||||||||||||
| Net income | 0.10 | 0.13 | -20% | 0.68 | 0.68 | 0% | ||||||
| Cash dividends declared | 0.09 | 0.09 | 0% | 0.36 | 0.36 | 0% | ||||||
| Book value | 11.97 | 11.51 | 4% | |||||||||
| Common stock closing price | 13.80 | 13.25 | 4% | |||||||||
| At December 31 | ||||||||||||
| Federal funds sold | 11,067,383 | 1,380,865 | 701% | |||||||||
| Investment securities | 81,311,147 | 107,712,169 | -25% | |||||||||
| Loans (net of unearned income) | 205,220,126 | 220,539,016 | -7% | |||||||||
| Earning assets - Note 2 | 295,264,869 | 327,702,479 | -10% | |||||||||
| Total assets | 324,221,615 | 356,907,181 | -9% | |||||||||
| Total deposits | 230,264,108 | 265,528,720 | -13% | |||||||||
| Stockholders' equity | 33,691,079 | 32,458,383 | 4% | |||||||||
| Common shares outstanding - Note 1 | 2,821,757 | 2,836,317 | ||||||||||
| Average Balances | ||||||||||||
| Federal funds sold | 2,779,894 | 7,142,880 | -61% | 3,031,448 | 9,631,537 | -69% | ||||||
| Investment securities | 80,840,579 | 99,705,147 | -19% | 86,051,832 | 98,638,803 | -13% | ||||||
| Loans (net of unearned income) | 208,943,066 | 224,660,048 | -7% | 215,773,105 | 237,533,054 | -9% | ||||||
| Earning assets - Note 2 | 296,989,138 | 329,310,225 | -10% | 309,837,384 | 345,329,556 | -10% | ||||||
| Total assets | 325,032,280 | 360,049,117 | -10% | 336,697,252 | 375,468,981 | -10% | ||||||
| Total deposits | 231,038,035 | 266,108,819 | -13% | 243,548,013 | 281,091,410 | -13% | ||||||
| Stockholders' equity | 34,000,199 | 32,874,478 | 3% | 33,651,292 | 31,960,641 | 5% | ||||||
| Earnings Ratios | ||||||||||||
| Return on average total assets | 0.29% | 0.40% | 0.57% | 0.51% | ||||||||
| Return on average stockholders' equity | 2.81% | 4.33% | 5.70% | 6.05% | ||||||||
| Net yield on average earning assets - Note 2 | 3.40% | 3.29% | 3.47% | 3.32% | ||||||||
| Interest rate spread - Note 2 | 2.86% | 2.81% | 2.92% | 2.78% | ||||||||
| Credit Ratios | ||||||||||||
| Nonperforming assets as a percent of period-end loans and other real estate owned | 1.23% | 0.46% | ||||||||||
| Allowance to total loans | 1.74% | 1.51% | ||||||||||
| Net loan losses to average loans | 0.10% | 0.01% | 0.13% | 0.10% | ||||||||
| Capital Ratios (period end) | ||||||||||||
| Stockholders' equity to total | ||||||||||||
| assets | 11.41% | 9.90% | ||||||||||
| Leverage capital - Note 3 | 9.54% | 8.61% | ||||||||||
| Tier 1 risk-based capital - Note 3 | 13.57% | 12.88% | ||||||||||
| Total risk-based capital - Note 3 | 15.07% | 14.26% | ||||||||||
| Note 1 : | 2001 Information has been adjusted to reflect a 5% stock dividend declared in October of 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. | |||||||||||