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Carroll Bancorp fourth quarter results

Carroll Bancorp fourth quarter results

Carroll Bancorp Inc., the parent company of Carroll Community Bank, announced a net loss of $13,000 or $0.01 per diluted common share for the quarter ended Dec. 31, 2017. By comparison, the company recorded net income of $136,000 or $0.13 per diluted common share for the quarter ended Dec. 31, 2016. For the year ended Dec. 31, 2017, the company recorded net income of $297,000 or $0.28 per diluted common share compared to net income of $301,000, or $0.29 per diluted common share for the year ended Dec. 31, 2016. The fourth quarter included a one-time charge of $105,000 recorded as income tax expense relating to the re-measurement of the company's deferred tax assets as a result of a lower corporate federal tax rate pursuant to the enactment of the Tax Cuts and Jobs Act. Had this re-measurement charge not occurred, the company would have recorded net income of $92,000 and $402,000, respectively, for the three and 12 months ended Dec. 31, 2017.

Carroll Community Bank, originally founded in 1870, is a state-chartered commercial bank with branch offices in Eldersburg, Westminster and Bethesda.

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