Carrollton Bancorp Inc. in Baltimore said Monday that a spike in problem loans slashed its third-quarter profit 94% from the year-earlier period, to $51,000.

Though the $401 million-asset company reported double-digit gains in assets and loans, it said its nonperforming loans more than doubled since the end of 2007, to $12.1 million.

Its net interest margin contracted 57 basis points from last year's third quarter, to 3.85%, as a result of Federal Reserve Board interest rate cuts.

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