Baltimore-based Carrollton Bancorp earned $601,000 in net income for the first quarter of 2007, a 31 percent decrease from the same period last year. Higher expenses relating to other real estate owned and higher legal fees impacted earning performance. “As we continue to experience a stationary Fed Funds rate and hear uncertain news about the housing market, the yield on earning assets is expected to remain fairly flat or decrease slightly,” Robert A. Altieri, president and chief executive officer, said in a statement. As of Friday, Carrollton traded at $16.85, unchanged.