PR Newswire
FREDERICK, Md., Jan. 15, 2014
FREDERICK, Md., Jan. 15, 2014 /PRNewswire/ -- Frederick County Bancorp, Inc. (the "Company") (OTCQB Marketplace: FCBI), the parent company for Frederick County Bank ("FCB"), announced today that, for the quarter ended December 31, 2013, the Company recorded net income of $304 thousand and diluted earnings per share of $0.20, as compared to net income of $276 thousand and diluted earnings per share of $0.18 recorded for the same quarter of 2012. The Company earned $1.7 million with diluted earnings per share of $1.10 for the year ended on December 31, 2013, as compared to $1.4 million in earnings and diluted earnings per share of $0.92 for the same period in 2012.
The increase in quarterly earnings was due primarily to the lower level of the provision for loan losses of $200 thousand in 2013, which was down from the $850 thousand recorded in 2012 and this total was partially offset by the gain on sale of securities in the amount of $594 thousand realized in 2012, whereas $17 thousand of securities losses were recognized in 2013.
The increase in year-to-date earnings was due primarily to a reduction in total noninterest expense from $9.6 million for the year 2012 as compared to $9.2 million in the same period of 2013. The primary cause of the decrease in noninterest expense was due to the lower level of foreclosed property expenses of $196 thousand in 2013, which was substantially lower than the $716 thousand incurred in 2012. In addition, the provision for loan losses of $275 thousand in 2013 was down from the $1.3 million recorded in 2012, along with a loss of $82 thousand on the sale of foreclosed property that occurred in 2012, whereas there was a $20 thousand gain on the sale of foreclosed property recorded in 2013, and this total was partially offset by the gain on sale of securities in the amount of $1.1 million realized in 2012, whereas $17 thousand of securities losses were recognized in 2013.
Net loan charge-offs for the quarters ended December 31, 2013 and 2012 totaled $412 thousand and $436 thousand, respectively. For the entire years of 2013 and 2012, the net loan charge-offs totaled $422 thousand and $920 thousand, respectively.
The ratio of the allowance for loan losses to total loans stood at 1.35% and 1.56% as of December 31, 2013 and 2012, respectively. Nonperforming assets stood at $5.3 million and $8.0 million at December 31, 2013 and 2012, respectively. The corresponding nonperforming assets to total assets ratios were 1.67% and 2.53% as of December 31, 2013 and 2012, respectively.
The Company also reported that, as of December 31, 2013, assets stood at $318.1 million, with total deposits of $267.0 million and gross loans of $253.9 million, representing an increase of 1.2%, a decrease of 0.4%, and an increase of 10.7%, respectively, compared to December 31, 2012. Total shareholders' equity at December 31, 2013 was $26.2 million, a decline of $69 thousand from December 31, 2012. The decline primarily results from the expenditures to repurchase 24,900 shares of common stock, dividends declared, and the decline in the unrealized gain on available for sale securities to an unrealized loss of $586 thousand at December 31, 2013, offsetting retained earnings and proceeds from the exercise of options. On a per share basis, book value per share increased by twenty-four cents for 2013 to $17.64 per share at December 31, 2013.
Frederick County Bank is headquartered in Frederick, Maryland, and conducts full service commercial banking services through five bank centers, four of which are located in the City of Frederick and one in Walkersville, Maryland.
| December 31, | December 31, | | | |
| 2013 | 2012 | | | |
(dollars in thousands) | (unaudited) | (unaudited) | | | |
Total assets | $318,131 | $314,459 | | | |
Loans | 253,913 | 229,288 | | | |
Deposits | 266,988 | 268,113 | | | |
Shareholders' equity | 26,187 | 26,256 | | | |
| | | | | |
| | | | | |
| Three Months Ended | | Years Ended | ||
| December 31, | | December 31, | ||
| 2013 | 2012 | | 2013 | 2012 |
(dollars in thousands, except for per share data) | (unaudited) | (unaudited) | | (unaudited) | (unaudited) |
SUMMARY OF OPERATING RESULTS: | | | | | |
Net income | $ 304 | $276 | | $ 1,691 | $1,395 |
Total comprehensive income (loss) | 233 | (60) | | 637 | 1,060 |
| | | | | |
PER COMMON SHARE DATA: | | | | | |
Basic earnings per share | $0.20 | $0.18 | | $1.12 | $0.92 |
Diluted earnings per share | $0.20 | $0.18 | | $1.10 | $0.92 |
Basic weighted average number of shares outstanding | 1,493,173 | 1,509,944 | | 1,503,888 | 1,513,941 |
Diluted weighted average number of shares outstanding | 1,536,375 | 1,514,378 | | 1,543,503 | 1,515,663 |
Common shares outstanding | 1,484,174 | 1,508,574 | | 1,484,174 | 1,508,574 |
Dividends declared | $0.06 | $0.05 | | $0.23 | $0.20 |
Book value per share | $17.64 | $17.40 | | $17.64 | $17.40 |
| | | | | |
SELECTED UNAUDITED FINANCIAL RATIOS: | | | | | |
Return on average assets | 0.37% | 0.35% | | 0.53% | 0.46% |
Return on average equity | 4.57% | 4.15% | | 6.33% Werbung Mehr Nachrichten zur Frederick County Md Aktie kostenlos abonnieren
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