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Frederick County Bancorp, Inc. Reports Results for the First Quarter 2013

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PR Newswire

FREDERICK, Md., April 16, 2013

FREDERICK, Md., April 16, 2013 /PRNewswire/ -- Frederick County Bancorp, Inc. (the "Company") (OTC Bulletin Board: FCBI), the parent company for Frederick County Bank, announced today that, for the quarter ended March 31, 2013, the Company recorded net income of $480 thousand and diluted earnings per share of $0.31, as compared to net income of $370 thousand and diluted earnings per share of $0.24 recorded for the first quarter of 2012. The increase in earnings was due primarily to a decrease in total noninterest expense in 2013 to $2.2 million from the $2.4 million recorded in the first quarter of 2012, which was primarily related to a decrease in the provision for foreclosed properties from $100 thousand recorded in 2012, while no provision was required in 2013. In addition, earnings were also impacted by a reduction in the provision for loan losses from $65 thousand in 2012, while no provision was required in 2013, and an increase in total noninterest income to $249 thousand for 2013 as compared to $202 thousand for 2012. These changes were offset in part, by a decline of $99 thousand in net interest income, as interest income declined by a greater amount than interest expense, as the average rate earned on interest earning assets declined by 53 basis points, while the rates paid on interest bearing liabilities declined by 18 basis points.

The ratio of the allowance for loan losses to total loans stood at 1.55% and 1.54% as of March 31, 2013 and 2012, respectively. Net loan charge-offs for the quarter ended March 31, 2013 totaled $5 thousand compared to net loan recoveries for the same period last year totaling $5 thousand. The Company has seen a decrease in its ratio of nonperforming assets to total assets, 2.50% at March 31, 2013 as compared to 2.92% at March 31, 2012, and no change in its ratio of net charge-offs to average loans of 0.00% at both March 31, 2013 and 2012.

The Company also reported that, as of March 31, 2013, assets stood at $320.6 million, with total deposits of $274.2 million and gross loans of $230.7 million, representing increases of 5.2%, 5.9% and 8.1%, respectively, as compared to the first quarter of 2012.

Frederick County Bank commenced operations in 2001 and has posted positive quarterly earnings continuously since 2002, its second year in operation. The 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.

March 31,

December 31,

ARIVA.DE Börsen-Geflüster

Kurse

Frederick County Md

0,00%

2013

2012

(dollars in thousands)

(unaudited)

(audited)

Total assets

$ 320,612

$ 304,680

$ 314,459

Cash and due from banks

2,342

2,527

2,202

Federal funds sold and other overnight investments

37,958

30,744

30,349

Investment securities - available for sale

32,094

41,619

34,788

Restricted stock

1,444

1,510

1,504

Loans, net

227,095

210,009

225,717

Allowance for loan losses

3,565

3,286

3,571

Bank premises and equipment

6,688

6,915

6,734

Bank owned life insurance

7,851

4,641

7,788

Accrued Interest and other assets

3,092

3,324

3,329

Deposits

274,222

258,969

268,113

Short-term borrowings

2,700

Long-term borrowings

10,000

Junior subordinated debentures

6,186

Accrued interest and other liabilities

937

1,116

1,204

Shareholders' equity

26,567

25,709

26,256

Nonperforming assets:

Nonaccrual loans

3,951

2,027

3,825

Accruing troubled debt restructurings

2,044

3,488

2,096

Foreclosed properties

2,048

3,391

2,048

Total nonperforming assets

8,043

8,906

7,969

SELECTED FINANCIAL DATA

Three Months Ended

March 31,

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