Frederick County Bancorp, Inc. Reports Results for the First Quarter 2012

FREDERICK, Md., April 6, 2012 /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, 2012, the Company recorded net income of $370 thousand and diluted earnings per share of $0.24, as compared to net income of $336 thousand and diluted earnings per share of $0.22 recorded for the first quarter of 2011.  The increase in earnings was due primarily to increases in both net interest income in 2012 to $2.7 million from the $2.6 million recorded in the first quarter of 2011 and in total noninterest income to $202 thousand for the first quarter of 2012 as compared to $130 thousand for the first quarter of 2011.  

The ratio of the allowance for loan losses to total loans stood at 1.54% and 1.85% as of March 31, 2012 and 2011, respectively.  Net loan recoveries for the quarter ended March 31, 2012 totaled $5 thousand compared to net loan recoveries for the same period last year totaling $8 thousand.  The Company has seen a continued increase in its ratio of nonperforming assets to total assets, 1.78% at March 31, 2012 as compared to 1.09% at March 31, 2011, and no change in its ratio of net charge-offs to average loans from 0.00% at March 31, 2011 to 0.00% at March 31, 2012.

The Company also reported that, as of March 31, 2012, assets stood at $304.7 million, with total deposits of $258.9 million and gross loans of $213.3 million, representing increases of 4.4%, 3.3% and 2.7%, respectively, as compared to the first quarter of 2011. 

Frederick County Bank celebrated its ten year anniversary on October 18, 2011 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 offices, four of which are in the City of Frederick and one office located in Walkersville, Maryland.  FCB's newest branch office on the East side of Frederick City near the airport opened on January 11, 2012.  Frederick County Bank maintains a solid Four Star Rating from Bankrate.com and the top Five Star Rating from Bauer Financial, Inc., both as of December 31, 2011.






March 31,

March 31,


December 31,







2012

2011


2011


(dollars in thousands)



(unaudited)

(unaudited)


(audited)


Total assets




$        304,680

$          291,710


$       292,012


Cash and due from banks



2,527

1,464


1,680


Federal funds sold and other overnight investments

30,744

37,573


25,168


Investment securities - available for sale


41,619

36,875


36,423


Restricted stock




1,510

1,521


1,510


Loans, net




210,009

203,924


209,099


Allowance for loan losses



3,286

3,842


3,216


Bank premises and equipment



6,915

5,816


6,459


Bank owned life insurance



4,641

-


4,601


Foreclosed properties



3,391

725


3,491


Other assets





3,324

3,812


3,581


Deposits





258,969

250,772


246,487


Short-term borrowings



2,700

300


2,700


Long-term borrowings



10,000

10,000


10,000


Junior subordinated debentures



6,186

6,186


6,186


Accrued interest and other liabilities



1,116

769


1,182


Shareholders' equity




25,709

23,683


25,457












Nonperforming assets



5,419

3,179


2,928












SELECTED FINANCIAL DATA















 Three Months Ended








 March 31,









2012

2011

(dollars in thousands, except per share data)





(unaudited)

(unaudited)

SUMMARY OF OPERATING RESULTS:







Interest income







$           3,256

$         3,408

Interest expense







535

807

Net interest income







2,721

2,601

Provision for loan losses






65

115

Net interest income after provision for loan losses




2,656

2,486

Securities gains







-

3

Noninterest income (excluding gains (losses))




202

127

Noninterest expense







2,350

2,105

Income before provision for income taxes





508

511

Provision for income taxes






138

175

Net income







370

336










Total Comprehensive Income






276

369











Net charge-offs (recoveries)






(5)

(8)











PER COMMON SHARE DATA:








Basic earnings per share






$             0.24

$           0.23

Diluted earnings per share






$             0.24

$           0.22

Basic weighted average number of shares outstanding




1,516,445

1,473,508

Diluted weighted average number of shares outstanding




1,516,562

1,499,219

Common shares outstanding






1,516,949

1,476,754

Book value per share







$           16.95

$         16.04











SELECTED UNAUDITED FINANCIAL RATIOS:






Return on average assets






0.50%

0.47%

Return on average equity






5.71%

5.70%

Allowance for loan losses to total loans





1.54%

1.85%

Nonperforming assets to total assets





1.78%

1.09%

Ratio of net charge-offs to average loans





0.00%

0.00%

Tier 1 capital to risk-weighted assets





12.76%

12.99%

Total capital to risk-weighted assets





14.01%

14.25%

Tier 1 capital to average assets






10.48%

10.37%

Average equity to average assets





8.77%

8.24%











Weighted average yield/rate on:








Loans








5.67%

6.19%

Interest-earning assets






4.81%

5.08%

Interest-bearing liabilities






0.95%

1.47%

Net interest spread







3.85%

3.61%

Net interest margin







4.03%

3.90%

The statements in this press release that are not historical facts constitute "forward-looking statements" as defined by Federal Securities laws.  Forward-looking statements can generally be identified by the use of forward- looking terminology such as "believes," "expects," "intends," "may," "will," "should," "anticipates" or similar terminology.  Such statements, specifically regarding the Company's intentions regarding growth and market expansion, are subject to risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, changes in interest rates, deposit flows, loan demand and real estate values, as well as changes in economic, competitive, governmental, regulatory, technological and other factors which may affect the Company specifically, its existing and target market areas or the banking industry generally.  Forward-looking statements speak only as of the date they are made.  The Company will not update forward-looking statements to reflect factual assumptions, circumstances or events that have changed after a forward-looking statement was made.  For further information, please refer to the Company's reports filed with the U.S. Securities and Exchange Commission.

SOURCE Frederick County Bancorp, Inc.



RELATED LINKS
http://www.frederickcountybank.com

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