Frederick County Bancorp, Inc. Reports Results for the Fourth Quarter 2014
FREDERICK, Md., Jan. 22, 2015 /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, 2014, the Company recorded net income of $352 thousand and diluted earnings per share of $0.23, as compared to net income of $304 thousand and diluted earnings per share of $0.20 recorded for the same quarter of 2013. The Company earned $1.7 million with diluted earnings per share of $1.12 for the year ended on December 31, 2014, as compared to $1.7 million in earnings and diluted earnings per share of $1.10 for the same period in 2013.
The increase in quarterly earnings was due primarily to the lower level of the provision for loan losses of $0 in 2014, as compared to $200 thousand recorded in 2013, the total noninterest income of $318 thousand in 2014 as compared to $207 thousand in 2013, which was partially offset by the increase in noninterest expense which was $2.7 million in 2014 compared to $2.4 million in 2013. This increase was primarily in the salaries and benefits expense which increased by $271 thousand.
Earnings for 2014 were relatively flat compared to 2013. Net interest income for 2014 increased by $453 thousand over 2013, due primarily to an increase in interest earned on the loan portfolio. Noninterest income increased by $242 thousand in 2014 compared to 2013, primarily due to gains recognized on the sale of SBA loans. There was no provision recorded in 2014 and $275 thousand in 2013. All of these items were offset by an increase in noninterest expenses which increased from $9.2 million in 2013 to $10.0 million in 2014, primarily as a result of salaries and benefits expense which increased by $271 thousand, and other expenses which increased by $253 thousand.
Net loan recoveries for the quarter ended December 31, 2014 totaled $69 thousand as compared to net loan charge-offs for the quarter ended December 31, 2013 totaled $412 thousand. For the entire years of 2014 and 2013, the net loan charge-offs totaled $61 thousand and $422 thousand, respectively.
The ratio of the allowance for loan losses to total loans stood at 1.28% and 1.35% as of December 31, 2014 and 2013, respectively. Nonperforming assets stood at $5.6 million and $5.3 million at December 31, 2014 and 2013, respectively. The corresponding nonperforming assets to total assets ratios were 1.63% and 1.67% as of December 31, 2014 and 2013, respectively.
The Company also reported that, as of December 31, 2014, assets stood at $343.1 million, with total deposits of $285.0 million and gross loans of $262.5 million, representing increases of 7.9%, 6.7%, and 3.4%, respectively, compared to December 31, 2013. Total shareholders' equity at December 31, 2014 was $27.9 million, an increase of $1.7 million from December 31, 2013. The increase primarily results from an increase in retained earnings of $1.3 million at December 31, 2014 as compared to December 31, 2013 and the decrease in the accumulated other comprehensive loss from $586 thousand to $17 thousand at December 31, 2013 and 2014, respectively. On a per share basis, book value per share increased by $1.28 for 2014 to $18.92 per share at December 31, 2014.
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, |
|||||
| 2014 |
2013 |
|||||
| (dollars in thousands) |
(unaudited) |
(unaudited) |
||||
| Total assets |
$343,116 |
$318,131 |
||||
| Loans |
262,525 |
253,913 |
||||
| Deposits |
284,985 |
266,988 |
||||
| Shareholders' equity |
27,914 |
26,187 |
||||
| Nonperforming assets: |
||||||
| Nonaccrual loans |
$3,684 |
$3,379 |
||||
| Accruing troubled debt restructurings |
1,179 |
976 |
||||
| Loans 90 days or more past due and still accruing |
-- |
-- |
||||
| Foreclosed properties |
729 |
972 |
||||
| Total nonperforming assets |
$5,592 |
$5,327 |
||||
| For the Three Months Ended |
For the Years Ended |
|||||
| December 31, |
December 31, |
December 31, |
December 31, |
|||
| 2014 |
2013 |
2014 |
2013 |
|||
| (dollars in thousands, except for per share data) |
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
||
| SUMMARY OF OPERATING RESULTS: |
||||||
| Net income |
$352 |
$304 |
$1,714 |
$1,691 |
||
| Total comprehensive income |
489 |
233 |
2,283 |
637 |
||
| Charge-offs |
$ -- |
$412 |
$186 |
$606 |
||
| (Recoveries) |
(69) |
-- |
(125) |
(184) |
||
| Net charge-offs |
$(69) |
$412 |
$ 61 |
$422 |
||
| PER COMMON SHARE DATA: |
||||||
| Basic earnings per share |
$0.24 |
$0.20 |
$1.16 |
$1.12 |
||
| Diluted earnings per share |
$0.23 |
$0.20 |
$1.12 |
$1.10 |
||
| Basic weighted average number of shares outstanding |
1,475,034 |
1,493,173 |
1,474,026 |
1,503,888 |
||
| Diluted weighted average number of shares outstanding |
1,532,913 |
1,536,375 |
1,528,678 |
1,543,503 |
||
| Common shares outstanding |
1,475,154 |
1,484,174 |
1,475,154 |
1,484,174 |
||
| Dividends declared |
$0.07 |
$0.06 |
$0.28 |
$0.23 |
||
| Book value per share |
$18.92 |
$17.64 |
$18.92 |
$17.64 |
||
| SELECTED UNAUDITED FINANCIAL RATIOS: |
||||||
| Return on average assets |
0.42% |
0.37% |
0.52% |
0.53% |
||
| Return on average equity |
5.04% |
4.57% |
6.28% |
6.33% |
||
| Allowance for loan losses to total loans |
1.28% |
1.35% |
1.28% |
1.35% |
||
| Nonperforming assets to total assets |
1.63% |
1.67% |
1.63% |
1.67% |
||
| Ratio of net charge-offs to average loans |
(0.03)% |
0.16% |
0.02% |
0.18% |
||
| Tier 1 capital to risk-weighted assets |
11.85% |
11.83% |
11.85% |
11.83% |
||
| Total capital to risk-weighted assets |
13.02% |
13.07% |
13.02% |
13.07% |
||
| Tier 1 capital to average assets |
10.05% |
10.29% |
10.05% |
10.29% |
||
| Average equity to average assets |
8.28% |
8.36% |
8.22% |
8.40% |
||
| Net interest margin |
3.64% |
3.82% |
3.67% |
3.71% |
||
| Frederick County Bancorp, Inc. and Subsidiaries |
|||
| Consolidated Balance Sheets |
|||
| December 31, |
December 31 |
||
| 2014 |
2013 |
||
| (unaudited) |
(unaudited) |
||
| (dollars in thousands) |
|||
| ASSETS |
|||
| Cash and due from banks |
$ 2,402 |
$ 1,922 |
|
| Federal funds sold |
21 |
22 |
|
| Interest-bearing deposits in other banks |
37,365 |
18,166 |
|
| Cash and cash equivalents |
39,788 |
20,110 |
|
| Investment securities available-for-sale at fair value |
24,190 |
27,016 |
|
| Restricted stock |
1,805 |
1,669 |
|
| Loans |
262,525 |
253,913 |
|
| Less: Allowance for loan losses |
(3,362) |
(3,423) |
|
| Net loans |
259,163 |
250,490 |
|
| Bank premises and equipment |
6,373 |
6,570 |
|
| Bank owned life insurance |
8,280 |
8,040 |
|
| Foreclosed properties |
729 |
972 |
|
| Other assets |
2,788 |
3,264 |
|
| Total assets |
$343,116 |
$318,131 |
|
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|||
| Liabilities |
|||
| Deposits |
|||
| Noninterest-bearing deposits |
$ 63,705 |
$ 50,286 |
|
| Interest-bearing deposits |
221,280 |
216,702 |
|
| Total deposits |
284,985 |
266,988 |
|
| Short-term borrowings |
3,300 |
3,050 |
|
| FHLB advances |
20,000 |
15,000 |
|
| Junior subordinated debentures |
6,186 |
6,186 |
|
| Accrued interest and other liabilities |
731 |
720 |
|
| Total liabilities |
315,202 |
291,944 |
|
| Shareholders' Equity |
|||
| Common stock, per share par value $0.01; |
15 |
15 |
|
| Additional paid-in capital |
15,158 |
15,302 |
|
| Retained earnings |
12,758 |
11,456 |
|
| Accumulated other comprehensive loss |
(17) |
(586) |
|
| Total shareholders' equity |
27,914 |
26,187 |
|
| Total liabilities and shareholders' equity |
$343,116 |
$318,131 |
| Frederick County Bancorp, Inc. and Subsidiaries |
||||
| Consolidated Statements of Income (Unaudited) |
||||
| For the Three Months Ended |
For the Years Ended |
|||
| (dollars in thousands, except per share amounts) |
December 31, 2014 |
December 31, 2013 |
December 31, 2014 |
December 31, 2013 |
| Interest income |
||||
| Interest and fees on loans |
$3,118 |
$3,077 |
$12,316 |
$11,840 |
| Interest and dividends on investment securities: |
||||
| Interest – taxable |
84 |
100 |
349 |
419 |
| Interest – tax exempt |
51 |
51 |
204 |
239 |
| Dividends |
23 |
16 |
80 |
60 |
| Other interest income |
20 |
10 |
73 |
63 |
| Total interest income |
3,296 |
3,254 |
13,022 |
12,621 |
| Interest expense |
||||
| Interest on deposits |
272 |
291 |
1,144 |
1,227 |
| Interest on short-term borrowings |
24 |
15 |
83 |
65 |
| Interest on FHLB advances |
87 |
84 |
339 |
324 |
| Interest on junior subordinated debentures |
30 |
30 |
117 |
119 |
| Total interest expense |
413 |
420 |
1,683 |
1,735 |
| Net interest income |
2,883 |
2,834 |
11,339 |
10,886 |
| Provision for loan losses |
- |
200 |
- |
275 |
| Net interest income after provision for loan losses |
2,883 |
2,634 |
11,339 |
10,611 |
| Noninterest income |
||||
| Securities (losses) gains |
- |
(17) |
- |
(17) |
| Gain on sale of loans |
83 |
- |
285 |
- |
| (Loss) gain on sale of foreclosed properties |
- |
(8) |
(37) |
20 |
| Bank owned life insurance income |
60 |
62 |
240 |
252 |
| Service fees |
84 |
88 |
336 |
353 |
| Other operating income |
91 |
82 |
341 |
315 |
| Total noninterest income |
318 |
207 |
1,165 |
923 |
| Noninterest expense |
||||
| Salaries and employee benefits |
1,477 |
1,206 |
5,635 |
5,112 |
| Occupancy and equipment expenses |
386 |
386 |
1,530 |
1,480 |
| Other operating expenses |
843 |
845 |
2,843 |
2,590 |
| Total noninterest expense |
2,706 |
2,437 |
10,008 |
9,182 |
| Income before provision for income taxes |
495 |
404 |
2,496 |
2,352 |
| Provision for income taxes |
143 |
100 |
782 |
661 |
| Net income |
$352 |
$304 |
$1,714 |
$1,691 |
| Basic earnings per share |
$0.24 |
$0.20 |
$1.16 |
$1.12 |
| Diluted earnings per share |
$0.23 |
$0.20 |
$1.12 |
$1.10 |
| Basic weighted average number of shares outstanding |
1,475,034 |
1,493,173 |
1,474,026 |
1,503,888 |
| Diluted weighted average number of shares outstanding |
1,532,913 |
1,536,375 |
1,528,678 |
1,543,503 |
| Dividends declared per share |
$0.07 |
$0.06 |
$0.28 |
$0.23 |
| Frederick County Bancorp, Inc. and Subsidiaries |
||
| Consolidated Statements of Comprehensive Income (Unaudited) |
||
| For the Three Months Ended |
||
| (dollars in thousands) |
December 31, |
December 31, |
| Net income |
$352 |
$304 |
| Changes in net unrealized gains (losses) on securities available for |
137 |
(81) |
| Reclassification adjustment for losses realized, net of |
||
| income tax benefits of $7 in 2013 |
-- |
10 |
| Total comprehensive income |
$489 |
$233 |
| Frederick County Bancorp, Inc. and Subsidiaries |
||
| Consolidated Statements of Comprehensive Income (Unaudited) |
||
| For the Years Ended |
||
| (dollars in thousands) |
December 31, |
December 31, |
| Net income |
$1,714 |
$1,691 |
| Changes in net unrealized gains (losses) on securities available for |
569 |
(1,064) |
| Reclassification adjustment for losses realized, net of |
||
| income tax benefits of $7 in 2013 |
-- |
10 |
| Total comprehensive income |
$2,283 |
$637 |
| Frederick County Bancorp, Inc. and Subsidiaries Consolidated Statement of Changes in Shareholders' Equity (Unaudited) |
||||||
| (dollars in thousands) |
Shares |
Common |
Additional |
Retained |
Accumulated |
Total |
| Balance, January 1, 2013 |
1,508,574 |
$15 |
$15,663 |
$10,110 |
$ 468 |
$26,256 |
| Comprehensive income |
1,691 |
(1,054) |
637 |
|||
| Dividends declared on common stock, $0.23 per share |
(345) |
(345) |
||||
| Shares Repurchased |
(24,900) |
(405) |
(405) |
|||
| Shares issued under stock options transactions |
500 |
6 |
6 |
|||
| Compensation expense from stock option transactions |
38 |
38 |
||||
| Balance, December 31, 2013 |
1,484,174 |
$15 |
$15,302 |
$11,456 |
$(586) |
$26,187 |
| Comprehensive income |
1,714 |
569 |
2,283 |
|||
| Dividends declared on common stock, $0.28 per share |
(412) |
(412) |
||||
| Shares repurchased |
(15,000) |
(267) |
(267) |
|||
| Shares issued under stock option transactions |
5,980 |
68 |
68 |
|||
| Compensation expense from stock option transactions |
36 |
36 |
||||
| Excess tax benefit from equity-based awards |
19 |
19 |
||||
| Balance, December 31, 2014 |
1,475,154 |
$15 |
$15,158 |
$12,758 |
$(17) |
$27,914 |
| Frederick County Bancorp, Inc. and Subsidiaries Consolidated Statements of Cash Flows (Unaudited) |
||
| Years Ended |
||
| December 31, |
December 31, |
|
| (dollars in thousands) |
||
| Cash flows from operating activities: |
||
| Net income |
$1,714 |
$1,691 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
||
| Depreciation and amortization |
344 |
366 |
| Deferred income (benefits) taxes |
(70) |
257 |
| Provision for loan losses |
-- |
275 |
| Securities losses |
-- |
17 |
| Gain on sale of loans |
(285) |
-- |
| Loans originated for sale |
(3,050) |
-- |
| Proceeds from loans sold |
3,335 |
-- |
| Net premium amortization on investment securities |
168 |
321 |
| Bank owned life insurance income |
(240) |
(252) |
| Loss (gain) on sale of foreclosed properties |
37 |
(20) |
| Stock-based compensation expense |
36 |
38 |
| Provision for foreclosed properties |
14 |
196 |
| Excess tax benefit from stock-based awards |
(19) |
-- |
| Decrease in accrued interest and other assets |
195 |
189 |
| Increase (decrease) in accrued interest and other liabilities |
11 |
(179) |
| Net cash provided by operating activities |
2,190 |
2,899 |
| Cash flows from investing activities: |
||
| Purchases of investment securities available for sale |
-- |
(6,058) |
| Proceeds from sales of investment securities available for sale |
-- |
5,581 |
| Proceeds from maturities, prepayments and calls investment securities available for sale |
3,597 |
6,170 |
| Purchase of restricted stock |
(136) |
(165) |
| Net increase in loans |
(8,673) |
(25,047) |
| Purchases of bank premises and equipment |
(147) |
(202) |
| Proceeds from sale of foreclosed properties |
192 |
900 |
| Net cash used in investing activities |
(5,167) |
(18,821) |
| Cash flows from financing activities: |
||
| Net increase in NOW, money market accounts, savings accounts and noninterest-bearing deposits |
21,662 |
10,976 |
| Net decrease in time deposits |
(3,665) |
(12,101) |
| Net increase in short-term borrowings |
250 |
350 |
| Proceeds from FHLB advances |
5,000 |
5,000 |
| Proceeds from issuance of common stock |
68 |
6 |
| Repurchase of common stock |
(267) |
(405) |
| Dividends paid on common stock |
(412) |
(345) |
| Excess tax benefit from equity-based awards |
19 |
-- |
| Net cash provided by financing activities |
22,655 |
3,481 |
| Net increase (decrease) in cash and cash equivalents |
19,678 |
(12,441) |
| Cash and cash equivalents – beginning of period |
20,110 |
32,551 |
| Cash and cash equivalents – end of period |
$39,788 |
$20,110 |
| Supplemental cash flow disclosures: |
||
| Interest paid |
$1,688 |
$1,746 |
| Income taxes paid |
$750 |
$700 |
Distribution of Assets, Liabilities and Shareholders' Equity; Interest Rates and Interest Differential
The following tables show average balances of asset and liability categories, interest income and interest expense, and average yields and rates for the periods indicated.
| Three Months Ended December 31, |
2014 |
2013 |
||||
| (dollars in thousands) |
Average daily balance |
Interest Income/ Expense |
Average Yield/ Rate(%) |
Average daily balance |
Interest Income/ Expense |
Average Yield/ Rate(%) |
| Assets |
||||||
| Interest-earning assets: |
||||||
| Federal funds sold |
$ 21 |
$ - |
-- |
$ 23 |
$ - |
- |
| Interest bearing deposits in other banks |
33,638 |
20 |
0.24 |
20,030 |
10 |
0.20 |
| Investment securities (1): |
||||||
| Taxable |
19,798 |
107 |
2.14 |
23,377 |
116 |
1.97 |
| Tax-exempt (2) |
6,541 |
77 |
4.67 |
6,637 |
77 |
4.62 |
| Loans (3) |
260,595 |
3,147 |
4.79 |
250,693 |
3,112 |
4.93 |
| Total interest-earning assets |
320,593 |
3,351 |
4.15 |
300,760 |
3,315 |
4.37 |
| Noninterest-earning assets |
16,866 |
17,826 |
||||
| Total assets |
$337,459 |
$318,586 |
||||
| Liabilities and Shareholders' Equity |
||||||
| Interest-bearing liabilities: |
||||||
| NOW accounts |
$ 23,231 |
10 |
0.17 |
$ 20,494 |
8 |
0.15 |
| Savings accounts |
8,286 |
1 |
0.05 |
7,840 |
- |
- |
| Money market accounts |
93,743 |
67 |
0.28 |
89,492 |
64 |
0.28 |
| Certificates of deposit |
||||||
| $100,000 or more |
42,701 |
95 |
0.88 |
41,204 |
111 |
1.07 |
| Certificates of deposit |
||||||
| less than $100,000 |
49,948 |
99 |
0.79 |
54,573 |
108 |
0.79 |
| Short-term borrowings |
3,104 |
24 |
3.07 |
2,734 |
15 |
2.18 |
| FHLB advances |
20,000 |
87 |
1.73 |
15,000 |
84 |
2.22 |
| Junior subordinated debentures |
6,186 |
30 |
1.92 |
6,186 |
30 |
1.92 |
| Total interest-bearing liabilities |
247,199 |
413 |
0.66 |
237,523 |
420 |
0.70 |
| Noninterest-bearing deposits |
61,660 |
53,661 |
||||
| Noninterest-bearing liabilities |
669 |
777 |
||||
| Total liabilities |
309,528 |
291,961 |
||||
| Total shareholders' equity |
27,931 |
26,625 |
||||
| Total liabilities and shareholders' equity |
$337,459 |
$318,586 |
||||
| Net interest income |
$2,938 |
$2,895 |
||||
| Net interest spread |
3.49% |
3.67% |
||||
| Net interest margin |
3.64% |
3.82% |
||||
| (1) Yields on securities available-for-sale have been calculated on the basis of historical cost and do not give effect to changes in the fair value of those securities, which is reflected as a component of shareholders' equity. |
| (2)Presented on a taxable-equivalent basis using the statutory federal income tax rate of 34%. Taxable-equivalent adjustments of $26 thousand in 2014 and $26 thousand in 2013 are included in the calculation of the tax-exempt investment interest income. |
| (3) Presented on a taxable-equivalent basis using the statutory federal income tax rate of 34%. Taxable-equivalent adjustments of $29 thousand in 2014 and $35 thousand in 2013 are included in the calculation of the loan interest income. Net loan origination income in interest income totaled $23 thousand in 2014 and $2 thousand in 2013. |
| For the Year Ended December 31, |
2014 |
2013 |
||||
| (dollars in thousands) |
Average daily balance |
Interest Income/ Expense |
Average Yield/ Rate(%) |
Average daily balance |
Interest Income/ Expense |
Average Yield/ Rate(%) |
| Assets |
||||||
| Interest-earning assets: |
||||||
| Federal funds sold |
$ 21 |
$ - |
- |
$ 18 |
$ - |
- |
| Interest bearing deposits in other banks |
31,489 |
73 |
0.23 |
27,622 |
63 |
0.23 |
| Investment securities (1): |
||||||
| Taxable |
20,793 |
429 |
2.06 |
25,903 |
479 |
1.85 |
| Tax-exempt (2) |
6,549 |
309 |
4.72 |
8,094 |
362 |
4.47 |
| Loans (3) |
256,335 |
12,424 |
4.85 |
238,241 |
11,967 |
5.02 |
| Total interest-earning assets |
315,187 |
13,235 |
4.20 |
299,878 |
12,871 |
4.29 |
| Noninterest-earning assets |
17,135 |
18,140 |
||||
| Total assets |
$332,322 |
$318,018 |
||||
| Liabilities and Shareholders' Equity |
||||||
| Interest-bearing liabilities: |
||||||
| NOW accounts |
$ 21,970 |
34 |
0.15 |
$ 20,042 |
32 |
0.16 |
| Savings accounts |
8,138 |
2 |
0.02 |
7,361 |
2 |
0.03 |
| Money market accounts |
95,157 |
270 |
0.28 |
88,643 |
261 |
0.29 |
| Certificates of deposit |
||||||
| $100,000 or more |
43,476 |
454 |
1.04 |
45,343 |
468 |
1.03 |
| Certificates of deposit |
||||||
| less than $100,000 |
51,461 |
384 |
0.75 |
56,642 |
464 |
0.82 |
| Short-term borrowings |
3,064 |
83 |
2.71 |
2,709 |
65 |
2.40 |
| FHLB advances |
17,575 |
339 |
1.93 |
11,260 |
324 |
2.88 |
| Junior subordinated debentures |
6,186 |
117 |
1.89 |
6,186 |
119 |
1.92 |
| Total interest-bearing liabilities |
247,027 |
1,683 |
0.68 |
238,186 |
1,735 |
0.73 |
| Noninterest-bearing deposits |
57,351 |
52,345 |
||||
| Noninterest-bearing liabilities |
641 |
790 |
||||
| Total liabilities |
305,019 |
291,321 |
||||
| Total shareholders' equity |
27,303 |
26,697 |
||||
| Total liabilities and shareholders' equity |
$332,322 |
$318,018 |
||||
| Net interest income |
$11,552 |
$11,136 |
||||
| Net interest spread |
3.52% |
3.56% |
||||
| Net interest margin |
3.67% |
3.71% |
||||
| (1) Yields on securities available-for-sale have been calculated on the basis of historical cost and do not give effect to changes in the fair value of those securities, which is reflected as a component of shareholders' equity. |
| (2)Presented on a taxable-equivalent basis using the statutory federal income tax rate of 34%. Taxable-equivalent adjustments of $105 thousand in 2014 and $123 thousand in 2013 are included in the calculation of the tax-exempt investment interest income. |
| (3) Presented on a taxable-equivalent basis using the statutory federal income tax rate of 34%. Taxable-equivalent adjustments of $108 thousand in 2014 and $127 thousand in 2013 are included in the calculation of the loan interest income. Net loan origination income in interest income totaled $92 thousand in 2014 and $30 thousand in 2013. |
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.
SOURCE Frederick County Bancorp, Inc.
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