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

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.

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