Frederick County Bancorp, Inc. Reports Results for the Fourth Quarter 2013
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% |
5.29% |
|
| Allowance for loan losses to total loans |
1.35% |
1.56% |
1.35% |
1.56% |
|
| Nonperforming assets to total assets |
1.67% |
2.53% |
1.67% |
2.53% |
|
| Ratio of net charge-offs to average loans |
0.16% |
0.19% |
0.18% |
0.42% |
|
| Tier 1 capital to risk-weighted assets |
11.83% |
12.25% |
11.83% |
12.25% |
|
| Total capital to risk-weighted assets |
13.07% |
13.50% |
13.07% |
13.50% |
|
| Tier 1 capital to average assets |
10.29% |
10.09% |
10.29% |
10.09% |
|
| Average equity to average assets |
8.36% |
8.44% |
8.40% |
8.61% |
|
| Net interest margin |
3.82% |
3.74% |
3.71% |
3.89% |
|
| SELECTED LOAN DATA: |
|||||
| Charge-offs |
$412 |
$460 |
$ 606 |
$957 |
|
| (Recoveries) |
- |
(24) |
(184) |
(37) |
|
| Net charge-offs |
$412 |
$436 |
$422 |
$920 |
|
| Nonperforming assets: |
|||||
| Nonaccrual loans |
$3,379 |
$3,825 |
|||
| Accruing troubled debt restructurings |
976 |
2,096 |
|||
| Loans 90 days or more past due and still accruing |
- |
-- |
|||
| Foreclosed properties |
972 |
2,048 |
|||
| Total nonperforming assets |
$5,327 |
$7,969 |
|||
| Frederick County Bancorp, Inc. and Subsidiaries |
||||
| Consolidated Balance Sheets |
||||
| December 31, |
December 31, |
|||
| 2013 |
2012 |
|||
| (unaudited) |
(unaudited) |
|||
| (dollars in thousands) |
||||
| ASSETS |
||||
| Cash and due from banks |
$ 1,922 |
$ 2,202 |
||
| Federal funds sold |
22 |
-- |
||
| Interest-bearing deposits in other banks |
18,166 |
30,349 |
||
| Cash and cash equivalents |
20,110 |
32,551 |
||
| Investment securities available-for-sale at fair value |
27,016 |
34,788 |
||
| Restricted stock |
1,669 |
1,504 |
||
| Loans |
253,913 |
229,288 |
||
| Less: Allowance for loan losses |
(3,423) |
(3,571) |
||
| Net loans |
250,490 |
225,717 |
||
| Bank premises and equipment |
6,570 |
6,734 |
||
| Bank owned life insurance |
8,040 |
7,788 |
||
| Foreclosed properties |
972 |
2,048 |
||
| Other assets |
3,264 |
3,329 |
||
| Total assets |
$318,131 |
$314,459 |
||
| LIABILITIES AND SHAREHOLDERS' EQUITY |
||||
| Liabilities |
||||
| Deposits: |
||||
| Noninterest-bearing deposits |
$ 50,286 |
$ 51,256 |
||
| Interest-bearing deposits |
216,702 |
216,857 |
||
| Total deposits |
266,988 |
268,113 |
||
| Short-term borrowings |
3,050 |
2,700 |
||
| FHLB advances |
15,000 |
10,000 |
||
| Junior subordinated debentures |
6,186 |
6,186 |
||
| Accrued interest and other liabilities |
720 |
1,204 |
||
| Total liabilities |
291,944 |
288,203 |
||
| Shareholders' Equity |
||||
| Common stock, per share par value $0.01; 10,000,000 shares authorized; 1,484,174; and 1,508,574 |
15 |
15 |
||
| Additional paid-in capital |
15,302 |
15,663 |
||
| Retained earnings |
11,456 |
10,110 |
||
| Accumulated other comprehensive (loss) income |
(586) |
468 |
||
| Total shareholders' equity |
26,187 |
26,256 |
||
| Total liabilities and shareholders' equity |
$318,131 |
$314,459 |
||
| 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) |
Dec. 31, 2013 |
Dec. 31, 2012 |
Dec. 31, 2013 |
Dec. 31, 2012 |
| Interest income: |
||||
| Interest and fees on loans |
$3,077 |
$2,987 |
$11,840 |
$11,918 |
| Interest and dividends on investment securities: |
||||
| Interest – taxable |
100 |
120 |
419 |
597 |
| Interest – tax exempt |
51 |
78 |
239 |
385 |
| Dividends |
16 |
16 |
60 |
54 |
| Interest on Federal Funds Sold |
||||
| Other interest income |
10 |
18 |
63 |
59 |
| Total interest income |
3,254 |
3,219 |
12,621 |
13,013 |
| Interest expense: |
||||
| Interest on deposits |
291 |
364 |
1,227 |
1,514 |
| Interest on short-term borrowings |
15 |
17 |
65 |
76 |
| Interest on FHLB advances |
84 |
81 |
324 |
322 |
| Interest on junior subordinated debentures |
30 |
32 |
119 |
132 |
| Total interest expense |
420 |
494 |
1,735 |
2,044 |
| Net interest income |
2,834 |
2,725 |
10,886 |
10,969 |
| Provision for loan losses |
200 |
850 |
275 |
1,275 |
| Net interest income after provision for loan losses |
2,634 |
1,875 |
10,611 |
9,694 |
| Noninterest income: |
||||
| Securities (losses) gains |
(17) |
594 |
(17) |
1,050 |
| (Loss) gain on sale of foreclosed properties |
(8) |
- |
20 |
(82) |
| Bank owned life insurance income |
62 |
69 |
252 |
187 |
| Service fees |
88 |
92 |
353 |
355 |
| Other operating income |
82 |
84 |
315 |
318 |
| Total noninterest income |
207 |
839 |
923 |
1,828 |
| Noninterest expense: |
||||
| Salaries and employee benefits |
1,206 |
1,164 |
5,112 |
5,071 |
| Occupancy and equipment expenses |
386 |
348 |
1,480 |
1,412 |
| Other operating expenses |
845 |
850 |
2,590 |
3,120 |
| Total noninterest expense |
2,437 |
2,362 |
9,182 |
9,603 |
| Income before provision for income taxes |
404 |
352 |
2,352 |
1,919 |
| Provision for income taxes |
100 |
76 |
661 |
524 |
| Net income |
$304 |
$276 |
$1,691 |
$1,395 |
| 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 |
| Dividends declared per share |
$0.06 |
$0.05 |
$0.23 |
$0.20 |
| Frederick County Bancorp, Inc. and Subsidiaries |
||||
| Consolidated Statements of Comprehensive Income (Loss) |
||||
| Three Months Ended |
||||
| (dollars in thousands) |
December 31, 2013 |
December 31, 2012 |
||
| Net income |
$304 |
$276 |
||
| Changes in net unrealized (losses) gains on securities available for |
(81) |
24 |
||
| Reclassification adjustment for gains (losses) realized, net of income |
10 |
(360) |
||
| Total comprehensive income (loss) |
$ 233 |
$(60) |
||
| Frederick County Bancorp, Inc. and Subsidiaries |
||||
| Consolidated Statements of Comprehensive Income (Unaudited) |
||||
| For the Years Ended |
||||
| (dollars in thousands) |
December 31, 2013 |
December 31, 2012 |
||
| Net income |
$1,691 |
$1,395 |
||
| Changes in net unrealized (losses) gains on securities available for |
(1,064) |
301 |
||
| Reclassification adjustment for gains realized, net of income |
10 |
(636) |
||
| Total comprehensive income |
$ 637 |
$1,060 |
||
| Frederick County Bancorp, Inc. and Subsidiaries Consolidated Statement of Changes in Shareholders' Equity (Unaudited) |
||||||
| (dollars in thousands) |
Shares Outstanding |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Total Shareholders' Equity |
| Balance, January 1, 2012 |
1,514,314 |
$15 |
$15,621 |
$9,018 |
$803 |
$25,457 |
| Comprehensive income |
1,395 |
(335) |
1,060 |
|||
| Dividends declared on common stock, |
(303) |
(303) |
||||
| Shares repurchased |
(8,650) |
(104) |
(104) |
|||
| Shares issued under stock option transactions |
2,910 |
33 |
33 |
|||
| Compensation expense from stock option |
107 |
107 |
||||
| Excess tax benefit from equity-based awards |
6 |
6 |
||||
| Balance, December 31, 2012 |
1,508,574 |
$15 |
$15,663 |
$10,110 |
$468 |
$26,256 |
| Comprehensive income |
1,691 |
(1,054) |
637 |
|||
| Dividends paid on common stock (0.23) |
(345) |
(345) |
||||
| Shares repurchased |
(24,900) |
(405) |
(405) |
|||
| Shares issued under stock option transactions |
500 |
6 |
6 |
|||
| Compensation expense from stock option |
38 |
38 |
||||
| Balance, December 31, 2013 |
1,484,174 |
$15 |
$15,302 |
$11,456 |
$(586) |
$26,187 |
| Frederick County Bancorp, Inc. and Subsidiaries Consolidated Statements of Cash Flows (Unaudited) |
||
| December 31, |
||
| (dollars in thousands) |
2013 |
2012 |
| Cash flows from operating activities: |
||
| Net income |
$1,691 |
$1,395 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
||
| Depreciation and amortization |
366 |
373 |
| Deferred income taxes (benefits) |
257 |
(239) |
| Provision for loan losses |
275 |
1,275 |
| Securities losses (gains) |
17 |
(1,050) |
| Net premium amortization on investment securities |
321 |
439 |
| Loss on disposal of bank premises and equipment |
- |
7 |
| Bank owned life insurance income |
(252) |
(187) |
| (Gain) loss on sale of foreclosed properties |
(20) |
82 |
| Stock-based compensation expense |
38 |
107 |
| Provision for foreclosed properties |
196 |
716 |
| Excess tax benefit from stock-based awards |
- |
(6) |
| Decrease in accrued interest and other assets |
189 |
497 |
| (Decrease) increase in accrued interest and other liabilities |
(179) |
241 |
| Net cash provided by operating activities |
2,899 |
3,650 |
| Cash flows from investing activities: |
||
| Purchases of investment securities available for sale |
(6,058) |
(23,313) |
| Proceeds from sales of investment securities available for sale |
5,581 |
17,623 |
| Proceeds from maturities, prepayments and calls investment securities available for sale |
6,170 |
7,382 |
| (Purchase) redemption of restricted stock |
(165) |
6 |
| Net increase in loans |
(25,047) |
(17,528) |
| Purchase of bank owned life insurance |
-- |
(3,000) |
| Purchases of bank premises and equipment |
(202) |
(654) |
| Proceeds from sale of foreclosed properties |
900 |
279 |
| Net cash used in investing activities |
(18,821) |
(19,205) |
| Cash flows from financing activities: |
||
| Net increase in NOW, money market accounts, savings accounts and noninterest-bearing deposits |
10,976 |
21,353 |
| Net (decrease) increase in time deposits |
(12,101) |
273 |
| Net increase in short-term borrowings |
350 |
-- |
| Proceeds from FHLB advances |
5,000 |
-- |
| Proceeds from issuance of common stock |
6 |
33 |
| Repurchase of common stock |
(405) |
(104) |
| Dividends paid on common stock |
(345) |
(303) |
| Excess tax benefit from stock-based awards |
- |
6 |
| Net cash provided by financing activities |
3,481 |
21,258 |
| Net (decrease) increase in cash and cash equivalents |
(12,441) |
5,703 |
| Cash and cash equivalents – beginning of year |
32,551 |
26,848 |
| Cash and cash equivalents – end of year |
$20,110 |
32,551 |
| Supplemental cash flow disclosures: |
||
| Interest paid |
$1,746 |
$2,047 |
| Income taxes paid |
$700 |
$764 |
| Transfer of foreclosed properties to loans |
$-- |
$366 |
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, |
2013 |
2012 |
||||
|
(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 |
$ 23 |
$ -- |
-- % |
$ -- |
$ -- |
--% |
| Interest bearing deposits in other banks |
20,030 |
10 |
0.22 |
29,974 |
18 |
0.24 |
| Investment securities (1): |
||||||
| Taxable |
23,377 |
116 |
1.97 |
28,724 |
136 |
1.88 |
| Tax-exempt (2) |
6,637 |
77 |
4.62 |
10,471 |
118 |
4.47 |
| Loans (3) |
250,693 |
3,112 |
4.93 |
227,728 |
3,018 |
5.26 |
| Total interest-earning assets |
300,760 |
3,316 |
4.37 |
296,897 |
3,290 |
4.40 |
| Noninterest-earning assets |
17,826 |
18,261 |
||||
| Total assets |
$318,586 |
$315,158 |
||||
| Liabilities and Shareholders' Equity |
||||||
| Interest-bearing liabilities: |
||||||
| NOW accounts |
$ 20,494 |
8 |
0.15% |
$ 17,433 |
9 |
0.20% |
| Savings accounts |
7,840 |
-- |
-- |
6,558 |
1 |
0.06 |
| Money market accounts |
89,492 |
64 |
0.28 |
81,578 |
96 |
0.47 |
| Certificates of deposit |
||||||
| $100,000 or more |
41,204 |
111 |
1.07 |
49,312 |
130 |
1.05 |
| Certificates of deposit |
||||||
| less than $100,000 |
64,559 |
108 |
0.66 |
61,833 |
128 |
0.82 |
| Short-term borrowings |
2,734 |
15 |
2.18 |
2,700 |
17 |
2.50 |
| FHLB advances |
15,000 |
84 |
2.22 |
10,000 |
81 |
3.21 |
| Junior subordinated debentures |
6,186 |
30 |
1.92 |
6,186 |
32 |
2.05 |
| Total interest-bearing liabilities |
247,509 |
420 |
0.67 |
235,600 |
494 |
0.83 |
| Noninterest-bearing deposits |
53,661 |
51,726 |
||||
| Noninterest-bearing liabilities |
777 |
1,226 |
||||
| Total liabilities |
301,947 |
288,552 |
||||
| Total shareholders' equity |
26,625 |
26,606 |
||||
| Total liabilities and shareholders' equity |
$318,586 |
$315,158 |
||||
| Net interest income |
$2,896 |
$2,796 |
||||
| Net interest spread |
3.70% |
3.56% |
||||
| Net interest margin |
3.82% |
3.74% |
||||
(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 2013 and $40 thousand in 2012 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 $35 thousand in 2013 and $31 thousand in 2012 are included in the calculation of the loan interest income. Net loan origination income in interest income totaled $3 thousand in 2013 and $43 thousand in 2012.
| Year Ended December 31, |
2013 |
2012 |
||||
|
(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 |
$ 18 |
$ -- |
--% |
$ 142 |
$ -- |
--% |
| Interest bearing deposits in other banks |
27,622 |
63 |
0.23 |
25,845 |
59 |
0.23 |
| Investment securities (1): |
||||||
| Taxable |
25,903 |
479 |
1.85 |
30,758 |
651 |
2.11 |
| Tax-exempt (2) |
8,094 |
362 |
4.47 |
11,962 |
583 |
4.86 |
| Loans (3) |
238,241 |
11,967 |
5.02 |
220,574 |
12,042 |
5.44 |
| Total interest-earning assets |
299,878 |
12,871 |
4.29 |
289,281 |
13,335 |
4.60 |
| Noninterest-earning assets |
18,140 |
17,118 |
||||
| Total assets |
$318,018 |
$306,399 |
||||
| Liabilities and Shareholders' Equity |
||||||
| Interest-bearing liabilities: |
||||||
| NOW accounts |
$ 20,042 |
32 |
0.16% |
$ 17,108 |
38 |
0.22% |
| Savings accounts |
7,361 |
2 |
0.03 |
6,263 |
4 |
0.06 |
| Money market accounts |
88,643 |
261 |
0.29 |
78,479 |
364 |
0.46 |
| Certificates of deposit |
||||||
| $100,000 or more |
45,343 |
468 |
1.03 |
43,978 |
501 |
1.14 |
| Certificates of deposit |
||||||
| less than $100,000 |
56,542 |
464 |
0.82 |
65,151 |
607 |
0.93 |
| Short-term borrowings |
2,709 |
65 |
2.40 |
2,700 |
76 |
2.81 |
| FHLB advances |
11,260 |
324 |
2.88 |
10,000 |
322 |
3.21 |
| Junior subordinated debentures |
6,186 |
119 |
1.92 |
6,186 |
132 |
2.13 |
| Total interest-bearing liabilities |
238,086 |
1,735 |
0.73 |
229,865 |
2,044 |
0.89 |
| Noninterest-bearing deposits |
52,345 |
48,993 |
||||
| Noninterest-bearing liabilities |
790 |
1,167 |
||||
| Total liabilities |
291,221 |
280,025 |
||||
| Total shareholders' equity |
26,697 |
26,374 |
||||
| Total liabilities and shareholders' equity |
$318,018 |
$306,399 |
||||
| Net interest income |
$11,136 |
$11,291 |
||||
| Net interest spread |
3.56% |
3.71% |
||||
| Net interest margin |
3.71% |
3.89% |
||||
(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 $123 thousand in 2013 and $198 thousand in 2012 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 $127 thousand in 2013 and $124 thousand in 2012 are included in the calculation of the loan interest income. Net loan origination income in interest income totaled $30 thousand in 2013 and $105 thousand in 2012.
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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