Frederick County Bancorp, Inc. Reports Results for the Second Quarter 2015
FREDERICK, Md., July 15, 2015 /PRNewswire/ -- Frederick County Bancorp, Inc. (the "Company") (OTCPink Marketplace: FCBI), the parent company for Frederick County Bank ("FCB"), announced today that, for the quarter ended June 30, 2015, the Company recorded net income of $355 thousand and diluted earnings per share of $0.23, as compared to net income of $377 thousand and diluted earnings per share of $0.25 recorded for the second quarter of 2014. The Company earned $835 thousand with diluted earnings per share of $0.54 for the six months ended on June 30, 2015, as compared to $902 thousand in earnings and diluted earnings per share of $0.59 for the same period in 2014.
The slight decrease in quarterly earnings was due primarily to an increase in total noninterest expense to $2.67 million in the second quarter of 2015 as compared to $2.4 million in the second quarter of 2014, which offset increases in both net interest income to $2.9 million in the second quarter of 2015 from $2.8 million in the second quarter of 2014 and in total noninterest income to $248 thousand in the second quarter of 2015 from $189 thousand in the second quarter of 2014. The increase in total noninterest expense was due primarily to increases in salaries and employee benefits of $94 thousand, occupancy and equipment expenses of $70 thousand, and other operating expenses of $83 thousand.
The decrease in year-to-date earnings was due primarily to an increase in total noninterest expense to $5.3 million in the first half of 2015 as compared to $4.7 million in the first half of 2014, which offset increases in both net interest income to $5.7 million in the second quarter of 2015 from $5.6 million in the second quarter of 2014 and in total noninterest income to $776 thousand in the second quarter of 2015 from $411 thousand in the second quarter of 2014. The increase in total noninterest expense was due primarily to increases in salaries and employee benefits of $340 thousand, occupancy and equipment expenses of $118 thousand, and other operating expenses of $159 thousand. The increase in total noninterest income was due primarily to securities gains of $69 thousand and gains on sale of loans of $243 thousand, both recorded in the first quarter of 2015.
The ratio of the allowance for loan losses to total loans stood at 1.16% and 1.32% as of June 30, 2015 and 2014, respectively. Total nonperforming assets stood at $4.4 million and $5.8 million at June 30, 2015 and 2014, respectively, and at $5.6 million at December 31, 2014. The corresponding nonperforming assets to total assets ratios were 1.24% and 1.74% as of June 30, 2015 and 2014, respectively, and 1.63% at December 31, 2014.
The Company also reported that, as of June 30, 2015, assets stood at $356.5 million, with total deposits of $302.9 million and gross loans of $267.8 million, representing increases of 3.9%, 6.3%, and 2.0%, respectively, compared to December 31, 2014.
Frederick County Bank is headquartered in Frederick, Maryland, and conducts full service commercial banking services through five bank centers located in Frederick County, Maryland.
| June 30, |
June 30, |
December 31, |
||||
| 2015 |
2014 |
2014 |
||||
| (dollars in thousands) |
(unaudited) |
(unaudited) |
(audited) |
|||
| Total assets |
$356,542 |
$331,509 |
$ 343,116 |
|||
| Loans |
267,767 |
256,677 |
262,525 |
|||
| Deposits |
302,923 |
274,416 |
284,985 |
|||
| Shareholders' equity |
28,426 |
26,999 |
27,914 |
|||
| Nonperforming assets: |
||||||
| Nonaccrual loans |
$1,863 |
$3,041 |
3,684 |
|||
| Accruing troubled debt restructurings |
1,113 |
1,198 |
1,179 |
|||
| Loans 90 days or more past due and still accruing |
- |
770 |
-- |
|||
| Foreclosed properties |
1,435 |
743 |
729 |
|||
| Total nonperforming assets |
$4,411 |
$5,752 |
$5,592 |
|||
| For the Three Months Ended |
For the Six Months Ended |
|||||
| March 31, |
March 31, |
June 30, |
June 30, |
|||
| 2015 |
2014 |
2015 |
2014 |
|||
| (dollars in thousands, except for per share data) |
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
||
| SUMMARY OF OPERATING RESULTS: |
||||||
| Net income |
$355 |
$377 |
$835 |
$902 |
||
| Total comprehensive income |
181 |
526 |
705 |
1,268 |
||
| Charge-offs |
$111 |
$5 |
$283 |
$47 |
||
| (Recoveries) |
(25) |
(3) |
(27) |
(5) |
||
| Net charge-offs |
$ 86 |
$2 |
$256 |
$42 |
||
| PER COMMON SHARE DATA: |
||||||
| Basic earnings per share |
$0.24 |
$0.26 |
$0.57 |
$0.61 |
||
| Diluted earnings per share |
$0.23 |
$0.25 |
$0.54 |
$0.59 |
||
| Basic weighted average number of shares outstanding |
1,475,356 |
1,473,335 |
1,475,257 |
1,474,271 |
||
| Diluted weighted average number of shares outstanding |
1,537,678 |
1,528,023 |
1,536,198 |
1,525,551 |
1,475,154 |
|
| Common shares outstanding |
1,475,379 |
1,469,754 |
1,475,379 |
1,469,754 |
||
| Dividends declared |
$0.07 |
$0.07 |
$0.14 |
$0.14 |
||
| Book value per share |
$19.27 |
$18.37 |
$19.27 |
$18.37 |
18.92 |
|
| SELECTED UNAUDITED FINANCIAL RATIOS: |
||||||
| Return on average assets |
0.41% |
0.46% |
0.48% |
0.55% |
||
| Return on average equity |
4.96% |
5.56% |
5.86% |
6.71% |
||
| Allowance for loan losses to total loans |
1.16% |
1.32% |
1.16% |
1.32% |
1.28% |
|
| Nonperforming assets to total assets |
1.24% |
1.74% |
1.24% |
1.74% |
1.63% |
|
| Ratio of net charge-offs to average loans |
0.03% |
--% |
0.10% |
0.02% |
||
| Common Equity Tier 1 to risk-weighted assets |
9.77% |
9.71% |
9.77% |
9.71% |
9.76% |
|
| Tier 1 capital to risk-weighted assets |
11.82% |
11.85% |
11.82% |
11.85% |
11.85% |
|
| Total capital to risk-weighted assets |
12.88% |
13.06% |
12.88% |
13.06% |
13.02% |
|
| Tier 1 capital to average assets |
9.97% |
10.03% |
9.97% |
10.03% |
10.05% |
|
| Average equity to average assets |
8.25% |
8.19% |
8.27% |
8.17% |
||
| Net interest margin |
3.63% |
3.61% |
3.60% |
3.68% |
||
| Frederick County Bancorp, Inc. and Subsidiaries |
|||
| Consolidated Balance Sheets |
|||
| June 30, |
June 30, |
December 31, |
|
| 2015 |
2014 |
2014 |
|
| (unaudited) |
(unaudited) |
(unaudited) |
|
| (dollars in thousands) |
|||
| ASSETS |
|||
| Cash and due from banks |
$ 2,394 |
$ 2,234 |
$ 2,402 |
| Federal funds sold |
26 |
21 |
21 |
| Interest-bearing deposits in other banks |
44,335 |
30,342 |
37,365 |
| Cash and cash equivalents |
46,755 |
32,597 |
39,788 |
| Investment securities available-for-sale at fair value |
24,471 |
25,592 |
24,190 |
| Restricted stock |
1,629 |
1,805 |
1,805 |
| Loans |
267,767 |
256,677 |
262,525 |
| Less: Allowance for loan losses |
(3,106) |
(3,381) |
(3,362) |
| Net loans |
264,661 |
253,296 |
259,163 |
| Bank premises and equipment |
6,303 |
6,501 |
6,373 |
| Bank owned life insurance |
8,396 |
8,160 |
8,280 |
| Foreclosed properties |
1,435 |
743 |
729 |
| Other assets |
2,892 |
2,815 |
2,788 |
| Total assets |
$356,542 |
$331,509 |
$343,116 |
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|||
| Liabilities |
|||
| Deposits |
|||
| Noninterest-bearing deposits |
$ 68,049 |
$ 55,460 |
$ 63,705 |
| Interest-bearing deposits |
234,874 |
218,956 |
221,280 |
| Total deposits |
302,923 |
274,416 |
284,985 |
| Short-term borrowings |
3,300 |
3,050 |
3,300 |
| FHLB advances |
15,000 |
20,000 |
20,000 |
| Junior subordinated debentures |
6,186 |
6,186 |
6,186 |
| Accrued interest and other liabilities |
707 |
858 |
731 |
| Total liabilities |
328,116 |
304,510 |
315,202 |
| Shareholders' Equity |
|||
| Common stock, per share par value $0.01; |
15 |
15 |
15 |
| Additional paid-in capital |
15,172 |
15,051 |
15,158 |
| Retained earnings |
13,386 |
12,153 |
12,758 |
| Accumulated other comprehensive loss |
(147) |
(220) |
(17) |
| Total shareholders' equity |
28,426 |
26,999 |
27,914 |
| Total liabilities and shareholders' equity |
$356,542 |
$331,509 |
$343,116 |
| Frederick County Bancorp, Inc. and Subsidiaries |
||||
| Consolidated Statements of Income (Unaudited) |
||||
| For the Three Months Ended |
For the Six Months Ended |
|||
| (dollars in thousands, except per share amounts) |
June 30, 2015 |
June 30, 2014 |
June 30, 2015 |
June 30, 2014 |
| Interest income |
||||
| Interest and fees on loans |
$3,133 |
$3,027 |
$6,155 |
$6,076 |
| Interest and dividends on investment securities: |
||||
| Interest – taxable |
79 |
90 |
167 |
181 |
| Interest – tax exempt |
51 |
52 |
101 |
102 |
| Dividends |
33 |
18 |
56 |
38 |
| Other interest income |
20 |
19 |
41 |
34 |
| Total interest income |
3,316 |
3,206 |
6,520 |
6,431 |
| Interest expense |
||||
| Interest on deposits |
261 |
291 |
520 |
580 |
| Interest on short-term borrowings |
26 |
20 |
50 |
39 |
| Interest on FHLB advances |
84 |
83 |
170 |
165 |
| Interest on junior subordinated debentures |
30 |
29 |
59 |
58 |
| Total interest expense |
401 |
423 |
799 |
842 |
| Net interest income |
2,915 |
2,783 |
5,721 |
5,589 |
| Provision for loan losses |
-- |
-- |
-- |
-- |
| Net interest income after provision for loan losses |
2,915 |
2,783 |
5,721 |
5,589 |
| Noninterest income |
||||
| Securities gains |
-- |
-- |
69 |
-- |
| Gain on sale of loans |
5 |
-- |
243 |
-- |
| Loss on sale of foreclosed properties |
-- |
(37) |
-- |
(37) |
| Bank owned life insurance income |
58 |
60 |
116 |
120 |
| Service fees |
89 |
82 |
169 |
163 |
| Other operating income |
96 |
84 |
179 |
165 |
| Total noninterest income |
248 |
189 |
776 |
411 |
| Noninterest expense |
||||
| Salaries and employee benefits |
1,494 |
1,400 |
3,032 |
2,692 |
| Occupancy and equipment expenses |
446 |
376 |
866 |
748 |
| Other operating expenses |
726 |
643 |
1,401 |
1,242 |
| Total noninterest expense |
2,666 |
2,419 |
5,299 |
4,682 |
| Income before provision for income taxes |
497 |
553 |
1,198 |
1,318 |
| Provision for income taxes |
142 |
176 |
363 |
416 |
| Net income |
$ 355 |
$ 377 |
$ 835 |
$ 902 |
| Basic earnings per share |
$0.24 |
$0.26 |
$0.57 |
$0.61 |
| Diluted earnings per share |
$0.23 |
$0.25 |
$0.54 |
$0.59 |
| Basic weighted average number of shares outstanding |
1,475,356 |
1,473,335 |
1,475,257 |
1,474,271 |
| Diluted weighted average number of shares outstanding |
1,537,678 |
1,528,023 |
1,536,198 |
1,525,551 |
| Dividends declared per share |
$0.07 |
$0.07 |
$0.14 |
$0.14 |
| Frederick County Bancorp, Inc. and Subsidiaries |
||
| Consolidated Statements of Comprehensive Income (Unaudited) |
||
| For the Three Months Ended |
||
| (dollars in thousands) |
June 30, |
June 30, |
| Net income |
$355 |
$377 |
| Changes in net unrealized (losses) gains on securities available for sale, net of |
(174) |
149 |
| Total comprehensive income |
$181 |
$526 |
| Frederick County Bancorp, Inc. and Subsidiaries |
||
| Consolidated Statements of Comprehensive Income (Unaudited) |
||
| For the Six Months Ended |
||
| (dollars in thousands) |
June 30, |
June 30, |
| Net income |
$835 |
$ 902 |
| Changes in net unrealized (losses) gains on securities available for sale, net of |
(88) |
366 |
| Reclassification adjustment for gains realized, net of income taxes of $27 in 2015 |
(42) |
-- |
| Total comprehensive income |
$705 |
$1,268 |
| 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, 2014 |
1,484,174 |
$15 |
$15,302 |
$11,456 |
$(586) |
$26,187 |
| Comprehensive income |
902 |
366 |
1,268 |
|||
| Dividends declared on common stock, $0.14 per share |
(205) |
(205) |
||||
| Shares repurchased |
(15,000) |
(267) |
(267) |
|||
| Shares issued under stock options transactions |
580 |
7 |
7 |
|||
| Compensation expense from stock option transactions |
9 |
9 |
||||
| Balance, June 30, 2014 |
1,469,754 |
$15 |
$15,051 |
$12,153 |
$(220) |
$26,999 |
| Balance, January 1, 2015 |
1,475,154 |
$15 |
$15,158 |
$12,758 |
$(17) |
$27,914 |
| Comprehensive income |
835 |
(130) |
705 |
|||
| Dividends declared on common stock, $0.14 per share |
(207) |
(207) |
||||
| Shares issued under stock option transactions |
225 |
2 |
2 |
|||
| Compensation expense from stock option transactions |
12 |
12 |
||||
| Balance, June 30, 2015 |
1,475,379 |
$15 |
$15,172 |
$13,386 |
$(147) |
$28,426 |
| Frederick County Bancorp, Inc. and Subsidiaries Consolidated Statements of Cash Flows (Unaudited) |
||
| For the Six Months Ended |
||
| June 30, 2015 |
June 30, 2014 |
|
| (dollars in thousands) |
||
| Cash flows from operating activities: |
||
| Net income |
$ 835 |
$ 902 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
||
| Depreciation and amortization |
205 |
169 |
| Deferred income (benefits) taxes |
20 |
(4) |
| Securities gains |
(69) |
-- |
| Gain on sale of loans |
(243) |
-- |
| Loans originated for sale |
(2,574) |
-- |
| Proceeds from loans sold |
2,817 |
-- |
| Net premium amortization on investment securities |
80 |
90 |
| Bank owned life insurance income |
(116) |
(120) |
| Loss on sale of foreclosed property |
-- |
37 |
| Stock-based compensation expense |
12 |
9 |
| (Increase) decrease in accrued interest and other assets |
(39) |
215 |
| (Decrease) increase in accrued interest and other liabilities |
(24) |
138 |
| Net cash provided by operating activities |
904 |
1,436 |
| Cash flows from investing activities: |
||
| Purchases of investment securities available for sale |
(3,284) |
-- |
| Proceeds from sales of investment securities available for sale |
575 |
-- |
| Proceeds from maturities, prepayments and calls investment securities available for sale |
2,202 |
1,938 |
| Redemption (purchase) of restricted stock |
176 |
(136) |
| Net increase in loans |
(6,204) |
(2,806) |
| Purchases of bank premises and equipment |
(135) |
(100) |
| Proceeds from sale of foreclosed properties |
-- |
192 |
| Net cash used in investing activities |
(6,670) |
(912) |
| Cash flows from financing activities: |
||
| Net increase in NOW, money market accounts, savings accounts and noninterest-bearing deposits |
24,710 |
9,279 |
| Net decrease in time deposits |
(6,772) |
(1,851) |
| (Repayment of) proceeds from FHLB advances |
(5,000) |
5,000 |
| Proceeds from issuance of common stock |
2 |
7 |
| Repurchase of common stock |
-- |
(267) |
| Dividends paid on common stock |
(207) |
(205) |
| Net cash provided by financing activities |
12,733 |
11,963 |
| Net increase in cash and cash equivalents |
6,967 |
12,487 |
| Cash and cash equivalents – beginning of period |
39,788 |
20,110 |
| Cash and cash equivalents – end of period |
$46,755 |
$ 32,597 |
| Supplemental cash flow disclosures: |
||
| Interest paid |
$807 |
$842 |
| Income taxes paid |
$407 |
$410 |
| Transfer of loans to foreclosed properties |
$706 |
$-- |
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.
| For the Three Months Ended June 30, |
2015 |
2014 |
||||
|
(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 |
$ -- |
--- |
$ 21 |
$ -- |
-- |
| Interest bearing deposits in other banks |
35,758 |
26 |
0.29 |
32,838 |
19 |
0.20 |
| Investment securities (1): |
||||||
| Taxable |
20,791 |
112 |
2.16 |
21,071 |
108 |
1.97 |
| Tax-exempt (2) |
6,373 |
76 |
4.78 |
6,552 |
79 |
4.62 |
| Loans (3) |
265,627 |
3,163 |
4.78 |
253,285 |
3,042 |
4.93 |
| Total interest-earning assets |
328,570 |
3,377 |
4.12 |
313,767 |
3,248 |
4.15 |
| Noninterest-earning assets |
18,125 |
17,361 |
||||
| Total assets |
$346,695 |
$331,128 |
||||
| Liabilities and Shareholders' Equity |
||||||
| Interest-bearing liabilities: |
||||||
| NOW accounts |
$ 25,511 |
10 |
0.16 |
$ 21,645 |
8 |
0.15 |
| Savings accounts |
9,522 |
1 |
0.04 |
8,265 |
1 |
0.05 |
| Money market accounts |
105,487 |
81 |
0.31 |
96,282 |
69 |
0.29 |
| Certificates of deposit |
||||||
| $100,000 or more |
40,113 |
69 |
0.69 |
43,753 |
124 |
1.14 |
| Certificates of deposit |
||||||
| less than $100,000 |
47,242 |
100 |
0.85 |
51,985 |
89 |
0.69 |
| Federal Funds Purchased |
- |
- |
||||
| Short-term borrowings |
3,300 |
26 |
3.16 |
3,050 |
20 |
2.63 |
| FHLB advances |
15,000 |
84 |
2.25 |
15,220 |
83 |
2.19 |
| Junior subordinated debentures |
6,186 |
30 |
1.95 |
6,186 |
29 |
1.88 |
| Total interest-bearing liabilities |
252,361 |
401 |
0.64 |
246,386 |
423 |
0.69 |
| Noninterest-bearing deposits |
65,018 |
56,986 |
||||
| Noninterest-bearing liabilities |
703 |
651 |
||||
| Total liabilities |
318,082 |
304,023 |
||||
| Total shareholders' equity |
28,613 |
27,105 |
||||
| Total liabilities and shareholders' equity |
$346,695 |
$331,128 |
||||
| Net interest income |
$2,976 |
$2,825 |
||||
| Net interest spread |
3.48% |
3.46% |
||||
| Net interest margin |
3.63% |
3.61% |
||||
| (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 $25 thousand in 2015 and $27 thousand in 2014 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 $30 thousand in 2015 and $15 thousand in 2014 are included in the calculation of the loan interest income. Net loan origination income in interest income totaled $17 in 2015 and $21 thousand in 2014. |
| For the Six Months Ended June 30, |
2015 |
2014 |
||||
|
(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 |
$ 20 |
$ -- |
-- |
$ 22 |
$ -- |
-- |
| Interest bearing deposits in other banks |
35,973 |
41 |
0.23 |
30,330 |
34 |
0.23 |
| Investment securities (1): |
||||||
| Taxable |
20,650 |
223 |
2.18 |
21,458 |
219 |
2.06 |
| Tax-exempt (2) |
6,454 |
153 |
4.78 |
6,554 |
155 |
4.77 |
| Loans (3) |
263,776 |
6,216 |
4.75 |
253,163 |
6,126 |
4.88 |
| Total interest-earning assets |
326,873 |
6,633 |
4.09 |
311,527 |
6,534 |
4.23 |
| Noninterest-earning assets |
17,735 |
17,303 |
||||
| Total assets |
$344,608 |
$328,830 |
||||
| Liabilities and Shareholders' Equity |
||||||
| Interest-bearing liabilities: |
||||||
| NOW accounts |
$ 25,120 |
19 |
0.15 |
$ 20,862 |
15 |
0.14% |
| Savings accounts |
9,355 |
1 |
0.02 |
8,108 |
1 |
0.02 |
| Money market accounts |
102,730 |
153 |
0.30 |
97,291 |
138 |
0.29 |
| Certificates of deposit |
||||||
| $100,000 or more |
40,092 |
162 |
0.81 |
43,663 |
235 |
1.09 |
| Certificates of deposit |
||||||
| less than $100,000 |
47,770 |
185 |
0.78 |
52,557 |
191 |
0.73 |
| Short-term borrowings |
3,300 |
50 |
3.06 |
3,050 |
39 |
2.58 |
| FHLB advances |
17,486 |
170 |
1.96 |
15,110 |
165 |
2.20 |
| Junior subordinated debentures |
6,186 |
59 |
1.92 |
6,186 |
58 |
1.89 |
| Total interest-bearing liabilities |
252,039 |
799 |
0.64 |
246,827 |
842 |
0.69 |
| Noninterest-bearing deposits |
63,379 |
54,500 |
||||
| Noninterest-bearing liabilities |
695 |
622 |
||||
| Total liabilities |
316,113 |
301,949 |
||||
| Total shareholders' equity |
28,495 |
26,881 |
||||
| Total liabilities and shareholders' equity |
$344,608 |
$328,830 |
||||
| Net interest income |
$5,834 |
$5,692 |
||||
| Net interest spread |
3.45% |
3.54% |
||||
| Net interest margin |
3.60% |
3.68% |
||||
| (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 $52 thousand in 2015 and $53 thousand in 2014 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 $61 thousand in 2015 and $50 thousand in 2014 are included in the calculation of the loan interest income. Net loan origination income in interest income totaled $17 in 2015 and $38 thousand in 2014. |
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.
Related Links
http://www.frederickcountybank.com
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