Frederick County Bancorp, Inc. Reports Results for the Third Quarter 2013
FREDERICK, Md., Oct. 15, 2013 /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 September 30, 2013, the Company recorded net income of $417 thousand and diluted earnings per share of $0.27, as compared to net income of $301 thousand and diluted earnings per share of $0.20 recorded for the same quarter of 2012. The Company earned $1.4 million with diluted earnings per share of $0.90 for the nine months ended on September 30, 2013, as compared to $1.1 million in earnings and diluted earnings per share of $0.74 for the same period in 2012.
The increase in quarterly earnings was due primarily to a reduction in total noninterest expense from $2.5 million in the third quarter of 2012 as compared to $2.3 million the third quarter 2013. The primary cause of the decrease in noninterest expense was due to the lower level of foreclosed property expenses of $16 thousand in 2013, which was substantially lower than the $304 thousand incurred in 2012. In addition, the provision for loan losses of $75 thousand in 2013 was down from the $360 thousand recorded in 2012 and this total was partially offset by the gain on sale of securities in the amount of $236 thousand realized in 2012, whereas no securities gains were recognized in 2013.
The increase in year-to-date earnings was due primarily to a reduction in total noninterest expense from $7.2 million in the first nine months of 2012 as compared to $6.7 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 $43 thousand in 2013, which was substantially lower than the $627 thousand incurred in 2012. In addition, the provision for loan losses of $75 thousand in 2013 was down from the $425 thousand recorded in 2012, along with a loss of $82 thousand on the sale of foreclosed property that occurred in 2012, whereas there was a $28 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 $456 thousand realized in 2012, whereas no securities gains were recognized in 2013.
Net loan charge-offs for the first nine months of 2013 totaled $10 thousand, consisting of charge-offs from six (6) loans and recoveries from two (2) loans. Net loan charge-offs for the same period in 2012 totaled $484 thousand, consisting predominantly of two loans in the third quarter.
The ratio of the allowance for loan losses to total loans stood at 1.48% and 1.39% as of September 30, 2013 and 2012, respectively. Nonperforming assets stood at $8.1 million and $6.8 million at September 30, 2013 and 2012, respectively, and at $8.0 million at December 31, 2012. The corresponding nonperforming assets to total assets ratios were 2.54% and 2.17% as of September 30, 2013 and 2012, respectively.
The Company also reported that, as of September 30, 2013, assets stood at $317.4 million, with total deposits of $271.4 million and gross loans of $246.4 million, representing increases of 0.9%, 1.2%, and 7.4%, respectively, compared to December 31, 2012. Total shareholders' equity at September 30, 2013 was $26.2 million, a decline of $200 thousand from September 30, 2012 and $57 thousand from December 31, 2012. The decline primarily results from the expenditures to repurchase 16,900 shares of common stock from October 1, 2012 through September 30, 2013, dividends declared, and the decline in the unrealized gain on available for sale securities to an unrealized loss of $515 thousand at September 30, 2013, offsetting retained earnings and proceeds from the exercise of options. On a per share basis, book value per share increased by six cents to $17.54 per shares at September 30, 2013 over the level at September 30, 2012.
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.
| September 30, |
September 30, |
December 31, |
|||
| 2013 |
2012 |
2012 |
|||
| (dollars in thousands) |
(unaudited) |
(unaudited) |
(audited) |
||
| Total assets |
$317,383 |
$311,479 |
$314,459 |
||
| Loans, net |
242,734 |
223,434 |
225,717 |
||
| Deposits |
271,407 |
264,814 |
268,113 |
||
| Shareholders' equity |
26,199 |
26,399 |
26,256 |
||
| Nonperforming assets: |
|||||
| Nonaccrual loans |
4,139 |
2,062 |
3,825 |
||
| Accruing troubled debt restructurings |
1,880 |
2,190 |
2,096 |
||
| Loans 90 days or more past due and still accruing |
-- |
250 |
-- |
||
| Foreclosed properties |
2,051 |
2,263 |
2,048 |
||
| Total nonperforming assets |
8,070 |
6,675 |
7,969 |
||
| Three Months Ended |
Nine Months Ended |
||||
| September 30, |
September 30, |
||||
| 2013 |
2012 |
2013 |
2012 |
||
| (dollars in thousands, except for per share data) |
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
|
| SUMMARY OF OPERATING RESULTS: |
|||||
| Net income |
$417 |
$301 |
$1,387 |
$1,119 |
|
| Charge-offs |
141 |
409 |
194 |
497 |
|
| (Recoveries) |
(4) |
(4) |
(184) |
(13) |
|
| Net charge-offs |
137 |
405 |
10 |
484 |
|
| PER COMMON SHARE DATA: |
|||||
| Basic earnings per share |
$0.28 |
$0.20 |
$0.92 |
$0.74 |
|
| Diluted earnings per share |
$0.27 |
$0.20 |
$0.90 |
$0.74 |
|
| Basic weighted average number of shares outstanding |
1,505,383 |
1,512,309 |
1,507,499 |
1,515,283 |
|
| Diluted weighted average number of shares outstanding |
1,549,148 |
1,519,781 |
1,545,950 |
1,516,369 |
|
| Common shares outstanding |
1,493,874 |
1,510,574 |
1,493,874 |
1,510,574 |
|
| Dividends declared |
$0.06 |
$0.05 |
$0.17 |
$0.15 |
|
| Book value per share |
$17.54 |
$17.48 |
$17.54 |
$17.48 |
|
| SELECTED UNAUDITED FINANCIAL RATIOS: |
|||||
| Return on average assets |
0.52% |
0.39% |
0.58% |
0.49% |
|
| Return on average equity |
6.23% |
4.52% |
6.92% |
5.67% |
|
| Allowance for loan losses to total loans |
1.48% |
1.39% |
1.48% |
1.39% |
|
| Nonperforming assets to total assets |
2.54% |
2.17% |
2.54% |
2.17% |
|
| Ratio of net charge-offs to average loans |
0.06% |
0.18% |
-- |
0.22% |
|
| Tier 1 capital to risk-weighted assets |
11.94% |
12.24% |
11.94% |
12.24% |
|
| Total capital to risk-weighted assets |
13.19% |
13.46% |
13.19% |
13.46% |
|
| Tier 1 capital to average assets |
10.25% |
10.24% |
10.25% |
10.24% |
|
| Average equity to average assets |
8.32% |
8.63% |
8.41% |
8.67% |
|
| Net interest margin |
3.71% |
3.92% |
3.68% |
3.95% |
|
| Frederick County Bancorp, Inc. and Subsidiaries |
||||||
| Consolidated Balance Sheets |
||||||
| September 30, |
September 30, |
December 31, |
||||
| 2013 |
2012 |
2012 |
||||
| (unaudited) |
(unaudited) |
|||||
| (dollars in thousands) |
||||||
| ASSETS |
||||||
| Cash and due from banks |
$ 2,173 |
$ 1,750 |
$ 2,202 |
|||
| Federal funds sold |
23 |
-- |
-- |
|||
| Interest-bearing deposits in other banks |
17,640 |
21,736 |
30,349 |
|||
| Cash and cash equivalents |
19,836 |
23,486 |
32,551 |
|||
| Investment securities available-for-sale at fair value |
33,713 |
43,096 |
34,788 |
|||
| Restricted stock |
1,444 |
1,504 |
1,504 |
|||
| Loans |
246,369 |
226,591 |
229,288 |
|||
| Less: Allowance for loan losses |
(3,635) |
(3,157) |
(3,571) |
|||
| Net loans |
242,734 |
223,434 |
225,717 |
|||
| Bank premises and equipment |
6,555 |
6,746 |
6,734 |
|||
| Bank owned life insurance |
7,978 |
7,719 |
7,788 |
|||
| Foreclosed properties |
2,047 |
2,263 |
2,048 |
|||
| Other assets |
3,076 |
3,231 |
3,329 |
|||
| Total assets |
$317,383 |
$311,479 |
$314,459 |
|||
| LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||
| Liabilities |
||||||
| Deposits: |
||||||
| Noninterest-bearing deposits |
$ 55,882 |
$ 50,680 |
$ 51,256 |
|||
| Interest-bearing deposits |
215,525 |
214,134 |
216,857 |
|||
| Total deposits |
271,407 |
264,814 |
268,113 |
|||
| Short-term borrowings |
2,700 |
2,700 |
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 |
891 |
1,380 |
1,204 |
|||
| Total liabilities |
291,184 |
285,080 |
288,203 |
|||
| Shareholders' Equity |
||||||
| Common stock, per share par value $0.01; 10,000,000 shares authorized; 1,493,874; 1,510,574 and 1,508,574 shares issued and outstanding |
15 |
15 |
15 |
|||
| Additional paid-in capital |
15,457 |
15,670 |
15,663 |
|||
| Retained earnings |
11,242 |
9,910 |
10,110 |
|||
| Accumulated other comprehensive (loss) income |
(515) |
804 |
468 |
|||
| Total shareholders' equity |
26,199 |
26,399 |
26,256 |
|||
| Total liabilities and shareholders' equity |
$317,383 |
$311,479 |
$314,459 |
|||
| Frederick County Bancorp, Inc. and Subsidiaries |
||||
| Consolidated Statements of Income (Unaudited) |
||||
|
Three Months Ended |
Nine Months Ended |
|||
| (dollars in thousands, except per share amounts) |
September 30, 2013 |
September 30, 2012 |
September 30, 2013 |
September 30, 2012 |
| Interest income: |
||||
| Interest and fees on loans |
$2,987 |
$3,008 |
$ 8,763 |
$ 8,931 |
| Interest and dividends on investment securities: |
||||
| Interest – taxable |
116 |
148 |
319 |
477 |
| Interest – tax exempt |
61 |
116 |
188 |
307 |
| Dividends |
15 |
13 |
44 |
38 |
| Other interest income |
14 |
11 |
53 |
41 |
| Total interest income |
3,193 |
3,296 |
9,367 |
9,794 |
| Interest expense: |
||||
| Interest on deposits |
302 |
366 |
936 |
1,150 |
| Interest on short-term borrowings |
16 |
18 |
50 |
59 |
| Interest on long-term borrowings |
80 |
81 |
240 |
241 |
| Interest on junior subordinated debentures |
30 |
33 |
89 |
100 |
| Total interest expense |
428 |
498 |
1,315 |
1,550 |
| Net interest income |
2,765 |
2,798 |
8,052 |
8,244 |
| Provision for loan losses |
75 |
360 |
75 |
425 |
| Net interest income after provision for loan losses |
2,690 |
2,438 |
7,977 |
7,819 |
| Noninterest income: |
||||
| Gain on sale of securities |
-- |
236 |
-- |
456 |
| Gain (loss) on sale of foreclosed properties |
-- |
-- |
28 |
(82) |
| Bank owned life insurance income |
64 |
39 |
190 |
118 |
| Service fees |
90 |
96 |
265 |
263 |
| Other operating income |
83 |
63 |
233 |
234 |
| Total noninterest income |
237 |
434 |
716 |
989 |
| Noninterest expense: |
||||
| Salaries and employee benefits |
1,310 |
1,294 |
3,906 |
3,907 |
| Occupancy and equipment expenses |
377 |
354 |
1,094 |
1,064 |
| Other operating expenses |
651 |
841 |
1,745 |
2,270 |
| Total noninterest expense |
2,338 |
2,489 |
6,745 |
7,241 |
| Income before provision for income taxes |
589 |
383 |
1,948 |
1,567 |
| Provision for income taxes |
172 |
82 |
561 |
448 |
| Net income |
$ 417 |
$ 301 |
$ 1,387 |
$ 1,119 |
| Basic earnings per share |
$0.28 |
$0.20 |
$0.92 |
$0.74 |
| Diluted earnings per share |
$0.27 |
$0.20 |
$0.90 |
$0.74 |
| Basic weighted average number of shares outstanding |
1,505,383 |
1,512,309 |
1,507,499 |
1,515,283 |
| Diluted weighted average number of shares outstanding |
1,549,148 |
1,519,781 |
1,545,950 |
1,516,369 |
| Dividends declared per share |
$0.06 |
$0.05 |
$0.17 |
$0.15 |
| Frederick County Bancorp, Inc. and Subsidiaries |
||||
| Consolidated Statements of Comprehensive Income (Unaudited) |
||||
|
Three Months Ended |
||||
| (dollars in thousands) |
September 30, 2013 |
September 30, 2012 |
||
| Net income |
$417 |
$301 |
||
| Changes in net unrealized (losses) gains on securities available for of 132 in 2012 |
(318) |
202 |
||
| Reclassification adjustment for gains realized, net of income |
-- |
(143) |
||
| Total comprehensive income |
$ 99 |
$360 |
||
| Frederick County Bancorp, Inc. and Subsidiaries |
||||
| Consolidated Statements of Comprehensive Income (Unaudited) |
||||
|
Nine Months Ended |
||||
| (dollars in thousands) |
September 30, 2013 |
September 30, 2012 |
||
| Net income |
$1,387 |
$1,119 |
||
| Changes in net unrealized (losses) gains on securities available for of $181 in 2012 |
(983) |
277 |
||
| Reclassification adjustment for gains realized, net of income |
-- |
(276) |
||
| Total comprehensive income |
$ 404 |
$1,120 |
||
| Frederick County Bancorp, Inc. and Subsidiaries Consolidated Statement of Changes in Shareholders' Equity (Unaudited)
|
||||||
| Nine Months Ended September 30, |
||||||
| (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 |
1,119 |
1 |
1,120 |
|||
| Dividends paid on common stock |
(227) |
(227) |
||||
| Shares repurchased |
(6,650) |
(81) |
(81) |
|||
| Shares issued under stock option transactions |
2,910 |
33 |
33 |
|||
| Compensation expense from stock option transactions |
91 |
91 |
||||
| Excess tax benefit from equity-based awards |
6 |
6 |
||||
| Balance, September 30, 2012 |
1,510,574 |
$15 |
$15,670 |
$9,910 |
$804 |
$26,399 |
| Balance, January 1, 2013 |
1,508,574 |
$15 |
$15,663 |
$10,110 |
$468 |
$26,256 |
| Comprehensive income |
1,387 |
(983) |
404 |
|||
| Dividends paid on common stock |
(255) |
(255) |
||||
| Shares repurchased |
(14,900) |
(240) |
(240) |
|||
| Shares issued under stock option transactions |
200 |
2 |
2 |
|||
| Compensation expense from stock option transactions |
32 |
32 |
||||
| Balance, September 30, 2013 |
1,493,874 |
$15 |
$15,457 |
$11,242 |
$(515) |
$26,199 |
| Frederick County Bancorp, Inc. and Subsidiaries Consolidated Statements of Cash Flows (Unaudited) |
||
| Nine Months Ended September 30, |
||
| (dollars in thousands) |
2013 |
2012 |
| Cash flows from operating activities: |
||
| Net income |
$ 1,387 |
$ 1,119 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
||
| Depreciation and amortization |
281 |
281 |
| Deferred income taxes (benefits) |
147 |
(36) |
| Provision for loan losses |
75 |
425 |
| Securities gains |
-- |
(456) |
| Net premium amortization on investment securities |
271 |
337 |
| Loss on disposal of bank premises and equipment |
-- |
5 |
| Bank owned life insurance income |
(190) |
(118) |
| (Gain) loss on sale of foreclosed properties |
(28) |
82 |
| Stock-based compensation expense |
32 |
91 |
| Provision for foreclosed properties |
-- |
501 |
| Excess tax benefit from stock-based awards |
-- |
(6) |
| Decrease in accrued interest and other assets |
441 |
392 |
| (Decrease) increase in accrued interest and other liabilities |
(8) |
199 |
| Net cash provided by operating activities |
2,408 |
2,816 |
| 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 |
-- |
10,885 |
| Proceeds from maturities, prepayments and calls investment securities available for sale |
5,239 |
5,875 |
| Redemption of restricted stock |
60 |
6 |
| Net increase in loans |
(17,091) |
(14,761) |
| Purchase of bank owned life insurance |
-- |
(3,000) |
| Purchases of bank premises and equipment |
(102) |
(573) |
| Proceeds from sale of foreclosed properties |
28 |
645 |
| Net cash used in investing activities |
(17,924) |
(24,236) |
| Cash flows from financing activities: |
||
| Net increase in NOW, money market accounts, savings accounts and noninterest-bearing deposits |
15,510 |
15,154 |
| Net (decrease) increase in time deposits |
(12,216) |
3,173 |
| Proceeds from issuance of common stock |
2 |
33 |
| Repurchase of common stock |
(240) |
(81) |
| Dividends paid on common stock |
(255) |
(227) |
| Excess tax benefit from stock-based awards |
-- |
6 |
| Net cash provided by financing activities |
2,801 |
18,058 |
| Net decrease in cash and cash equivalents |
(12,715) |
(3,362) |
| Cash and cash equivalents – beginning of period |
32,551 |
26,848 |
| Cash and cash equivalents – end of period |
$19,836 |
$23,486 |
| Supplemental cash flow disclosures: |
||
| Interest paid |
1,324 |
$1,555 |
| Income taxes paid |
$455 |
$401 |
| 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 September 30, |
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 |
24,923 |
14 |
0.22 |
20,405 |
11 |
0.21 |
| Investment securities (1): |
||||||
| Taxable |
27,418 |
131 |
1.90 |
32,086 |
161 |
1.99 |
| Tax-exempt (2) |
8,562 |
91 |
4.22 |
15,163 |
176 |
4.61 |
| Loans (3) |
240,070 |
3,008 |
4.97 |
224,703 |
3,039 |
5.37 |
| Total interest-earning assets |
300,996 |
3,244 |
4.28 |
292,357 |
3,387 |
4.60 |
| Noninterest-earning assets |
18,134 |
16,268 |
||||
| Total assets |
$319,130 |
$308,625 |
||||
| Liabilities and Shareholders' Equity |
||||||
| Interest-bearing liabilities: |
||||||
| NOW accounts |
$ 21,753 |
$ 8 |
0.15% |
$ 17,326 |
$ 9 |
0.21% |
| Savings accounts |
7,404 |
1 |
0.05 |
6,347 |
1 |
0.06 |
| Money market accounts |
88,552 |
57 |
0.26 |
78,126 |
90 |
0.46 |
| Certificates of deposit |
||||||
| $100,000 or more |
45,231 |
121 |
1.06 |
44,303 |
121 |
1.08 |
| Certificates of deposit |
||||||
| less than $100,000 |
55,846 |
115 |
0.82 |
64,309 |
145 |
0.90 |
| Short-term borrowings |
2,700 |
16 |
2.35 |
2,700 |
18 |
2.64 |
| Long-term borrowings |
10,000 |
80 |
3.17 |
10,000 |
81 |
3.21 |
| Junior subordinated debentures |
6,186 |
30 |
1.92 |
6,186 |
33 |
2.12 |
| Total interest-bearing liabilities |
237,672 |
428 |
0.71 |
229,297 |
498 |
0.86 |
| Noninterest-bearing deposits |
54,241 |
51,384 |
||||
| Noninterest-bearing liabilities |
675 |
1,299 |
||||
| Total liabilities |
292,588 |
281,980 |
||||
| Total shareholders' equity |
26,542 |
26,645 |
||||
| Total liabilities and shareholders' equity |
$319,130 |
$308,625 |
||||
| Net interest income |
$2,816 |
$2,889 |
||||
| Net interest spread |
3.57% |
3.74% |
||||
| Net interest margin |
3.71% |
3.92% |
||||
| (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 $30 thousand in 2013 and $60 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 $21 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 $13 thousand in 2013 and $31 thousand in 2012. |
| Nine Months Ended September 30, |
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 |
$ 16 |
$ -- |
--% |
$ 190 |
$ -- |
--% |
| Interest bearing deposits in other banks |
30,182 |
53 |
0.23 |
24,459 |
41 |
0.22 |
| Investment securities (1): |
||||||
| Taxable |
26,756 |
363 |
1.81 |
31,441 |
515 |
2.18 |
| Tax-exempt (2) |
8,584 |
285 |
4.44 |
12,463 |
465 |
4.97 |
| Loans (3) |
234,045 |
8,855 |
5.06 |
218,172 |
9,024 |
5.51 |
| Total interest-earning assets |
299,583 |
9,556 |
4.26 |
286,725 |
10,045 |
4.67 |
| Noninterest-earning assets |
18,244 |
16,733 |
||||
| Total assets |
$317,827 |
$303,458 |
||||
| Liabilities and Shareholders' Equity |
||||||
| Interest-bearing liabilities: |
||||||
| NOW accounts |
$ 19,890 |
$ 24 |
0.16% |
$ 16,998 |
$ 29 |
0.23% |
| Savings accounts |
7,199 |
2 |
0.04 |
6,164 |
3 |
0.06 |
| Money market accounts |
88,356 |
197 |
0.30 |
77,439 |
268 |
0.46 |
| Certificates of deposit |
||||||
| $100,000 or more |
46,737 |
357 |
1.02 |
42,187 |
371 |
1.17 |
| Certificates of deposit |
||||||
| less than $100,000 |
57,339 |
356 |
0.83 |
66,265 |
479 |
0.97 |
| Short-term borrowings |
2,700 |
50 |
2.48 |
2,700 |
59 |
2.91 |
| Long-term borrowings |
10,000 |
240 |
3.21 |
10,000 |
241 |
3.21 |
| Junior subordinated debentures |
6,186 |
89 |
1.92 |
6,186 |
100 |
2.15 |
| Total interest-bearing liabilities |
238,407 |
1,315 |
0.74 |
227,939 |
1,550 |
0.91 |
| Noninterest-bearing deposits |
51,901 |
48,076 |
||||
| Noninterest-bearing liabilities |
798 |
1,146 |
||||
| Total liabilities |
291,106 |
277,161 |
||||
| Total shareholders' equity |
26,721 |
26,297 |
||||
| Total liabilities and shareholders' equity |
$317,827 |
$303,458 |
||||
| Net interest income |
$8,241 |
$8,495 |
||||
| Net interest spread |
3.52% |
3.76% |
||||
| Net interest margin |
3.68% |
3.95% |
||||
| (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 $97 thousand in 2013 and $158 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 $92 thousand in 2013 and $93 thousand in 2012 are included in the calculation of the loan interest income. Net loan origination income in interest income totaled $28 thousand in 2013 and $62 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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