First Quarter Earnings 2018

April 13, 2018
First Quarter Earnings 2018

FREDERICK COUNTY BANCORP, INC.

NEWS RELEASE

Frederick County Bancorp, Inc. Reports Results for
the First Quarter 2018

April 13, 2018, Frederick, MD --- Frederick County Bancorp, Inc. (the “Company”) (OTCPink Marketplace: FCBI), the parent company for Frederick County Bank (“FCB”), announced today that, for the quarter ended March 31, 2018, the Company recorded net income of $849 thousand and diluted earnings per share of $0.55, as compared to net income of $367 thousand and diluted earnings per share of $0.24 recorded for the first quarter of 2017. 

The increase in quarterly earnings was due primarily to an increase in net interest income of $307 thousand in first quarter of 2018 compared to the first quarter of 2017.  In addition, a negative provision for loan losses of $145 thousand was recognized in 2018 compared to a provision of $178 thousand in 2017.

Net loan (recoveries) charge-offs for the quarters ended March 31, 2018 and 2017 totaled $(514) thousand and $100 thousand, respectively.  There were $26 thousand in charge-offs in 2018 compared to $267 thousand in 2017, which were offset by recoveries of $540 thousand and $167 thousand for the periods ended March 31, 2018 and 2017, respectively.  A recovery of $500 thousand was realized from one commercial client in 2018.

The ratio of the allowance for loan losses to total loans stood at 1.12%, 1.23% and 1.01% as of March 31, 2018 and 2017 and December 31, 2017, respectively.  Nonperforming assets stood at $4.7 million, $7.7 million and $5.4 million as of March 31, 2018 and 2017 and December 31, 2017, respectively.  The corresponding nonperforming assets to total assets ratios were 1.13%, 1.95% and 1.32% as of March 31, 2018 and 2017 and December 31, 2017, respectively. 

The Company also reported that, as of March 31, 2018, assets stood at $421.6 million, with total deposits of $347.2 million and gross loans of $325.8 million, representing increases of 6.4%, 4.4%, and 4.7%, respectively, compared to March 31, 2017.  Total shareholders’ equity at March 31, 2018 was $33.1 million, an increase of $451 thousand from December 31, 2017.  The increase in total shareholders’ equity resulted primarily from earnings of $849 thousand in the first quarter, offset by dividends of $119 thousand and a decline in the fair value of available-for-sale securities of $280 thousand from December 31, 2017.  On a per share basis, book value increased by 30 cents for 2018 to $22.15 per share at March 31, 2018 from $21.85 per share at December 31, 2017.  The dividend declared per share was $0.08 for the three month period ended March 31, 2018 as compared to $0.07 per share for the same period in 2017.

Frederick County Bank is headquartered in Frederick, Maryland, and conducts full-service commercial banking services through five bank centers located in Frederick County, Maryland.

Download the Full 2018 Q1 Earnings Report