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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
    shares issued and outstanding

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)
(Unaudited)


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
   sale, net of  income tax benefits of $53 in 2013 and income
   taxes of $15 in 2012

(81)

24

Reclassification adjustment for gains (losses) realized, net of income
  tax benefits of $7 in 2013 and $234  in 2012

 

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
  sale, net of  income tax benefits of $693 in 2013 and income
  taxes of $196 in 2012

 

 

(1,064)

 

 

301

Reclassification adjustment for gains realized, net of income
  taxes benefits of $7 in 2013 and $414  in 2012

 

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,
  $0.20 per share




(303)


(303)

Shares repurchased

(8,650)


(104)



(104)

Shares issued under stock option transactions

2,910


33



33

Compensation expense from stock option
  transactions



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
  transactions



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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The proper isolation of resources is essential for multi-tenant environments. The traditional approach to isolate resources is, however, rather heavyweight. In his session at 18th Cloud Expo, Igor Drobiazko, co-founder of elastic.io, will draw upon their own experience with operating a Docker container-based infrastructure on a large scale and present a lightweight solution for resource isolation using microservices. He will also discuss the implementation of microservices in data and applicat...
Join IBM June 8 at 18th Cloud Expo at the Javits Center in New York City, NY, and learn how to innovate like a startup and scale for the enterprise. You need to deliver quality applications faster and cheaper, attract and retain customers with an engaging experience across devices, and seamlessly integrate your enterprise systems. And you can't take 12 months to do it.
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, will discuss how research has demonstrated the value of Machine Learning in delivering next generation analytics to im...
This is not a small hotel event. It is also not a big vendor party where politicians and entertainers are more important than real content. This is Cloud Expo, the world's longest-running conference and exhibition focused on Cloud Computing and all that it entails. If you want serious presentations and valuable insight about Cloud Computing for three straight days, then register now for Cloud Expo.
As you respond to increasing requests for new analytics, you need fast and flexible technology in your arsenal so that you can deploy the right workload to the right platform for the need at hand. Do you need self-service and fast time to value? Do you have data and application control and privacy needs, along with strict SLAs to meet? IBM dashDB™ is data warehouse technology powered by in-memory computing and in-database analytics that are designed for fast results, scalability and more.
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
IoT device adoption is growing at staggering rates, and with it comes opportunity for developers to meet consumer demand for an ever more connected world. Wireless communication is the key part of the encompassing components of any IoT device. Wireless connectivity enhances the device utility at the expense of ease of use and deployment challenges. Since connectivity is fundamental for IoT device development, engineers must understand how to overcome the hurdles inherent in incorporating multipl...