Welcome!

Microsoft Cloud Authors: David H Deans, Yeshim Deniz, Janakiram MSV, Andreas Grabner, Stackify Blog

News Feed Item

Frederick County Bancorp, Inc. Reports Results for the Fourth Quarter 2012

FREDERICK, Md., Jan. 14, 2013 /PRNewswire/ -- Frederick County Bancorp, Inc. (the "Company") (OTC Bulletin Board: FCBI), the parent company for Frederick County Bank (FCB), announced today that for the quarter ended December 31, 2012, the Company recorded net income of $276 thousand and diluted earnings per share of $0.18, as compared to net income of $344 thousand and diluted earnings per share of $0.23 recorded for the fourth quarter of 2011.    

The Company reported net income of $1.40 million and diluted earnings per share of $0.92 for the year ended December 31, 2012, as compared to net income of $1.02 million and diluted earnings per share of $0.68 for the same period in 2011.  Full year 2012 earnings included a provision for loan losses of $1.28 million, securities gains in the amount of $1.05 million and provision for foreclosed properties of $716 thousand, as compared to a provision for loan losses of $1.74 million, securities gains in the amount of $386 thousand and provision for foreclosed properties of $124 thousand for 2011.

The decreased provision for loan losses for the twelve month period reflects the slightly positive impact that strengthening economic conditions have had on borrowers' ability to repay loans as well as stabilizing loan collateral valuations.  At December 31, 2012, the ratio of nonperforming assets to total assets was 1.87%, consisting of $3.82 million in nonaccrual loans and $2.05 million in foreclosed properties, as compared to 1.89% at December 31, 2011, consisting of $2.02 million in nonaccrual loans and $3.49 million in foreclosed properties.

The allowance for loan losses was $3.57 million and $3.22 million as of December 31, 2012 and 2011, respectively and the ratio of the allowance for loan losses to total loans stood at 1.56% and 1.51% as of December 31, 2012 and 2011, respectively.  The increase in the allowance was the result of potential charge-offs during the current year.  Nonperforming assets stood at $5.87 million at December 31, 2012 and at $5.52 million at December 31, 2011. 

Net loan charge-offs for the full year of 2012 totaled $921 thousand, which consists primarily of three (3) commercial real estate, two (2) commercial loan relationships, two (2) construction land development and one (1) residential mortgage.  This compares to net loan charge-offs for the same period in 2011 totaling $2.24 million consisting primarily of nine (9) commercial real estate and three (3) commercial loan relationships.  For the quarter end December 31, 2012, net charge-offs were $437 thousand for four (4) commercial loan relationships compared to $137 thousand for one (1) commercial loan relationship during the same period in 2011.

The Company also reported that, as of December 31, 2012, assets stood at $314.5 million, with total deposits of $268.1 million and gross loans of $229.3 million, representing increases of 7.7%, 8.8% and 8.0% respectively, compared to the full year of 2011.  Loan and deposit growth, and consequently asset growth, were relatively strong for the year and reflect management's intent to strengthen the Company's capital ratios.  The net interest margin was 3.89% for the year 2012 and 3.93% for the year 2011, and was negatively impacted by the lower loan rates required to be competitive in a market driven by re-financing.  This compression noted in the net interest margin during 2012 is expected to potentially worsen going forward.

President and CEO Martin S. Lapera said, "Frederick County Bank remains well capitalized. With ratios of 13.50% and 12.25% for Total Risk-Based Capital and Tier 1 Capital, respectively, compared to the regulatory minimums of 10.00% and 6.00%, our capital ratios significantly exceed the regulatory requirements for well capitalized banks.  Our liquidity position remains very strong, with $30.4 million in federal funds sold and interest-bearing deposits in other banks, which equates to 9.7% of assets." 

Frederick County Bank commenced operations in 2001 and has posted positive quarterly earnings continuously since 2002, its second year in operation.  The Bank is headquartered in Frederick, Maryland, and conducts full service commercial banking services through five offices, four of which are in the City of Frederick and one office located in Walkersville, Maryland.  Frederick County Bank maintains a solid Four Star Rating from Bankrate.com as of September 30, 2012 and the top Five Star Rating from Bauer Financial, Inc., as of September 30, 2012.

 

 






December 31,

December 31,









2012

2011




(dollars in thousands)




(unaudited)

(audited)




Total assets




$        314,459

$         292,012




Cash and due from banks



2,202

1,680




Federal funds sold and other overnight investments

30,349

25,168




Investment securities - available for sale


34,788

36,423




Restricted stock




1,504

1,510




Loans, net




229,288

209,099




Allowance for loan losses



3,571

3,216




Deposits





268,113

246,487




Short-term borrowings



2,700

2,700




Long-term borrowings



10,000

10,000




Junior subordinated debentures



6,186

6,186




Shareholders' equity




26,256

25,457














Nonperforming assets



5,873

5,515














SELECTED FINANCIAL DATA













 Three Months Ended


 Year Ended






 December 31,


 December 31,






2012

2011


2012

2011

(dollars in thousands, except per share data)


(unaudited)

(unaudited)


(unaudited)

(audited)

SUMMARY OF OPERATING RESULTS:







Interest income




$            3,219

$             3,313


$         13,013

$      13,612

Interest expense




494

642


2,044

3,010

Net interest income




2,725

2,671


10,969

10,602

Provision for loan losses



850

225


1,275

1,740

Net interest income after provision for loan losses

1,875

2,446


9,694

8,862

Securities gains




594

-


1,050

386

Loss on sale of foreclosed properties


-

-


(82)

(18)

Noninterest income (excluding gains (losses))

245

189


860

627

Noninterest expense




2,362

2,159


9,603

8,517

Income before provision for income taxes


352

476


1,919

1,340

Provision for income tax (benefits) expense


76

132


524

316

Net income




276

344


1,395

1,024











Net charge-offs (recoveries)



437

137


921

2,242











PER COMMON SHARE DATA:








Basic earnings per share



$              0.18

$               0.23


$             0.92

$          0.69

Diluted earnings per share



$              0.18

$               0.23


$             0.92

$          0.68

Basic weighted average number of shares outstanding

1,509,944

1,515,793


1,513,941

1,487,307

Diluted weighted average number of shares outstanding

1,514,378

1,518,794


1,515,663

1,513,763

Common shares outstanding



1,508,574

1,514,314


1,508,574

1,514,314

Dividends declared




$              0.05

$                     -


$             0.20

$          0.10

Book value per share




$            17.40

$             16.81


$           17.40

$        16.81











SELECTED UNAUDITED FINANCIAL RATIOS:






Return on average assets



0.35%

0.47%


0.46%

0.35%

Return on average equity



4.15%

5.43%


5.29%

4.20%

Allowance for loan losses to total loans


1.56%

1.51%


1.56%

1.51%

Nonperforming assets to total assets


1.87%

1.89%


1.87%

1.89%

Ratio of net charge-offs to average loans


0.19%

0.06%


0.42%

1.07%

Tier 1 capital to risk-weighted assets


12.25%

12.69%


12.25%

12.69%

Total capital to risk-weighted assets


13.50%

13.94%


13.50%

13.94%

Tier 1 capital to average assets



10.09%

10.51%


10.09%

10.51%

Average equity to average assets



8.44%

8.69%


8.61%

8.35%











Weighted average yield/rate on:








Loans





5.26%

5.78%


5.44%

5.94%

Interest-earning assets



4.40%

4.82%


4.60%

5.00%

Interest-bearing liabilities



0.83%

1.14%


0.89%

1.34%

Net interest spread




3.56%

3.67%


3.71%

3.67%

Net interest margin




3.74%

3.89%


3.89%

3.93%

 

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.  For further information, please refer to the Company's reports filed with the U.S. Securities and Exchange Commission.

SOURCE Frederick County Bancorp, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
From 2013, NTT Communications has been providing cPaaS service, SkyWay. Its customer’s expectations for leveraging WebRTC technology are not only typical real-time communication use cases such as Web conference, remote education, but also IoT use cases such as remote camera monitoring, smart-glass, and robotic. Because of this, NTT Communications has numerous IoT business use-cases that its customers are developing on top of PaaS. WebRTC will lead IoT businesses to be more innovative and address...
In his session at @ThingsExpo, Sudarshan Krishnamurthi, a Senior Manager, Business Strategy, at Cisco Systems, discussed how IT and operational technology (OT) work together, as opposed to being in separate siloes as once was traditional. Attendees learned how to fully leverage the power of IoT in their organization by bringing the two sides together and bridging the communication gap. He also looked at what good leadership must entail in order to accomplish this, and how IT managers can be the ...
SYS-CON Events announced today that Secure Channels, a cybersecurity firm, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Secure Channels, Inc. offers several products and solutions to its many clients, helping them protect critical data from being compromised and access to computer networks from the unauthorized. The company develops comprehensive data encryption security strategie...
"DX encompasses the continuing technology revolution, and is addressing society's most important issues throughout the entire $78 trillion 21st-century global economy," said Roger Strukhoff, Conference Chair. "DX World Expo has organized these issues along 10 tracks with more than 150 of the world's top speakers coming to Istanbul to help change the world."
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, discussed the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information.
SYS-CON Events announced today that App2Cloud will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. App2Cloud is an online Platform, specializing in migrating legacy applications to any Cloud Providers (AWS, Azure, Google Cloud).
SYS-CON Events announced today that Calligo has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Calligo is an innovative cloud service provider offering mid-sized companies the highest levels of data privacy. Calligo offers unparalleled application performance guarantees, commercial flexibility and a personalized support service from its globally located cloud platform...
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. Jack Norris reviews best practices to show how companies develop, deploy, and dynamically update these applications and how this data-first...
Intelligent Automation is now one of the key business imperatives for CIOs and CISOs impacting all areas of business today. In his session at 21st Cloud Expo, Brian Boeggeman, VP Alliances & Partnerships at Ayehu, will talk about how business value is created and delivered through intelligent automation to today’s enterprises. The open ecosystem platform approach toward Intelligent Automation that Ayehu delivers to the market is core to enabling the creation of the self-driving enterprise.
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, shared examples from a wide range of industries – including en...
Consumers increasingly expect their electronic "things" to be connected to smart phones, tablets and the Internet. When that thing happens to be a medical device, the risks and benefits of connectivity must be carefully weighed. Once the decision is made that connecting the device is beneficial, medical device manufacturers must design their products to maintain patient safety and prevent compromised personal health information in the face of cybersecurity threats. In his session at @ThingsExpo...
"The Striim platform is a full end-to-end streaming integration and analytics platform that is middleware that covers a lot of different use cases," explained Steve Wilkes, Founder and CTO at Striim, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
SYS-CON Events announced today that Massive Networks will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Massive Networks mission is simple. To help your business operate seamlessly with fast, reliable, and secure internet and network solutions. Improve your customer's experience with outstanding connections to your cloud.
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution and join Akvelon expert and IoT industry leader, Sergey Grebnov, in his session at @ThingsExpo, for an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, will examine the regulations and provide insight on how it affects technology, challenges the established rules and will usher in new levels of diligence a...