FREDERICK, Md., Jan. 22, 2015 /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,
2014, the Company recorded net income of $352 thousand and diluted earnings per share of
$0.23, as compared to net income of
$304 thousand and diluted earnings
per share of $0.20 recorded for the
same quarter of 2013. The Company earned $1.7 million with diluted earnings per share of
$1.12 for the year ended on
December 31, 2014, as compared to
$1.7 million in earnings and diluted
earnings per share of $1.10 for the
same period in 2013.
The increase in quarterly earnings was due primarily to the
lower level of the provision for loan losses of $0 in 2014, as compared to $200 thousand recorded in 2013, the total
noninterest income of $318 thousand
in 2014 as compared to $207 thousand
in 2013, which was partially offset by the increase in noninterest
expense which was $2.7 million in
2014 compared to $2.4 million in
2013. This increase was primarily in the salaries and
benefits expense which increased by $271
thousand.
Earnings for 2014 were relatively flat compared to 2013.
Net interest income for 2014 increased by $453 thousand over 2013, due primarily to an
increase in interest earned on the loan portfolio.
Noninterest income increased by $242
thousand in 2014 compared to 2013, primarily due to gains
recognized on the sale of SBA loans. There was no provision
recorded in 2014 and $275 thousand in
2013. All of these items were offset by an increase in
noninterest expenses which increased from $9.2 million in 2013 to $10.0 million in 2014, primarily as a result of
salaries and benefits expense which increased by $271 thousand, and other expenses which increased
by $253 thousand.
Net loan recoveries for the quarter ended December 31, 2014 totaled $69 thousand as compared to net loan charge-offs
for the quarter ended December 31,
2013 totaled $412
thousand. For the entire years of 2014 and 2013, the
net loan charge-offs totaled $61
thousand and $422 thousand,
respectively.
The ratio of the allowance for loan losses to total loans stood
at 1.28% and 1.35% as of December 31,
2014 and 2013, respectively. Nonperforming assets
stood at $5.6 million and
$5.3 million at December 31, 2014 and 2013, respectively.
The corresponding nonperforming assets to total assets ratios were
1.63% and 1.67% as of December 31,
2014 and 2013, respectively.
The Company also reported that, as of December 31, 2014, assets stood at $343.1 million, with total deposits of
$285.0 million and gross loans of
$262.5 million, representing
increases of 7.9%, 6.7%, and 3.4%, respectively, compared to
December 31, 2013. Total
shareholders' equity at December 31,
2014 was $27.9 million, an
increase of $1.7 million from
December 31, 2013. The increase
primarily results from an increase in retained earnings of
$1.3 million at December 31, 2014 as compared to December 31, 2013 and the decrease in the
accumulated other comprehensive loss from $586 thousand to $17
thousand at December 31, 2013
and 2014, respectively. On a per share basis, book value per
share increased by $1.28 for 2014 to
$18.92 per share at December 31, 2014.
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,
|
|
|
|
|
|
2014
|
2013
|
|
|
|
|
|
(dollars in
thousands)
|
(unaudited)
|
(unaudited)
|
|
|
|
|
|
Total
assets
|
$343,116
|
$318,131
|
|
|
|
|
|
Loans
|
262,525
|
253,913
|
|
|
|
|
|
Deposits
|
284,985
|
266,988
|
|
|
|
|
|
Shareholders'
equity
|
27,914
|
26,187
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
assets:
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$3,684
|
$3,379
|
|
|
|
|
|
Accruing troubled
debt restructurings
|
1,179
|
976
|
|
|
|
|
|
Loans 90 days or more
past due and still accruing
|
--
|
--
|
|
|
|
|
|
Foreclosed
properties
|
729
|
972
|
|
|
|
|
|
Total nonperforming
assets
|
$5,592
|
$5,327
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Years
Ended
|
|
|
December
31,
|
December
31,
|
|
December
31,
|
December
31,
|
|
|
2014
|
2013
|
|
2014
|
2013
|
|
|
(dollars in
thousands, except for per share data)
|
(unaudited)
|
(unaudited)
|
|
(unaudited)
|
(unaudited)
|
|
|
SUMMARY OF OPERATING
RESULTS:
|
|
|
|
|
|
|
|
Net income
|
$352
|
$304
|
|
$1,714
|
$1,691
|
|
|
Total comprehensive
income
|
489
|
233
|
|
2,283
|
637
|
|
|
|
|
|
|
|
|
|
Charge-offs
|
$ --
|
$412
|
|
$186
|
$606
|
|
|
(Recoveries)
|
(69)
|
--
|
|
(125)
|
(184)
|
|
|
Net
charge-offs
|
$(69)
|
$412
|
|
$ 61
|
$422
|
|
|
|
|
|
|
|
|
|
PER COMMON SHARE
DATA:
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$0.24
|
$0.20
|
|
$1.16
|
$1.12
|
|
|
Diluted earnings per
share
|
$0.23
|
$0.20
|
|
$1.12
|
$1.10
|
|
|
Basic weighted
average number of shares outstanding
|
1,475,034
|
1,493,173
|
|
1,474,026
|
1,503,888
|
|
|
Diluted weighted
average number of shares outstanding
|
1,532,913
|
1,536,375
|
|
1,528,678
|
1,543,503
|
|
|
Common shares
outstanding
|
1,475,154
|
1,484,174
|
|
1,475,154
|
1,484,174
|
|
|
Dividends
declared
|
$0.07
|
$0.06
|
|
$0.28
|
$0.23
|
|
|
Book value per
share
|
$18.92
|
$17.64
|
|
$18.92
|
$17.64
|
|
|
|
|
|
|
|
|
|
SELECTED UNAUDITED
FINANCIAL RATIOS:
|
|
|
|
|
|
|
|
Return on average
assets
|
0.42%
|
0.37%
|
|
0.52%
|
0.53%
|
|
|
Return on average
equity
|
5.04%
|
4.57%
|
|
6.28%
|
6.33%
|
|
|
Allowance for loan
losses to total loans
|
1.28%
|
1.35%
|
|
1.28%
|
1.35%
|
|
|
Nonperforming assets
to total assets
|
1.63%
|
1.67%
|
|
1.63%
|
1.67%
|
|
|
Ratio of net
charge-offs to average loans
|
(0.03)%
|
0.16%
|
|
0.02%
|
0.18%
|
|
|
Tier 1 capital to
risk-weighted assets
|
11.85%
|
11.83%
|
|
11.85%
|
11.83%
|
|
|
Total capital to
risk-weighted assets
|
13.02%
|
13.07%
|
|
13.02%
|
13.07%
|
|
|
Tier 1 capital to
average assets
|
10.05%
|
10.29%
|
|
10.05%
|
10.29%
|
|
|
Average equity to
average assets
|
8.28%
|
8.36%
|
|
8.22%
|
8.40%
|
|
|
Net interest
margin
|
3.64%
|
3.82%
|
|
3.67%
|
3.71%
|
|
|
Frederick County
Bancorp, Inc. and Subsidiaries
|
|
|
|
|
Consolidated
Balance Sheets
|
|
|
|
|
|
|
|
|
|
December
31,
|
December
31
|
|
|
2014
|
2013
|
|
|
(unaudited)
|
(unaudited)
|
|
(dollars in
thousands)
|
|
|
|
|
ASSETS
|
|
|
|
|
Cash and due from
banks
|
|
$ 2,402
|
$ 1,922
|
|
Federal funds
sold
|
|
21
|
22
|
|
Interest-bearing
deposits in other banks
|
|
37,365
|
18,166
|
|
Cash and cash
equivalents
|
|
39,788
|
20,110
|
|
Investment securities
available-for-sale at fair value
|
|
24,190
|
27,016
|
|
Restricted
stock
|
|
1,805
|
1,669
|
|
Loans
|
|
262,525
|
253,913
|
|
Less: Allowance for
loan losses
|
|
(3,362)
|
(3,423)
|
|
Net
loans
|
|
259,163
|
250,490
|
|
Bank premises and
equipment
|
|
6,373
|
6,570
|
|
Bank owned life
insurance
|
|
8,280
|
8,040
|
|
Foreclosed
properties
|
|
729
|
972
|
|
Other
assets
|
|
2,788
|
3,264
|
|
Total
assets
|
|
$343,116
|
$318,131
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Deposits
|
|
|
|
|
Noninterest-bearing deposits
|
|
$ 63,705
|
$ 50,286
|
|
Interest-bearing deposits
|
|
221,280
|
216,702
|
|
Total
deposits
|
|
284,985
|
266,988
|
|
Short-term
borrowings
|
|
3,300
|
3,050
|
|
FHLB
advances
|
|
20,000
|
15,000
|
|
Junior subordinated
debentures
|
|
6,186
|
6,186
|
|
Accrued interest and
other liabilities
|
|
731
|
720
|
|
Total
liabilities
|
|
315,202
|
291,944
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
Common stock, per
share par value $0.01;
10,000,000 shares
authorized; 1,475,154 and 1,484,174 shares issued and
outstanding
|
|
15
|
15
|
|
Additional paid-in
capital
|
|
15,158
|
15,302
|
|
Retained
earnings
|
|
12,758
|
11,456
|
|
Accumulated other
comprehensive loss
|
|
(17)
|
(586)
|
|
Total
shareholders' equity
|
|
27,914
|
26,187
|
|
Total
liabilities and shareholders' equity
|
|
$343,116
|
$318,131
|
|
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)
|
December
31,
2014
|
December
31,
2013
|
December
31,
2014
|
December 31,
2013
|
|
Interest
income
|
|
|
|
|
|
Interest and
fees on loans
|
$3,118
|
$3,077
|
$12,316
|
$11,840
|
|
Interest and
dividends on investment securities:
|
|
|
|
|
|
Interest – taxable
|
84
|
100
|
349
|
419
|
|
Interest – tax exempt
|
51
|
51
|
204
|
239
|
|
Dividends
|
23
|
16
|
80
|
60
|
|
Other interest
income
|
20
|
10
|
73
|
63
|
|
Total interest income
|
3,296
|
3,254
|
13,022
|
12,621
|
|
Interest
expense
|
|
|
|
|
|
Interest on
deposits
|
272
|
291
|
1,144
|
1,227
|
|
Interest on
short-term borrowings
|
24
|
15
|
83
|
65
|
|
Interest on
FHLB advances
|
87
|
84
|
339
|
324
|
|
Interest on
junior subordinated debentures
|
30
|
30
|
117
|
119
|
|
Total interest expense
|
413
|
420
|
1,683
|
1,735
|
|
Net interest
income
|
2,883
|
2,834
|
11,339
|
10,886
|
|
Provision for loan
losses
|
-
|
200
|
-
|
275
|
|
Net interest income
after provision for loan losses
|
2,883
|
2,634
|
11,339
|
10,611
|
|
Noninterest
income
|
|
|
|
|
|
Securities
(losses) gains
|
-
|
(17)
|
-
|
(17)
|
|
Gain on sale
of loans
|
83
|
-
|
285
|
-
|
|
(Loss) gain on
sale of foreclosed properties
|
-
|
(8)
|
(37)
|
20
|
|
Bank owned
life insurance income
|
60
|
62
|
240
|
252
|
|
Service
fees
|
84
|
88
|
336
|
353
|
|
Other
operating income
|
91
|
82
|
341
|
315
|
|
Total noninterest income
|
318
|
207
|
1,165
|
923
|
|
Noninterest
expense
|
|
|
|
|
|
Salaries and
employee benefits
|
1,477
|
1,206
|
5,635
|
5,112
|
|
Occupancy and
equipment expenses
|
386
|
386
|
1,530
|
1,480
|
|
Other
operating expenses
|
843
|
845
|
2,843
|
2,590
|
|
Total noninterest expense
|
2,706
|
2,437
|
10,008
|
9,182
|
|
Income before
provision for income taxes
|
495
|
404
|
2,496
|
2,352
|
|
Provision for income
taxes
|
143
|
100
|
782
|
661
|
|
Net income
|
$352
|
$304
|
$1,714
|
$1,691
|
|
Basic earnings per
share
|
$0.24
|
$0.20
|
$1.16
|
$1.12
|
|
Diluted earnings per
share
|
$0.23
|
$0.20
|
$1.12
|
$1.10
|
|
Basic weighted
average number of shares outstanding
|
1,475,034
|
1,493,173
|
1,474,026
|
1,503,888
|
|
Diluted weighted
average number of shares outstanding
|
1,532,913
|
1,536,375
|
1,528,678
|
1,543,503
|
|
Dividends declared
per share
|
$0.07
|
$0.06
|
$0.28
|
$0.23
|
|
Frederick County
Bancorp, Inc. and Subsidiaries
|
|
|
|
Consolidated
Statements of Comprehensive Income (Unaudited)
|
|
|
|
For the Three
Months Ended
|
|
(dollars in
thousands)
|
December
31,
2014
|
December
31,
2013
|
|
Net income
|
$352
|
$304
|
|
Changes in net
unrealized gains (losses) on securities available for
sale, net of income taxes of $89 in 2014 and net of
income tax benefits of $53 in 2013
|
137
|
(81)
|
|
Reclassification
adjustment for losses realized, net of
|
|
|
|
income tax
benefits of $7 in 2013
|
--
|
10
|
|
Total comprehensive income
|
$489
|
$233
|
|
|
|
|
|
|
|
Frederick County
Bancorp, Inc. and Subsidiaries
|
|
|
|
Consolidated
Statements of Comprehensive Income (Unaudited)
|
|
|
|
For the Years
Ended
|
|
(dollars in
thousands)
|
December
31,
2014
|
December
31,
2013
|
|
Net income
|
$1,714
|
$1,691
|
|
Changes in net
unrealized gains (losses) on securities available for
sale, net of income taxes of $371 in 2014 and net of
income tax benefits of $693 in 2013
|
569
|
(1,064)
|
|
Reclassification
adjustment for losses realized, net of
|
|
|
|
income tax
benefits of $7 in 2013
|
--
|
10
|
|
Total comprehensive income
|
$2,283
|
$637
|
|
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,
2013
|
1,508,574
|
$15
|
$15,663
|
$10,110
|
$ 468
|
$26,256
|
|
Comprehensive
income
|
|
|
|
1,691
|
(1,054)
|
637
|
|
Dividends declared on
common stock, $0.23 per share
|
|
|
|
(345)
|
|
(345)
|
|
Shares
Repurchased
|
(24,900)
|
|
(405)
|
|
|
(405)
|
|
Shares issued under
stock options 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
|
|
Comprehensive
income
|
|
|
|
1,714
|
569
|
2,283
|
|
Dividends declared on
common stock, $0.28 per share
|
|
|
|
(412)
|
|
(412)
|
|
Shares
repurchased
|
(15,000)
|
|
(267)
|
|
|
(267)
|
|
Shares issued under
stock option transactions
|
5,980
|
|
68
|
|
|
68
|
|
Compensation expense
from stock option transactions
|
|
|
36
|
|
|
36
|
|
Excess tax benefit
from equity-based awards
|
|
|
19
|
|
|
19
|
|
Balance, December 31,
2014
|
1,475,154
|
$15
|
$15,158
|
$12,758
|
$(17)
|
$27,914
|
|
Frederick County
Bancorp, Inc. and Subsidiaries
Consolidated
Statements of Cash Flows (Unaudited)
|
|
|
|
Years
Ended
|
|
December
31,
2014
|
December
31,
2013
|
|
(dollars in
thousands)
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
Net
income
|
$1,714
|
$1,691
|
|
Adjustments to
reconcile net income to net cash provided by
operating
activities:
|
|
|
|
Depreciation and amortization
|
344
|
366
|
|
Deferred income (benefits) taxes
|
(70)
|
257
|
|
Provision for loan losses
|
--
|
275
|
|
Securities losses
|
--
|
17
|
|
Gain on sale of loans
|
(285)
|
--
|
|
Loans originated for sale
|
(3,050)
|
--
|
|
Proceeds from loans sold
|
3,335
|
--
|
|
Net premium amortization on investment securities
|
168
|
321
|
|
Bank owned life insurance income
|
(240)
|
(252)
|
|
Loss (gain) on sale of foreclosed properties
|
37
|
(20)
|
|
Stock-based compensation expense
|
36
|
38
|
|
Provision for foreclosed properties
|
14
|
196
|
|
Excess tax benefit from stock-based awards
|
(19)
|
--
|
|
Decrease in accrued interest and other assets
|
195
|
189
|
|
Increase (decrease) in accrued interest and other
liabilities
|
11
|
(179)
|
|
Net cash provided by operating activities
|
2,190
|
2,899
|
|
Cash flows from
investing activities:
|
|
|
|
Purchases of investment securities available for sale
|
--
|
(6,058)
|
|
Proceeds
from sales of investment securities available for sale
|
--
|
5,581
|
|
Proceeds
from maturities, prepayments and calls
investment securities
available for sale
|
3,597
|
6,170
|
|
Purchase of
restricted stock
|
(136)
|
(165)
|
|
Net
increase in loans
|
(8,673)
|
(25,047)
|
|
Purchases of bank premises and equipment
|
(147)
|
(202)
|
|
Proceeds
from sale of foreclosed properties
|
192
|
900
|
|
Net cash used in investing activities
|
(5,167)
|
(18,821)
|
|
Cash flows from
financing activities:
|
|
|
|
Net
increase in NOW, money market accounts,
savings
accounts and
noninterest-bearing deposits
|
21,662
|
10,976
|
|
Net
decrease in time deposits
|
(3,665)
|
(12,101)
|
|
Net
increase in short-term borrowings
|
250
|
350
|
|
Proceeds
from FHLB advances
|
5,000
|
5,000
|
|
Proceeds
from issuance of common stock
|
68
|
6
|
|
Repurchase of common stock
|
(267)
|
(405)
|
|
Dividends paid on common stock
|
(412)
|
(345)
|
|
Excess
tax benefit from equity-based awards
|
19
|
--
|
|
Net cash provided by financing activities
|
22,655
|
3,481
|
|
Net increase
(decrease) in cash and cash equivalents
|
19,678
|
(12,441)
|
|
Cash and cash
equivalents – beginning of period
|
20,110
|
32,551
|
|
Cash and cash
equivalents – end of period
|
$39,788
|
$20,110
|
|
Supplemental cash
flow disclosures:
|
|
|
|
Interest
paid
|
$1,688
|
$1,746
|
|
Income
taxes paid
|
$750
|
$700
|
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,
|
2014
|
2013
|
|
(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
|
$ -
|
--
|
$ 23
|
$ -
|
-
|
|
Interest
bearing deposits in other banks
|
33,638
|
20
|
0.24
|
20,030
|
10
|
0.20
|
|
Investment
securities (1):
|
|
|
|
|
|
|
|
Taxable
|
19,798
|
107
|
2.14
|
23,377
|
116
|
1.97
|
|
Tax-exempt (2)
|
6,541
|
77
|
4.67
|
6,637
|
77
|
4.62
|
|
Loans
(3)
|
260,595
|
3,147
|
4.79
|
250,693
|
3,112
|
4.93
|
|
Total interest-earning assets
|
320,593
|
3,351
|
4.15
|
300,760
|
3,315
|
4.37
|
|
Noninterest-earning
assets
|
16,866
|
|
|
17,826
|
|
|
|
Total assets
|
$337,459
|
|
|
$318,586
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
NOW
accounts
|
$ 23,231
|
10
|
0.17
|
$ 20,494
|
8
|
0.15
|
|
Savings
accounts
|
8,286
|
1
|
0.05
|
7,840
|
-
|
-
|
|
Money
market accounts
|
93,743
|
67
|
0.28
|
89,492
|
64
|
0.28
|
|
Certificates of deposit
|
|
|
|
|
|
|
|
$100,000 or
more
|
42,701
|
95
|
0.88
|
41,204
|
111
|
1.07
|
|
Certificates of deposit
|
|
|
|
|
|
|
|
less than
$100,000
|
49,948
|
99
|
0.79
|
54,573
|
108
|
0.79
|
|
Short-term borrowings
|
3,104
|
24
|
3.07
|
2,734
|
15
|
2.18
|
|
FHLB
advances
|
20,000
|
87
|
1.73
|
15,000
|
84
|
2.22
|
|
Junior
subordinated debentures
|
6,186
|
30
|
1.92
|
6,186
|
30
|
1.92
|
|
Total
interest-bearing liabilities
|
247,199
|
413
|
0.66
|
237,523
|
420
|
0.70
|
|
Noninterest-bearing
deposits
|
61,660
|
|
|
53,661
|
|
|
|
Noninterest-bearing
liabilities
|
669
|
|
|
777
|
|
|
|
Total
liabilities
|
309,528
|
|
|
291,961
|
|
|
|
Total
shareholders' equity
|
27,931
|
|
|
26,625
|
|
|
|
Total
liabilities and shareholders'
equity
|
$337,459
|
|
|
$318,586
|
|
|
|
Net interest
income
|
|
$2,938
|
|
|
$2,895
|
|
|
Net interest
spread
|
|
|
3.49%
|
|
|
3.67%
|
|
Net interest
margin
|
|
|
3.64%
|
|
|
3.82%
|
|
(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 2014 and $26
thousand in 2013 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 $29
thousand in 2014 and $35 thousand in 2013 are included in the
calculation of the loan interest income. Net loan origination
income in interest income totaled $23 thousand in 2014 and $2
thousand in 2013.
|
|
For the Year Ended
December 31,
|
2014
|
2013
|
|
(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
|
$
-
|
-
|
$ 18
|
$
-
|
-
|
|
Interest
bearing deposits in other banks
|
31,489
|
73
|
0.23
|
27,622
|
63
|
0.23
|
|
Investment
securities (1):
|
|
|
|
|
|
|
|
Taxable
|
20,793
|
429
|
2.06
|
25,903
|
479
|
1.85
|
|
Tax-exempt (2)
|
6,549
|
309
|
4.72
|
8,094
|
362
|
4.47
|
|
Loans
(3)
|
256,335
|
12,424
|
4.85
|
238,241
|
11,967
|
5.02
|
|
Total interest-earning assets
|
315,187
|
13,235
|
4.20
|
299,878
|
12,871
|
4.29
|
|
Noninterest-earning
assets
|
17,135
|
|
|
18,140
|
|
|
|
Total assets
|
$332,322
|
|
|
$318,018
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
NOW
accounts
|
$ 21,970
|
34
|
0.15
|
$ 20,042
|
32
|
0.16
|
|
Savings
accounts
|
8,138
|
2
|
0.02
|
7,361
|
2
|
0.03
|
|
Money
market accounts
|
95,157
|
270
|
0.28
|
88,643
|
261
|
0.29
|
|
Certificates of deposit
|
|
|
|
|
|
|
|
$100,000 or
more
|
43,476
|
454
|
1.04
|
45,343
|
468
|
1.03
|
|
Certificates of deposit
|
|
|
|
|
|
|
|
less than
$100,000
|
51,461
|
384
|
0.75
|
56,642
|
464
|
0.82
|
|
Short-term borrowings
|
3,064
|
83
|
2.71
|
2,709
|
65
|
2.40
|
|
FHLB
advances
|
17,575
|
339
|
1.93
|
11,260
|
324
|
2.88
|
|
Junior
subordinated debentures
|
6,186
|
117
|
1.89
|
6,186
|
119
|
1.92
|
|
Total
interest-bearing liabilities
|
247,027
|
1,683
|
0.68
|
238,186
|
1,735
|
0.73
|
|
Noninterest-bearing
deposits
|
57,351
|
|
|
52,345
|
|
|
|
Noninterest-bearing
liabilities
|
641
|
|
|
790
|
|
|
|
Total
liabilities
|
305,019
|
|
|
291,321
|
|
|
|
Total
shareholders' equity
|
27,303
|
|
|
26,697
|
|
|
|
Total
liabilities and shareholders'
equity
|
$332,322
|
|
|
$318,018
|
|
|
|
Net interest
income
|
|
$11,552
|
|
|
$11,136
|
|
|
Net interest
spread
|
|
|
3.52%
|
|
|
3.56%
|
|
Net interest
margin
|
|
|
3.67%
|
|
|
3.71%
|
|
(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 $105 thousand in 2014 and $123
thousand in 2013 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
$108 thousand in 2014 and $127 thousand in 2013 are included in the
calculation of the loan interest income. Net loan origination
income in interest income totaled $92 thousand in 2014 and $30
thousand in 2013.
|
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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/frederick-county-bancorp-inc-reports-results-for-the-fourth-quarter-2014-300024643.html
SOURCE Frederick County Bancorp, Inc.