Frederick County Bancorp, Inc. reported net income of $308,000, or $0.21 per diluted share, in the first quarter of 2010. This was a strong improvement from the net income of $45,000, or $0.03 per diluted share, in the same quarter of 2009.
The bank attributed the increase in earnings to a rebound in net interest income, which increased from $2.0 million to $2.5 million over the same time frame.
Frederick County Bancorp, Inc. also saw improved credit and asset quality in the first quarter of 2010, compared to 2009. Net loan charge-offs totaled $500,000, due to one write off in the quarter, compared to charge offs of $682,000 in the first quarter of 2009. The ratio of nonperforming assets to total assets fell from 0.43% on 3/31/2009, to 0.38% on 3/31/2010.
Martin S. Lapera, the CEO of Frederick County Bancorp, Inc. said, “Frederick County Bank is currently well capitalized. Our capital ratios exceed the regulatory requirements for well capitalized banks, with our ratios of 13.28% and 12.03% for Total Risk-Based Capital and Tier 1 Capital, respectively, compared to the regulatory minimums of 10.00% and 6.00%. Our liquidity position remains strong, with $30.0 million in federal funds sold and other overnight investments, which equates to 10.7% of assets.”
Frederick County Bancorp, Inc. is headquartered in Maryland, and has four branches in the state. The bank had total assets of $281.6 million and total deposits of $242.1 million as of 3/31/2010.