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

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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.

             

March 31,

March 31, December 31,
2018     2017 2017

(dollars in thousands)

(unaudited) (unaudited) (audited)
Total assets $421,556 $396,073 $405,796
Loans 325,790 311,154 322,156
Deposits 347,221 332,708 332,005
Shareholders' equity 33,072 31,527 32,621
 
Nonperforming assets:
Nonaccrual loans $3,699 $6,620 $3,756
Accruing troubled debt restructurings 341 398 345
Loans 90 days or more past due and still accruing - - -
Foreclosed properties 706     706 1,264
Total nonperforming assets $4,746     $7,724 $5,365
 
For the Three Months Ended
March 31, March 31,

 

2018     2017
(dollars in thousands, except for per share data) (unaudited) (unaudited)
SUMMARY OF OPERATING RESULTS:
Net income $849     $367
Total comprehensive income $569     $459
 
Charge-offs $ 26 $267
(Recoveries) (540)     (167)
Net (recoveries) charge-offs $(514)     $100
 
PER COMMON SHARE DATA:
Basic earnings per share
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