Frederick County Bancorp (OTCBB: FCBI), the parent company for Frederick County Bank, recently announced that, for the quarter ended September 30, 2009, the Company recorded net income of $259,000 and diluted earnings per share of $0.17, as compared to net income of $315,000 and diluted earnings per share of $0.21 recorded for the third quarter of 2008. FCBancorp (OTC Bulletin Board: FCBI)earned $543,000 with diluted earnings per share of $0.37 for the first nine months of 2009 as compared to $884,000 in earnings and diluted earnings per share of $0.59 for the same period in 2008.
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The decline in earnings was due primarily to an increase in the provision for loan losses in 2009 to $875,000 from the $460,000 recorded in the nine months ended September 30, 2008. The ratio of the allowance for loan losses to total loans stood at 1.52% and 1.28% as of September 30, 2009 and 2008, respectively. Nonperforming assets stood at $1.31 million and $1.84 million at September 30, 2009 and 2008, respectively, and at $1.56 million at December 31, 2008. The corresponding nonperforming assets to total assets ratios were 0.49% and 0.69% as of September 30, 2009 and 2008, respectively, and 0.61% as of December 31, 2008. FCBancorp also reported that, as of September 30, 2009, assets stood at $266.8 million, with total deposits of $227.8 million and gross loans of $211.2 million, representing increases of 2.2% and 2.0% and a decrease of 0.2% respectively, compared to the third quarter of 2008. The Company's tier 1 capital to risk-weighted assets and total capital to risk-weighted assets ratios as of September 30, 2009 were 11.88% and 13.13%, respectively, with regulatory minimum ratios for capital adequacy purposes of 4.00% and 8.00%, respectively. 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 four offices, three 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 June 30, 2009 and the top Five Star Rating from Bauer Financial, Inc., as of June 30, 2009.
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