Frederick County Bancorp Inc. reported unaudited earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported income before provision for income taxes of $380,000 and net income of $259,000 or $0.17 per diluted share on interest income of $3,508,000 compared to the income before provision for income taxes of $468,000 and net income of $315,000 or $0.21 per diluted share on interest income of $3,900,000 for the same quarter year ago. Return on average assets was 0.39% compared to the 0.49% for the same quarter year ago. Return on average equity was 4.86% compared to the 6.25% for the same quarter year ago. For the nine months period, the company reported income before provision for income taxes of $761,000 and net income of $543,000 or $0.37 per diluted share on interest income of $10,440,000 compared to the income before provision for income taxes of $1,265,000 and net income of $884,000 or $0.59 per diluted share on interest income of $11,755,000 for the same period year ago. Return on average assets was 0.28% compared to the 0.45% for the same period year ago. Return on average equity was 3.43% compared to the 5.84% for the same period year ago.

Frederick County Bancorp Inc. announced unaudited earnings results for the second quarter and six months ended June 30, 2009. For the quarter, the company reported net income of $0.24 million and diluted earnings per share of $0.16, as compared to net income of $0.27 million and diluted earnings per share of $0.18 recorded for the second quarter of 2008. Interest income was $3.47 million compared to $3.84 million for the same period a year ago. Net interest income was $2.09 million compared to $2.03 million for the same period a year ago. Income before provision for income taxes was $0.36 million compared to $0.39 million for the same period a year ago. Return on average assets was 0.37% compared to 0.41% for the same period a year ago. Return on average equity was 4.67% compared to 5.33% for the same period a year ago. Book value per share was $14.34 compared to $13.74 for the same period a year ago. The company earned $0.28 million with diluted earnings per share of $0.19 for the first half of 2009 as compared to $0.57 million in earnings and diluted earnings per share of $0.38 for the same period in 2008. The decline in earnings was due primarily to an increase in the provision for loan losses in 2009 to $600,000 from the $240,000 recorded in the second quarter of 2008. Interest income was $6.93 million compared to $7.86 million for the same period a year ago. Net interest income was $4.09 million compared to $4.05 million for the same period a year ago. Income before provision for income taxes was $0.38 million compared to $0.79 million for the same period a year ago. Return on average assets was 0.22% compared to 0.44% for the same period a year ago. Return on average equity was 2.58% compared to 5.66% for the same period a year ago. Book value per share was $14.34 compared to $13.74 for the same period a year ago.

Frederick County Bancorp Inc. announced unaudited financial results for the first quarter ended March 31, 2009. For the period, the company recorded net income of $45,000 and diluted earnings per share of $0.03, as compared to net income of $300,000 and diluted earnings per share of $0.20 recorded for the first quarter of 2008. The decline in earnings was due primarily to an increase in the provision for loan losses to $400,000 from the $120,000 recorded in the first quarter of 2008. The increase in the provision followed an increase in net loan charge-offs during the period primarily due to two loan relationships. The company also recognizes that continued economic weakness during 2009 necessitates a higher level of reserves. While the company does not engage in high risk lending and has no concentrations of credit to any one industry, its loan portfolio quality reflects prevailing local economic conditions. Income before provision for income taxes were $25,000 on the interest income of $3,464,000 against the income before provision for income taxes were $412,000 on the interest income of $4,016,000 for the same period a year ago. Book value per share was $14.23 compared to the $13.77 for the same period a year ago. Return on average assets was 0.07% compared to the 0.47% for the same period a year ago and return on average equity was $0.86% against the 5.99% for the same period a year ago.