Frederick County Bancorp Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2016. For the quarter, the company reported total interest income of $3,366,000 against $3,204,000 a year ago. Net interest income was $3,000,000 against $2,806,000 a year ago. Income before provision for income taxes was $406,000 against $701,000 a year ago. Net income was $289,000 against $480,000 a year ago. Diluted earnings per share were $0.19 against $0.31 a year ago. The decrease in earnings was due primarily to a decrease in total noninterest income from $528,000 in three months ended March 31, 2015 from the $229,000 recorded for the three months ended March 31, 2016. Net cash provided by operating activities was $316,000 against $143,000 a year ago. Purchases of bank premises and equipment were $815,000 against $76,000 a year ago. Book value per share was $20.19 against $19.21 a year ago. Return on average assets was 0.33% against 0.56% a year ago. Return on average equity was 3.86% against 6.77% a year ago. The increase in net interest income of $194,000 for 2016 compared to 2015 was offset by an increase in noninterest expense of $190,000.

For the quarter, the company reported net charge-offs of $20,000 against $170,000 a year ago.