Frederick County Bancorp Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2016. For the quarter, total interest income was $3,461,000 against $3,316,000 a year ago. Net interest income was $3,104,000 against $2,915,000 a year ago. Income before provision for income taxes was $518,000 against $497,000 a year ago. Net income was $362,000 or $0.23 per diluted share against $355,000 or $0.23 per diluted share a year ago. Return on average assets was 0.40% against 0.41% a year ago. Return on average equity was 4.75% against 4.96% a year ago. The slight increase in quarterly earnings was due primarily to an increase in total noninterest income to $297,000 as compared to $248,000 in the second quarter of 2015, resulting from an 8 basis point increase in the net interest margin and increased loan volume, which was offset by increases in total noninterest expense to $2.68 million in the second quarter of 2016 from $2.67 million in the second quarter of 2015.

For the six months, total interest income was $6,827,000 against $6,520,000 a year ago. Net interest income was $6,104,000 against $5,721,000 a year ago. Income before provision for income taxes was $924,000 against $1,198,000 a year ago. Net income was $651,000 or $0.42 per diluted share against $835,000 or $0.54 per diluted share a year ago. Net cash provided by operating activities was $864,000 against $904,000 a year ago. Purchases of bank premises and equipment were $1,218,000 against $135,000 a year ago. Book value per share was $20.50 against $19.27 a year ago. Return on average assets was 0.36% against 0.48% a year ago. Return on average equity was 4.31% against 5.86% a year ago. The decrease in year-to-date earnings was due primarily to an increase in total noninterest expense to $5.5 million in the first half of 2016 as compared to $5.3 million in the first half of 2015, which added to the overall decrease in total noninterest income of $250,000 in the first half of 2016 as compared to the first half of 2015.

For the quarter, net charge-offs were $172,000 against $86,000 a year ago.