Frederick County Bancorp Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company reported total interest income of $3,588,000 against $3,366,000 a year ago. Net interest income was $3,021,000 against $3,000,000 a year ago. Income before provision for income taxes was $543,000 against $406,000 a year ago. Net income was $367,000 or $0.24 per diluted share against $289,000 or $0.19 per diluted share a year ago. Net cash provided by operating activities was $1,116,000 against $316,000 a year ago. Purchases of bank premises and equipment were $2,367,000 against $815,000 a year ago. Book value per share was $21.12 against $20.19 a year ago. Return on average assets was 0.38% against 0.33% a year ago. Return on average equity was 4.65% against 3.86% a year ago. The increase in quarterly earnings was due primarily to a decrease in total noninterest expense of $96,000, increases in total noninterest income of $20,000 and net interest income of $199,000 in the first quarter of 2017 as compared to the first quarter of 2016, respectively.

For the quarter, the company reported net charge-offs of $100,000 against $20,000 a year ago.