Frederick County Bancorp, the parent company for Frederick County Bank, has reported a net income of $270,000 for the second quarter ended June 30, 2008, compared to $335,000 for the same period of 2007.
Diluted earnings per share stood at $0.18, compared to $0.22 for the corresponding period in 2007.
The company earned $569,000 with diluted earnings per share of $0.38 for the first half of 2008, compared to $658,000 in earnings and diluted earnings per share of $0.43 for the same period in 2007.
The company increased its provision for loan losses in 2008 to $240,000 from the $191,000 recorded in the first half of 2007.
The company also reported that, as of June 30, 2008, assets increased to $262.5 million, with deposits of $223.9 million and gross loans of $209.9 million, representing increases of 3.2%, 1% and 5.3%, respectively, over the second quarter of 2007.
Martin Lapera, president and CEO of Frederick County Bancorp, said: This increase reflects management’s continued concern with the ongoing pressure of very challenging economic conditions on consumer and small business loans. Net income was also negatively affected by continued net interest margin compression.