Frederick County Bancorp, Inc. (FCBI.OB) Reports Higher Net Income in First Quarter of 2010
Frederick County Bancorp, Inc. reported net income of $308,000, or $0.21 per diluted share, in the first quarter of 2010. This was a strong improvement from the net income of $45,000, or $0.03 per diluted share, in the same quarter of 2009. The bank attributed the increase in earnings to a rebound in net interest income, which increased from $2.0 million to $2.5 million over the same time frame. Frederick County Bancorp, Inc. also saw improved credit and asset quality in the first quarter of 2010, compared to 2009. Net loan charge-offs totaled $500,000, due to one write off in…