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Frederick bank sees profit slip in 2Q

Frederick County Bancorp, the parent company of Frederick County Bank, reported second-quarter net income of $377,000, or 25 cents per diluted share, compared to net income of $490,000, or 32 cents per diluted share, for the year-ago period.

Total assets at the end of June 2014 were $331.5 million versus $324.6 million for the 2013 second quarter.

Bank officials attributed the drop in earnings to an increase in total noninterest expense resulting from a rise in FDIC insurance costs, and consulting fee expenses, as well as a loss on the sale of foreclosed property, with no counterpart loss in the prior-year period.

Frederick County Bancorp is based in Frederick and operates five bank offices throughout Frederick County.