Glen Burnie Bancorp Announces Second Quarter 2024 Results By Investing.com



GLEN BURNIE, Md., July 26, 2024 (GLOBE NEWSWIRE) — Glen Burnie Bancorp (Bancorp) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (Bank), announced today a net loss of $204,000, or $0.07 per basic and diluted common share for the three-month period ended June 30, 2024, compared to net income of $276,000, or $0.10 per basic and diluted common share for the three-month period ended June 30, 2023.     Bancorp reported a net loss of $201,000, or $0.07 per basic and diluted common share for the six-month period ended June 30, 2024, compared to net income of $710,000, or $0.25 per basic and diluted common share for the same period in 2023. On June 30, 2024, Bancorp had total assets of $355.7 million. Bancorp, the oldest independent commercial bank in Anne Arundel County, will pay its 128th consecutive quarterly dividend on August 5, 2024.

The current interest rate environment remains challenging for community banks with respect to profitability, said Mark C. Hanna, President, and Chief Executive Officer. The continued surprising strength in the economy has caused the current interest rate environment to remain ˜higher for longer’ which puts continued pressure on banks in the competition for deposits and the cost of funds.     Our second quarter, 2024, earnings were impacted by a $599,000 increase in our allowance for credit losses related to growth in the loan portfolio and continued to be negatively impacted by our increased deposit and borrowing costs due to an inverted yield curve and rigorous competition for core deposits. Notwithstanding, our net interest margin expanded by sixteen basis points on a linked-quarter basis to 3.02%, signifying a possible turning point in the current cycle while achieving net loan growth of $23.0 million during the quarter and $20.5 million year-over-year. Additionally, after declines in 2022 and 2023, deposits increased 1.9% in the first six months of 2024. As we face this difficult revenue environment, we continue to hold the line on noninterest expenses, which were down by 1.1% on a linked quarter basis, and down 2.0% for the first six months of this year versus the same period last year. We also continue to post strong credit quality metrics, with a non-performing asset to total assets ratio of 0.09% as of June 30, 2024.

In closing, Mr. Hanna added, The Bank of Glen Burnie’s strategic goals focus on growing deposits, loans and client relationships. To achieve these objectives and provide the level of service our clients have come to expect from our organization over the past 75 years, we need to make investments in our products, infrastructure and people. The declaration of dividends in future periods will be evaluated against the need to reinvest in our future success. We are focused on executing against our long-term strategic plan and realizing the value from expanded treasury management capabilities and providing premier relationship banking services. We plan to add resources to drive deposit growth, enhance our small business lending capabilities, and make strategic adjustments to our operating structure to provide more value to both business and retail customers. These actions will significantly enhance our infrastructure and allow us to better serve our communities. Based on our capital levels, conservative underwriting policies, and on- and off-balance sheet liquidity, management expects to navigate the uncertainties and remain well-capitalized.

Highlights for the First Six Months of 2024

Despite growth in loans and deposits in the first six months of the year, net interest income decreased $935,000, or 14.86% to $5.4 million through June 30, 2024, as compared to $6.3 million during the same period of 2023. The decrease resulted primarily from a $1.7 million increase in interest expense. The increase in interest on deposits was driven by the higher cost of money market deposit balances. The increase in interest on borrowings was driven by a $33.4 million increase in the average balance of borrowed funds due to the elevated level of deposit runoff that occurred in 2023.

Due to growth of $24.7million in the loan portfolio and a 0.07% increase in the current expected credit loss (CECL) percentage, the Company added $468,000 to its allowance for credit losses on loans in the first half of 2024, as compared to $60,000 in the first half of 2023. While this provision negatively impacted earnings in the first half of the year, the growth in loan balances should generate additional interest revenue in future periods. The Company expects that its strong liquidity and capital positions, along with the Bank’s total regulatory capital to risk weighted assets of 16.84% on June 30, 2024, as compared to 17.88% for the same period of 2023, will provide ample capacity for future growth.

Return on average assets for the three-month period ended June 30, 2024, was -0.22%, as compared to 0.31% for the three-month period ended June 30, 2023. Return on average equity for the three-month period ended June 30, 2024, was -4.72%, as compared to 5.88% for the three-month period ended June 30, 2023. Lower net income and a higher average asset balance primarily drove the lower return on average assets, while lower net income and a lower average equity balance primarily drove the lower return on average equity.

The cost of funds increased 0.99% when comparing June 30, 2024, to the same period in 2023 from 0.15% to 1.14%. This 0.99% increase was primarily due to the change in the funding mix between lower cost interest-bearing and noninterest-bearing deposit balances and higher cost borrowed funds.

On June 30, 2024, the Bank remained above all well-capitalized regulatory requirement levels. The Bank’s tier 1 risk-based capital ratio was approximately 15.59% on June 30, 2024, as compared to 17.37% on December 31, 2023. Liquidity remained strong due to managed cash and cash equivalents, borrowing lines with the FHLB of Atlanta, the Federal Reserve and correspondent banks, and the size and composition of the bond portfolio.

Balance Sheet Review

Total assets were $355.7 million on June 30, 2024, a decrease of $7.9 million or 2.17%, from $363.6 million on June 30, 2023.     Investment securities decreased by $33.6 million or 22.30% to $117.2 million as of June 30, 2024, compared to $150.8 million for the same period of 2023.     Loans, net of deferred fees and costs, were $201.5 million on June 30, 2024, an increase of $20.9 million or 11.60%, from $180.6 million on June 30, 2023. Cash and cash equivalents increased $5.0 million or 42.89%, from June 30, 2023, to June 30, 2024.

Total deposits were $305.9 million on June 30, 2024, a decrease of $23.4 million or 7.09%, from $329.2 million on June 30, 2023. Despite the year-over-year decline, deposit balances have increased $5.8 million or 1.9% from December 31, 2023. Noninterest-bearing deposits were $109.6 million on June 30, 2024, a decrease of $20.8 million or 15.95%, from $130.4 million on June 30, 2023.     Interest-bearing deposits were $196.2 million on June 30, 2024, a decrease of $2.6 million or 1.29%, from $198.8 million on June 30, 2023. Total borrowings were $30.0 million on June 30, 2024, an increase of $15.0 million or 100.00%, from $15.0 million on June 30, 2023.    

As of June 30, 2024, total stockholders’ equity was $17.5 million (4.91% of total assets), equivalent to a book value of $6.04 per common share. Total stockholders’ equity on June 30, 2023, was $17.3 million (4.75% of total assets), equivalent to a book value of $6.01 per common share.    

Asset quality, which has trended within a narrow range over the past several years, has remained sound as of June 30, 2024. Nonperforming assets, which consist of nonaccrual loans, troubled debt restructurings, accruing loans past due 90 days or more, and other real estate owned (OREO), represented 0.09% of total assets on June 30, 2024, compared to 0.15% on December 31, 2023, demonstrating positive asset quality trends across the portfolio. The allowance for credit losses on loans was $2.63 million, or 1.30% of total loans, as of June 30, 2024, compared to $2.16 million, or 1.22% of total loans, as of December 31, 2023. The allowance for credit losses for unfunded commitments was $571,000 as of June 30, 2024, compared to $473,000 as of December 31, 2023.    

Review of Financial Results

For the three-month periods ended June 30, 2024, and 2023

Net loss for the three-month period ended June 30, 2024, was $204,000, as compared to net income of $276,000 for the three-month period ended June 30, 2023. The decrease is primarily the result of a $485,000 increase in interest expense on short-term borrowings, a $469,000 increase in interest expense on deposits and a $399,000 increase in the provision for credit losses on loans, partially offset by an increase of $389,000 in loan interest income and fees, a $381,000 increase in interest on deposits with banks and a $215,000 decrease in the provision for income taxes. The Company’s need to defend its deposit base as well as grow interest-earning asset balances necessitated a strategic change in direction.

Net interest income for the three-month period ended June 30, 2024, totaled $2.8 million, a decrease of $328,000 from the three-month period ended June 30, 2023. The decrease in net interest income was due to a $955,000 increase in the cost of interest-bearing deposits and borrowings driven by a $26.6 million increase in the average balance of interest-bearing funds and a $19.1 million decrease in the average balance of noninterest-bearing deposits. The higher expenses were partially offset by a $626,000 increase in total interest income due to a $7.4 million increase in the average balance of interest earning assets.

Net interest margin for the three-month period ended June 30, 2024, was 3.02%, compared to 3.44% for the same period of 2023.     Higher average interest-bearing funds, lower average noninterest-bearing funds, and higher cost of funds partially offset by higher average yields and balances on interest-earning assets were the primary drivers of year-over-year results. The average balance of interest-bearing funds and noninterest-bearing funds increased $26.6 million and decreased $19.1 million, respectively, and the cost of funds increased 1.11%, when comparing the three-month periods ending June 30, 2023, and 2024. The average balance of interest-earning assets increased $7.4 million while the yield increased 0.62% from 3.60% to 4.22%, when comparing the three-month periods ending June 30, 2023, and 2024, respectively.

The average balance of interest-bearing deposits in banks and investment securities increased $2.4 million from $181.9 million to $184.3 million for the second quarter of 2024, compared to the same period of 2023 while the yield increased from 2.49% to 2.97% during that same period. The increase in yields is attributed to the higher interest rate environment and its positive impact on cash balances and investment yields.

Average loan balances increased $5.0 million to $186.7 million for the three-month period ended June 30, 2024, compared to $181.7 million for the same period of 2023, while the yield increased from 4.71% to 5.44% during that same period. The increase in loan yields for the second quarter of 2024 reflected the runoff of the lower yielding loans and origination of higher yielding loans in the current higher rate environment.

The provision of allowance for credit loss on loans for the three-month period ended June 30, 2024, was $526,000, compared to $127,000 for the same period of 2023. The increase in the provision for the three-month period ended June 30, 2024, when compared to the three-month period ended June 30, 2023, primarily reflects a $20.9 million increase in the reservable balance of the loan portfolio and a 0.07% increase in the current expected credit loss percentage.

For the three-month period ended June 30, 2024, noninterest expense was $2.89 million, compared to $2.92 million for the three-month period ended June 30, 2023, a decrease of $31,000. The primary contributors to the $31,000 decrease, when compared to the three-month period ended June 30, 2023, were decreases in salary and employee benefits, and data processing and item processing services, offset by increases in occupancy and equipment expenses, legal, accounting, and other professional fees, and other expenses.

For the six-month periods ended June 30, 2024, and 2023

Net loss for the six-month period ended June 30, 2024, was $201,000, as compared to net income of $710,000 for the six-month period ended June 30, 2023. The decrease is primarily the result of a $917,000 increase in interest expense on short-term borrowings, a $764,000 increase in interest expense on deposits and a $609,000 increase in the provision for credit losses on loans, partially offset by an increase of $517,000 in loan interest income and fees, a $402,000 increase in interest on deposits with banks and a $532,000 decrease in the provision for income taxes.

Net interest income for the six-month period ended June 30, 2024, totaled $5.4 million, a decrease of $935,000 from the six-month period ended June 30, 2023. The decrease in net interest income was due to a $1.7 million increase in the cost of interest-bearing deposits and borrowings driven by a $17.3 million increase in the average balance of interest-bearing funds and a $21.7 million decrease in the average balance of noninterest-bearing deposits. The higher expenses were partially offset by a $746,000 increase in total interest income due to a 0.44% increase in the yield of interest earning assets.

Net interest margin for the six-month period ended June 30, 2024, was 2.94%, compared to 3.42% for the same period of 2023. Higher average interest-bearing funds, lower average noninterest-bearing funds, and higher cost of funds partially offset by higher average yields on interest-earning assets were the primary drivers of year-over-year results. The average balance of interest-bearing funds and noninterest-bearing funds increased $17.3 million and decreased $21.7 million, respectively, and the cost of funds increased 0.99%, when comparing the six-month periods ending June 30, 2023, and 2024. The average balance of interest-earning assets decreased $4.5 million while the yield increased 0.44% from 3.56% to 4.00%, when comparing the six-month periods ending June 30, 2023, and 2024, respectively.

The average balance of interest-bearing deposits in banks and investment securities decreased $2.5 million from $187.7 million to $185.2 million for the first half of 2024, compared to the same period of 2023 while the yield increased from 2.48% to 2.76% during that same period. The increase in yields is attributed to the higher interest rate environment and its positive impact on cash balances and investment yields.

Average loan balances decreased $1.9 million to $181.3 million for the six-month period ended June 30, 2024, compared to $183.2 million for the same period of 2023, while the yield increased from 4.65% to 5.26% during that same period. The increase in loan yields for the first half of 2024 reflected the runoff of the lower yielding loans and origination of higher yielding loans in the current higher rate environment.

The Company recorded a provision of allowance for credit loss on loans of $694,000 for the six-month period ending June 30, 2024, compared to $85,000 for the same period in 2023. The $609,000 increase in the provision in 2024, compared to 2023, primarily reflects a $20.9 million increase in the reservable balance of the loan portfolio and a 0.07% increase in the current expected credit loss percentage.     As a result, the allowance for credit loss on loans was $2.63 million on June 30, 2024, representing 1.30% of total loans, compared to $2.22 million, or 1.23% of total loans on June 30, 2023.    

For the six-month period ended June 30, 2024, noninterest expense was $5.8 million, compared to $5.9 million for the six-month period ended June 30, 2023. The primary contributors when comparing to the six-month period ended June 30, 2023, were decreases in salary and employee benefits costs, and data processing and item processing services, partially offset by increases in occupancy and equipment expenses, and other expenses.

Glen Burnie Bancorp Information

Glen Burnie Bancorp is a bank holding company headquartered in Glen Burnie, Maryland. Founded in 1949, The Bank of Glen Burnie ® is a locally owned community bank with 8 branch offices serving Anne Arundel County. The Bank is engaged in the commercial and retail banking business including the acceptance of demand and time deposits, and the origination of loans to individuals, associations, partnerships, and corporations. The Bank’s real estate financing consists of residential first and second mortgage loans, home equity lines of credit and commercial mortgage loans. The Bank also originates automobile loans through arrangements with local automobile dealers. Additional information is available at www.thebankofglenburnie.com.

Forward-Looking Statements

The statements contained herein that are not historical financial information may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, which could cause the company’s actual results in the future to differ materially from its historical results and those presently anticipated or projected. These statements are evidenced by terms such as anticipate, estimate, should, expect, believe, intend, and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. For a more complete discussion of these and other risk factors, please see the company’s reports filed with the Securities and Exchange Commission.

 
GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
               
  June 30,   March 31,   December 31,   June 30,
  2024   2024   2023   2023
  (unaudited)   (unaudited)   (audited)   (unaudited)
ASSETS              
Cash and due from banks $ 1,804     $ 9,091     $ 1,940     $ 1,965  
Interest-bearing deposits in other financial institutions   14,982       33,537       13,301       9,783  
     Total Cash and Cash Equivalents   16,786       42,628       15,241       11,748  
               
Investment securities available for sale, at fair value   117,180       128,727       139,427       150,820  
Restricted equity securities, at cost   246       246       1,217       403  
               
Loans, net of deferred fees and costs   201,500       177,950       176,307       180,551  
Less: Allowance for credit losses(1)   (2,625 )     (2,035 )     (2,157 )     (2,222 )
     Loans, net   198,875       175,915       174,150       178,329  
               
Premises and equipment, net   2,833       2,928       3,046       3,276  
Bank owned life insurance   8,744       8,700       8,657       8,572  
Deferred tax assets, net   8,329       8,255       7,897       8,520  
Accrued interest receivable   1,358       1,281       1,192       1,139  
Accrued taxes receivable   552       363       121       70  
Prepaid expenses   355       460       475       382  
Other assets   458       367       390       348  
     Total Assets $ 355,716     $ 369,870     $ 351,813     $ 363,607  
               
LIABILITIES              
Noninterest-bearing deposits $ 109,631     $ 115,167     $ 116,922     $ 130,430  
Interest-bearing deposits   196,235       194,064       183,145       198,794  
Total Deposits   305,866       309,231       300,067       329,224  
               
Short-term borrowings   30,000       40,000       30,000       15,000  
Defined pension liability   328       327       324       320  
Accrued expenses and other liabilities   2,051       2,183       2,097       1,804  
     Total Liabilities   338,245       351,741       332,488       346,348  
               
STOCKHOLDERS’ EQUITY              
Common stock, par value $1, authorized 15,000,000 shares, issued and outstanding 2,893,648; 2,887,467; 2,882,627; 2,872,834 shares as of June 30, 2024, March 31, 2024, December 31, 2023, and June 30,2023 respectively.   2,894       2,887       2,883       2,873  
Additional paid-in capital   11,014       10,989       10,964       10,914  
Retained earnings   23,081       23,575       23,859       23,716  
Accumulated other comprehensive loss   (19,518 )     (19,322 )     (18,381 )     (20,244 )
     Total Stockholders’ Equity   17,471       18,129       19,325       17,259  
     Total Liabilities and Stockholders’ Equity $ 355,716     $ 369,870     $ 351,813     $ 363,607  
GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share amounts)
(unaudited)
               
     Three Months Ended
June 30,
  Six Months Ended
June 30,
  2024   2023   2024   2023
Interest income              
Interest and fees on loans $ 2,525     $ 2,135   $ 4,740     $ 4,223
Interest and dividends on securities   854       999     1,791       1,964
Interest on deposits with banks and federal funds sold   514       133     767       365
Total Interest Income   3,893       3,267     7,298       6,552
               
Interest expense              
Interest on deposits   584       115     986       222
Interest on short-term borrowings   523       38     955       38
Total Interest Expense   1,107       153     1,941       260
               
Net Interest Income   2,786       3,114     5,357       6,292
Provision of credit loss allowance   526       127     694       85
Net interest income after provision of credit loss provision   2,260       2,987     4,663       6,207
               
Noninterest income              
Service charges on deposit accounts   35       38     73       80
Other fees and commissions   162       161     311       326
Income on life insurance   44       40     87       79
Total Noninterest Income   241       239     471       485
               
Noninterest expenses              
Salary and employee benefits   1,601       1,701     3,219       3,398
Occupancy and equipment expenses   338       299     669       627
Legal, accounting and other professional fees   248       235     502       498
Data processing and item processing services   243       281     492       549
FDIC insurance costs   40       37     78       82
Advertising and marketing related expenses   25       23     48       45
Loan collection costs         2     6       3
Telephone costs   29       34     69       75
Other expenses   370       313     672       593
Total Noninterest Expenses   2,894       2,925     5,755       5,870
               
(Loss) income before income taxes   (393 )     301     (621 )     822
Income tax (benefit) expense   (189 )     25     (420 )     112
               
Net (loss) income $ (204 )   $ 276   $ (201 )   $ 710
               
Basic and diluted net (loss) income per common share $ (0.07 )   $ 0.10   $ (0.07 )   $ 0.25
               
GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
For the six months ended June 30, 2024 and 2023
(dollars in thousands)
(unaudited)
                   
              Accumulated    
      Additional       Other   Total
  Common   Paid-in   Retained   Comprehensive   Stockholders’
  Stock   Capital   Earnings   Income (Loss)   Equity
Balance, December 31, 2022 $ 2,865   $ 10,862   $ 23,579     $ (21,252 )   $ 16,054  
                   
Net income           710             710  
Cash dividends, $0.20 per share           (573 )           (573 )
Dividends reinvested under                  
dividend reinvestment plan   8     52                 60  
Other comprehensive income                 1,008       1,008  
Balance, June 30, 2023 $ 2,873   $ 10,914   $ 23,716     $ (20,244 )   $ 17,259  
                   
                   
              Accumulated    
      Additional       Other   Total
  Common   Paid-in   Retained   Comprehensive   Stockholders’
  Stock   Capital   Earnings   Loss   Equity
Balance, December 31, 2023 $ 2,883   $ 10,964   $ 23,859     $ (18,381 )   $ 19,325  
                   
Net income           (201 )           (201 )
Cash dividends, $0.20 per share           (577 )           (577 )
Dividends reinvested under                  
dividend reinvestment plan   11     50                 61  
Other comprehensive loss                 (1,137 )     (1,137 )
Balance, June 30, 2024 $ 2,894   $ 11,014   $ 23,081     $ (19,518 )   $ 17,471  
THE BANK OF GLEN BURNIE
CAPITAL RATIOS
(dollars in thousands)
(unaudited)
                 
              To Be Well
              Capitalized Under
        To Be Considered   Prompt Corrective
        Adequately Capitalized
  Action Provisions
  Amount Ratio   Amount Ratio   Amount Ratio
As of June 30, 2024:                
Common Equity Tier 1 Capital $ 36,896 15.59 %   $ 9,810 4.50 %   $ 14,170 6.50 %
Total Risk-Based Capital $ 39,857 16.84 %   $ 17,440 8.00 %   $ 21,799 10.00 %
Tier 1 Risk-Based Capital $ 36,896 15.59 %   $ 13,080 6.00 %   $ 17,440 8.00 %
Tier 1 Leverage $ 36,896 10.10 %   $ 14,329 4.00 %   $ 17,911 5.00 %
                 
As of March 31, 2024                
Common Equity Tier 1 Capital $ 37,359 17.14 %   $ 10,093 4.50 %   $ 14,579 6.50 %
Total Risk-Based Capital $ 39,891 18.30 %   $ 17,944 8.00 %   $ 22,430 10.00 %
Tier 1 Risk-Based Capital $ 37,359 17.14 %   $ 13,458 6.00 %   $ 17,944 8.00 %
Tier 1 Leverage $ 37,359 10.43 %   $ 14,369 4.00 %   $ 17,961 5.00 %
                 
As of December 31, 2023:                
Common Equity Tier 1 Capital $ 37,975 17.37 %   $ 9,840 4.50 %   $ 14,213 6.50 %
Total Risk-Based Capital $ 40,237 18.40 %   $ 17,493 8.00 %   $ 21,867 10.00 %
Tier 1 Risk-Based Capital $ 37,975 17.37 %   $ 13,120 6.00 %   $ 17,493 8.00 %
Tier 1 Leverage $ 37,975 10.76 %   $ 14,113 4.00 %   $ 17,641 5.00 %
                 
As of June 30, 2023:                
Common Equity Tier 1 Capital $ 37,755 16.83 %   $ 10,093 4.50 %   $ 14,579 6.50 %
Total Risk-Based Capital $ 40,105 17.88 %   $ 17,944 8.00 %   $ 22,430 10.00 %
Tier 1 Risk-Based Capital $ 37,755 16.83 %   $ 13,458 6.00 %   $ 17,944 8.00 %
Tier 1 Leverage $ 37,755 10.51 %   $ 14,369 4.00 %   $ 17,961 5.00 %
GLEN BURNIE BANCORP AND SUBSIDIARY                
SELECTED FINANCIAL DATA                    
(dollars in thousands, except per share amounts)            
                       
                       
  Three Months Ended   Six Months Ended   Year Ended
  June 30,   March 31,   June 30,   June 30,   June 30,   December 31,
  2024   2024   2023   2024   2023   2023
  (unaudited)   (unaudited)   (unaudited)   (unaudited)   (audited)   (unaudited)
                       
Financial Data                      
Assets $ 355,716     $ 369,870     $ 363,607     $ 355,716     $ 363,607     $ 351,813  
Investment securities   117,180       128,727       150,820       117,180       150,820       139,427  
Loans, (net of deferred fees & costs)   201,500       177,950       180,551       201,500       180,551       176,307  
Allowance for loan losses   2,625       2,035       2,222       2,625       2,222       2,157  
Deposits   305,866       309,231       329,224       305,866       329,224       300,067  
Borrowings   30,000       40,000       15,000       30,000       15,000       30,000  
Stockholders’ equity   17,471       18,129       17,259       17,471       17,259       19,325  
Net (loss) income   (204 )     3       276       (201 )     710       1,429  
                       
Average Balances                      
Assets $ 366,071     $ 358,877     $ 359,482     $ 362,474     $ 366,536     $ 361,731  
Investment securities   148,690       163,618       170,653       156,154       171,586       173,902  
Loans, (net of deferred fees & costs)   186,650       175,914       181,693       181,282       183,240       179,790  
Deposits   307,427       305,858       335,031       306,642       344,446       330,095  
Borrowings   38,891       31,667       3,793       35,279       1,898       12,580  
Stockholders’ equity   17,369       19,124       18,797       18,247       18,309       17,105  
                       
Performance Ratios                      
Annualized return on average assets   -0.22 %     0.00 %     0.31 %     -0.11 %     0.39 %     0.40 %
Annualized return on average equity   -4.72 %     0.06 %     5.88 %     -2.22 %     7.82 %     8.35 %
Net interest margin   3.02 %     2.86 %     3.44 %     2.94 %     3.42 %     3.31 %
Dividend payout ratio   -142 %     9426 %     104 %     -287 %     81 %     80 %
Book value per share $ 6.04     $ 6.28     $ 6.01     $ 6.04     $ 6.01     $ 6.70  
Basic and diluted net income per share   (0.07 )           0.10       (0.07 )     0.25       0.50  
Cash dividends declared per share   0.10       0.10       0.10       0.20       0.20       0.40  
Basic and diluted weighted average shares outstanding   2,891,203       2,885,552       2,871,026       2,888,378       2,873,129       2,873,500  
                       
Asset Quality Ratios                      
Allowance for loan losses to loans   1.30 %     1.14 %     1.23 %     1.30 %     1.23 %     1.22 %
Nonperforming loans to avg. loans   0.17 %     0.21 %     0.32 %     0.18 %     0.31 %     0.29 %
Allowance for loan losses to nonaccrual & 90+ past due loans   827.1 %     549.1 %     385.8 %     827.1 %     385.8 %     409.3 %
Net charge-offs annualize to avg. loans   -0.14 %     0.66 %     0.15 %     0.25 %     0.03 %     0.06 %
                       
Capital Ratios                      
Common Equity Tier 1 Capital   15.59 %     17.14 %     16.83 %     15.59 %     16.83 %     17.37 %
Tier 1 Risk-based Capital Ratio   15.59 %     17.14 %     16.83 %     15.59 %     16.83 %     17.37 %
Leverage Ratio   10.10 %     10.43 %     10.51 %     10.10 %     10.51 %     10.76 %
Total Risk-Based Capital Ratio   16.84 %     18.30 %     17.88 %     16.84 %     17.88 %     18.40 %
                       
For further information contact:Jeffrey D. Harris, Chief Financial Officer410-768-8883jdharris@bogb.net106 Padfield BlvdGlen Burnie, MD 21061

Source: Glen Burnie Bancorp





Source link