Glen Burnie Bancorp Announces Second Quarter 2023 Results
August 01, 2023 at 03:43 pm
Share
GLEN BURNIE, Md., Aug. 01, 2023 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today net income of $276,000, or $0.10 per basic and diluted common share for the three-month period ended June 30, 2023, compared to net income of $309,000, or $0.11 per basic and diluted common share for the three-month period ended June 30, 2022. Bancorp reported net income of $710,000, or $0.25 per basic and diluted common share for the six-month period ended June 30, 2023, compared to $540,000, or $0.19 per basic and diluted common share for the same period in 2022. On June 30, 2023, Bancorp had total assets of $363.6 million. Bancorp, the oldest independent commercial bank in Anne Arundel County, will pay its 124th consecutive quarterly dividend on August 7, 2023.
“The decrease in earnings during the second quarter of 2023, compared to the same period of 2022, was primarily due to increases in our provision for credit loss allowance on loans, which partially offset the positive impact of rising interest rates on our interest earning assets,” said John D. Long, President and Chief Executive Officer. “We mitigated the increased credit loss allowance on loans through the repricing of new and existing loans at higher yields and by deploying excess liquidity into higher yielding assets during the first half of 2023. Despite declining loan balances in a volatile market environment, we have built a solid earnings stream that should continue to deliver solid financial outcomes for the Company and our shareholders, even as interest rates continue to rise, and fears of an economic downturn continue to develop. Anne Arundel County, our primary operating area, remains a vibrant market and should weather this period of economic uncertainty. Non-performing assets remain low, and we maintain our conservative approach to credit underwriting. As with most companies, inflation pressure and increased wages due to a tight labor market caused increases in our non-interest expenses, which we are closely monitoring and managing. Historically, the Company has navigated both rising rate and recessionary cycles with good outcomes, and we believe that the Company and the Bank are well-positioned to weather the current economic environment.”
In closing, Mr. Long added, “We remain very positive about the Company’s performance during the second half of 2023. We see strong pipelines for business growth across our markets. We also have a high-quality balance sheet and business mix that we believe will support strong performance regardless of future economic conditions.”
Highlights for the First Six Months of 2023
Total interest income increased $0.6 million to $6.6 million for the six-month period ending June 30, 2023, compared to the same period in 2022. This resulted from a $471,000 increase in interest income on securities and a $169,000 increase in interest on deposits with banks and federal funds sold, consistent with the rising interest rate environment. The increase in interest income was driven by the repricing impact on earning asset yields of the change in asset mix from loans to investment securities. Loan pricing pressure/competition will continue to place pressure on the Company’s net interest margin.
Due to changes in the mix of the loan categories in the loan portfolio, primarily due to runoff of the indirect automobile portfolio, and a 0.12% increase in the current expected credit loss (“CECL”) percentage, the Company added to its allowance for credit losses on loans in the first half of 2023, as compared to the release of allowance for credit losses that occurred on loans in the first half of 2022. The Company expects that its strong liquidity and capital positions, along with the Bank’s total regulatory capital to risk weighted assets of 17.88% on June 30, 2023, compared to 15.90% for the same period of 2022, will provide ample capacity for future growth.
Return on average assets for the three-month period ended June 30, 2023, was 0.31%, compared to 0.29% for the three-month period ended June 30, 2022. Return on average equity for the three-month period ended June 30, 2023, was 5.88%, compared to 4.99% for the three-month period ended June 30, 2022. Lower net income and a lower average asset balance primarily drove the higher return on average assets, while lower net income and a lower average equity balance primarily drove the higher return on average equity.
The cost of funds decreased from 0.22% during the second quarter of 2022 to 0.18% during the second quarter of 2023. This 0.04% decrease 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, even though the cost of borrowed funds increased between these periods.
The book value per share of Bancorp’s common stock was $6.01 on June 30, 2023, compared to $7.44 per share on June 30, 2022. The decline was primarily due to the unrealized losses on available for sale securities, which was caused by the rapid increase in market interest rates.
On June 30, 2023, the Bank remained above all “well-capitalized” regulatory requirement levels. The Bank’s tier 1 risk-based capital ratio was approximately 16.83% on June 30, 2023, compared to 15.13% on June 30, 2022. 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 $363.6 million on June 30, 2023, a decrease of $65.8 million or 18.10%, from $429.4 million on June 30, 2022. Investment securities decreased by $7.0 million or 4.84% to $150.8 million as of June 30, 2023, compared to $157.8 million for the same period of 2022. Loans, net of deferred fees and costs, were $180.6 million on June 30, 2023, a decrease of $20.1 million or 10.94%, from $200.7 million on June 30, 2022. Cash and cash equivalents decreased $39.6 million or 271.5%, from June 30, 2022, to June 30, 2023. Deferred tax assets increased $2.1 million or 25.39%, from June 30, 2022, to June 30, 2023, due to the tax effects of unrealized losses on available for sale securities.
Total deposits were $329.2 million on June 30, 2023, a decrease of $56.6 million or 16.48%, from $385.8 million on June 30, 2022. Noninterest-bearing deposits were $130.4 million on June 30, 2023, a decrease of $21.2 million or 15.59%, from $151.7 million on June 30, 2022. Interest-bearing deposits were $198.8 million on June 30, 2023, a decrease of $35.3 million or 17.07%, from $234.1 million on June 30, 2022. Total borrowings were $15.0 million on June 30, 2023, a decrease of $5.0 million or 25.00%, from $20.0 million on June 30, 2022.
As of June 30, 2023, total stockholders’ equity was $17.3 million (4.75% of total assets), equivalent to a book value of $6.01 per common share. Total stockholders’ equity on June 30, 2022, was $21.3 million (4.95% of total assets), equivalent to a book value of $7.44 per common share. The decrease in the ratio of stockholders’ equity to total assets was primarily due to the $4.9 million after-tax decline in market value of the Company’s available-for-sale securities portfolio. These increases in unrealized losses primarily resulted from increasing market interest rates year-over-year, which decreased the fair value of the investment securities.
Asset quality, which has trended within a narrow range over the past several years, has remained sound and reflected no pandemic-related impact on June 30, 2023. 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 0.16% of total assets on June 30, 2023, compared to 0.13% on December 31, 2022, demonstrating positive asset quality trends across the portfolio. The decrease in total assets from December 31, 2022, to June 30, 2023, drove the change. The allowance for credit losses on loans was $2.22 million, or 1.23% of total loans, as of June 30, 2023, compared to $2.16 million, or 1.16% of total loans, as of December 31, 2022. The allowance for credit losses for unfunded commitments was $496,000 as of June 30, 2023, compared to $477,000 as of December 31, 2022.
Review of Financial Results
For the three-month periods ended June 30, 2023, and 2022
Net income for the three-month period ended June 30, 2023, was $276,000, compared to $309,000 for the three-month period ended June 30, 2022.
Net interest income for the three-month period ended June 30, 2023, totaled $3.1 million, an increase of $311,000 from the three-month period ended June 30, 2022. The increase in net interest income was due to a $236,000 increase in interest income, and by a $75,000 decrease in the cost of interest-bearing deposits and borrowings. The rising interest rate environment and changes in asset and funding mix drove the higher net interest margin despite a decline in asset and funding balances.
Net interest margin for the three-month period ended June 30, 2023, was 3.44%, compared to 2.61% for the same period of 2022. Higher average yields and lower average balances on interest-earning assets combined with lower average interest-bearing funds, lower average noninterest-bearing funds, and lower cost of funds were the primary drivers of year-over-year results. The average balance on interest-earning assets decreased $67.9 million while the yield increased 0.78% from 2.82% to 3.60%, when comparing the three-month periods ending June 30, 2022, and 2023. The average balance on interest-bearing funds and noninterest-bearing funds decreased $46.3 million and $22.1 million, respectively, and the cost of funds decreased 0.04%, when comparing the three-month periods ending June 30, 2022, and 2023. The decrease in interest expense is related to a $16.2 million decrease in the average balance of borrowed funds and the resulting positive impact on the Company’s funding mix.
The average balance of interest-bearing deposits in banks and investment securities decreased $48.0 million from $229.9 million to $181.9 million for the second quarter of 2023, compared to the same period of 2022 while the yield increased from 1.64% to 2.49% during that same period. The increase in yields for the three-month period can be attributed to the rising interest rate environment and its positive impact on cash and investment yields.
Average loan balances decreased $19.9 million to $181.7 million for the three-month period ended June 30, 2023, compared to $201.6 million for the same period of 2022, while the yield increased from 4.16% to 4.71% during that same period. The increase in loan yields for the second quarter of 2023 reflected the accelerated runoff of the lower yielding indirect automobile loan portfolio and new loan originations in a rising rate environment.
The provision of allowance for credit loss on loans for the three-month period ended June 30, 2023, was $127,000, compared to a release of $116,000 for the same period of 2022. The increase in the provision for the three-month period ended June 30, 2023, when compared to the three-month period ended June 30, 2022, primarily reflects a $19.4 million decrease in the reservable balance of the loan portfolio (excluding PPP loans) and a 0.12% increase in the current expected credit loss percentage.
Noninterest income for the three-month period ended June 30, 2023, was $239,000, compared to $260,000 for the three-month period ended June 30, 2022, a decrease of $21,000 or 8.31%. The decrease was driven primarily by a $19,000 reduction in other fees and commissions.
For the three-month period ended June 30, 2023, noninterest expense was $2.92 million, compared to $2.83 million for the three-month period ended June 30, 2022, an increase of $90,000. The primary contributors to the $90,000 increase, when compared to the three-month period ended June 30, 2022, were increases in salary and employee benefits, and data processing and item processing services, offset by decreases in occupancy and equipment expenses, legal, accounting, and other professional fees, loan collection costs and other expenses.
For the six-month periods ended June 30, 2023, and 2022
Net income for the six-month period ended June 30, 2023, was $710,000, compared to $540,000 for the six-month period ended June 30, 2022.
Net interest income for the six-month period ended June 30, 2023, totaled $6.3 million, an increase of $807,000 from the six-month period ended June 30, 2022. The increase in net interest income was due to $606,000 higher interest income, and $201,000 lower interest expense on interest-bearing deposits and borrowings. The rising interest rate environment and change in asset and funding mix drove the higher net interest margin even though asset and funding balances declined.
Net interest margin for the six-month period ended June 30, 2023, was 3.42%, compared to 2.57% for the same period of 2022. Higher average yields and lower average balances on interest-earning assets combined with lower average interest-bearing funds, lower average noninterest-bearing funds, and lower cost of funds were the primary drivers of year-over-year results. The average balance on interest-earning assets decreased $59.3 million, while the yield increased 0.77% from 2.79% to 3.56%, when comparing the six-month periods ending June 30, 2022, and 2023. The average balance on interest-bearing funds and noninterest-bearing funds decreased $41.0 million and $18.7 million, respectively, and the cost of funds decreased 0.08%, when comparing the six-month periods ending June 30, 2022, and 2023. The decrease in interest expense is related to a $18.1 million decrease in the average balance of borrowed funds and the resulting positive impact on the Company’s funding mix.
The average balance of interest-bearing deposits in banks and investment securities decreased $38.0 million from $225.7 million to $187.7 million for the six-month period ending June 30, 2023, compared to the same period of 2022 while the yield increased from 1.50% to 2.48% during that same period. The increase in yields for the six-month period can be attributed to the rising interest rate environment and its positive impact on cash and investment yields.
Average loan balances decreased $21.3 million to $183.2 million for the six-month period ended June 30, 2023, compared to $204.5 million for the same period of 2022 while the yield increased from 4.20% to 4.65% during that same period. The increase in loan yields for the first half of 2023 reflected the accelerated runoff of the lower yielding indirect automobile loan portfolio and new loan originations in a rising rate environment.
The Company recorded a provision of allowance for credit loss on loans of $85,000 for the six-month period ending June 30, 2023, compared to a release of $217,000 for the same period in 2022. The $302,000 increase in the provision in 2023, compared to 2022, primarily reflects a $19.4 million decrease in the reservable balance of the loan portfolio (excluding PPP loans) and a 0.11% increase in the current expected credit loss percentage. As a result, the allowance for credit loss on loans was $2.22 million on June 30, 2023, representing 1.23% of total loans, compared to $2.24 million, or 1.12% of total loans on June 30, 2022.
Noninterest income for the six-month period ended June 30, 2023, was $485,000, compared to $514,000 for the six-month period ended June 30, 2022, a decrease of $29,000 or 5.60%. The decrease was driven primarily by $29,000 of lower other fees and commissions.
For the six-month period ended June 30, 2023, noninterest expense was $5.9 million, compared to $5.6 million for the six-month period ended June 30, 2022. The primary contributors when comparing to the six-month period ended June 30, 2022, were increases in salary and employee benefits costs, data processing and item processing services, FDIC insurance costs, and loan collection costs, offset by decreases in occupancy and equipment expenses, legal, accounting, and other professional fees, 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,
2023
2023
2022
2022
(unaudited)
(unaudited)
(audited)
(unaudited)
ASSETS
Cash and due from banks
$
1,965
$
1,959
$
2,035
$
2,140
Interest-bearing deposits in other financial institutions
9,783
12,633
28,057
49,226
Total Cash and Cash Equivalents
11,748
14,592
30,092
51,366
Investment securities available for sale, at fair value
150,820
144,726
144,133
157,823
Restricted equity securities, at cost
403
191
221
1,071
Loans, net of deferred fees and costs
180,551
184,141
186,440
200,698
Less: Allowance for credit losses(1)
(2,222
)
(2,161
)
(2,162
)
(2,238
)
Loans, net
178,329
181,980
184,278
198,460
Premises and equipment, net
3,276
3,171
3,277
3,446
Bank owned life insurance
8,572
8,532
8,493
8,414
Deferred tax assets, net
8,520
8,142
8,902
6,452
Accrued interest receivable
1,139
1,259
1,159
1,145
Accrued taxes receivable
70
8
-
245
Prepaid expenses
382
479
493
448
Other assets
348
333
388
523
Total Assets
$
363,607
$
363,413
$
381,436
$
429,393
LIABILITIES
Noninterest-bearing deposits
$
130,430
$
136,324
$
143,262
$
151,679
Interest-bearing deposits
198,794
206,690
219,685
234,086
Total Deposits
329,224
343,014
362,947
385,765
Short-term borrowings
15,000
-
-
10,000
Long-term borrowings
-
-
-
10,000
Defined pension liability
320
318
317
313
Accrued expenses and other liabilities
1,804
1,846
2,118
2,050
Total Liabilities
346,348
345,178
365,382
408,128
STOCKHOLDERS' EQUITY
Common stock, par value $1, authorized 15,000,000 shares, issued and outstanding 2,872,834; 2,868,504; 2,865,046; 2,858,635 shares as of June 30, 2023, March 31, 2023, December 31, 2022, and June 30,2022 respectively.
2,873
2,869
2,865
2,859
Additional paid-in capital
10,914
10,888
10,862
10,810
Retained earnings
23,716
23,727
23,579
22,946
Accumulated other comprehensive loss
(20,244
)
(19,249
)
(21,252
)
(15,350
)
Total Stockholders' Equity
17,259
18,235
16,054
21,265
Total Liabilities and Stockholders' Equity
$
363,607
$
363,413
$
381,436
$
429,393
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,
2023
2022
2023
2022
Interest income
Interest and fees on loans
$
2,135
$
2,089
$
4,223
$
4,256
Interest and dividends on securities
999
794
1,964
1,492
Interest on deposits with banks and federal funds sold
133
147
365
197
Total Interest Income
3,267
3,030
6,552
5,945
Interest expense
Interest on deposits
115
120
222
244
Interest on short-term borrowings
38
88
38
191
Interest on long-term borrowings
-
19
-
26
Total Interest Expense
153
227
260
461
Net Interest Income
3,114
2,803
6,292
5,484
Provision/release of credit loss allowance
127
(116
)
85
(217
)
Net interest income after release of credit loss provision
2,987
2,919
6,207
5,701
Noninterest income
Service charges on deposit accounts
38
40
80
82
Other fees and commissions
161
180
326
355
Loss/gain on securities sold/redeemed
-
1
-
1
Income on life insurance
40
39
79
76
Total Noninterest Income
239
260
485
514
Noninterest expenses
Salary and employee benefits
1,701
1,516
3,398
3,136
Occupancy and equipment expenses
299
316
627
647
Legal, accounting and other professional fees
235
260
498
585
Data processing and item processing services
281
235
549
461
FDIC insurance costs
37
29
82
54
Advertising and marketing related expenses
23
21
45
43
Loan collection costs
2
20
3
(55
)
Telephone costs
34
41
75
85
Other expenses
313
397
593
663
Total Noninterest Expenses
2,925
2,835
5,870
5,619
Income before income taxes
301
344
822
596
Income tax expense
25
35
112
56
Net income
$
276
$
309
$
710
$
540
Basic and diluted net income per common share
$
0.10
$
0.11
$
0.25
$
0.19
GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
For the six months ended June 30, 2023 and 2022
(dollars in thousands)
Accumulated
Additional
Other
Total
Common
Paid-in
Retained
Comprehensive
Stockholders'
(unaudited)
Stock
Capital
Earnings
(Loss)
Equity
Balance, December 31, 2021
$
2,854
$
10,759
$
22,977
$
(874
)
$
35,716
Net income
-
-
540
-
$
540
Cash dividends, $0.20 per share
-
-
(571
)
-
$
(571
)
Dividends reinvested under dividend reinvestment plan
5
51
-
-
$
56
Other comprehensive loss
-
-
-
(14,476
)
$
(14,476
)
Balance, June 30, 2022
$
2,859
$
10,810
$
22,946
$
(15,350
)
$
21,265
Accumulated
Additional
Other
Total
Common
Paid-in
Retained
Comprehensive
Stockholders'
(unaudited)
Stock
Capital
Earnings
(Loss) Income
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
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
Ratio
Ratio
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
%
As of March 31, 2023:
Common Equity Tier 1 Capital
$
37,777
16.57
%
$
10,257
4.50
%
$
14,816
6.50
%
Total Risk-Based Capital
$
40,052
17.57
%
$
18,234
8.00
%
$
22,793
10.00
%
Tier 1 Risk-Based Capital
$
37,777
16.57
%
$
13,676
6.00
%
$
18,234
8.00
%
Tier 1 Leverage
$
37,777
10.12
%
$
14,933
4.00
%
$
18,666
5.00
%
As of December 31, 2022:
Common Equity Tier 1 Capital
$
37,963
16.45
%
$
10,383
4.50
%
$
14,998
6.50
%
Total Risk-Based Capital
$
39,866
17.28
%
$
18,459
8.00
%
$
23,074
10.00
%
Tier 1 Risk-Based Capital
$
37,963
16.45
%
$
13,845
6.00
%
$
18,459
8.00
%
Tier 1 Leverage
$
37,963
9.53
%
$
15,938
4.00
%
$
19,922
5.00
%
As of June 30, 2022:
Common Equity Tier 1 Capital
$
37,267
15.13
%
$
11,087
4.50
%
$
16,015
6.50
%
Total Risk-Based Capital
$
39,183
15.90
%
$
19,711
8.00
%
$
24,639
10.00
%
Tier 1 Risk-Based Capital
$
37,267
15.13
%
$
14,783
6.00
%
$
19,711
8.00
%
Tier 1 Leverage
$
37,267
8.58
%
$
17,383
4.00
%
$
21,728
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,
2023
2023
2022
2023
2022
2022
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Financial Data
Assets
$
363,607
$
363,413
$
429,393
$
363,607
$
429,393
$
381,436
Investment securities
150,820
144,726
157,823
150,820
157,823
144,133
Loans, (net of deferred fees & costs)
180,551
184,141
200,698
180,551
200,698
186,440
Allowance for loan losses
2,222
2,161
2,238
2,222
2,238
2,162
Deposits
329,224
343,014
385,765
329,224
385,765
362,947
Borrowings
15,000
-
20,000
15,000
20,000
-
Stockholders' equity
17,259
18,235
21,265
17,259
21,265
16,054
Net income
276
435
309
710
540
1,745
Average Balances
Assets
$
359,482
$
372,955
$
434,297
$
366,536
$
437,884
$
424,992
Investment securities
170,653
172,519
167,651
171,586
161,625
168,990
Loans, (net of deferred fees & costs)
181,693
184,786
201,633
183,240
204,477
198,934
Deposits
335,031
353,861
387,358
344,446
386,066
382,164
Borrowings
3,793
2
20,000
1,898
20,001
16,613
Stockholders' equity
18,797
17,127
24,903
18,309
29,511
24,042
Performance Ratios
Annualized return on average assets
0.31
%
0.47
%
0.29
%
0.39
%
0.25
%
0.41
%
Annualized return on average equity
5.88
%
9.90
%
4.99
%
7.82
%
3.69
%
7.26
%
Net interest margin
3.44
%
3.41
%
2.61
%
3.42
%
2.57
%
2.81
%
Dividend payout ratio
104
%
66
%
92
%
81
%
106
%
65
%
Book value per share
$
6.01
$
6.36
$
7.44
$
6.01
$
7.44
$
5.60
Basic and diluted net income per share
0.10
0.15
0.11
0.25
0.19
0.61
Cash dividends declared per share
0.10
0.10
0.10
0.20
0.20
0.40
Basic and diluted weighted average shares outstanding
2,871,026
2,867,082
2,857,616
2,867,039
2,856,441
2,859,239
Asset Quality Ratios
Allowance for loan losses to loans
1.23
%
1.17
%
1.12
%
1.23
%
1.12
%
1.16
%
Nonperforming loans to avg. loans
0.32
%
0.26
%
0.12
%
0.31
%
0.11
%
0.25
%
Allowance for loan losses to nonaccrual & 90+ past due loans
385.8
%
451.6
%
964.4
%
385.8
%
964.4
%
433.9
%
Net charge-offs annualize to avg. loans
0.15
%
-0.09
%
0.05
%
0.03
%
0.01
%
0.10
%
Capital Ratios
Common Equity Tier 1 Capital
16.83
%
16.57
%
15.13
%
16.83
%
15.13
%
16.45
%
Tier 1 Risk-based Capital Ratio
16.83
%
16.57
%
15.13
%
16.83
%
15.13
%
16.45
%
Leverage Ratio
10.51
%
10.12
%
8.58
%
10.51
%
8.58
%
9.53
%
Total Risk-Based Capital Ratio
17.88
%
17.57
%
15.90
%
17.88
%
15.90
%
17.28
%
For further information contact:
Jeffrey D. Harris, Chief Financial Officer
410-768-8883
jdharris@bogb.net
106 Padfield Blvd
Glen Burnie, MD 21061
Glen Burnie Bancorp is a bank holding company of The Bank of Glen Burnie (the Bank), a commercial bank. The Bank is engaged in the commercial and retail banking business as authorized by the banking statutes of the State of Maryland, including the acceptance of demand and time deposits, and the origination of loans to individuals, associations, partnerships and corporations. The Bankâs real estate financing includes residential first and second mortgage loans, home equity lines of credit and commercial mortgage loans. Its commercial lending includes both secured and unsecured loans. It also originates automobile loans through arrangements with local automobile dealers. It also maintains a remote Automated Teller Machine located in Pasadena, Maryland. It serves northern Anne Arundel County and surrounding areas from its main office and branch in Glen Burnie, Maryland and branch offices in Odenton, Riviera Beach, Crownsville, Severn (two locations), Linthicum and Severna Park, Maryland.