Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding
company for The Bank of Glen Burnie (“Bank”), today reported
results for the first quarter ended March 31, 2022. Net income for
the first quarter was $0.23 million, or $0.08 per basic and diluted
common share, as compared to $0.59 million, or $0.21 per basic and
diluted common share for the three-month period ended March 31,
2021. On March 31, 2022, Bancorp had total assets of
$437.4 million. Bancorp, the oldest independent commercial bank in
Anne Arundel County, will pay its 119th consecutive quarterly
dividend on May 9, 2022.
“We reported solid earnings, strong credit quality metrics, and
robust capital ratios for the first quarter of 2022 as we continue
to invest in building out the foundation for prudent future
growth,” said John D. Long, President and Chief Executive
Officer. “With the forward yield curve expectation of
rising interest rates, we anticipate realizing more of the benefit
of our deposit franchise. New business pipelines remain solid, and
our balance sheet is positioned to benefit the Company in a rising
rate environment. Asset quality remains strong as we continue to
experience net recoveries of previously charged off loans. Our
balance sheet remains strong, as well, which will allow us to grow
loans and give our investments the flexibility to weather market
volatility.
“Our residential mortgage and commercial pipelines have begun to
normalize back to pre-pandemic levels, and we are cautiously
optimistic that the business environment will remain favorable
despite the headwinds of high inflation, rising interest rates, and
geo-political tensions. We remain focused on maintaining rigorous
underwriting standards and driving profitable growth across our
markets while continuing to provide outstanding customer
service. We are determined to deploy our excess
liquidity responsibly to maximize our earning potential while
recognizing the challenges of the shifting economic cycle. As
interest rates increase and our balance sheet mix shifts from cash
to higher yielding assets, we expect our core net interest margin
to grow.”
Commenting on the first quarter results, Mr. Long continued, “In
a period of market volatility, we believe that we delivered another
quarter of strong performance. A devaluation of the investment
portfolio, resulting in a higher level of unrealized losses, had a
negative impact on our stockholders’ equity. Furthermore, the
changes in investment gains and losses impact capital on an ongoing
basis and were adversely impacted by the dramatic increase in
market interest rates during the first quarter of 2022.”
In closing, Mr. Long added, “In these very unusual times, our
strength and resolve enable us to take exceptional care of our
customers, employees, and communities. Based on our capital levels,
conservative underwriting policies, on- and off-balance sheet
liquidity, strong loan diversification, and current economic
conditions within the markets we serve, management expects to
navigate the uncertainties and remain well-capitalized.”
Highlights for the First Three Months of
2022
Net interest income declined $196,000, or 6.81% to $2.7 million
on March 31, 2022, as compared to $2.9 million during the
prior-year first quarter. The decline was driven by the repricing
impact on earning asset yields resulting from the change in asset
mix from higher yielding loans to lower yielding investment
securities, and the investment of excess liquidity derived from
strong deposit growth. Partially offsetting the lower earning asset
yields, the cost of funds improved 8 basis points to 0.23%,
reflecting an improved funding mix. The decline in net interest
income as a result of these factors was intensified by the
Company’s decision to maintain significantly higher levels of
excess balance sheet liquidity during the first quarter of
2022.
Because of minimal charge-offs, recoveries on previously charged
off loans, reduction in the Company’s loan portfolio, and strong
credit discipline, the Company was able to continue to release
portions of its allowance for credit losses on loans in the first
quarter 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 16.15% on March 31, 2022, as compared to
14.54% for the same period of 2021, will provide ample capacity for
future growth.
Return on average assets for the three-month period ended March
31, 2022, was 0.21%, as compared to 0.58% for the three-month
period ended March 31, 2021. Return on average equity for the
three-month period ended March 31, 2022, was 2.74%, as compared to
6.68% for the three-month period ended March 31, 2021. Lower net
income and higher average asset balances primarily drove the lower
return on average assets, while lower net income, partially offset
by a lower average equity balance, primarily drove the lower return
on average equity.
On March 31, 2022, the Bank remained above all
"well-capitalized" regulatory requirement levels. The Bank’s tier 1
risk-based capital ratio was approximately 15.33% on March 31,
2022, as compared to 15.32% on December 31, 2021. 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 $437.4 million on March 31, 2022, a decrease
of $4.7 million or 1.05%, from $442.1 million on December 31, 2021.
Investment securities were $147.4 million on March 31, 2022, a
decrease of $8.5 million or 5.49%, from $155.9 million on December
31, 2021. Loans, net of deferred fees and costs, were
$204.3 million on March 31, 2022, a decrease of $6.1 million or
2.92%, from $210.4 million on December 31, 2021. Cash and cash
equivalents increased $6.7 million or 10.71%, from December 31,
2021, to March 31, 2022. Deferred tax assets increased $3.2 million
or 333.93%, from December 31, 2021, to March 31, 2022.
Total deposits were $387.8 million on March 31, 2022, an
increase of $4.5 million or 1.18%, from $383.2 million on December
31, 2021. Noninterest-bearing deposits were $155.0 million on March
31, 2022, a decrease of $0.6 million or 0.38%, from $155.6 million
on December 31, 2021. Interest-bearing deposits were $232.7 million
on March 31, 2022, an increase of $5.1 million or 2.25%, from
$227.6 million on December 31, 2021. Total borrowings were $20.0
million on March 31, 2022, unchanged from December 31, 2021.
As of March 31, 2022, total stockholders’ equity was $27.3
million (6.24% of total assets), equivalent to a book value of
$9.55 per common share. Total stockholders’ equity on December 31,
2021, was $35.7 million (8.08% of total assets), equivalent to a
book value of $12.51 per common share. The reduction in the ratio
of stockholders’ equity to total assets was due to lower asset
balances, along with decreases to equity from the decline in market
value of the Company’s available-for-sale securities portfolio.
Included in stockholders’ equity on March 31, 2022, and December
31, 2021, were unrealized losses (net of taxes) on the Company’s
available-for-sale investment securities and derivative contracts
totaling $9.3 million and $0.9 million, respectively. This decrease
in unrealized losses primarily resulted from increasing market
interest rates during the first quarter of 2022, 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 March 31, 2022. Nonperforming assets,
which consist of nonaccrual loans, troubled debt restructurings,
accruing loans past due 90 days or more, and other real estate
owned, represented 0.05% of total assets on March 31, 2022, as
compared to 0.02% on December 31, 2021, demonstrating positive
asset quality trends across the portfolio. The allowance for credit
losses on loans was $2.4 million, or 1.17% of total loans, as of
March 31, 2022, as compared to $2.5 million, or 1.17% of total
loans, as of December 31, 2021. The allowance for credit losses for
unfunded commitments was $354,000 as of March 31, 2022, as compared
to $371,000 as of December 31, 2021. Net recoveries of previously
charged off loans were $11,000 for the quarter ended March 31,
2022, as compared to net recoveries of $62,000 for the quarter
ended December 31, 2021.
Review of Financial Results
For the three-month periods ended March 31, 2022, and
2021
Net income for the three-month period ended March 31, 2022, was
$0.23 million, as compared to $0.59 million for the three-month
period ended March 31, 2021. The decrease was predominantly driven
by a decrease of $0.3 million in the release of allowance for
credit losses on loans and a decrease of $0.2 million in net
interest income.
Net interest income for the three-month period ended March 31,
2022, totaled $2.7 million, as compared to $2.9 million for the
three-month period ended March 31, 2021. Average earning-asset
balances were $429 million on March 31, 2022, as compared to $399
million during the prior-year first quarter. Although
deposit driven excess liquidity fueled average interest-earning
asset growth, competitive loan origination pressures as well as a
low interest rate environment drove the decrease in average
interest-earning asset yields.
Net interest margin for the three-month period ended March 31,
2022, was 2.54%, as compared to 2.93% for the same period of 2021,
a decrease of 0.39%. Higher average balances combined with lower
yields on interest-earning assets, and lower cost of funds on
interest-bearing liabilities and higher noninterest-bearing
deposits were the primary drivers of the results. The average
balance on interest-earning assets increased $30 million while the
yield decreased 0.41%. The cost of funds decreased 0.08% from 0.31%
to 0.23%. While the strong deposit inflows are creating excess
liquidity in the short-term that impacts net interest margin, the
Company believes it is well positioned to generate higher revenue
in the future as these funds are redeployed into higher yielding
earning assets.
The release of allowance for loan losses on loans for the
three-month period ended March 31, 2022, was $100,000, as compared
to a release of $404,000 for the same period of 2021. The decrease
for the three-month period ended March 31, 2022, when compared to
the three-month period ended March 31, 2021, primarily reflects a
$42.1 million decrease in the reservable balance of the loan
portfolio (excluding PPP loans) and a $160,000 decrease in net
charge offs.
Noninterest income for the three-month period ended March 31,
2022, was $254,000, as compared to $247,000 for the three-month
period ended March 31, 2021.
For the three-month period ended March 31, 2022, noninterest
expense was $2.78 million, as compared to $2.83 million for the
three-month period ended March 31, 2021. The primary contributors
to the $0.05 million decrease, when compared to the three-month
period ended March 31, 2021, were decreases in salary and employee
benefits, data processing and item processing services, FDIC
insurance costs, loan collection costs, and telephone costs, offset
by increases in occupancy and equipment expenses, and legal,
accounting, and other professional fees.
For the three-month period ended March 31, 2022, income tax
expense was $21,000, as compared with $106,000 for the same period
a year earlier. The effective tax rate was 9.76%, compared with
15.20% for the same period a year ago.
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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
March 31, |
|
December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2021 |
|
|
(unaudited) |
|
(unaudited) |
|
(audited) |
ASSETS |
|
|
|
|
|
Cash and due from banks |
$ |
2,071 |
|
|
$ |
2,130 |
|
|
$ |
2,111 |
|
Interest-bearing deposits in other financial institutions |
|
66,769 |
|
|
|
38,344 |
|
|
|
60,070 |
|
Total Cash and Cash Equivalents |
|
68,840 |
|
|
|
40,474 |
|
|
|
62,181 |
|
|
|
|
|
|
|
Investment securities available for sale, at fair value |
|
147,371 |
|
|
|
134,897 |
|
|
|
155,927 |
|
Restricted equity securities, at cost |
|
1,074 |
|
|
|
1,062 |
|
|
|
1,062 |
|
|
|
|
|
|
|
Loans, net of deferred fees and costs |
|
204,252 |
|
|
|
246,853 |
|
|
|
210,392 |
|
Less: Allowance for credit losses(1) |
|
(2,380 |
) |
|
|
(2,921 |
) |
|
|
(2,470 |
) |
Loans, net |
|
201,872 |
|
|
|
243,932 |
|
|
|
207,922 |
|
|
|
|
|
|
|
Real estate acquired through foreclosure |
|
- |
|
|
|
575 |
|
|
|
- |
|
Premises and equipment, net |
|
3,492 |
|
|
|
3,793 |
|
|
|
3,564 |
|
Bank owned life insurance |
|
8,375 |
|
|
|
8,219 |
|
|
|
8,338 |
|
Deferred tax assets, net |
|
4,148 |
|
|
|
1,646 |
|
|
|
956 |
|
Accrued interest receivable |
|
1,124 |
|
|
|
1,277 |
|
|
|
1,085 |
|
Accrued taxes receivable |
|
280 |
|
|
|
75 |
|
|
|
301 |
|
Prepaid expenses |
|
513 |
|
|
|
410 |
|
|
|
347 |
|
Other assets |
|
356 |
|
|
|
364 |
|
|
|
383 |
|
Total Assets |
$ |
437,445 |
|
|
$ |
436,724 |
|
|
$ |
442,066 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Noninterest-bearing deposits |
$ |
155,027 |
|
|
$ |
147,822 |
|
|
$ |
155,624 |
|
Interest-bearing deposits |
|
232,747 |
|
|
|
221,101 |
|
|
|
227,623 |
|
Total Deposits |
|
387,774 |
|
|
|
368,923 |
|
|
|
383,247 |
|
|
|
|
|
|
|
Short-term borrowings |
|
10,000 |
|
|
|
31,244 |
|
|
|
10,000 |
|
Long-term borrowings |
|
10,000 |
|
|
|
- |
|
|
|
10,000 |
|
Defined pension liability |
|
311 |
|
|
|
290 |
|
|
|
304 |
|
Accrued expenses and other liabilities |
|
2,080 |
|
|
|
2,792 |
|
|
|
2,799 |
|
Total Liabilities |
|
410,165 |
|
|
|
403,249 |
|
|
|
406,350 |
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
Common stock, par value $1, authorized 15,000,000
shares, |
|
|
|
|
|
issued and outstanding 2,856,257, 2,845,104, and
2,853,880 |
|
|
|
|
|
shares as of March 31, 2022, March 31, 2021, and December 31,
2021, |
|
|
|
|
|
respectively. |
|
2,856 |
|
|
|
2,845 |
|
|
|
2,854 |
|
Additional paid-in capital |
|
10,784 |
|
|
|
10,670 |
|
|
|
10,759 |
|
Retained earnings |
|
22,922 |
|
|
|
21,909 |
|
|
|
22,977 |
|
Accumulated other comprehensive loss |
|
(9,282 |
) |
|
|
(1,949 |
) |
|
|
(874 |
) |
Total Stockholders' Equity |
|
27,280 |
|
|
|
33,475 |
|
|
|
35,716 |
|
Total Liabilities and Stockholders' Equity |
$ |
437,445 |
|
|
$ |
436,724 |
|
|
$ |
442,066 |
|
|
|
|
|
|
|
(1) Effective January 1, 2021, the Company applied ASU 2016-13,
Financial Instruments – Credit Losses (“ASC 326”), such that the
allowance calculation is based on current expected credit loss
methodology (“CECL”). Prior to January 1, 2021, the calculation was
based on incurred loss methodology. |
|
|
|
|
|
|
|
|
|
|
|
|
GLEN BURNIE BANCORP AND SUBSIDIARY |
CONSOLIDATED STATEMENTS OF INCOME |
(dollars in thousands, except per share amounts) |
(unaudited) |
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2022 |
|
|
|
2021 |
|
Interest income |
|
|
|
|
Interest and fees on loans |
|
$ |
2,168 |
|
|
$ |
2,637 |
|
Interest and dividends on securities |
|
|
698 |
|
|
|
505 |
|
Interest on deposits with banks and federal funds sold |
|
|
50 |
|
|
|
19 |
|
Total Interest Income |
|
|
2,916 |
|
|
|
3,161 |
|
|
|
|
|
|
Interest expense |
|
|
|
|
Interest on deposits |
|
|
124 |
|
|
|
168 |
|
Interest on short-term borrowings |
|
|
102 |
|
|
|
116 |
|
Interest on long-term borrowings |
|
|
8 |
|
|
|
- |
|
Total Interest Expense |
|
|
234 |
|
|
|
284 |
|
|
|
|
|
|
Net Interest Income |
|
|
2,682 |
|
|
|
2,877 |
|
Release of credit loss provision |
|
|
(100 |
) |
|
|
(404 |
) |
Net interest income after release of credit loss provision |
|
|
2,782 |
|
|
|
3,281 |
|
|
|
|
|
|
Noninterest income |
|
|
|
|
Service charges on deposit accounts |
|
|
42 |
|
|
|
40 |
|
Other fees and commissions |
|
|
174 |
|
|
|
169 |
|
Income on life insurance |
|
|
38 |
|
|
|
38 |
|
Total Noninterest Income |
|
|
254 |
|
|
|
247 |
|
|
|
|
|
|
Noninterest expenses |
|
|
|
|
Salary and employee benefits |
|
|
1,620 |
|
|
|
1,630 |
|
Occupancy and equipment expenses |
|
|
331 |
|
|
|
302 |
|
Legal, accounting and other professional fees |
|
|
324 |
|
|
|
213 |
|
Data processing and item processing services |
|
|
226 |
|
|
|
257 |
|
FDIC insurance costs |
|
|
26 |
|
|
|
42 |
|
Advertising and marketing related expenses |
|
|
22 |
|
|
|
22 |
|
Loan collection costs |
|
|
(75 |
) |
|
|
6 |
|
Telephone costs |
|
|
44 |
|
|
|
77 |
|
Other expenses |
|
|
266 |
|
|
|
279 |
|
Total Noninterest Expenses |
|
|
2,784 |
|
|
|
2,828 |
|
|
|
|
|
|
Income before income taxes |
|
|
252 |
|
|
|
700 |
|
Income tax expense |
|
|
21 |
|
|
|
106 |
|
|
|
|
|
|
Net income |
|
$ |
231 |
|
|
$ |
594 |
|
|
|
|
|
|
Basic and diluted net income per common share |
|
$ |
0.08 |
|
|
$ |
0.21 |
|
|
|
|
|
|
GLEN BURNIE BANCORP AND SUBSIDIARY |
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS'
EQUITY |
For the three months ended March 31, 2022 and
2021 |
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
Additional |
|
|
|
Other |
|
Total |
|
Common |
|
Paid-in |
|
Retained |
|
Comprehensive |
|
Stockholders' |
|
Stock |
|
Capital |
|
Earnings |
|
(Loss) Income |
Equity |
Balance, December 31, 2020 |
$ |
2,842 |
|
$ |
10,640 |
|
$ |
23,071 |
|
|
$ |
540 |
|
|
$ |
37,093 |
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
- |
|
|
- |
|
|
594 |
|
|
|
- |
|
|
|
594 |
|
Cash dividends, $0.10 per share |
|
- |
|
|
- |
|
|
(284 |
) |
|
|
- |
|
|
|
(284 |
) |
Dividends reinvested under |
|
|
|
|
|
|
|
|
|
dividend reinvestment plan |
|
3 |
|
|
30 |
|
|
|
|
- |
|
|
|
33 |
|
Transition adjustment pursuant to adoption of ASU 2016-3 |
|
|
|
|
|
|
|
|
|
to adoption of ASU 2016-3 |
|
|
|
|
|
(1,472 |
) |
|
|
|
|
(1,472 |
) |
Other comprehensive loss |
|
- |
|
|
- |
|
|
- |
|
|
|
(2,489 |
) |
|
|
(2,489 |
) |
Balance, March 31, 2021 |
$ |
2,845 |
|
$ |
10,670 |
|
$ |
21,909 |
|
|
$ |
(1,949 |
) |
|
$ |
33,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
Additional |
|
|
|
Other |
|
Total |
|
Common |
|
Paid-in |
|
Retained |
|
Comprehensive |
|
Stockholders' |
|
Stock |
|
Capital |
|
Earnings |
|
Income/(Loss) |
|
Equity |
Balance, December 31, 2021 |
$ |
2,854 |
|
$ |
10,759 |
|
$ |
22,977 |
|
|
$ |
(874 |
) |
|
$ |
35,716 |
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
- |
|
|
- |
|
|
231 |
|
|
|
- |
|
|
|
231 |
|
Cash dividends, $0.10 per share |
|
- |
|
|
- |
|
|
(286 |
) |
|
|
- |
|
|
|
(286 |
) |
Dividends reinvested under |
|
|
|
|
|
|
|
|
|
dividend reinvestment plan |
|
2 |
|
|
25 |
|
|
- |
|
|
|
- |
|
|
|
27 |
|
Other comprehensive loss |
|
- |
|
|
- |
|
|
- |
|
|
|
(8,408 |
) |
|
|
(8,408 |
) |
Balance, March 31, 2022 |
$ |
2,856 |
|
$ |
10,784 |
|
$ |
22,922 |
|
|
$ |
(9,282 |
) |
|
$ |
27,280 |
|
|
|
|
|
|
|
|
|
|
|
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 March 31, 2022: |
|
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1 Capital |
$ |
37,201 |
15.33 |
% |
|
$ |
10,923 |
4.50 |
% |
|
$ |
15,778 |
6.50 |
% |
Total Risk-Based Capital |
$ |
39,199 |
16.15 |
% |
|
$ |
19,419 |
8.00 |
% |
|
$ |
24,273 |
10.00 |
% |
Tier 1 Risk-Based Capital |
$ |
37,201 |
15.33 |
% |
|
$ |
14,564 |
6.00 |
% |
|
$ |
19,419 |
8.00 |
% |
Tier 1 Leverage |
$ |
37,201 |
8.42 |
% |
|
$ |
17,663 |
4.00 |
% |
|
$ |
22,079 |
5.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2021: |
|
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1 Capital |
$ |
37,592 |
15.32 |
% |
|
$ |
11,044 |
4.50 |
% |
|
$ |
15,952 |
6.50 |
% |
Total Risk-Based Capital |
$ |
39,329 |
16.03 |
% |
|
$ |
19,634 |
8.00 |
% |
|
$ |
24,542 |
10.00 |
% |
Tier 1 Risk-Based Capital |
$ |
37,592 |
15.32 |
% |
|
$ |
14,725 |
6.00 |
% |
|
$ |
19,634 |
8.00 |
% |
Tier 1 Leverage |
$ |
37,592 |
8.40 |
% |
|
$ |
17,910 |
4.00 |
% |
|
$ |
22,388 |
5.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2021: |
|
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1 Capital |
$ |
36,425 |
13.68 |
% |
|
$ |
11,982 |
4.50 |
% |
|
$ |
17,307 |
6.50 |
% |
Total Risk-Based Capital |
$ |
38,720 |
14.54 |
% |
|
$ |
21,302 |
8.00 |
% |
|
$ |
26,627 |
10.00 |
% |
Tier 1 Risk-Based Capital |
$ |
36,425 |
13.68 |
% |
|
$ |
15,976 |
6.00 |
% |
|
$ |
21,302 |
8.00 |
% |
Tier 1 Leverage |
$ |
36,425 |
8.99 |
% |
|
$ |
16,206 |
4.00 |
% |
|
$ |
20,257 |
5.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
GLEN BURNIE BANCORP AND SUBSIDIARY |
|
|
|
|
SELECTED FINANCIAL DATA |
|
|
|
|
|
|
(dollars in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
March 31, |
|
December 31, |
March 31, |
|
December 31, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
2021 |
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
Financial Data |
|
|
|
|
|
|
|
|
Assets |
|
$ |
437,445 |
|
|
$ |
442,066 |
|
|
$ |
436,724 |
|
|
$ |
442,066 |
|
Investment securities |
|
|
147,371 |
|
|
|
155,927 |
|
|
|
134,897 |
|
|
|
155,927 |
|
Loans, (net of deferred fees & costs) |
|
204,252 |
|
|
|
210,392 |
|
|
|
246,853 |
|
|
|
210,392 |
|
Allowance for loan losses |
|
|
2,380 |
|
|
|
2,470 |
|
|
|
2,921 |
|
|
|
2,470 |
|
Deposits |
|
|
387,774 |
|
|
|
383,247 |
|
|
|
368,923 |
|
|
|
383,247 |
|
Borrowings |
|
|
20,000 |
|
|
|
20,000 |
|
|
|
31,244 |
|
|
|
20,000 |
|
Stockholders' equity |
|
|
27,280 |
|
|
|
35,716 |
|
|
|
33,475 |
|
|
|
35,716 |
|
Net income |
|
|
231 |
|
|
|
555 |
|
|
|
594 |
|
|
|
2,516 |
|
|
|
|
|
|
|
|
|
|
Average Balances |
|
|
|
|
|
|
|
|
Assets |
|
$ |
441,472 |
|
|
$ |
447,261 |
|
|
$ |
414,801 |
|
|
$ |
431,169 |
|
Investment securities |
|
|
155,599 |
|
|
|
151,919 |
|
|
|
118,606 |
|
|
|
145,496 |
|
Loans, (net of deferred fees & costs) |
|
207,321 |
|
|
|
217,347 |
|
|
|
248,920 |
|
|
|
233,956 |
|
Deposits |
|
|
384,776 |
|
|
|
388,168 |
|
|
|
355,538 |
|
|
|
371,958 |
|
Borrowings |
|
|
20,002 |
|
|
|
20,000 |
|
|
|
20,564 |
|
|
|
20,309 |
|
Stockholders' equity |
|
|
34,119 |
|
|
|
36,254 |
|
|
|
36,072 |
|
|
|
36,010 |
|
|
|
|
|
|
|
|
|
|
Performance Ratios |
|
|
|
|
|
|
|
|
Annualized return on average assets |
|
0.21 |
% |
|
|
0.49 |
% |
|
|
0.58 |
% |
|
|
0.58 |
% |
Annualized return on average equity |
|
2.74 |
% |
|
|
6.07 |
% |
|
|
6.68 |
% |
|
|
6.99 |
% |
Net interest margin |
|
|
2.54 |
% |
|
|
2.95 |
% |
|
|
2.93 |
% |
|
|
3.00 |
% |
Dividend payout ratio |
|
|
124 |
% |
|
|
51 |
% |
|
|
48 |
% |
|
|
45 |
% |
Book value per share |
|
$ |
9.55 |
|
|
$ |
12.51 |
|
|
$ |
11.77 |
|
|
$ |
12.51 |
|
Basic and diluted net income per share |
|
|
0.08 |
|
|
|
0.19 |
|
|
|
0.21 |
|
|
|
0.88 |
|
Cash dividends declared per share |
|
|
0.10 |
|
|
|
0.10 |
|
|
|
0.10 |
|
|
|
0.40 |
|
Basic and diluted weighted average shares outstanding |
|
|
2,855,253 |
|
|
|
2,852,689 |
|
|
|
2,843,775 |
|
|
|
2,848,465 |
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios |
|
|
|
|
|
|
|
|
Allowance for loan losses to loans |
|
|
1.17 |
% |
|
|
1.17 |
% |
|
|
1.18 |
% |
|
|
1.17 |
% |
Nonperforming loans to avg. loans |
|
|
0.10 |
% |
|
|
0.16 |
% |
|
|
1.79 |
% |
|
|
0.15 |
% |
Allowance for loan losses to nonaccrual & 90+ past due
loans |
|
|
1103.7 |
% |
|
|
703.7 |
% |
|
|
65.5 |
% |
|
|
703.7 |
% |
Net charge-offs annualize to avg. loans |
|
|
-0.02 |
% |
|
|
-0.11 |
% |
|
|
-0.44 |
% |
|
|
-0.17 |
% |
|
|
|
|
|
|
|
|
|
Capital Ratios |
|
|
|
|
|
|
|
|
Common Equity Tier 1 Capital |
|
|
15.33 |
% |
|
|
15.32 |
% |
|
|
13.68 |
% |
|
|
15.32 |
% |
Tier 1 Risk-based Capital Ratio |
|
|
15.33 |
% |
|
|
15.32 |
% |
|
|
13.68 |
% |
|
|
15.32 |
% |
Leverage Ratio |
|
|
8.42 |
% |
|
|
8.40 |
% |
|
|
8.99 |
% |
|
|
8.40 |
% |
Total Risk-Based Capital Ratio |
|
|
16.15 |
% |
|
|
16.03 |
% |
|
|
14.54 |
% |
|
|
16.03 |
% |
|
|
|
|
|
|
|
|
|
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 (NASDAQ:GLBZ)
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