Advertisement
U.S. markets close in 1 hour 53 minutes
  • S&P 500

    5,067.94
    -1.59 (-0.03%)
     
  • Dow 30

    38,923.27
    -145.96 (-0.37%)
     
  • Nasdaq

    16,001.67
    +25.42 (+0.16%)
     
  • Russell 2000

    2,053.61
    +24.64 (+1.21%)
     
  • Crude Oil

    78.89
    +1.31 (+1.69%)
     
  • Gold

    2,041.60
    +2.70 (+0.13%)
     
  • Silver

    22.50
    -0.02 (-0.09%)
     
  • EUR/USD

    1.0852
    -0.0001 (-0.01%)
     
  • 10-Yr Bond

    4.2950
    -0.0040 (-0.09%)
     
  • GBP/USD

    1.2685
    -0.0003 (-0.02%)
     
  • USD/JPY

    150.4950
    -0.1570 (-0.10%)
     
  • Bitcoin USD

    57,039.37
    +3,512.98 (+6.56%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,683.02
    -1.28 (-0.02%)
     
  • Nikkei 225

    39,239.52
    +5.81 (+0.01%)
     

Glen Burnie Bancorp Announces Third Quarter 2023 Results

Glen Burnie Bancorp
Glen Burnie Bancorp

GLEN BURNIE, Md., Oct. 31, 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 $551,000, or $0.19 per basic and diluted common share for the three-month period ended September 30, 2023, compared to net income of $375,000, or $0.13 per basic and diluted common share for the three-month period ended September 30, 2022. Bancorp reported net income of $1.3 million, or $0.44 per basic and diluted common share for the nine-month period ended September 30, 2023, compared to $915,000, or $0.32 per basic and diluted common share for the same period in 2022. On September 30, 2023, Bancorp had total assets of $355.4 million. Bancorp, the oldest independent commercial bank in Anne Arundel County, will pay its 125th consecutive quarterly dividend on November 6, 2023.

“Our strong quarterly performance in the wake of the industry-wide turbulence characterized by rapidly increasing interest rates, demonstrates the resilience of our operating model and the adaptability of our bank,” said Mark C. Hanna, President and Chief Executive Officer. Strong customer relationships built over the years, have allowed us to retain deposits while maintaining discipline on interest expense. Strengthening and growing our core client relationships and strategically positioning the Bank for future growth remains our primary focus while we navigate through this uncertain economic landscape. This includes efforts to optimize the balance sheet and business mix. Despite declining loan balances in a volatile market environment, we have built a stable 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 withstand this period of economic uncertainty. Non-performing assets remain low, and we maintain our conservative approach to credit underwriting. 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. Hanna added, “Our financial performance during the third quarter demonstrates our ability to navigate the current economic environment. As we enter the final quarter of the year with positive momentum, we recognize the backdrop of economic uncertainty that persists. Inflation levels remain elevated and market expectations suggest that interest rates will remain elevated for some time, which will likely impact future economic growth and activity. As such, we are intently focused on targeted balance sheet growth that optimizes capital, prudently managing spreads, and maintaining disciplined loan and deposit pricing strategies. We believe our conservative credit culture and emphasis on effective risk management has served, and will continue to serve, us well during periods of economic unrest.”

Highlights for the First Nine Months of 2023

Total interest income increased $0.6 million to $9.9 million for the nine-month period ending September 30, 2023, compared to the same period in 2022. This resulted from a $630,000 increase in interest income on securities and a $17,000 increase in interest and fees on loans, 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.

The Company recaptured a portion of its allowance for credit losses on loans in the first three quarters of 2023 due to changes in the mix of the loan categories in the loan portfolio, primarily consisting of runoff in the indirect automobile portfolio, and a 0.03% increase in the current expected credit loss (“CECL”) percentage. The Company expects that its strong liquidity and capital positions, along with the Bank’s total regulatory capital to risk weighted assets of 18.10% on September 30, 2023, compared to 16.16% for the same period of 2022, will provide ample capacity for future growth.

Return on average assets for the three-month period ended September 30, 2023, was 0.61%, compared to 0.35% for the three-month period ended September 30, 2022. Return on average equity for the three-month period ended September 30, 2023, was 12.47%, compared to 6.76% for the three-month period ended September 30, 2022. Higher net income and a lower average asset balance primarily drove the higher return on average assets, while higher net income and a lower average equity balance primarily drove the higher return on average equity.

The cost of funds decreased by 0.01% from 0.27% for the third quarter 2022 to 0.26% for the third quarter 2023.

The book value per share of Bancorp’s common stock was $4.57 on September 30, 2023, compared to $5.01 per share on September 30, 2022. The decline was primarily due to the unrealized losses on available for sale securities, caused by the rapid increase in market interest rates.

On September 30, 2023, the Bank remained above all “well-capitalized” regulatory requirement levels. The Bank’s tier 1 risk-based capital ratio was approximately 17.12% on September 30, 2023, compared to 15.34% on September 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 $355.4 million on September 30, 2023, a decrease of $60.3 million or 14.50%, from $415.6 million on September 30, 2022. Investment securities decreased by $2.3 million or 1.57% to $142.7 million as of September 30, 2023, compared to $145.0 million for the same period of 2022. Loans, net of deferred fees and costs, were $174.8 million on September 30, 2023, a decrease of $19.3 million or 9.94%, from $194.1 million on September 30, 2022. Cash and cash equivalents decreased $39.6 million or 73.19%, from September 30, 2022, to September 30, 2023. Deferred tax assets increased $1.1 million or 11.63%, from September 30, 2022, to September 30, 2023, due to the tax effects of unrealized losses on available for sale securities.

Total deposits were $314.8 million on September 30, 2023, a decrease of $64.0 million or 16.9%, from $378.9 million on September 30, 2022. Noninterest-bearing deposits were $126.9 million on September 30, 2023, a decrease of $22.3 million or 14.93%, from $149.2 million on September 30, 2022. Interest-bearing deposits were $187.9 million on September 30, 2023, a decrease of $41.8 million or 18.18%, from $229.7 million on September 30, 2022. Total borrowings were $25.0 million on September 30, 2023, an increase of $5.0 million or 25.00%, from $20.0 million on September 30, 2022.

As of September 30, 2023, total stockholders’ equity was $13.2 million (3.70% of total assets), equivalent to a book value of $4.57 per common share. Total stockholders’ equity on September 30, 2022, was $14.3 million (3.45% of total assets), equivalent to a book value of $5.01 per common share. The decrease in the ratio of stockholders’ equity to total assets was primarily due to the $2.2 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. 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 September 30, 2023, compared to 0.13% on December 31, 2022, demonstrating positive asset quality trends across the portfolio. The allowance for credit losses on loans was $2.10 million, or 1.20% of total loans, as of September 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 $448,000 as of September 30, 2023, compared to $477,000 as of December 31, 2022.

Review of Financial Results

For the three-month periods ended September 30, 2023, and 2022

Net income for the three-month period ended September 30, 2023, was $551,000, compared to $375,000 for the three-month period ended September 30, 2022.

Net interest income for the three-month period ended September 30, 2023, totaled $3.0 million, a decrease of $85,000 from the three-month period ended September 30, 2022. While interest income increased by $42,000, the decrease in net interest income was primarily due to a $127,000 increase in interest expense. The rising interest rate environment and change in asset and funding mix drove the higher net interest margin despite declines in asset and funding balances.

Net interest margin for the three-month period ended September 30, 2023, was 3.21%, compared to 2.83% for the same period of 2022. Higher average yields and lower average balances on interest-earning assets combined with lower average interest-bearing funds, and lower average noninterest-bearing funds were the primary drivers of year-over-year results. The average balance on interest-earning assets decreased $59.8 million while the yield increased 0.55% from 3.09% to 3.64%, when comparing the three-month periods ending September 30, 2022, and 2023. The average balance on interest-bearing funds and noninterest-bearing funds decreased $39.4 million and $21.2 million, respectively, and the cost of funds increased 0.19%, when comparing the three-month periods ending September 30, 2022, and 2023. Higher interest rates drove the increased interest expense on borrowed funds.

The average balance of interest-bearing deposits in banks and investment securities decreased $39.8 million from $228.0 million to $188.2 million for the third quarter of 2023, compared to the same period of 2022, while the yield increased from 2.13% to 2.56% 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 $20.0 million to $177.2 million for the three-month period ended September 30, 2023, compared to $197.2 million for the same period of 2022, while the yield increased from 4.21% to 4.80% during that same period. The increase in loan yields for the third 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 September 30, 2023, was an allowance release of $92,000, compared to a $39,000 provision for the same period of 2022. The decrease in the provision for the three-month period ended September 30, 2023, when compared to the three-month period ended September 30, 2022, primarily reflects a $18.2 million decrease in the reservable balance of the loan portfolio and a 0.03% increase in the current expected credit loss percentage.

Noninterest income for the three-month period ended September 30, 2023, was $315,000, compared to $317,000 for the three-month period ended September 30, 2022, a decrease of $2,000 or 0.73%. The decrease was driven primarily by $7,000 of lower other fees and commissions.

For the three-month period ended September 30, 2023, noninterest expense was $2.82 million, compared to $2.92 million for the three-month period ended September 30, 2022, a decrease of $99,000. The primary contributors to the $99,000 decrease, when compared to the three-month period ended September 30, 2022, were decreases in legal, accounting, and other professional fees, data processing and other expenses, offset by increases in salary and employee benefits, occupancy and equipment expenses, and FDIC insurance.

For the nine-month periods ended September 30, 2023, and 2022

Net income for the nine-month period ended September 30, 2023, was $1.3 million, compared to $915,000 for the nine-month period ended September 30, 2022.

Net interest income for the nine-month period ended September 30, 2023, totaled $9.2 million, an increase of $724,000 from the nine-month period ended September 30, 2022. The increase in net interest income was due to a $648,000 increase in interest income, and a $76,000 decrease in 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 nine-month period ended September 30, 2023, was 3.35%, compared to 2.66% for the same period of 2022. Higher average yields and lower average balances on interest-earning assets combined with lower average interest-bearing funds, and lower average noninterest-bearing funds were the primary drivers of year-over-year results. The average balance on interest-earning assets decreased $59.5 million, while the yield increased 0.70% from 2.89% to 3.59%, when comparing the nine-month periods ending September 30, 2022, and 2023. The average balance on interest-bearing funds and noninterest-bearing funds decreased $40.5 million and $19.5 million, respectively, and the cost of funds increased 0.01%, when comparing the nine-month periods ending September 30, 2022, and 2023.

The average balance of interest-bearing deposits in banks and investment securities decreased $38.6 million from $226.5 million to $187.9 million for the nine-month period ending September 30, 2023, while the yield increased 4.22% during that same period. The increase in yields for the nine-month period can be attributed to the rising interest rate environment and its positive impact on cash and investment yields.

Average loan balances decreased $20.8 million to $181.2 million for the nine-month period ended September 30, 2023, compared to $202.0 million for the nine-month period ending September 30, 2023, while the yield increased by 0.50% during that same period. The increase in loan yields for the first nine months 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 release of provision of allowance for credit loss on loans of $7,000 for the nine-month period ending September 30, 2023, compared to a release of $178,000 for the same period in 2022. The $171,000 increase in the provision in 2023, compared to 2022, primarily reflects a $18.2 million decrease in the reservable balance of the loan portfolio and a 0.03% increase in the current expected credit loss percentage. As a result, the allowance for credit loss on loans was $2.09 million on September 30, 2023, representing 1.20% of total loans, compared to $2.28 million, or 1.17% of total loans on September 30, 2022.

Noninterest income for the nine-month period ended September 30, 2023, was $800,000, compared to $832,000 for the nine-month period ended September 30, 2022, a decrease of $32,000 or 3.86%. The decrease was driven primarily by $36,000 of lower other fees and commissions.

For the nine-month period ended September 30, 2023, noninterest expense was $8.7 million, compared to $8.5 million for the nine-month period ended September 30, 2022. The primary contributors when compared to the nine-month period ended September 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 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.

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 AND SUBSIDIARY

 

 

 

 

 

 

CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

(dollars in thousands)

 

 

 

 

 

 

 

 

September 30,

 

June 30,

 

December 31,

 

September 30,

 

2023

 

 

 

2023

 

 

 

2022

 

 

 

2022

 

 

(unaudited)

 

(unaudited)

 

(audited)

 

(unaudited)

ASSETS

 

 

 

 

 

 

 

Cash and due from banks

2,380

 

 

$

1,965

 

 

$

2,035

 

 

$

2,572

 

Interest-bearing deposits in other financial institutions

12,142

 

 

 

9,783

 

 

 

28,057

 

 

 

51,597

 

   Total Cash and Cash Equivalents

14,522

 

 

 

11,748

 

 

 

30,092

 

 

 

54,169

 

 

 

 

 

 

 

 

 

Investment securities available for sale, at fair value

142,705

 

 

 

150,820

 

 

 

144,133

 

 

 

144,980

 

Restricted equity securities, at cost

980

 

 

 

403

 

 

 

221

 

 

 

1,071

 

 

 

 

 

 

 

 

 

Loans, net of deferred fees and costs

174,796

 

 

 

180,551

 

 

 

186,440

 

 

 

194,080

 

Less: Allowance for credit losses(1)

(2,094

)

 

 

(2,222

)

 

 

(2,162

)

 

 

(2,275

)

   Loans, net

172,702

 

 

 

178,329

 

 

 

184,278

 

 

 

191,805

 

 

 

 

 

 

 

 

 

Premises and equipment, net

3,177

 

 

 

3,276

 

 

 

3,277

 

 

 

3,366

 

Bank owned life insurance

8,614

 

 

 

8,572

 

 

 

8,493

 

 

 

8,454

 

Deferred tax assets, net

10,187

 

 

 

8,520

 

 

 

8,902

 

 

 

9,126

 

Accrued interest receivable

1,373

 

 

 

1,139

 

 

 

1,159

 

 

 

1,253

 

Accrued taxes receivable

189

 

 

 

70

 

 

 

-

 

 

 

225

 

Prepaid expenses

538

 

 

 

382

 

 

 

493

 

 

 

517

 

Other assets

377

 

 

 

348

 

 

 

388

 

 

 

660

 

   Total Assets

355,364

 

 

$

363,607

 

 

$

381,436

 

 

$

415,626

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

Noninterest-bearing deposits

126,898

 

 

$

130,430

 

 

$

143,262

 

 

$

149,171

 

Interest-bearing deposits

187,943

 

 

 

198,794

 

 

 

219,685

 

 

 

229,715

 

Total Deposits

314,841

 

 

 

329,224

 

 

 

362,947

 

 

 

378,886

 

 

 

 

 

 

 

 

 

Short-term borrowings

25,000

 

 

 

15,000

 

 

 

-

 

 

 

20,000

 

Long-term borrowings

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Defined pension liability

322

 

 

 

320

 

 

 

317

 

 

 

315

 

Accrued Taxes Payable

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accrued expenses and other liabilities

2,040

 

 

 

1,804

 

 

 

2,118

 

 

 

2,085

 

   Total Liabilities

342,203

 

 

 

346,348

 

 

 

365,382

 

 

 

401,286

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

Common stock, par value $1, authorized 15,000,000 shares, issued and outstanding 2,877,084; 2,872,834; 2,865,046; 2,861,615 shares as of September 30, 2023, June 30, 2023, December 31, 2022, and September 30,2022 respectively.

2,877

 

 

 

2,873

 

 

 

2,865

 

 

 

2,862

 

Additional paid-in capital

10,940

 

 

 

10,914

 

 

 

10,862

 

 

 

10,836

 

Retained earnings

23,980

 

 

 

23,716

 

 

 

23,579

 

 

 

23,035

 

Accumulated other comprehensive loss

(24,636

)

 

 

(20,244

)

 

 

(21,252

)

 

 

(22,393

)

   Total Stockholders' Equity

13,161

 

 

 

17,259

 

 

 

16,054

 

 

 

14,340

 

   Total Liabilities and Stockholders' Equity

355,364

 

 

$

363,607

 

 

$

381,436

 

 

$

415,626

 

 

 

 

 

 

 

 

 


GLEN BURNIE BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands, except per share amounts)

(unaudited)

 

 

  Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2023

 

 

 

2022

 

 

2023

 

 

 

2022

 

Interest income

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

2,145

 

 

$

2,094

 

$

6,368

 

 

$

6,351

 

Interest and dividends on securities

 

 

1,101

 

 

 

943

 

 

3,065

 

 

 

2,435

 

Interest on deposits with banks and federal funds sold

 

 

104

 

 

 

271

 

 

469

 

 

 

468

 

Total Interest Income

 

 

3,350

 

 

 

3,308

 

 

9,902

 

 

 

9,254

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

Interest on deposits

 

 

116

 

 

 

116

 

 

337

 

 

 

361

 

Interest on short-term borrowings

 

 

282

 

 

 

147

 

 

320

 

 

 

338

 

Interest on long-term borrowings

 

 

-

 

 

 

8

 

 

-

 

 

 

34

 

Total Interest Expense

 

 

398

 

 

 

271

 

 

657

 

 

 

733

 

 

 

 

 

 

 

 

 

 

Net Interest Income

 

 

2,952

 

 

 

3,037

 

 

9,245

 

 

 

8,521

 

(Release)/provision of credit loss allowance

 

 

(92

)

 

 

39

 

 

(7

)

 

 

(178

)

Net interest income after release of credit loss provision

 

 

3,044

 

 

 

2,998

 

 

9,252

 

 

 

8,699

 

 

 

 

 

 

 

 

 

 

Noninterest income

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

40

 

 

 

37

 

 

120

 

 

 

119

 

Other fees and commissions

 

 

233

 

 

 

240

 

 

560

 

 

 

596

 

Loss/gain on securities sold/redeemed

 

 

-

 

 

 

-

 

 

-

 

 

 

1

 

Income on life insurance

 

 

42

 

 

 

40

 

 

120

 

 

 

116

 

Total Noninterest Income

 

 

315

 

 

 

317

 

 

800

 

 

 

832

 

 

 

 

 

 

 

 

 

 

Noninterest expenses

 

 

 

 

 

 

 

 

Salary and employee benefits

 

 

1,691

 

 

 

1,647

 

 

5,089

 

 

 

4,783

 

Occupancy and equipment expenses

 

 

329

 

 

 

291

 

 

955

 

 

 

939

 

Legal, accounting and other professional fees

 

 

194

 

 

 

299

 

 

692

 

 

 

884

 

Data processing and item processing services

 

 

206

 

 

 

242

 

 

755

 

 

 

703

 

FDIC insurance costs

 

 

40

 

 

 

28

 

 

122

 

 

 

83

 

Advertising and marketing related expenses

 

 

26

 

 

 

21

 

 

72

 

 

 

64

 

Loan collection costs

 

 

10

 

 

 

4

 

 

13

 

 

 

(51

)

Telephone costs

 

 

38

 

 

 

35

 

 

113

 

 

 

119

 

Other expenses

 

 

287

 

 

 

353

 

 

880

 

 

 

1,016

 

Total Noninterest Expenses

 

 

2,821

 

 

 

2,920

 

 

8,691

 

 

 

8,540

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

538

 

 

 

395

 

 

1,361

 

 

 

991

 

Income tax (benefit) expense

 

 

(13

)

 

 

20

 

 

99

 

 

 

76

 

 

 

 

 

 

 

 

 

 

   Net income

 

$

551

 

 

$

375

 

$

1,262

 

 

$

915

 

 

 

 

 

 

 

 

 

 

Basic and diluted net income per common share

 

$

0.19

 

 

$

0.13

 

$

0.44

 

 

$

0.32

 

 

 

 

 

 

 

 

 

 

 

GLEN BURNIE BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

For the nine months ended September 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

 

-

 

 

-

 

 

915

 

 

 

-

 

 

$

915

 

Cash dividends, $0.30 per share

 

-

 

 

-

 

 

(857

)

 

 

-

 

 

$

(857

)

Dividends reinvested under dividend reinvestment plan

 

8

 

 

77

 

 

-

 

 

 

-

 

 

$

85

 

Other comprehensive loss

 

-

 

 

-

 

 

-

 

 

 

(21,519

)

 

$

(21,519

)

Balance, September 30, 2022

$

2,862

 

$

10,836

 

$

23,035

 

 

$

(22,393

)

 

$

14,340

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Additional

 

 

 

Other

 

Total

 

 

Common

 

Paid-in

 

Retained

 

Comprehensive

 

Stockholders'

(unaudited)

Stock

 

Capital

 

Earnings

 

Loss

 

Equity

Balance, December 31, 2022

$

2,865

 

$

10,862

 

$

23,579

 

 

$

(21,252

)

 

$

16,054

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

-

 

 

-

 

 

1,262

 

 

 

-

 

 

 

1,262

 

Cash dividends, $0.30 per share

 

-

 

 

-

 

 

(861

)

 

 

-

 

 

 

(861

)

Dividends reinvested under dividend reinvestment plan

 

12

 

 

78

 

 

-

 

 

 

-

 

 

 

90

 

Other comprehensive income

 

-

 

 

-

 

 

-

 

 

 

(3,384

)

 

 

(3,384

)

Balance, September 30, 2023

$

2,877

 

$

10,940

 

$

23,980

 

 

$

(24,636

)

 

$

13,161

 

 

 

 

 

 

 

 

 

 

 

 

 

THE BANK OF GLEN BURNIE

 

 

 

 

 

 

CAPITAL RATIOS

 

 

 

 

 

 

(dollars in thousands)

 

 

 

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

To Be Considered
Adequately Capitalized 

 

To Be Well
Capitalized Under
Prompt Corrective
Action Provisions

 

Amount

Ratio

 

 

Ratio

 

 

Ratio

As of September 30, 2023:

 

 

 

 

 

 

 

 

 

Common Equity Tier 1 Capital

 

$

38,053

17.12

%

 

$

10,004

4.50

%

 

$

14,450

6.50

%

Total Risk-Based Capital

 

$

40,227

18.10

%

 

$

17,785

8.00

%

 

$

22,231

10.00

%

Tier 1 Risk-Based Capital

 

$

38,053

17.12

%

 

$

13,338

6.00

%

 

$

17,785

8.00

%

Tier 1 Leverage

 

$

38,053

10.56

%

 

$

14,420

4.00

%

 

$

18,026

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

%

 

 

 

 

 

 

 

 

 

 

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 September 30, 2022:

 

 

 

 

 

 

 

 

 

Common Equity Tier 1 Capital

 

$

37,391

15.34

%

 

$

10,972

4.50

%

 

$

15,848

6.50

%

Total Risk-Based Capital

 

$

39,400

16.16

%

 

$

19,506

8.00

%

 

$

24,382

10.00

%

Tier 1 Risk-Based Capital

 

$

37,391

15.34

%

 

$

14,629

6.00

%

 

$

19,506

8.00

%

Tier 1 Leverage

 

$

37,391

8.78

%

 

$

17,039

4.00

%

 

$

21,299

5.00

%

 

 

 

 

 

 

 

 

 

 

 

GLEN BURNIE BANCORP AND SUBSIDIARY

 

 

 

 

 

 

SELECTED FINANCIAL DATA

 

 

 

 

 

 

(dollars in thousands, except per share amounts)

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

Year Ended

 

 

September 30,

June 30,

 

September 30,

September 30,

 

September 30,

 

December 31,

 

 

 

2023

 

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

 

2022

 

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Data

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

$

355,364

 

 

$

363,607

 

 

$

415,626

 

 

$

355,364

 

 

$

415,626

 

 

$

381,436

 

Investment securities

 

 

142,706

 

 

 

150,820

 

 

 

144,980

 

 

 

142,706

 

 

 

144,980

 

 

 

144,133

 

Loans, (net of deferred fees & costs)

 

174,796

 

 

 

180,551

 

 

 

194,080

 

 

 

174,796

 

 

 

194,080

 

 

 

186,440

 

Allowance for loan losses

 

 

2,094

 

 

 

2,222

 

 

 

2,275

 

 

 

2,094

 

 

 

2,275

 

 

 

2,162

 

Deposits

 

 

314,841

 

 

 

329,224

 

 

 

378,886

 

 

 

314,841

 

 

 

378,886

 

 

 

362,947

 

Borrowings

 

 

25,000

 

 

 

15,000

 

 

 

20,000

 

 

 

25,000

 

 

 

20,000

 

 

 

-

 

Stockholders' equity

 

 

13,161

 

 

 

17,259

 

 

 

14,340

 

 

 

13,161

 

 

 

14,340

 

 

 

16,054

 

Net income

 

 

551

 

 

 

276

 

 

 

375

 

 

 

1,262

 

 

 

915

 

 

 

1,745

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Balances

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

$

360,767

 

 

$

359,482

 

 

$

425,871

 

 

$

364,613

 

 

$

433,882

 

 

$

424,992

 

Investment securities

 

 

177,856

 

 

 

170,653

 

 

 

177,824

 

 

 

173,676

 

 

 

167,025

 

 

 

168,990

 

Loans, (net of deferred fees & costs)

 

177,223

 

 

 

181,693

 

 

 

197,199

 

 

 

181,234

 

 

 

202,051

 

 

 

198,934

 

Deposits

 

 

321,318

 

 

 

335,031

 

 

 

381,834

 

 

 

336,737

 

 

 

384,656

 

 

 

382,164

 

Borrowings

 

 

19,946

 

 

 

3,793

 

 

 

20,000

 

 

 

7,914

 

 

 

20,001

 

 

 

16,613

 

Stockholders' equity

 

 

17,547

 

 

 

18,797

 

 

 

22,001

 

 

 

18,055

 

 

 

27,004

 

 

 

24,042

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Ratios

 

 

 

 

 

 

 

 

 

 

 

 

Annualized return on average assets

 

0.61%

 

 

 

0.31%

 

 

 

0.35%

 

 

 

0.46%

 

 

 

0.28%

 

 

 

0.41%

 

Annualized return on average equity

 

12.47%

 

 

 

5.88%

 

 

 

6.76%

 

 

 

9.34%

 

 

 

4.53%

 

 

 

7.26%

 

Net interest margin

 

 

3.21%

 

 

 

3.44%

 

 

 

2.83%

 

 

 

3.35%

 

 

 

2.66%

 

 

 

2.81%

 

Dividend payout ratio

 

 

52%

 

 

 

104%

 

 

 

76%

 

 

 

68%

 

 

 

94%

 

 

 

65%

 

Book value per share

 

$

4.57

 

 

$

6.01

 

 

$

5.01

 

 

$

4.57

 

 

$

5.01

 

 

$

5.60

 

Basic and diluted net income per share

 

 

0.19

 

 

 

0.10

 

 

 

0.13

 

 

 

0.44

 

 

 

0.32

 

 

 

0.61

 

Cash dividends declared per share

 

 

0.10

 

 

 

0.10

 

 

 

0.10

 

 

 

0.30

 

 

 

0.30

 

 

 

0.40

 

Basic and diluted weighted average shares outstanding

 

 

2,875,329

 

 

 

2,871,026

 

 

 

2,860,352

 

 

 

2,869,631

 

 

 

2,857,759

 

 

 

2,859,239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Quality Ratios

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses to loans

 

 

1.20%

 

 

 

1.23%

 

 

 

1.17%

 

 

 

1.20%

 

 

 

1.17%

 

 

 

1.16%

 

Nonperforming loans to avg. loans

 

 

0.33%

 

 

 

0.32%

 

 

 

0.10%

 

 

 

0.32%

 

 

 

0.10%

 

 

 

0.25%

 

Allowance for loan losses to nonaccrual & 90+ past due loans

 

 

359.4%

 

 

 

385.8%

 

 

 

1171.4%

 

 

 

359.4%

 

 

 

1171.4%

 

 

 

433.9%

 

Net charge-offs annualize to avg. loans

 

 

0.09%

 

 

 

0.15%

 

 

 

0.00%

 

 

 

0.05%

 

 

 

0.00%

 

 

 

0.10%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Ratios

 

 

 

 

 

 

 

 

 

 

 

 

Common Equity Tier 1 Capital

 

 

17.12%

 

 

 

16.83%

 

 

 

15.34%

 

 

 

17.12%

 

 

 

15.34%

 

 

 

16.45%

 

Tier 1 Risk-based Capital Ratio

 

 

17.12%

 

 

 

16.83%

 

 

 

15.34%

 

 

 

17.12%

 

 

 

15.34%

 

 

 

16.45%

 

Leverage Ratio

 

 

10.56%

 

 

 

10.51%

 

 

 

8.78%

 

 

 

10.56%

 

 

 

8.78%

 

 

 

9.53%

 

Total Risk-Based Capital Ratio

 

 

18.10%

 

 

 

17.88%

 

 

 

16.16%

 

 

 

18.10%

 

 

 

16.16%

 

 

 

17.28%

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Advertisement