Glen Burnie Bancorp (“Bancorp”) (NASDAQ:GLBZ), the bank holding
company for The Bank of Glen Burnie (“Bank”), announced today net
income of $0.48 million, or $0.17 per basic and diluted common
share for the three-month period ended June 30, 2018, as compared
to net income of $0.34 million, or $0.12 per basic and diluted
common share for the three-month period ended June 30, 2017.
Bancorp reported net income of $0.73 million, or $0.26 per basic
and diluted common share for the six-month period ended June 30,
2018, compared to $0.65 million, or $0.23 per basic and diluted
common share for the same period in 2017. Net loans grew by
$18.7 million, or 7.0% for the six-month period ended June 30,
2018, as compared to the same period of 2017. At June 30,
2018, Bancorp had total assets of $401.5 million. Bancorp,
the oldest independent commercial bank in Anne Arundel County, will
pay its 104th consecutive quarterly dividend on August 3, 2018.
"Our transformative journey which began in 2017, continued into
the second quarter of 2018 as we executed our strategic plan and
delivered increased shareholder value. We achieved strong
financial and operating performance across the Company, positioning
us well for sustained growth and creating increased franchise value
throughout this year and beyond,” said John D. Long, President and
CEO. “Our experienced leadership team, upgraded leverageable
infrastructure, diversified business model, positive interest rate
risk management, strong indirect lending capabilities, strong asset
quality, and attractive deposit mix bode well for the Company’s
future. Net interest income continued to rise during the
second quarter, driving a consistent core earnings expansion.
Net interest income grew by $160,000 or 5.5%, this quarter compared
to the same quarter last year, as the balance of our net loan
portfolio grew at an annualized rate of 7.0%, when compared to the
same period last year. The overall credit environment
remained favorable, although the charge off of a single impaired
loan led to an increase in our historical loss rate and loan loss
provision for the residential real estate loan segment.
Headquartered in the dynamic Northern Anne Arundel County market,
we believe the Bank is well-positioned and we remain deeply
committed to serving the financial needs of the community through
the development of new loan and deposit products.”
Highlights for the First Six Months of 2018
Bancorp continued to grow organically in the second quarter of
2018 driven primarily by favorable net loan growth and supported by
an improving 0.53% cost of funds, as compared to 0.55% for the same
period in 2017. Bancorp has strong liquidity and capital
positions that provide ample capacity for future growth, along with
the Bank’s total regulatory capital to risk weighted assets of
12.78% at June 30, 2018, as compared to 14.65% for the same period
of 2017.
Return on average assets for the three-month period ended June
30, 2018 was 0.49%, as compared to 0.35% for the three-month period
ended June 30, 2017. Return on average equity for the
three-month period ended June 30, 2018 was 5.80%, as compared to
4.01% for the three-month period ended June 30, 2017.
The book value per share of Bancorp’s common stock was $11.95 at
June 30, 2018, as compared to $12.45 per share at June 30,
2017.
At June 30, 2018, the Bank remained above all “well-capitalized”
regulatory requirement levels. The Bank’s tier 1 risk-based
capital ratio was approximately 11.94% at June 30, 2018, as
compared to 13.60% at June 30, 2017. 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 $401.5 million at June 30, 2018, an increase
of $5.3 million or 1.34%, from $396.2 million at June 30,
2017. Investment securities were $87.3 million at June 30,
2018, a decrease of $3.3 million or 3.66%, from $90.6 million at
June 30, 2017. Loans, net of deferred fees and costs, were
$289.4 million at June 30, 2018, an increase of $18.4 million or
6.78%, from $271.0 million at June 30, 2017. Other assets
increased $1.9 million and bank owned life insurance decreased $1.6
million from June 30, 2017 to June 30, 2018 primarily due to the
redemption of BOLI policies.
Total deposits were $341.8 million at June 30, 2018, an increase
of $6.3 million or 1.88%, from $335.5 million at June 30,
2017. Noninterest-bearing deposits were $108.4 million at
June 30, 2018, an increase of $2.8 million or 2.67%, from $105.6
million at June 30, 2017. Interest-bearing deposits were
$233.4 million at June 30, 2018, an increase of $3.5 million or
1.52%, from $229.9 million at June 30, 2017. Total borrowings
were $25.0 million at June 30, 2018, unchanged from $25.0 million
at June 30, 2017.
Stockholders’ equity was $33.5 million at June 30, 2018, a
decrease of $1.0 million from $34.5 million at June 30, 2017.
The decrease was driven primarily by $1.1 million increase in net
unrealized losses associated with the available for sale bond
portfolio and interest rate swap contracts.
Nonperforming assets, which consist of nonaccrual loans,
troubled debt restructurings, accruing loans past due 90 days or
more, and other real estate owned, represented 1.05% of total
assets at June 30, 2018, as compared to 0.99% for the same period
of 2017.
Review of Financial Results
For the three-month periods ended June 30, 2018 and
2017
Net income for the three-month period ended June 30, 2018 was
$0.48 million, as compared to net income of $0.34 million for the
three-month period ended June 30, 2017.
Net interest income for the three-month period ended June 30,
2018 totaled $3.1 million, as compared to $2.9 million for the
three-month period ended June 30, 2017. Average earning loan
balances increased to $281.1 million for the three-month period
ended June 30, 2018, as compared to $269.5 million for the same
period of 2017.
Net interest margin for the three-month period ended June 30,
2018 was 3.21%, as compared to 3.09% for the same period of
2017. Higher yields on interest-earning assets supported by
lower funding costs were the primary drivers of year-over-year
results, as the yield on interest-earning assets increased 0.11%
from 3.62% to 3.73% and the cost of funds decreased 0.01% from
0.55% to 0.54% for the three-month periods ending June 30, 2018 and
2017, respectively.
The provision for loan losses for the three-month period ended
June 30, 2018 was $5,000, as compared to $30,000 for the same
period of 2017. The decrease for the three-month period ended
June 30, 2018 was primarily the result of the positive resolution
of a single problem loan, offset by the negative effect on the loss
history rate used to establish the required reserves for
residential real estate loans of a single loan charge off. As
a result, the allowance for loan losses was $2.3 million at June
30, 2018, representing 0.79% of total loans, as compared to $2.6
million, or 0.96% of total loans at June 30, 2017.
Noninterest income for the three-month period ended June 30,
2018 was $0.39 million, as compared to $0.29 million for the
three-month period ended June 30, 2017. The results for the
second quarter of 2018 include a $100,540 gain on redemption of
BOLI policy.
For the three-month period ended June 30, 2018, noninterest
expense was $3.01 million, as compared to $2.81 million for the
three-month period ended June 30, 2017. The primary
contributors to the $0.20 million increase, when compared to the
three-month period ended June 30, 2017 were increases in salary and
employee benefits, legal, accounting and other professional fees
and loan collection costs.
For the six-month periods ended June 30, 2018 and
2017
Net income for the six-month period ended June 30, 2018 was
$0.73 million, as compared to net income of $0.65 million for the
six-month period ended June 30, 2017.
Net interest income for the six-month period ended June 30, 2018
totaled $6.0 million, as compared to $5.7 million for the six-month
period ended June 30, 2017. Average earning loan balances
increased to $278 million for the six-month period ended June 30,
2018, as compared to $269 million for the same period of 2017.
Net interest margin for the six-month period ended June 30, 2018
was 3.22%, as compared to 3.08% for the same period of 2017.
Higher yields on interest-earning assets supported by lower funding
costs were the primary drivers of year-over-year results, as the
yield on interest-earning assets increased 0.11% from 3.61% to
3.72% and the cost of funds decreased 0.02% from 0.55% to 0.53% for
the six-month periods ending June 30, 2018 and 2017,
respectively.
The provision for loan losses for the six-month period ended
June 30, 2018 was $0.36 million, as compared to $0.17 million for
the same period of 2017. The increase for the six-month
period ended June 30, 2018 was primarily the negative effect of a
single charge off on the loss history rate used to establish the
required reserves for residential real estate loans. As a
result, the allowance for loan losses was $2.3 million at June 30,
2018, representing 0.79% of total loans, as compared to $2.6
million, or 0.96% of total loans for the same period of 2017.
Noninterest income for the six-month period ended June 30, 2018
was $0.87 million, as compared to $0.57 million for the six-month
period ended June 30, 2017. The results for the first half of
2018 include gains on redemptions of BOLI policies of $306,877.
For the six-month period ended June 30, 2018, noninterest
expense was $5.85 million, as compared to $5.38 million for the
six-month period ended June 30, 2017. The primary
contributors to the $0.47 million increase, when compared to the
six-month period ended June 30, 2017 were increases in salary and
employee benefits, accounting and other professional fees and loan
collection costs, partially offset by decreases in data processing
and item processing services and advertising and marketing related
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
Officer410-768-8883jdharris@bogb.net106 Padfield BlvdGlen Burnie,
MD 21061
|
|
|
|
|
|
|
|
GLEN BURNIE BANCORP AND SUBSIDIARIES |
|
|
|
|
|
|
|
CONSOLIDATED
BALANCE SHEETS |
|
|
|
|
|
|
|
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
March 31, |
|
December 31, |
|
June 30, |
|
2018 |
|
2018 |
|
2017 |
|
2017 |
|
(unaudited) |
|
(unaudited) |
|
(audited) |
|
(unaudited) |
ASSETS |
|
|
|
|
|
|
|
Cash and due from
banks |
$ |
2,584 |
|
|
$ |
2,449 |
|
|
$ |
2,610 |
|
|
$ |
3,055 |
|
Interest bearing
deposits with banks and federal funds sold |
|
5,498 |
|
|
|
6,079 |
|
|
|
9,995 |
|
|
|
14,283 |
|
Total Cash and Cash Equivalents |
|
8,082 |
|
|
|
8,528 |
|
|
|
12,605 |
|
|
|
17,338 |
|
|
|
|
|
|
|
|
|
Investment securities
available for sale, at fair value |
|
87,314 |
|
|
|
90,329 |
|
|
|
89,349 |
|
|
|
90,629 |
|
Restricted equity
securities, at cost |
|
1,443 |
|
|
|
1,231 |
|
|
|
1,232 |
|
|
|
1,440 |
|
|
|
|
|
|
|
|
|
Loans, net of deferred
fees and costs |
|
289,408 |
|
|
|
275,716 |
|
|
|
271,612 |
|
|
|
271,035 |
|
Less: Allowance for loan losses |
|
(2,284 |
) |
|
|
(2,899 |
) |
|
|
(2,589 |
) |
|
|
(2,599 |
) |
Loans, net |
|
287,124 |
|
|
|
272,817 |
|
|
|
269,023 |
|
|
|
268,436 |
|
|
|
|
|
|
|
|
|
Real estate acquired
through foreclosure |
|
114 |
|
|
|
114 |
|
|
|
114 |
|
|
|
114 |
|
Premises and equipment,
net |
|
3,195 |
|
|
|
3,271 |
|
|
|
3,371 |
|
|
|
3,547 |
|
Bank owned life
insurance |
|
7,780 |
|
|
|
8,290 |
|
|
|
8,713 |
|
|
|
9,428 |
|
Deferred tax assets,
net |
|
2,713 |
|
|
|
2,759 |
|
|
|
2,429 |
|
|
|
2,803 |
|
Accrued interest
receivable |
|
1,142 |
|
|
|
1,182 |
|
|
|
1,133 |
|
|
|
1,092 |
|
Accrued taxes
receivable |
|
- |
|
|
|
- |
|
|
|
465 |
|
|
|
631 |
|
Prepaid expenses |
|
471 |
|
|
|
554 |
|
|
|
433 |
|
|
|
493 |
|
Other assets |
|
2,093 |
|
|
|
1,295 |
|
|
|
583 |
|
|
|
210 |
|
Total Assets |
$ |
401,471 |
|
|
$ |
390,370 |
|
|
$ |
389,450 |
|
|
$ |
396,161 |
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
Noninterest-bearing
deposits |
$ |
108,414 |
|
|
$ |
107,073 |
|
|
$ |
104,017 |
|
|
$ |
105,597 |
|
Interest-bearing
deposits |
|
233,393 |
|
|
|
229,097 |
|
|
|
230,221 |
|
|
|
229,899 |
|
Total
Deposits |
|
341,807 |
|
|
|
336,170 |
|
|
|
334,238 |
|
|
|
335,496 |
|
|
|
|
|
|
|
|
|
Short-term
borrowings |
|
25,000 |
|
|
|
20,000 |
|
|
|
20,000 |
|
|
|
20,000 |
|
Long-term
borrowings |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,000 |
|
Defined pension
liability |
|
317 |
|
|
|
341 |
|
|
|
335 |
|
|
|
374 |
|
Accrued Taxes
Payable |
|
28 |
|
|
|
134 |
|
|
|
- |
|
|
|
- |
|
Accrued expenses and
other liabilities |
|
775 |
|
|
|
538 |
|
|
|
835 |
|
|
|
757 |
|
Total Liabilities |
|
367,927 |
|
|
|
357,183 |
|
|
|
355,408 |
|
|
|
361,627 |
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
|
Common stock, par value
$1, authorized 15,000,000 shares, issued and outstanding 2,807,819,
2,804,456, 2,801,149, and 2,793,748 shares as of June 30, 2018,
March 31, 2018, December 31, 2017, and June 30, 2017,
respectively. |
|
2,808 |
|
|
|
2,804 |
|
|
|
2,801 |
|
|
|
2,794 |
|
Additional paid-in
capital |
|
10,335 |
|
|
|
10,301 |
|
|
|
10,267 |
|
|
|
10,199 |
|
Retained earnings |
|
21,778 |
|
|
|
21,581 |
|
|
|
21,605 |
|
|
|
21,803 |
|
Accumulated other
comprehensive loss |
|
(1,377 |
) |
|
|
(1,499 |
) |
|
|
(631 |
) |
|
|
(262 |
) |
Total Stockholders' Equity |
|
33,544 |
|
|
|
33,187 |
|
|
|
34,042 |
|
|
|
34,534 |
|
Total Liabilities and Stockholders' Equity |
$ |
401,471 |
|
|
$ |
390,370 |
|
|
$ |
389,450 |
|
|
$ |
396,161 |
|
|
|
|
|
|
|
|
|
|
GLEN BURNIE BANCORP AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF INCOME |
(dollars in thousands, except per share amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended June 30, |
|
Six Months
Ended June 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Interest
income |
|
|
|
|
|
|
|
|
Interest and fees on
loans |
|
$ |
2,958 |
|
|
$ |
2,842 |
|
|
$ |
5,830 |
|
|
$ |
5,616 |
Interest and dividends
on securities |
|
|
535 |
|
|
|
507 |
|
|
|
1,059 |
|
|
|
1,025 |
Interest on
deposits with banks and federal funds sold |
|
|
50 |
|
|
|
31 |
|
|
|
98 |
|
|
|
62 |
Total
Interest Income |
|
|
3,543 |
|
|
|
3,380 |
|
|
|
6,987 |
|
|
|
6,703 |
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
|
|
|
|
|
|
Interest on
deposits |
|
|
325 |
|
|
|
327 |
|
|
|
634 |
|
|
|
659 |
Interest on short-term
borrowings |
|
|
165 |
|
|
|
84 |
|
|
|
308 |
|
|
|
167 |
Interest on long-term
borrowings |
|
|
- |
|
|
|
76 |
|
|
|
- |
|
|
|
152 |
Total
Interest Expense |
|
|
490 |
|
|
|
487 |
|
|
|
942 |
|
|
|
978 |
|
|
|
|
|
|
|
|
|
Net
Interest Income |
|
|
3,053 |
|
|
|
2,893 |
|
|
|
6,045 |
|
|
|
5,725 |
Provision for loan
losses |
|
|
(5 |
) |
|
|
(30 |
) |
|
|
355 |
|
|
|
165 |
Net interest income after provision for loan losses |
|
|
3,058 |
|
|
|
2,923 |
|
|
|
5,690 |
|
|
|
5,560 |
|
|
|
|
|
|
|
|
|
Noninterest
income |
|
|
|
|
|
|
|
|
Service charges on
deposit accounts |
|
|
61 |
|
|
|
68 |
|
|
|
128 |
|
|
|
136 |
Other fees and
commissions |
|
|
179 |
|
|
|
168 |
|
|
|
347 |
|
|
|
328 |
Gains on redemption of
BOLI policies |
|
|
101 |
|
|
|
- |
|
|
|
308 |
|
|
|
- |
Income on life
insurance |
|
|
45 |
|
|
|
51 |
|
|
|
89 |
|
|
|
100 |
Other income |
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
3 |
Total
Noninterest Income |
|
|
386 |
|
|
|
288 |
|
|
|
872 |
|
|
|
567 |
|
|
|
|
|
|
|
|
|
Noninterest
expenses |
|
|
|
|
|
|
|
|
Salary and employee
benefits |
|
|
1,649 |
|
|
|
1,615 |
|
|
|
3,371 |
|
|
|
3,036 |
Occupancy and equipment
expenses |
|
|
274 |
|
|
|
286 |
|
|
|
579 |
|
|
|
584 |
Legal,
accounting and other professional fees |
|
|
277 |
|
|
|
197 |
|
|
|
509 |
|
|
|
403 |
Data
processing and item processing services |
|
|
154 |
|
|
|
143 |
|
|
|
286 |
|
|
|
312 |
FDIC insurance
costs |
|
|
65 |
|
|
|
63 |
|
|
|
122 |
|
|
|
123 |
Advertising
and marketing related expenses |
|
|
32 |
|
|
|
42 |
|
|
|
49 |
|
|
|
73 |
Loan collection
costs |
|
|
80 |
|
|
|
29 |
|
|
|
121 |
|
|
|
47 |
Telephone costs |
|
|
67 |
|
|
|
59 |
|
|
|
124 |
|
|
|
114 |
Other expenses |
|
|
413 |
|
|
|
376 |
|
|
|
685 |
|
|
|
689 |
Total
Noninterest Expenses |
|
|
3,011 |
|
|
|
2,810 |
|
|
|
5,846 |
|
|
|
5,381 |
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
433 |
|
|
|
401 |
|
|
|
716 |
|
|
|
746 |
Income tax expense |
|
|
(45 |
) |
|
|
63 |
|
|
|
(17 |
) |
|
|
92 |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
478 |
|
|
$ |
338 |
|
|
$ |
733 |
|
|
$ |
654 |
|
|
|
|
|
|
|
|
|
Basic and diluted net income per
share of common stock |
|
$ |
0.17 |
|
|
$ |
0.12 |
|
|
$ |
0.26 |
|
|
$ |
0.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GLEN BURNIE BANCORP AND SUBSIDIARIES |
|
|
|
|
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS'
EQUITY |
For the six months ended June 30, 2018 and 2017
(unaudited) |
|
|
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
Additional |
|
|
|
Comprehensive |
|
Total |
|
|
Common |
|
Paid-in |
|
Retained |
|
(Loss) |
|
Stockholders' |
|
|
Stock |
|
Capital |
|
Earnings |
|
Income |
|
Equity |
Balance,
December 31, 2016 |
|
$ |
2,787 |
|
$ |
10,130 |
|
$ |
21,708 |
|
|
$ |
(810 |
) |
|
$ |
33,815 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
- |
|
|
- |
|
|
654 |
|
|
|
- |
|
|
|
654 |
|
Cash dividends, $0.20
per share |
|
|
- |
|
|
- |
|
|
(559 |
) |
|
|
- |
|
|
|
(559 |
) |
Dividends reinvested
under |
|
|
|
|
|
|
|
|
|
|
dividend
reinvestment plan |
|
|
7 |
|
|
69 |
|
|
- |
|
|
|
- |
|
|
|
76 |
|
Other comprehensive
income |
|
|
- |
|
|
- |
|
|
- |
|
|
|
548 |
|
|
|
548 |
|
Balance, June
30, 2017 |
|
$ |
2,794 |
|
$ |
10,199 |
|
$ |
21,803 |
|
|
$ |
(262 |
) |
|
$ |
34,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
Additional |
|
|
|
Other |
|
Total |
|
|
Common |
|
Paid-in |
|
Retained |
|
Comprehensive |
|
Stockholders' |
|
|
Stock |
|
Capital |
|
Earnings |
|
(Loss) |
|
Equity |
Balance,
December 31, 2017 |
|
$ |
2,801 |
|
$ |
10,267 |
|
$ |
21,605 |
|
|
$ |
(631 |
) |
|
$ |
34,042 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
- |
|
|
- |
|
|
733 |
|
|
|
- |
|
|
|
733 |
|
Cash dividends, $0.20
per share |
|
|
- |
|
|
- |
|
|
(560 |
) |
|
|
- |
|
|
|
(560 |
) |
Dividends reinvested
under |
|
|
|
|
|
|
|
|
|
|
dividend
reinvestment plan |
|
|
7 |
|
|
68 |
|
|
- |
|
|
|
- |
|
|
|
75 |
|
Other comprehensive
loss |
|
|
- |
|
|
- |
|
|
- |
|
|
|
(746 |
) |
|
|
(746 |
) |
Balance, June
30, 2018 |
|
$ |
2,808 |
|
$ |
10,335 |
|
$ |
21,778 |
|
|
$ |
(1,377 |
) |
|
$ |
33,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE BANK OF GLEN BURNIE |
CAPITAL RATIOS |
(dollars
in thousands) |
|
|
|
|
|
|
|
|
|
To Be Well |
|
|
|
|
|
|
|
|
Capitalized Under |
|
|
|
|
|
To Be Considered |
|
Prompt Corrective |
|
|
|
|
|
Adequately
Capitalized |
|
Action Provisions |
|
Amount |
Ratio |
|
Amount |
Ratio |
|
Amount |
Ratio |
As of June 30,
2018: |
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
Common Equity Tier 1
Capital |
$ 33,335 |
|
11.94% |
|
$ 12,559 |
4.50% |
|
$ 18,140 |
6.50% |
Total Risk-Based
Capital |
$ 35,662 |
|
12.78% |
|
$ 22,326 |
8.00% |
|
$ 27,908 |
10.00% |
Tier 1 Risk-Based
Capital |
$ 33,335 |
|
11.94% |
|
$ 16,745 |
6.00% |
|
$ 22,326 |
8.00% |
Tier 1 Leverage |
$ 33,335 |
|
8.39% |
|
$ 15,883 |
4.00% |
|
$ 19,854 |
5.00% |
|
|
|
|
|
|
|
|
|
|
As of March 31,
2018: |
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
Common Equity Tier 1
Capital |
$ 33,132 |
|
12.73% |
|
$ 11,712 |
4.50% |
|
$ 16,917 |
6.50% |
Total Risk-Based
Capital |
$ 36,047 |
|
13.85% |
|
$ 20,822 |
8.00% |
|
$ 26,027 |
10.00% |
Tier 1 Risk-Based
Capital |
$ 33,132 |
|
12.73% |
|
$ 15,616 |
6.00% |
|
$ 20,822 |
8.00% |
Tier 1 Leverage |
$ 33,126 |
|
8.40% |
|
$ 15,774 |
4.00% |
|
$ 19,718 |
5.00% |
|
|
|
|
|
|
|
|
|
|
As of December
31, 2017: |
|
|
|
|
|
|
|
|
|
(audited) |
|
|
|
|
|
|
|
|
|
Common Equity Tier 1
Capital |
$ 32,946 |
|
12.83% |
|
$ 11,553 |
4.50% |
|
$ 16,687 |
6.50% |
Total Risk-Based
Capital |
$ 35,543 |
|
13.84% |
|
$ 20,538 |
8.00% |
|
$ 25,673 |
10.00% |
Tier 1 Risk-Based
Capital |
$ 32,946 |
|
12.83% |
|
$ 15,404 |
6.00% |
|
$ 20,538 |
8.00% |
Tier 1 Leverage |
$ 32,928 |
|
8.43% |
|
$ 15,617 |
4.00% |
|
$ 19,521 |
5.00% |
|
|
|
|
|
|
|
|
|
|
As of June 30,
2017: |
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
Common Equity Tier 1
Capital |
$ 33,837 |
|
13.60% |
|
$ 11,198 |
4.50% |
|
$ 16,175 |
6.50% |
Total Risk-Based
Capital |
$ 36,458 |
|
14.65% |
|
$ 19,907 |
8.00% |
|
$ 24,884 |
10.00% |
Tier 1 Risk-Based
Capital |
$ 33,837 |
|
13.60% |
|
$ 14,931 |
6.00% |
|
$ 19,907 |
8.00% |
Tier 1 Leverage |
$ 33,837 |
|
8.61% |
|
$ 15,717 |
4.00% |
|
$ 19,647 |
5.00% |
|
|
GLEN BURNIE BANCORP AND SUBSIDIARIES |
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, |
|
|
2018 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
2017 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(audited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
Data |
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
$ |
401,471 |
|
|
$ |
390,353 |
|
|
$ |
396,161 |
|
|
$ |
401,471 |
|
|
$ |
396,161 |
|
|
$ |
389,450 |
|
Investment
securities |
|
|
87,314 |
|
|
|
90,329 |
|
|
|
90,629 |
|
|
|
87,314 |
|
|
|
90,629 |
|
|
|
89,349 |
|
Loans, (net of deferred
fees & costs) |
|
|
289,408 |
|
|
|
275,699 |
|
|
|
271,035 |
|
|
|
289,408 |
|
|
|
271,035 |
|
|
|
271,612 |
|
Allowance for loan
losses |
|
|
2,284 |
|
|
|
2,899 |
|
|
|
2,599 |
|
|
|
2,284 |
|
|
|
2,599 |
|
|
|
2,589 |
|
Deposits |
|
|
341,807 |
|
|
|
336,169 |
|
|
|
335,496 |
|
|
|
341,807 |
|
|
|
335,496 |
|
|
|
334,238 |
|
Borrowings |
|
|
25,000 |
|
|
|
20,000 |
|
|
|
25,000 |
|
|
|
25,000 |
|
|
|
25,000 |
|
|
|
20,000 |
|
Stockholders'
equity |
|
|
33,544 |
|
|
|
33,188 |
|
|
|
34,534 |
|
|
|
33,544 |
|
|
|
34,534 |
|
|
|
34,042 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
478 |
|
|
|
255 |
|
|
|
338 |
|
|
|
733 |
|
|
|
654 |
|
|
|
911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances |
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
$ |
396,033 |
|
|
$ |
391,832 |
|
|
$ |
392,959 |
|
|
$ |
393,934 |
|
|
$ |
392,263 |
|
|
$ |
392,363 |
|
Investment
securities |
|
|
91,290 |
|
|
|
92,449 |
|
|
|
92,364 |
|
|
|
91,870 |
|
|
|
93,213 |
|
|
|
91,634 |
|
Loans, (net of deferred
fees & costs) |
|
|
281,104 |
|
|
|
273,964 |
|
|
|
269,533 |
|
|
|
277,534 |
|
|
|
268,514 |
|
|
|
269,600 |
|
Deposits |
|
|
335,479 |
|
|
|
334,492 |
|
|
|
336,724 |
|
|
|
334,985 |
|
|
|
336,585 |
|
|
|
335,805 |
|
Borrowings |
|
|
26,394 |
|
|
|
22,752 |
|
|
|
21,278 |
|
|
|
24,573 |
|
|
|
20,832 |
|
|
|
21,458 |
|
Stockholders'
equity |
|
|
33,404 |
|
|
|
33,817 |
|
|
|
34,205 |
|
|
|
33,532 |
|
|
|
34,027 |
|
|
|
34,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on
average assets |
|
|
0.49 |
% |
|
|
0.26 |
% |
|
|
0.35 |
% |
|
|
0.38 |
% |
|
|
0.34 |
% |
|
|
0.23 |
% |
Annualized return on
average equity |
|
|
5.80 |
% |
|
|
3.06 |
% |
|
|
4.01 |
% |
|
|
4.43 |
% |
|
|
3.90 |
% |
|
|
2.65 |
% |
Net interest
margin |
|
|
3.21 |
% |
|
|
3.22 |
% |
|
|
3.09 |
% |
|
|
3.22 |
% |
|
|
3.08 |
% |
|
|
3.12 |
% |
Dividend payout
ratio |
|
|
59 |
% |
|
|
109 |
% |
|
|
83 |
% |
|
|
76 |
% |
|
|
85 |
% |
|
|
123 |
% |
Book value per
share |
|
$ |
11.95 |
|
|
$ |
11.83 |
|
|
$ |
12.37 |
|
|
$ |
11.96 |
|
|
$ |
12.37 |
|
|
$ |
12.15 |
|
Basic and
diluted net income per share |
|
0.17 |
|
|
|
0.09 |
|
|
|
0.12 |
|
|
|
0.26 |
|
|
|
0.23 |
|
|
|
0.33 |
|
Cash dividends declared
per share |
|
|
0.10 |
|
|
|
0.10 |
|
|
|
0.10 |
|
|
|
0.10 |
|
|
|
0.10 |
|
|
|
0.40 |
|
Basic and
diluted weighted average shares outstanding |
|
|
2,806,599 |
|
|
|
2,802,509 |
|
|
|
2,792,656 |
|
|
|
2,804,565 |
|
|
|
2,791,824 |
|
|
|
2,794,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses to loans |
|
|
0.79 |
% |
|
|
1.05 |
% |
|
|
0.96 |
% |
|
|
0.79 |
% |
|
|
0.96 |
% |
|
|
0.95 |
% |
Nonperforming loans to
avg. loans |
|
|
1.46 |
% |
|
|
2.09 |
% |
|
|
1.33 |
% |
|
|
1.48 |
% |
|
|
1.33 |
% |
|
|
1.32 |
% |
Allowance
for loan losses to nonaccrual & 90+ past due loans |
|
|
58.6 |
% |
|
|
52.7 |
% |
|
|
72.5 |
% |
|
|
58.6 |
% |
|
|
72.5 |
% |
|
|
77.7 |
% |
Net
charge-offs annualize to avg. loans |
|
0.94 |
% |
|
|
0.07 |
% |
|
|
0.04 |
% |
|
|
0.48 |
% |
|
|
0.04 |
% |
|
|
0.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1
Capital |
|
|
11.94 |
% |
|
|
12.73 |
% |
|
|
13.60 |
% |
|
|
11.94 |
% |
|
|
13.60 |
% |
|
|
12.83 |
% |
Tier 1 Risk-based
Capital Ratio |
|
|
11.94 |
% |
|
|
12.73 |
% |
|
|
13.60 |
% |
|
|
11.94 |
% |
|
|
13.60 |
% |
|
|
12.83 |
% |
Leverage Ratio |
|
|
8.39 |
% |
|
|
8.40 |
% |
|
|
8.61 |
% |
|
|
8.39 |
% |
|
|
8.61 |
% |
|
|
8.43 |
% |
Total Risk-Based
Capital Ratio |
|
|
12.78 |
% |
|
|
13.85 |
% |
|
|
14.65 |
% |
|
|
12.78 |
% |
|
|
14.65 |
% |
|
|
13.84 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
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