Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding
company for The Bank of Glen Burnie (“Bank”), announced today net
income of $0.54 million, or $0.19 per basic and diluted common
share for the three-month period ended September 30, 2018, as
compared to net income of $0.41 million, or $0.15 per basic and
diluted common share for the three-month period ended September 30,
2017.
Bancorp reported net income of $1.28 million, or $0.45 per basic
and diluted common share for the nine-month period ended September
30, 2018, compared to $1.06 million, or $0.38 per basic and diluted
common share for the same period in 2017. Net loans grew by
$23.7 million, or 8.81% at September 30, 2018 when compared to the
same period of 2017. At September 30, 2018, Bancorp had total
assets of $411.4 million. Bancorp, the oldest independent
commercial bank in Anne Arundel County, will pay its 105th
consecutive quarterly dividend on November 2, 2018.
"We are pleased to report a strong quarter that was highlighted
by expansion of our net interest margin and net interest income
reflecting outstanding credit quality, disciplined loan pricing,
and a beneficial balance sheet structure. Our third quarter
results are consistent with our expectations and reflect
year-over-year improvement in our profitability, driven by strong
revenue growth,” stated John D. Long, President and CEO. “Our
net interest margin increased to 3.34% in the third quarter of 2018
compared with 3.10% in the same period of 2017. The improved
net interest margin exhibits a higher yield on average earning
assets, primarily reflecting an increased yield on loans, which
more than offset a higher cost of funds. Our cost of funds
continued to trend upwards in the third quarter, reflecting the
continuing rising interest rate environment. We believe that
our current balance sheet structure positions our net interest
income to benefit from any further Federal Open Market Committee
tightening,” Mr. Long continued, “Our net income in the third
quarter of 2018 increased 31.87% to $0.54 million compared with
$0.41 million in the year-ago quarter. We also made several
changes during the third quarter to streamline our operations and
we remain focused on controlling overhead costs. Our
sustained strength in core profitability, sound capital position,
and healthy loan pipeline positions us to take advantage of future
growth opportunities and finish the year strong.”
Highlights for the First Nine Months of
2018
Bancorp continued to grow organically in the third quarter of
2018 driven primarily by favorable net loan growth. 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 12.64% at September 30, 2018, as
compared to 14.68% for the same period of 2017.
Return on average assets for the three-month period ended
September 30, 2018 was 0.54%, as compared to 0.42% for the
three-month period ended September 30, 2017. Return on
average equity for the three-month period ended September 30, 2018
was 6.50%, as compared to 4.82% for the three-month period ended
September 30, 2017.
The book value per share of Bancorp’s common stock was $11.86 at
September 30, 2018, as compared to $12.38 per share at September
30, 2017.
At September 30, 2018, the Bank remained above all
“well-capitalized” regulatory requirement levels. The Bank’s
tier 1 risk-based capital ratio was approximately 11.75% at
September 30, 2018, as compared to 13.63% at September 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 $411.4 million at September 30, 2018, an
increase of $21.5 million or 5.51%, from $389.9 million at
September 30, 2017. Investment securities were $84.0 million
at September 30, 2018, a decrease of $5.9 million or 6.53%, from
$89.9 million at September 30, 2017. Loans, net of deferred
fees and costs, were $295.0 million at September 30, 2018, an
increase of $23.5 million or 8.66%, from $271.5 million at
September 30, 2017. Bank owned life insurance decreased $1.7
million or 17.52% from September 30, 2017 to September 30, 2018
primarily due to the redemption of BOLI policies. Other
assets increased $0.7 million from September 30, 2017 to September
30, 2018 primarily due to the increase in fair value of pay-fixed
interest rate swaps used to convert variable rate FHLB borrowing
into fixed rate debt.
Total deposits were $336.8 million at September 30, 2018, an
increase of $2.7 million or 0.82%, from $334.1 million at September
30, 2017. Noninterest-bearing deposits were $107.9 million at
September 30, 2018, an increase of $3.3 million or 3.20%, from
$104.6 million at September 30, 2017. Interest-bearing
deposits were $228.9 million at September 30, 2018, a decrease of
$0.6 million or 0.26%, from $229.5 million at September 30,
2017. Total borrowings were $40.0 million at September 30,
2018, an increase of $20.0 million or 100.00%, from $20.0 million
at September 30, 2017.
Stockholders’ equity was $33.3 million at September 30, 2018, a
decrease of $1.3 million from $34.0 million at September 30,
2017. The $1.4 million increase in accumulated other
comprehensive loss associated with net unrealized losses on the
available for sale bond portfolio, offset by unrealized gains on
interest rate swap contracts primarily drove the decrease in
stockholders’ equity.
Nonperforming assets, which consist of nonaccrual loans,
troubled debt restructurings, accruing loans past due 90 days or
more, and other real estate owned, represented 0.75% of total
assets at September 30, 2018, as compared to 1.08% for the same
period of 2017.
Review of Financial Results
For the three-month periods ended September 30, 2018 and
2017
Net income for the three-month period ended September 30, 2018
was $0.54 million, as compared to net income of $0.41 million for
the three-month period ended September 30, 2017.
Net interest income for the three-month period ended September
30, 2018 totaled $3.30 million, as compared to $2.94 million for
the three-month period ended September 30, 2017. Average
earning loan balances increased to $294 million for the three-month
period ended September 30, 2018, as compared to $271 million for
the same period of 2017.
Net interest margin for the three-month period ended September
30, 2018 was 3.34%, as compared to 3.10% for the same period of
2017. Higher yields on interest-earning assets were the
primary driver of year-over-year results, as the yield on
interest-earning assets increased 0.28% from 3.63% to 3.91% and the
cost of funds increased 0.05% from 0.55% to 0.60% for the
three-month periods ending September 30, 2018 and 2017,
respectively.
The provision for loan losses for the three-month period ended
September 30, 2018 was $246,000, as compared to $78,000 for the
same period of 2017. The increase for the three-month period
ended September 30, 2018 primarily reflects loan growth. As a
result, the allowance for loan losses was $2.46 million at
September 30, 2018, representing 0.83% of total loans, as compared
to $2.62 million, or 0.97% of total loans at September 30,
2017.
Noninterest income for the three-month period ended September
30, 2018 was $331,000, as compared to $368,000 for the three-month
period ended September 30, 2017.
For the three-month period ended September 30, 2018, noninterest
expense was $2.76 million, as compared to $2.71 million for the
three-month period ended September 30, 2017. The primary
contributors to the $0.05 million increase, when compared to the
three-month period ended September 30, 2017 were increases in
salary and employee benefits, legal, accounting and other
professional fees, data processing and items processing service,
offset by decreases in occupancy and equipment expenses,
advertising and marketing related expenses and telephone costs.
For the nine-month periods ended September 30, 2018 and
2017
Net income for the nine-month period ended September 30, 2018
was $1.28 million, as compared to net income of $1.06 million for
the nine-month period ended September 30, 2017.
Net interest income for the nine-month period ended September
30, 2018 totaled $9.35 million, as compared to $8.66 million for
the nine-month period ended September 30, 2017. Average
earning loan balances increased to $283 million for the nine-month
period ended September 30, 2018, as compared to $269 million for
the same period of 2017.
Net interest margin for the nine-month period ended September
30, 2018 was 3.26%, as compared to 3.09% for the same period of
2017. Higher yields on interest-earning assets were the
primary drivers of year-over-year results, as the yield on
interest-earning assets increased 0.17% from 3.62% to 3.79% and the
cost of funds remained unchanged at 0.55% for the nine-month
periods ending September 30, 2018 and 2017, respectively.
The provision for loan losses for the nine-month period ended
September 30, 2018 was $601,000, as compared to $243,000 for the
same period of 2017. The increase for the nine-month period
ended September 30, 2018 primarily reflects loan growth. As a
result, the allowance for loan losses was $2.46 million at
September 30, 2018, representing 0.83% of total loans, as compared
to $2.62 million, or 0.97% of total loans for the same period of
2017.
Noninterest income for the nine-month period ended September 30,
2018 was $1.20 million, as compared to $0.94 million for the
nine-month period ended September 30, 2017. The results for
the first nine-month of 2018 include gains on redemptions of BOLI
policies of $306,877.
For the nine-month period ended September 30, 2018, noninterest
expense was $8.60 million, as compared to $8.10 million for the
nine-month period ended September 30, 2017. The primary
contributors to the $0.43 million increase, when compared to the
nine-month period ended September 30, 2017 were increases in salary
and employee benefits, legal, accounting and other professional
fees and loan collection costs, partially offset by decreases in
advertising and marketing related expenses and telephone costs.
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
|
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|
GLEN BURNIE BANCORP AND
SUBSIDIARIES |
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
|
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
June 30, |
|
December 31, |
|
September 30, |
|
2018 |
|
2018 |
|
2017 |
|
2017 |
|
(unaudited) |
|
(unaudited) |
|
(audited) |
|
(unaudited) |
ASSETS |
|
|
|
|
|
|
|
Cash and due from
banks |
$ |
5,282 |
|
|
$ |
2,584 |
|
|
$ |
2,610 |
|
|
$ |
4,371 |
|
Interest bearing deposits with banks and federal funds
sold |
|
10,208 |
|
|
|
5,498 |
|
|
|
9,995 |
|
|
|
7,126 |
|
Total Cash and Cash Equivalents |
|
15,490 |
|
|
|
8,082 |
|
|
|
12,605 |
|
|
|
11,497 |
|
|
|
|
|
|
|
|
|
Investment securities
available for sale, at fair value |
|
84,029 |
|
|
|
87,314 |
|
|
|
89,349 |
|
|
|
89,903 |
|
Restricted equity
securities, at cost |
|
2,073 |
|
|
|
1,443 |
|
|
|
1,232 |
|
|
|
1,228 |
|
|
|
|
|
|
|
|
|
Loans, net of deferred
fees and costs |
|
294,981 |
|
|
|
289,408 |
|
|
|
271,612 |
|
|
|
271,463 |
|
Less: Allowance for loan losses |
|
(2,455 |
) |
|
|
(2,284 |
) |
|
|
(2,589 |
) |
|
|
(2,623 |
) |
Loans, net |
|
292,526 |
|
|
|
287,124 |
|
|
|
269,023 |
|
|
|
268,840 |
|
|
|
|
|
|
|
|
|
Real estate acquired
through foreclosure |
|
705 |
|
|
|
114 |
|
|
|
114 |
|
|
|
114 |
|
Premises and equipment,
net |
|
3,154 |
|
|
|
3,195 |
|
|
|
3,371 |
|
|
|
3,451 |
|
Bank owned life
insurance |
|
7,818 |
|
|
|
7,780 |
|
|
|
8,713 |
|
|
|
9,479 |
|
Deferred tax assets,
net |
|
2,863 |
|
|
|
2,713 |
|
|
|
2,429 |
|
|
|
2,847 |
|
Accrued interest
receivable |
|
1,233 |
|
|
|
1,142 |
|
|
|
1,133 |
|
|
|
1,140 |
|
Accrued taxes
receivable |
|
- |
|
|
|
- |
|
|
|
465 |
|
|
|
638 |
|
Prepaid expenses |
|
516 |
|
|
|
471 |
|
|
|
433 |
|
|
|
512 |
|
Other assets |
|
958 |
|
|
|
2,093 |
|
|
|
583 |
|
|
|
235 |
|
Total Assets |
$ |
411,365 |
|
|
$ |
401,471 |
|
|
$ |
389,450 |
|
|
$ |
389,884 |
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
Noninterest-bearing
deposits |
$ |
107,921 |
|
|
$ |
108,414 |
|
|
$ |
104,017 |
|
|
$ |
104,571 |
|
Interest-bearing
deposits |
|
228,926 |
|
|
|
233,393 |
|
|
|
230,221 |
|
|
|
229,534 |
|
Total
Deposits |
|
336,847 |
|
|
|
341,807 |
|
|
|
334,238 |
|
|
|
334,105 |
|
|
|
|
|
|
|
|
|
Short-term
borrowings |
|
40,000 |
|
|
|
25,000 |
|
|
|
20,000 |
|
|
|
20,000 |
|
Defined pension
liability |
|
323 |
|
|
|
317 |
|
|
|
335 |
|
|
|
328 |
|
Accrued Taxes
Payable |
|
102 |
|
|
|
28 |
|
|
|
- |
|
|
|
- |
|
Accrued expenses and
other liabilities |
|
749 |
|
|
|
775 |
|
|
|
835 |
|
|
|
815 |
|
Total Liabilities |
|
378,021 |
|
|
|
367,927 |
|
|
|
355,408 |
|
|
|
355,248 |
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
|
Common stock, par value $1, authorized
15,000,000 shares, issued and outstanding 2,810,961,
2,807,819, 2,801,149, and 2,797,477 shares as of September 30,
2018, June 30, 2018, December 31, 2017, and September 30, 2017,
respectively. |
|
2,811 |
|
|
|
2,808 |
|
|
|
2,801 |
|
|
|
2,797 |
|
Additional paid-in
capital |
|
10,368 |
|
|
|
10,335 |
|
|
|
10,267 |
|
|
|
10,233 |
|
Retained earnings |
|
21,936 |
|
|
|
21,778 |
|
|
|
21,605 |
|
|
|
21,935 |
|
Accumulated other
comprehensive loss |
|
(1,771 |
) |
|
|
(1,377 |
) |
|
|
(631 |
) |
|
|
(329 |
) |
Total Stockholders' Equity |
|
33,344 |
|
|
|
33,544 |
|
|
|
34,042 |
|
|
|
34,636 |
|
Total Liabilities and Stockholders' Equity |
$ |
411,365 |
|
|
$ |
401,471 |
|
|
$ |
389,450 |
|
|
$ |
389,884 |
|
|
|
|
|
|
|
|
|
|
|
|
GLEN BURNIE BANCORP AND SUBSIDIARIES |
|
|
CONSOLIDATED STATEMENTS OF INCOME |
|
|
(dollars in thousands, except per share amounts) |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended September 30, |
|
Nine Months
Ended September 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Interest
income |
|
|
|
|
|
|
|
|
Interest and fees on
loans |
|
$ |
3,269 |
|
$ |
2,883 |
|
$ |
9,100 |
|
$ |
8,503 |
Interest and dividends
on securities |
|
|
526 |
|
|
498 |
|
|
1,585 |
|
|
1,523 |
Interest on deposits
with banks and federal funds sold |
|
|
67 |
|
|
53 |
|
|
165 |
|
|
115 |
Total
Interest Income |
|
|
3,862 |
|
|
3,434 |
|
|
10,850 |
|
|
10,141 |
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
|
|
|
|
|
|
Interest on
deposits |
|
|
362 |
|
|
324 |
|
|
997 |
|
|
984 |
Interest on short-term
borrowings |
|
|
198 |
|
|
142 |
|
|
506 |
|
|
309 |
Interest on long-term
borrowings |
|
|
- |
|
|
33 |
|
|
- |
|
|
185 |
Total
Interest Expense |
|
|
560 |
|
|
499 |
|
|
1,503 |
|
|
1,478 |
|
|
|
|
|
|
|
|
|
Net
Interest Income |
|
|
3,302 |
|
|
2,935 |
|
|
9,347 |
|
|
8,663 |
Provision for loan
losses |
|
|
246 |
|
|
78 |
|
|
601 |
|
|
243 |
Net
interest income after provision for loan losses |
|
|
3,056 |
|
|
2,857 |
|
|
8,746 |
|
|
8,420 |
|
|
|
|
|
|
|
|
|
Noninterest
income |
|
|
|
|
|
|
|
|
Service charges on
deposit accounts |
|
|
59 |
|
|
72 |
|
|
187 |
|
|
208 |
Other fees and
commissions |
|
|
216 |
|
|
245 |
|
|
564 |
|
|
573 |
Gains on redemption of
BOLI policies |
|
|
- |
|
|
- |
|
|
308 |
|
|
1 |
Income on life
insurance |
|
|
41 |
|
|
51 |
|
|
130 |
|
|
151 |
Gains on sale of
OREO |
|
|
15 |
|
|
- |
|
|
15 |
|
|
- |
Other income |
|
|
- |
|
|
- |
|
|
- |
|
|
2 |
Total
Noninterest Income |
|
|
331 |
|
|
368 |
|
|
1,204 |
|
|
935 |
|
|
|
|
|
|
|
|
|
Noninterest
expenses |
|
|
|
|
|
|
|
|
Salary and employee
benefits |
|
|
1,710 |
|
|
1,579 |
|
|
5,080 |
|
|
4,615 |
Occupancy and equipment
expenses |
|
|
272 |
|
|
382 |
|
|
850 |
|
|
865 |
Legal, accounting and
other professional fees |
|
|
212 |
|
|
180 |
|
|
721 |
|
|
648 |
Data processing and
item processing services |
|
|
168 |
|
|
130 |
|
|
454 |
|
|
442 |
FDIC insurance
costs |
|
|
64 |
|
|
64 |
|
|
187 |
|
|
188 |
Advertising and
marketing related expenses |
|
|
16 |
|
|
38 |
|
|
65 |
|
|
110 |
Loan collection
costs |
|
|
32 |
|
|
25 |
|
|
153 |
|
|
73 |
Telephone costs |
|
|
56 |
|
|
98 |
|
|
181 |
|
|
212 |
Other expenses |
|
|
226 |
|
|
217 |
|
|
911 |
|
|
944 |
Total
Noninterest Expenses |
|
|
2,756 |
|
|
2,713 |
|
|
8,602 |
|
|
8,097 |
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
631 |
|
|
512 |
|
|
1,348 |
|
|
1,258 |
Income tax expense |
|
|
89 |
|
|
101 |
|
|
73 |
|
|
194 |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
542 |
|
$ |
411 |
|
$ |
1,275 |
|
$ |
1,064 |
|
|
|
|
|
|
|
|
|
Basic and
diluted net income per share
of common stock |
|
$ |
0.19 |
|
$ |
0.15 |
|
$ |
0.45 |
|
$ |
0.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GLEN BURNIE BANCORP AND
SUBSIDIARIES |
|
|
|
|
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS'
EQUITY |
For the nine months ended September 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 |
|
- |
|
|
- |
|
|
1,064 |
|
|
|
- |
|
|
|
1,064 |
|
Cash
dividends, $0.30 per share |
|
- |
|
|
- |
|
|
(837 |
) |
|
|
- |
|
|
|
(837 |
) |
Dividends
reinvested under dividend reinvestment plan |
|
10 |
|
|
103 |
|
|
- |
|
|
|
- |
|
|
|
113 |
|
Other
comprehensive income |
|
- |
|
|
- |
|
|
- |
|
|
|
481 |
|
|
|
481 |
|
Balance, September 30, 2017 |
$ |
2,797 |
|
$ |
10,233 |
|
$ |
21,935 |
|
|
$ |
(329 |
) |
|
$ |
34,636 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
- |
|
|
- |
|
|
1,275 |
|
|
|
- |
|
|
|
1,275 |
|
Cash
dividends, $0.30 per share |
|
- |
|
|
- |
|
|
(944 |
) |
|
|
- |
|
|
|
(944 |
) |
Dividends
reinvested under dividend reinvestment plan |
|
10 |
|
|
101 |
|
|
- |
|
|
|
- |
|
|
|
111 |
|
Other
comprehensive loss |
|
- |
|
|
- |
|
|
- |
|
|
|
(1,140 |
) |
|
|
(1,140 |
) |
Balance, September 30, 2018 |
$ |
2,811 |
|
$ |
10,368 |
|
$ |
21,936 |
|
|
$ |
(1,771 |
) |
|
$ |
33,344 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 September
30, 2018: |
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1
Capital |
$ |
32,781 |
11.75 |
% |
|
$ |
12,551 |
4.50 |
% |
|
$ |
18,130 |
6.50 |
% |
Total Risk-Based
Capital |
$ |
35,260 |
12.64 |
% |
|
$ |
22,313 |
8.00 |
% |
|
$ |
27,892 |
10.00 |
% |
Tier 1 Risk-Based
Capital |
$ |
32,781 |
11.75 |
% |
|
$ |
16,735 |
6.00 |
% |
|
$ |
22,313 |
8.00 |
% |
Tier 1 Leverage |
$ |
32,781 |
8.08 |
% |
|
$ |
16,230 |
4.00 |
% |
|
$ |
20,287 |
5.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
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 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 September
30, 2017: |
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1
Capital |
$ |
34,064 |
13.63 |
% |
|
$ |
11,250 |
4.50 |
% |
|
$ |
16,251 |
6.50 |
% |
Total Risk-Based
Capital |
$ |
36,699 |
14.68 |
% |
|
$ |
20,001 |
8.00 |
% |
|
$ |
25,001 |
10.00 |
% |
Tier 1 Risk-Based
Capital |
$ |
34,064 |
13.63 |
% |
|
$ |
15,001 |
6.00 |
% |
|
$ |
20,001 |
8.00 |
% |
Tier 1 Leverage |
$ |
34,064 |
8.56 |
% |
|
$ |
15,919 |
4.00 |
% |
|
$ |
19,898 |
5.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GLEN BURNIE BANCORP AND
SUBSIDIARIES |
|
|
|
|
|
|
|
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, |
|
|
2018 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
2017 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(audited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
Data |
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
$ |
411,365 |
|
|
$ |
401,471 |
|
|
$ |
389,884 |
|
|
$ |
411,365 |
|
|
$ |
389,884 |
|
|
$ |
389,450 |
|
Investment
securities |
|
|
84,029 |
|
|
|
87,314 |
|
|
|
89,903 |
|
|
|
84,029 |
|
|
|
89,903 |
|
|
|
89,349 |
|
Loans, (net of deferred
fees & costs) |
|
|
294,981 |
|
|
|
289,408 |
|
|
|
271,463 |
|
|
|
294,981 |
|
|
|
271,463 |
|
|
|
271,612 |
|
Allowance for loan
losses |
|
|
2,455 |
|
|
|
2,284 |
|
|
|
2,623 |
|
|
|
2,455 |
|
|
|
2,623 |
|
|
|
2,589 |
|
Deposits |
|
|
336,847 |
|
|
|
341,807 |
|
|
|
334,105 |
|
|
|
336,847 |
|
|
|
334,105 |
|
|
|
334,238 |
|
Borrowings |
|
|
40,000 |
|
|
|
25,000 |
|
|
|
20,000 |
|
|
|
40,000 |
|
|
|
20,000 |
|
|
|
20,000 |
|
Stockholders'
equity |
|
|
33,344 |
|
|
|
33,544 |
|
|
|
34,636 |
|
|
|
33,344 |
|
|
|
34,636 |
|
|
|
34,042 |
|
Net income |
|
|
542 |
|
|
|
478 |
|
|
|
411 |
|
|
|
1,275 |
|
|
|
1,064 |
|
|
|
911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances |
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
$ |
407,660 |
|
|
$ |
396,033 |
|
|
$ |
393,877 |
|
|
$ |
399,088 |
|
|
$ |
392,837 |
|
|
$ |
392,363 |
|
Investment
securities |
|
|
88,611 |
|
|
|
91,290 |
|
|
|
90,028 |
|
|
|
90,783 |
|
|
|
92,151 |
|
|
|
91,634 |
|
Loans, (net of deferred
fees & costs) |
|
|
293,949 |
|
|
|
281,104 |
|
|
|
270,973 |
|
|
|
283,006 |
|
|
|
269,333 |
|
|
|
269,600 |
|
Deposits |
|
|
338,412 |
|
|
|
335,479 |
|
|
|
334,739 |
|
|
|
336,128 |
|
|
|
335,970 |
|
|
|
335,805 |
|
Borrowings |
|
|
34,487 |
|
|
|
26,394 |
|
|
|
23,667 |
|
|
|
27,878 |
|
|
|
21,777 |
|
|
|
21,458 |
|
Stockholders'
equity |
|
|
33,831 |
|
|
|
33,338 |
|
|
|
34,643 |
|
|
|
34,201 |
|
|
|
34,063 |
|
|
|
34,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on
average assets |
|
|
0.54 |
% |
|
|
0.49 |
% |
|
|
0.42 |
% |
|
|
0.65 |
% |
|
|
0.55 |
% |
|
|
0.23 |
% |
Annualized return on
average equity |
|
|
6.50 |
% |
|
|
5.81 |
% |
|
|
4.82 |
% |
|
|
7.56 |
% |
|
|
6.33 |
% |
|
|
2.65 |
% |
Net interest
margin |
|
|
3.34 |
% |
|
|
3.21 |
% |
|
|
3.10 |
% |
|
|
3.26 |
% |
|
|
3.09 |
% |
|
|
3.12 |
% |
Dividend payout
ratio |
|
|
52 |
% |
|
|
59 |
% |
|
|
59 |
% |
|
|
66 |
% |
|
|
75 |
% |
|
|
123 |
% |
Book value per
share |
|
$ |
11.86 |
|
|
$ |
11.95 |
|
|
$ |
12.38 |
|
|
$ |
11.86 |
|
|
$ |
12.38 |
|
|
$ |
12.15 |
|
Basic and
diluted net income per share |
|
0.19 |
|
|
|
0.17 |
|
|
|
0.15 |
|
|
|
0.45 |
|
|
|
0.38 |
|
|
|
0.33 |
|
Cash dividends declared
per share |
|
|
0.10 |
|
|
|
0.10 |
|
|
|
0.10 |
|
|
|
0.30 |
|
|
|
0.30 |
|
|
|
0.40 |
|
Basic and diluted weighted average shares outstanding |
|
|
2,809,834 |
|
|
|
2,806,599 |
|
|
|
2,796,099 |
|
|
|
2,806,341 |
|
|
|
2,792,544 |
|
|
|
2,794,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses to loans |
|
|
0.83 |
% |
|
|
0.79 |
% |
|
|
0.97 |
% |
|
|
0.83 |
% |
|
|
0.97 |
% |
|
|
0.95 |
% |
Nonperforming loans to
avg. loans |
|
|
0.82 |
% |
|
|
1.46 |
% |
|
|
1.57 |
% |
|
|
0.85 |
% |
|
|
1.53 |
% |
|
|
1.32 |
% |
Allowance for loan losses to nonaccrual & 90+ past due
loans |
|
|
112.1 |
% |
|
|
58.6 |
% |
|
|
66.1 |
% |
|
|
112.1 |
% |
|
|
66.1 |
% |
|
|
77.7 |
% |
Net
charge-offs annualize to avg. loans |
|
0.10 |
% |
|
|
0.87 |
% |
|
|
0.08 |
% |
|
|
1.04 |
% |
|
|
0.15 |
% |
|
|
0.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1
Capital |
|
|
11.75 |
% |
|
|
11.94 |
% |
|
|
13.63 |
% |
|
|
11.75 |
% |
|
|
13.63 |
% |
|
|
12.83 |
% |
Tier 1 Risk-based
Capital Ratio |
|
|
11.75 |
% |
|
|
11.94 |
% |
|
|
13.63 |
% |
|
|
11.75 |
% |
|
|
13.63 |
% |
|
|
12.83 |
% |
Leverage Ratio |
|
|
8.08 |
% |
|
|
8.39 |
% |
|
|
8.56 |
% |
|
|
8.08 |
% |
|
|
8.56 |
% |
|
|
8.43 |
% |
Total Risk-Based
Capital Ratio |
|
|
12.64 |
% |
|
|
12.78 |
% |
|
|
14.68 |
% |
|
|
12.64 |
% |
|
|
14.68 |
% |
|
|
13.84 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Glen Burnie Bancorp (NASDAQ:GLBZ)
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