Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding
company for The Bank of Glen Burnie (“Bank”), announced today net
income of $135,000, or $0.05 per basic and diluted common share for
the three-month period ended March 31, 2019, as compared to net
income of $255,000, or $0.09 per basic and diluted common share for
the three-month period ended March 31, 2018.
Net loan balances at March 31, 2019 grew by $24.0 million, or
8.8%, as compared to March 31, 2018. Bancorp had total assets
of $393.1 million at March 31, 2019. Bancorp, the oldest
independent commercial bank in Anne Arundel County, will pay its
107th consecutive quarterly dividend on May 3, 2019.
“Net interest income continued to rise during the first quarter,
driving a consistent core earnings expansion. Net interest
income in the first quarter of 2019 grew by $147,000 or 4.9%, as
compared to the first quarter of last year, as the yield on our
loan portfolio grew from 4.25% to 4.32%, and our funding costs
increased by $118,000 or 26.1%, from $452,000 to $570,000,” stated
John D. Long, President and CEO. “Our strong fundamental
performance was somewhat offset by significant continued investment
in technology and infrastructure improvements that enable us to
remain competitive in the rapidly changing technological
environment. These improvements allowed the Company to remain
vigilant in its risk mitigation efforts, and continue to provide a
high level of service to our valued customers. We are
encouraged by the progress of the last two years and are confident
that these investments have created a foundation for sustainable
growth in 2019 and beyond. A favorable credit environment
combined with our outstanding credit quality, disciplined loan
pricing and a beneficial balance sheet structure, allowed us to
reduce the provision for loan losses by $187,000 or 51.9%, this
quarter as compared to the first quarter of last year.
Headquartered in the dynamic Northern Anne Arundel County market,
we believe the Bank is well positioned with sound growth, asset
quality and capital levels, a widening net interest margin, and an
experienced and seasoned executive team. 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 Three Months of
2019
Bancorp continued to grow organically in the first quarter of
2019 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 13.46% at March 31, 2019, as
compared to 13.85% for the same period of 2018.
Return on average assets for the three-month period ended March
31, 2019 was 0.14%, as compared to 0.26% for the three-month period
ended March 31, 2018. Return on average equity for the
three-month period ended March 31, 2019 was 1.59%, as compared to
3.06% for the three-month period ended March 31, 2018. Lower
gains on redemption of bank-owned life insurance policies (“BOLI”)
and higher noninterest expenses primarily drove the lower
returns.
The book value per share of Bancorp’s common stock was $12.23 at
March 31, 2019, as compared to $11.83 per share at March 31,
2018.
At March 31, 2019, the Bank remained above all
“well-capitalized” regulatory requirement levels. The Bank’s
tier 1 risk-based capital ratio was approximately 12.51% at March
31, 2019, as compared to 12.73% at March 31, 2018. 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 $393.1 million at March 31, 2019, an increase
of $2.7 million or 0.69%, from $390.4 million at March 31,
2018. Investment securities were $61.4 million at March 31,
2019, a decrease of $28.9 million or 32.0%, from $90.3 million at
March 31, 2018. The higher volume of loan originations during
2018 were primarily funded using the proceeds from the sale of
securities. Loans, net of deferred fees and costs, were
$299.4 million at March 31, 2019, an increase of $23.7 million or
8.60%, from $275.7 million at March 31, 2018. Real estate
acquired through foreclosure was $0.7 million at March 31, 2019, an
increase of $0.6 million from March 31, 2018 primarily due to the
acquisition of a single property. BOLI decreased $0.4 million
or 4.7% from March 31, 2018 to March 31, 2019 primarily due to the
redemption of BOLI policies. Net deferred tax assets
decreased $1.6 million or 56.61% and accrued taxes receivable
increased $1.2 million from March 31, 2018 to March 31, 2019
primarily due to the elimination of the alternative minimum tax
under the Tax Act.
Total deposits were $331.6 million at March 31, 2019, a decrease
of $4.6 million or 1.36%, from $336.2 million at March 31,
2018. Interest-bearing deposits were $224.4 million at March
31, 2019, a decrease of $4.7 million or 2.07%, from $229.1 million
at March 31, 2018. Total borrowings were $25.0 million at
March 31, 2019, an increase of $5.0 million or 25.0%, from $20.0
million at March 31, 2018.
Stockholders’ equity was $34.5 million at March 31, 2019, an
increase of $1.3 million or 3.82%, from $33.2 million at March 31,
2018. The decrease in accumulated other comprehensive loss
associated with net unrealized losses on the available for sale
bond portfolio, retained earnings and stock issuances under the
dividend reinvestment program, offset by decreases in unrealized
gains on interest rate swap contracts drove the increase 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 (“OREO”), represented 0.86% of
total assets at March 31, 2019, as compared to 1.49% for the same
period of 2018. The reduction in nonaccrual loans offset by
the increase in OREO drove the 0.63% decrease in nonperforming
assets as percentage of total assets from March 31, 2018 to
2019.
Review of Financial Results
For the three-month periods ended March 31, 2019 and
2018
Net income for the three-month period ended March 31, 2019 was
$135,000, as compared to $255,000 for the three-month period ended
March 31, 2018.
Net interest income for the three-month period ended March 31,
2019 totaled $3.14 million, as compared to $2.99 million for the
three-month period ended March 31, 2018. Average loan
balances increased $25.5 million or 9.32% to $299.5 million for the
three-month period ended March 31, 2019, as compared to $274.0
million for the same period of 2018.
Net interest margin for the three-month period ended March 31,
2019 was 3.3%, as compared to 3.22% for the same period of
2018. Higher average balances and yields on interest-earning
assets were the primary driver of year-over-year results, as the
average balance increased $9.2 million and the yield on
interest-earning assets increased 0.19% from 3.71% to 3.9%.
These increases were offset by the higher cost of funds, which
increased 0.12% from 0.51% to 0.63% for the three-month periods
ending March 31, 2018 and 2019, respectively.
The provision for loan losses for the three-month period ended
March 31, 2019 was $173,000, as compared to $360,000 for the same
period of 2018. The decrease for the three-month period ended
March 31, 2019, when compared to the three-month period ended March
31, 2018 primarily reflects $294,000 lower required reserves offset
by $59,000 higher net charge offs. As a result, the allowance
for loan losses was $2.61 million at March 31, 2019, representing
0.87% of total loans, as compared to $2.90 million, or 1.05% of
total loans at March 31, 2018 and is consistent with our improved
credit quality.
Noninterest income for the three-month period ended March 31,
2019 was $282,000, as compared to $486,000 for the three-month
period ended March 31, 2019, a decrease of $204,000 or 41.96%.
$207,000 lower gains on the redemption of BOLI policies
primarily drove the decrease.
For the three-month period ended March 31, 2019, noninterest
expense was $3.08 million, as compared to $2.84 million for the
three-month period ended March 31, 2018, an increase of $242,000 or
8.54%. The primary contributors to the $242,000 million
increase, when compared to the three-month period ended March 31,
2018 were increases in salary and employee benefits costs, data
processing and item processing services, litigation settlement
costs, OREO expenses, bank robbery loss and other insurance
expenses offset by lower legal, accounting and other professional
fees, and loan collection 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 SUBSIDIARY |
|
|
|
|
|
CONSOLIDATED
BALANCE SHEETS |
|
|
|
|
|
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
March 31, |
|
December 31, |
|
|
2019 |
|
|
|
2018 |
|
|
|
2018 |
|
|
(unaudited) |
|
(unaudited) |
|
(audited) |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks |
$ |
2,341 |
|
|
$ |
2,449 |
|
|
$ |
2,605 |
|
Interest bearing
deposits with banks and federal funds sold |
|
14,194 |
|
|
|
6,079 |
|
|
|
13,349 |
|
Total Cash and Cash Equivalents |
|
16,535 |
|
|
|
8,528 |
|
|
|
15,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities
available for sale, at fair value |
|
61,420 |
|
|
|
90,329 |
|
|
|
81,572 |
|
Restricted equity
securities, at cost |
|
1,439 |
|
|
|
1,231 |
|
|
|
2,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of deferred
fees and costs |
|
299,417 |
|
|
|
275,716 |
|
|
|
299,120 |
|
Allowance for loan
losses |
|
(2,605 |
) |
|
|
(2,899 |
) |
|
|
(2,541 |
) |
Loans, net |
|
296,812 |
|
|
|
272,817 |
|
|
|
296,579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate acquired
through foreclosure |
|
705 |
|
|
|
114 |
|
|
|
705 |
|
Premises and equipment,
net |
|
3,901 |
|
|
|
3,271 |
|
|
|
3,106 |
|
Bank owned life
insurance |
|
7,900 |
|
|
|
8,290 |
|
|
|
7,860 |
|
Deferred tax assets,
net |
|
1,197 |
|
|
|
2,759 |
|
|
|
1,392 |
|
Accrued interest
receivable |
|
1,110 |
|
|
|
1,182 |
|
|
|
1,198 |
|
Accrued taxes
receivable |
|
1,221 |
|
|
|
- |
|
|
|
1,177 |
|
Prepaid expenses |
|
515 |
|
|
|
554 |
|
|
|
466 |
|
Other assets |
|
304 |
|
|
|
1,295 |
|
|
|
556 |
|
Total Assets |
$ |
393,059 |
|
|
$ |
390,370 |
|
|
$ |
413,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits |
$ |
107,249 |
|
|
$ |
107,073 |
|
|
$ |
101,369 |
|
Interest-bearing
deposits |
|
224,364 |
|
|
|
229,097 |
|
|
|
221,084 |
|
Total
Deposits |
|
331,613 |
|
|
|
336,170 |
|
|
|
322,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings |
|
25,000 |
|
|
|
20,000 |
|
|
|
55,000 |
|
Defined pension
liability |
|
298 |
|
|
|
341 |
|
|
|
285 |
|
Accrued expenses and
other liabilities |
|
1,693 |
|
|
|
672 |
|
|
|
1,257 |
|
Total Liabilities |
|
358,604 |
|
|
|
357,183 |
|
|
|
378,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value $1, authorized 15,000,000 shares,
issued and outstanding 2,817,821, 2,804,456, and 2,814,157
shares as of March 31, 2019, March 31, 2018, and December 31, 2018,
respectively. |
|
2,818 |
|
|
|
2,804 |
|
|
|
2,814 |
|
Additional paid-in
capital |
|
10,433 |
|
|
|
10,301 |
|
|
|
10,401 |
|
Retained earnings |
|
21,919 |
|
|
|
21,581 |
|
|
|
22,066 |
|
Accumulated other
comprehensive loss |
|
(715 |
) |
|
|
(1,499 |
) |
|
|
(1,230 |
) |
Total Stockholders' Equity |
|
34,455 |
|
|
|
33,187 |
|
|
|
34,051 |
|
Total Liabilities and Stockholders' Equity |
$ |
393,059 |
|
|
$ |
390,370 |
|
|
$ |
413,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GLEN BURNIE BANCORP AND SUBSIDIARY |
CONSOLIDATED STATEMENTS OF INCOME |
(dollars in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended March
31, |
|
|
2019 |
|
2018 |
|
|
(unaudited) |
|
(unaudited) |
Interest
income |
|
|
|
|
|
|
|
Interest and fees on
loans |
|
$ |
3,189 |
|
|
$ |
2,872 |
Interest and dividends
on securities |
|
|
400 |
|
|
|
524 |
Interest on deposits
with banks and federal funds sold |
|
|
120 |
|
|
|
48 |
Total
Interest Income |
|
|
3,709 |
|
|
|
3,444 |
|
|
|
|
|
|
|
|
Interest
expense |
|
|
|
|
|
|
|
Interest on
deposits |
|
|
332 |
|
|
|
309 |
Interest on short-term
borrowings |
|
|
238 |
|
|
|
143 |
Total
Interest Expense |
|
|
570 |
|
|
|
452 |
|
|
|
|
|
|
|
|
Net
Interest Income |
|
|
3,139 |
|
|
|
2,992 |
Provision for loan
losses |
|
|
173 |
|
|
|
360 |
Net
interest income after provision for loan losses |
|
|
2,966 |
|
|
|
2,632 |
|
|
|
|
|
|
|
|
Noninterest
income |
|
|
|
|
|
|
|
Service charges on
deposit accounts |
|
|
61 |
|
|
|
67 |
Other fees and
commissions |
|
|
178 |
|
|
|
168 |
Gains on redemption of
BOLI policies |
|
|
- |
|
|
|
207 |
Gain on securities
sold |
|
|
3 |
|
|
|
- |
Income on life
insurance |
|
|
40 |
|
|
|
44 |
Total
Noninterest Income |
|
|
282 |
|
|
|
486 |
|
|
|
|
|
|
|
|
Noninterest
expenses |
|
|
|
|
|
|
|
Salary and employee
benefits |
|
|
1,770 |
|
|
|
1,721 |
Occupancy and equipment
expenses |
|
|
314 |
|
|
|
305 |
Legal, accounting and
other professional fees |
|
|
231 |
|
|
|
245 |
Data processing and
item processing services |
|
|
176 |
|
|
|
139 |
FDIC insurance
costs |
|
|
56 |
|
|
|
58 |
Advertising and
marketing related expenses |
|
|
27 |
|
|
|
17 |
Loan collection
costs |
|
|
13 |
|
|
|
41 |
Telephone costs |
|
|
66 |
|
|
|
57 |
Other expenses |
|
|
424 |
|
|
|
252 |
Total
Noninterest Expenses |
|
|
3,077 |
|
|
|
2,835 |
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
171 |
|
|
|
283 |
Income tax expense |
|
|
(36 |
) |
|
|
28 |
|
|
|
|
|
|
|
|
Net income |
|
$ |
135 |
|
|
$ |
255 |
|
|
|
|
|
|
|
|
Basic and
diluted net income per common
share |
|
$ |
0.05 |
|
|
$ |
0.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GLEN BURNIE BANCORP AND SUBSIDIARY |
|
|
|
|
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS'
EQUITY |
For the three months ended March, 2019 and 2018
(unaudited) |
|
|
(dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
Additional |
|
|
|
Comprehensive |
|
Total |
|
|
Common |
|
Paid-in |
|
Retained |
|
(Loss) |
|
Stockholders' |
|
|
Stock |
|
Capital |
|
Earnings |
|
Income |
|
Equity |
Balance, December 31, 2017 |
$ |
2,801 |
|
$ |
10,267 |
|
$ |
21,605 |
|
|
$ |
(631 |
) |
|
$ |
34,042 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
- |
|
|
- |
|
|
255 |
|
|
|
- |
|
|
|
255 |
|
Cash
dividends, $0.10 per share |
|
- |
|
|
- |
|
|
(279 |
) |
|
|
- |
|
|
|
(279 |
) |
Dividends
reinvested under |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
dividend reinvestment plan |
|
3 |
|
|
34 |
|
|
- |
|
|
|
- |
|
|
|
37 |
|
Other
comprehensive income |
|
- |
|
|
- |
|
|
- |
|
|
|
(868 |
) |
|
|
(868 |
) |
Balance, March 31, 2018 |
$ |
2,804 |
|
$ |
10,301 |
|
$ |
21,581 |
|
|
$ |
(1,499 |
) |
|
$ |
33,187 |
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
Additional |
|
|
|
Comprehensive |
|
Total |
|
|
Common |
|
Paid-in |
|
Retained |
|
(Loss) |
|
Stockholders' |
|
|
Stock |
|
Capital |
|
Earnings |
|
Income |
|
Equity |
Balance, December 31, 2018 |
$ |
2,814 |
|
$ |
10,401 |
|
$ |
22,066 |
|
|
$ |
(1,230 |
) |
|
$ |
34,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
- |
|
|
- |
|
|
135 |
|
|
|
- |
|
|
|
135 |
|
Cash
dividends, $0.10 per share |
|
- |
|
|
- |
|
|
(282 |
) |
|
|
- |
|
|
|
(282 |
) |
Dividends
reinvested under |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
dividend reinvestment plan |
|
4 |
|
|
32 |
|
|
- |
|
|
|
- |
|
|
|
36 |
|
Other
comprehensive income |
|
- |
|
|
- |
|
|
- |
|
|
|
515 |
|
|
|
515 |
|
Balance, March 31, 2019 |
$ |
2,818 |
|
$ |
10,433 |
|
$ |
21,919 |
|
|
$ |
(715 |
) |
|
$ |
34,455 |
|
|
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 March 31,
2019: |
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1
Capital |
$ |
34,681 |
12.51 |
% |
|
$ |
12,472 |
4.50 |
% |
|
$ |
18,014 |
6.50 |
% |
Total Risk-Based
Capital |
$ |
37,311 |
13.46 |
% |
|
$ |
22,172 |
8.00 |
% |
|
$ |
27,715 |
10.00 |
% |
Tier 1 Risk-Based
Capital |
$ |
34,681 |
12.51 |
% |
|
$ |
16,629 |
6.00 |
% |
|
$ |
22,172 |
8.00 |
% |
Tier 1 Leverage |
$ |
34,681 |
8.68 |
% |
|
$ |
15,983 |
4.00 |
% |
|
$ |
19,978 |
5.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
As of December
31, 2018: |
|
|
|
|
|
|
|
|
|
|
|
(audited) |
|
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1
Capital |
$ |
34,778 |
12.27 |
% |
|
$ |
12,757 |
4.50 |
% |
|
$ |
18,427 |
6.50 |
% |
Total Risk-Based
Capital |
$ |
37,354 |
13.18 |
% |
|
$ |
22,679 |
8.00 |
% |
|
$ |
28,349 |
10.00 |
% |
Tier 1 Risk-Based
Capital |
$ |
34,778 |
12.27 |
% |
|
$ |
17,009 |
6.00 |
% |
|
$ |
22,679 |
8.00 |
% |
Tier 1 Leverage |
$ |
34,778 |
8.52 |
% |
|
$ |
16,330 |
4.00 |
% |
|
$ |
20,413 |
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 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(audited) |
|
|
|
|
|
|
|
|
|
Financial
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
$ |
393,059 |
|
|
$ |
413,046 |
|
|
$ |
390,370 |
|
|
$ |
413,046 |
|
Investment
securities |
|
|
61,420 |
|
|
|
81,572 |
|
|
|
90,329 |
|
|
|
81,572 |
|
Loans, (net of deferred
fees & costs) |
|
|
299,417 |
|
|
|
299,120 |
|
|
|
275,716 |
|
|
|
299,120 |
|
Allowance for loan
losses |
|
|
2,605 |
|
|
|
2,541 |
|
|
|
2,899 |
|
|
|
2,541 |
|
Deposits |
|
|
331,613 |
|
|
|
322,453 |
|
|
|
336,170 |
|
|
|
322,453 |
|
Borrowings |
|
|
25,000 |
|
|
|
55,000 |
|
|
|
20,000 |
|
|
|
55,000 |
|
Stockholders'
equity |
|
|
34,455 |
|
|
|
34,051 |
|
|
|
33,187 |
|
|
|
34,051 |
|
Net income |
|
|
135 |
|
|
|
307 |
|
|
|
255 |
|
|
|
1,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
$ |
400,064 |
|
|
$ |
408,958 |
|
|
$ |
391,832 |
|
|
$ |
400,930 |
|
Investment
securities |
|
|
69,939 |
|
|
|
85,055 |
|
|
|
92,449 |
|
|
|
89,351 |
|
Loans, (net of deferred
fees & costs) |
|
|
299,506 |
|
|
|
297,791 |
|
|
|
273,964 |
|
|
|
286,702 |
|
Deposits |
|
|
323,283 |
|
|
|
332,284 |
|
|
|
334,492 |
|
|
|
335,167 |
|
Borrowings |
|
|
40,643 |
|
|
|
42,748 |
|
|
|
22,752 |
|
|
|
31,595 |
|
Stockholders'
equity |
|
|
34,346 |
|
|
|
32,580 |
|
|
|
33,817 |
|
|
|
33,392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on
average assets |
|
|
0.14 |
% |
|
|
0.30 |
% |
|
|
0.26 |
% |
|
|
0.39 |
% |
Annualized return on
average equity |
|
|
1.59 |
% |
|
|
3.74 |
% |
|
|
3.06 |
% |
|
|
4.74 |
% |
Net interest
margin |
|
|
3.30 |
% |
|
|
3.26 |
% |
|
|
3.22 |
% |
|
|
3.26 |
% |
Dividend payout
ratio |
|
|
209 |
% |
|
|
91 |
% |
|
|
109 |
% |
|
|
71 |
% |
Book value per
share |
|
$ |
12.23 |
|
|
$ |
12.10 |
|
|
$ |
11.83 |
|
|
$ |
12.10 |
|
Basic and
diluted net income per share |
|
0.05 |
|
|
|
0.11 |
|
|
|
0.09 |
|
|
|
0.56 |
|
Cash dividends declared
per share |
|
|
0.10 |
|
|
|
0.10 |
|
|
|
0.10 |
|
|
|
0.40 |
|
Basic and diluted
weighted average shares outstanding |
|
|
2,816,518 |
|
|
|
2,813,045 |
|
|
|
2,802,509 |
|
|
|
2,808,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses to loans |
|
|
0.87 |
% |
|
|
0.85 |
% |
|
|
1.05 |
% |
|
|
0.85 |
% |
Nonperforming loans to
avg. loans |
|
|
0.90 |
% |
|
|
0.73 |
% |
|
|
2.09 |
% |
|
|
0.76 |
% |
Allowance for loan
losses to nonaccrual & 90+ past due loans |
|
|
104.7 |
% |
|
|
128.7 |
% |
|
|
52.7 |
% |
|
|
128.7 |
% |
Net
charge-offs annualize to avg. loans |
|
0.27 |
% |
|
|
0.23 |
% |
|
|
0.07 |
% |
|
|
0.32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1
Capital |
|
|
12.51 |
% |
|
|
12.27 |
% |
|
|
12.73 |
% |
|
|
12.27 |
% |
Tier 1 Risk-based
Capital Ratio |
|
|
12.51 |
% |
|
|
12.27 |
% |
|
|
12.73 |
% |
|
|
12.27 |
% |
Leverage Ratio |
|
|
8.68 |
% |
|
|
8.52 |
% |
|
|
8.40 |
% |
|
|
8.52 |
% |
Total Risk-Based
Capital Ratio |
|
|
13.46 |
% |
|
|
13.18 |
% |
|
|
13.85 |
% |
|
|
13.18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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