Exhibit 99.1

 

 

 

 

 

Press Release For Immediate Release
  Date:   February 12, 2020

 

 

 

GLEN BURNIE BANCORP ANNOUNCES

FOURTH QUARTER and FULL YEAR 2019 RESULTS

 

GLEN BURNIE, MD (February 12, 2020) 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 December 31, 2019, as compared to $0.31 million, or $0.11 per basic and diluted common share for the three-month period ended December 31, 2018.

 

Bancorp reported net income of $1.60 million, or $0.57 per basic and diluted common share for the year ended December 31, 2019, compared to $1.58 million, or $0.56 per basic and diluted common share for the same period in 2018. Net loans decreased by $13.9 million, or 4.69% during the twelve-month period ended December 31, 2019, compared to an increase of $27.6 million, or 10.24% during the same period of 2018. At December 31, 2019, Bancorp had total assets of $384.9 million. Bancorp, the oldest independent commercial bank in Anne Arundel County, paid its 110th consecutive quarterly dividend on January 31, 2020.

 

During 2018, the Company conducted a periodic review of the estimated direct cost to originate loans resulting in a change to the estimated materiality of these costs. As a result, the Company began recognizing certain direct loan origination costs over the life of the related loan as a reduction of the loan’s yield by the interest method based on the contractual term of the loan. In the fourth quarter of 2018, the Company recorded a reduction of noninterest expense and an increase in loan balances of $375,000, and reduced loan balances and loan interest income by $51,000 due to the amortization of deferred costs. The effect of these adjustments increased income before taxes for the three- and twelve-months periods ended December 31, 2018 by $324,000 and increased net income by $300,000 or $0.11 per basic and diluted common share for the twelve-month period ended December 31, 2018.

 

“Although our net interest margin was negatively impacted by the three Federal Reserve federal funds rate decreases that occurred in the third and fourth quarters of 2019, our fourth quarter results were in line with our expectations and highlighted by continued positive momentum,” stated John D. Long, President and CEO. “We continue to invest in technology systems that allow us to remain competitive in the rapidly changing technology environment. As such, our strong fundamental performance was partially offset by the significant technology and infrastructure investments made across the Company. We completed the first phase of our technology infrastructure transformation in November 2019, and Phase II enhancements are on-track for a mid-2020 implementation. We are encouraged that these investments represent a foundation for sustainable growth as we move forward into the new decade. Completion of this initial phase is expected to result in lower noninterest expenses and an improving efficiency ratio beginning in the second half of 2020 and beyond. We continue to grow our business organically and diversify our loan portfolio. Our loan originators, retail branches and treasury management team are focused on increasing commercial deposits from existing clients and acquiring new client relationships.”

 

 

 

 

“While the competitive landscape is intense, our continued growth, profitability, credit quality and capital strength demonstrate our ability to continue to deliver value to our shareholders. We remain confident in our Company’s progress as we move forward,” continued Mr. Long. “Headquartered in the dynamic Northern Anne Arundel County market, we remain deeply committed to serving the financial needs of the community through the development of new loan and deposit products.” 

 

Highlights for the Quarter and Year ended December 31, 2019

 

The low interest rate environment and yield-curve inversion in 2019 caused by three 25 basis point rate decreases in the benchmark rate by the Federal Reserve negatively impacted Bancorp’s organic growth strategy resulting in a $28.1 million, or 6.80% decrease in total assets year-over-year. The effect of the lower interest rate environment on the net interest margin was somewhat mitigated by managing loan and deposit pricing strategies and adjusting the investment portfolio composition and pro-active reduction of high cost wholesale funding. 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 13.21% at December 31, 2019, as compared to 13.18% for the same period of 2018.

 

Return on average assets for the three-month period ended December 31, 2019 was 0.55%, as compared to 0.30% for the three-month period ended December 31, 2018. Return on average equity for the three-month period ended December 31, 2019 was 6.00%, as compared to 3.68% for the three-month period ended December 31, 2018. Return on average assets for the year ended December 31, 2019 was 0.41%, as compared to 0.39% for the year ended December 31, 2018. Return on average equity for the year ended December 31, 2019 was 4.55%, as compared to 4.69% for the year ended December 31, 2018.

 

The book value per share of Bancorp’s common stock was $12.62 at December 31, 2019, as compared to $12.10 per share at December 31, 2018.

 

At December 31, 2019, the Bank remained above all “well-capitalized” regulatory requirement levels. The Bank’s tier 1 risk-based capital ratio was approximately 12.47% at December 31, 2019, as compared to 12.27% at December 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 $384.9 million at December 31, 2019, a decrease of $28.1 million or 6.80%, from $413.0 million at December 31, 2018. Investment securities were $71.5 million at December 31, 2019, a decrease of $10.1 million or 12.38%, from $81.6 million at December 31, 2018. Loans, net of deferred fees and costs, were $284.7 million at December 31, 2019, a decrease of $14.4 million or 4.81%, from $299.1 million at December 31, 2018. Net deferred tax assets decreased $0.7 million or 51.76%, from December 31, 2018 to December 31, 2019 primarily due to the increase in fair value of securities available for sale.

 

Total deposits were $321.4 million at December 31, 2019, a decrease of $1.1 million or 0.34%, from $322.5 million at December 31, 2018. Noninterest-bearing deposits were $107.2 million at December 31, 2019, an increase of $5.8 million or 5.72%, from $101.4 million at December 31, 2018. Interest-bearing deposits were $214.3 million at December 31, 2019, a decrease of $6.8 million or 3.08%, from $221.1 million at December 31, 2018. Total borrowings were $25.0 million at December 31, 2019, a decrease of $30.0 million or 54.55%, from $55.0 million at December 31, 2018.

 

 

 

 

Stockholders’ equity was $35.7 million at December 31, 2019, an increase of $1.6 million or 4.69%, from $34.1 million at December 31, 2018. The $1.5 million decrease in accumulated other comprehensive loss associated with net unrealized losses on the available for sale bond portfolio, 2019 retained earnings and stock issuances under the dividend reinvestment program, offset by unrealized losses 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, represented 1.26% of total assets at December 31, 2019, as compared to 0.70% for the same period of 2018.

  

Review of Financial Results

 

For the three-month periods ended December 31, 2019 and 2018

 

Net income for the three-month period ended December 31, 2019 was $0.54 million, as compared to $0.31 million for the three-month period ended December 31, 2018.

 

Net interest income for the three-month period ended December 31, 2019 totaled $3.18 million, as compared to $3.24 million for the three-month period ended December 31, 2018. Average earning-asset balances decreased $26 million to $369 million for the three-month period ended December 31, 2019, as compared to $395 million for the same period of 2018. Competitive loan origination pressures as well as a declining interest rate environment drove the decrease in average interest-earning asset balances.

 

Net interest margin for the three-month period ended December 31, 2019 was 3.42%, as compared to 3.26% for the same period of 2018, an increase of 0.16%. Lower average balances and higher yields on interest-earning assets combined with lower cost of funds were the primary drivers of the results. The average balance on interest-earning assets decreased $26 million while the yield increased 0.06%. The cost of funds decreased 0.10% from 0.63% to 0.53% primarily due to the $21 million reduction in borrowed funds year-over-year.

 

The negative provision for loan losses for the three-month period ended December 31, 2019 was $180,000, as compared to a provision of $256,000 for the same period of 2018. The decrease for the three-month period ended December 31, 2019 primarily reflects a decrease in the balance of the loan portfolio, decreases in net charge offs, and a decrease in the qualitative factor adjustment. As a result, the allowance for loan losses was $2.07 million at December 31, 2019, representing 0.73% of total loans, as compared to $2.54 million, or 0.85% of total loans at December 31, 2018.

 

Noninterest income for the three-month period ended December 31, 2019 was $339,000, as compared to $313,000 for the three-month period ended December 31, 2018.

 

For the three-month period ended December 31, 2019, noninterest expense was $3.02 million, as compared to $2.94 million for the three-month period ended December 31, 2018. The primary contributors to the $0.08 million increase, when compared to the three-month period ended December 31, 2018 were increases in salary and employee benefits, occupancy and equipment expenses, legal, accounting and other professional fees, data processing and item processing services and loan collection costs, offset by decreases in FDIC insurance premiums due to the application of small bank assessment credits.

 

For the three-month period ended December 31, 2019, income tax expense was $137,000 compared with $58,000 for the same period a year earlier. The effective tax rate was 20.3%, compared with 15.9% for the same period a year ago. The 4.4% increase in the effective tax rate was primarily due to the sale, call and maturity of tax-advantaged municipal securities.

 

 

 

 

For the twelve-month periods ended December 31, 2019 and 2018

 

Net income for the twelve-month period ended December 31, 2019 was $1.60 million, as compared to net income of $1.58 million for the twelve-month period ended December 31, 2018.

 

Net interest income for the twelve-month period ended December 31, 2019 totaled $12.6 million, as compared to $12.6 million for the twelve-month period ended December 31, 2018. Average earning-asset balances decreased $15 million to $371 million for the twelve-month period ended December 31, 2019, as compared to $386 million for the same period of 2018. Competitive loan origination pressures as well as a declining interest rate environment drove the decrease in average interest-earning asset balances.

 

Net interest margin for the twelve-month period ended December 31, 2019 was 3.39%, as compared to 3.26% for the same period of 2018, an increase of 0.13%. Lower average balances and higher yields on interest-earning assets combined with lower cost of funds were the primary drivers of the results. The average balance on interest-earning assets decreased $15 million while the yield increased 0.10%. The cost of funds decreased 0.02% from 0.57% to 0.55% primarily due to the $6 million reduction in borrowed funds year-over-year.

 

The negative provision for loan losses for the twelve-month period ended December 31, 2019 was $115,000, as compared to a provision of $856,000 for the same period of 2018. The decrease for the twelve-month period ended December 31, 2019 was primarily driven by $544,000 decrease in net loan charge offs year-over-year, $13.7 million decrease in loan balances and 0.13% decrease in the qualitative factor adjustment. As a result, the allowance for loan losses was $2.07 million at December 31, 2019, representing 0.73% of total loans, as compared to $2.54 million, or 0.85% of total loans for the same period of 2018.

 

Noninterest income for the twelve-month period ended December 31, 2019 was $1.30 million, as compared to $1.52 million for the twelve-month period ended December 31, 2018. The decrease for the twelve-month period ended December 31, 2019 was primarily driven by $308,000 gain on redemptions of BOLI policies recognized in 2018.

 

For the twelve-month period ended December 31, 2019, noninterest expense was $11.9 million, as compared to $11.5 million for the twelve-month period ended December 31, 2018. The primary contributors to the $0.4 million increase, when compared to the twelve-month period ended December 31, 2018 were increases in salary and employee benefits, occupancy and equipment expenses, and legal, accounting and other professional fees, partially offset by decreases in data processing and item processing services and FDIC insurance premiums due to the application of small bank assessment credits.

 

For the twelve-month period ended December 31, 2019, income tax expense was $452,000 compared with $130,000 for the same period a year earlier. The effective tax rate was 22.0%, compared with 7.6% for the same period a year ago. The 14.4% increase in the effective tax rate was primarily due to the sale, call and maturity of tax-advantaged municipal securities.

 

 

 

 

  

 

# # #

 

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)

 

 

   December 31,   September 30,   December 31, 
   2019   2019   2018 
   (unaudited)   (unaudited)   (audited) 
ASSETS               
Cash and due from banks  $2,420   $3,678   $2,605 
Interest bearing deposits with banks and federal funds sold   10,870    15,893    13,349 
   Cash and Cash Equivalents   13,290    19,571    15,954 
                
Investment securities available for sale, at fair value   71,486    64,817    81,572 
Restricted equity securities, at cost   1,437    1,225    2,481 
                
Loans, net of deferred fees and costs   284,738    283,889    299,120 
  Less:  Allowance for loan losses   (2,066)   (2,307)   (2,541)
   Loans, net   282,672    281,582    296,579 
                
Real estate acquired through foreclosure   705    705    705 
Premises and equipment, net   3,761    3,820    3,106 
Bank owned life insurance   8,023    7,982    7,860 
Deferred tax assets, net   672    1,013    1,392 
Accrued interest receivable   961    976    1,198 
Accrued taxes receivable   1,221    982    1,177 
Prepaid expenses   406    557    466 
Other assets   308    208    556 
    Total Assets  $384,942   $383,438   $413,046 
                
LIABILITIES               
Noninterest-bearing deposits  $107,158   $111,453   $101,369 
Interest-bearing deposits   214,282    213,813    221,084 
   Total Deposits   321,440    325,266    322,453 
                
Short-term borrowings   25,000    20,000    55,000 
Defined pension liability   317    311    285 
Accrued expenses and other liabilities   2,505    2,493    1,257 
   Total Liabilities   349,262    348,070    378,995 
                
STOCKHOLDERS' EQUITY               
Common stock, par value $1, authorized 15,000,000 shares,  issued and outstanding 2,827,473, 2,824,412, and 2,814,157 shares as of December 31, 2019, September 30, 2019,  and December 31, 2018, respectively.               
   2,827    2,824    2,814 
Additional paid-in capital   10,525    10,495    10,401 
Retained earnings   22,537    22,280    22,066 
Accumulated other comprehensive loss   (209)   (231)   (1,230)
   Total Stockholders' Equity   35,680    35,368    34,051 
   Total Liabilities and Stockholders' Equity  $384,942   $383,438   $413,046 

  

 

 

 

GLEN BURNIE BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands, except per share amounts)

 

   Three Months Ended
 December 31,
   Twelve Months Ended
December 31,
 
   2019
(unaudited)
   2018
(unaudited)
   2019
(unaudited)
   2018
(audited)
 
Interest income                    
Interest and fees on loans  $3,204   $3,249   $12,747   $12,348 
Interest and dividends on securities   368    515    1,429    2,100 
Interest on deposits with banks and federal funds sold   68    80    338    245 
   Total Interest Income   3,640    3,844    14,514    14,693 
                     
Interest expense                    
Interest on deposits   348    352    1,349    1,348 
Interest on short-term borrowings   112    247    578    754 
   Total Interest Expense   460    599    1,927    2,102 
                     
   Net Interest Income   3,180    3,245    12,587    12,591 
Provision for loan losses   (180)   256    (115)   856 
   Net interest income after provision for loan losses   3,360    2,989    12,702    11,735 
                     
Noninterest income                    
Service charges on deposit accounts   68    61    255    248 
Other fees and commissions   230    210    874    774 
Gains on redemption of BOLI policies   -    -    -    308 
Gain on securities sold   -    -    3    - 
Income on life insurance   41    42    163    172 
Gain on sale of OREO   -    -    -    15 
   Total Noninterest Income   339    313    1,295    1,517 
                     
Noninterest expenses                    
Salary and employee benefits   1,685    1,513    6,826    6,593 
Occupancy and equipment expenses   389    320    1,429    1,170 
Legal, accounting and other professional fees   261    196    1,056    917 
Data processing and item processing services   203    160    531    614 
FDIC insurance costs   16    127    131    314 
Advertising and marketing related expenses   28    39    107    104 
Loan collection costs   45    (8)   107    145 
Telephone costs   62    72    244    253 
Other expenses   334    518    1,515    1,429 
   Total Noninterest Expenses   3,023    2,937    11,946    11,539 
                     
Income before income taxes   676    365    2,051    1,713 
Income tax expense   137    58    452    130 
                     
   Net income  $539   $307   $1,599   $1,583 
                     
Basic and diluted net income
   per share of common stock
  $0.19   $0.11   $0.57   $0.56 

 

 

 

 

GLEN BURNIE BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

For the year ended December, 2019 (unaudited) and 2018

(dollars in thousands) 

 

               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   -    -    1,583    -    1,583 
Cash dividends, $0.40 per share   -    -    (1,122)   -    (1,122)
Dividends reinvested under dividend reinvestment plan   13    134    -    -    147 
Other comprehensive loss   -    -    -    (599)   (599)
Balance, December 31, 2018  $2,814   $10,401   $22,066   $(1,230)  $34,051 

 

               Accumulated     
       Additional       Other   Total 
   Common   Paid-in   Retained   Comprehensive   Stockholders' 
   Stock   Capital   Earnings   (Loss)/Income   Equity 
Balance, December 31, 2018  $2,814   $10,401   $22,066   $(1,230)  $34,051 
                          
Net income   -    -    1,599    -    1,599 
Cash dividends, $0.40 per share   -    -    (1,128)   -    (1,128)
Dividends reinvested under dividend reinvestment plan   13    124    -    -    137 
Other comprehensive income   -    -    -    1,021    1,021 
Balance, December 31, 2019  $2,827   $10,525   $22,537   $(209)  $35,680 

 

 

 

 

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 December 31, 2019:                              
(unaudited)                              
Common Equity Tier 1 Capital  $35,693    12.47%  $12,878    4.50%  $18,602    6.50%
Total Risk-Based Capital  $37,797    13.21%  $22,895    8.00%  $28,619    10.00%
Tier 1 Risk-Based Capital  $35,693    12.47%  $17,171    6.00%  $22,895    8.00%
Tier 1 Leverage  $35,693    9.26%  $15,414    4.00%  $19,268    5.00%
                               
As of September 30, 2019:                              
(unaudited)                              
Common Equity Tier 1 Capital  $35,216    12.36%  $12,822    4.50%  $18,520    6.50%
Total Risk-Based Capital  $37,561    13.18%  $22,794    8.00%  $28,493    10.00%
Tier 1 Risk-Based Capital  $35,216    12.36%  $17,096    6.00%  $22,794    8.00%
Tier 1 Leverage  $35,216    9.26%  $15,215    4.00%  $19,019    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%

 

  

 

 

 

GLEN BURNIE BANCORP AND SUBSIDIARY

SELECTED FINANCIAL DATA

(dollars in thousands, except per share amounts)

 

   Three Months Ended   Year Ended   Year Ended 
   December 31,   September 30,   December 31,   December 31,   December 31, 
   2019   2019   2018   2019   2018 
   (unaudited)   (unaudited)   (unaudited)   (unaudited)   (audited) 
                     
Financial Data                         
Assets  $384,942   $383,438   $413,046   $384,942   $413,046 
Investment securities   71,486    64,817    81,572    71,486    81,572 
Loans, (net of deferred fees & costs)   284,738    283,889    299,120    284,738    299,120 
Allowance for loan losses   2,066    2,307    2,541    2,066    2,541 
Deposits   321,440    325,266    322,453    321,440    322,453 
Borrowings   25,000    20,000    55,000    25,000    55,000 
Stockholders' equity   35,680    35,368    34,051    35,680    34,051 
Net income   539    606    307    1,599    1,583 
                          
Average Balances                         
Assets  $385,603   $380,852   $409,314   $387,315   $401,494 
Investment securities   68,245    61,456    85,055    65,315    89,351 
Loans, (net of deferred fees & costs)   286,427    286,944    297,791    292,076    286,702 
Deposits   327,048    322,893    332,284    324,565    335,167 
Borrowings   20,323    20,000    42,748    25,573    31,595 
Stockholders' equity   35,602    35,489    33,106    35,104    33,777 
                          
Performance Ratios                         
Annualized return on average assets   0.55%   0.63%   0.30%   0.41%   0.39%
Annualized return on average equity   6.00%   6.77%   3.68%   4.55%   4.69%
Net interest margin   3.42%   3.43%   3.26%   3.39%   3.26%
Dividend payout ratio   52%   47%   91%   71%   71%
Book value per share  $12.62   $12.52   $12.10   $12.62   $12.10 
Basic and diluted net income per share   0.19    0.21    0.11    0.57    0.56 
Cash dividends declared per share   0.10    0.10    0.10    0.40    0.40 
Basic and diluted weighted average
   shares outstanding
   2,826,408    2,823,271    2,813,045    2,821,608    2,808,031 
                          
Asset Quality Ratios                         
Allowance for loan losses to loans   0.73%   0.81%   0.85%   0.73%   0.85%
Nonperforming loans to avg. loans   1.45%   1.55%   0.73%   1.42%   0.76%
Allowance for loan losses to nonaccrual & 90+ past due loans   49.8%   54.3%   128.7%   49.8%   128.7%
Net charge-offs annualize to avg. loans   0.09%   0.02%   0.23%   0.12%   0.32%
                          
Capital Ratios                         
Common Equity Tier 1 Capital   12.47%   12.36%   12.27%   12.47%   12.27%
Tier 1 Risk-based Capital Ratio   12.47%   12.36%   12.27%   12.47%   12.27%
Leverage Ratio   9.26%   9.26%   8.52%   9.26%   8.52%
Total Risk-Based Capital Ratio   13.21%   13.18%   13.18%   13.21%   13.18%

 

 

 

 

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