Exhibit 99.1

 

 

 

Press Release For Immediate Release
  Date:   November 4, 2020

 

 

  

GLEN BURNIE BANCORP ANNOUNCES

THIRD QUARTER 2020 RESULTS

 

GLEN BURNIE, MD (November 4, 2020) Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today a net income of $949,000, or $0.33 per basic and diluted common share for the three-month period ended September 30, 2020, as compared to net income of $606,000, or $0.21 per basic and diluted common share for the three-month period ended September 30, 2019.

 

Bancorp reported net income of $1,123,000, or $0.40 per basic and diluted common share for the nine-month period ended September 30, 2020, compared to $1,060,000, or $0.38 per basic and diluted common share for the same period in 2019. At September 30, 2020, Bancorp had total assets of $430.9 million. Bancorp, the oldest independent commercial bank in Anne Arundel County, paid its 113th consecutive quarterly dividend on November 2, 2020.

 

 

“The third quarter of 2020 continued to be significantly impacted by the COVID-19 pandemic. Much of our activity continued to focus on addressing the issues caused by the pandemic. Our priority was keeping our staff and clients safe and helping our clients navigate this crisis through loan deferrals and U.S. Small Business Association’s Payroll Protection Program (“SBA PPP”) loans. We are proud of the effort put forth by our employees, Board of Directors and our leadership team to serve the needs of our customers and the local community during these difficult times. While massive federal stimulus aided the economic recovery, future economic outcomes are likely dependent on the path of the virus,” said John D. Long, President and Chief Executive Officer.

 

"Our year-over-year earnings per share for the first nine-months of 2020 was $0.02 higher than during the same period in 2019, reflecting our focus on expense reduction as we work to drive efficiencies throughout the Bank and improve our profitability. Looking forward, we continue to seek opportunities to further reduce our cost structure as we work to achieve an efficiency ratio more in-line with our peers. An interest rate environment rivaling that of the Great Recession continued to negatively impact our margins, and therefore our profits for the third quarter. The decrease in yields and cost of funds reflect the impact of a target federal funds rate near zero and a flat yield curve. However, we are encouraged by the robust deposit growth experienced this year. The negative impact of a low interest rate environment on loan originations 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 $530,000 for the three-month period ended September 30, 2020 as compared to the same period last year. We remain well capitalized and continue to reward our shareholders, having paid quarterly cash dividends for 113 consecutive quarters.”

 

In closing, Mr. Long added, “As we look ahead to the remainder of 2020, downside risks remain from the economic uncertainty and the significant pressure from the low interest rates. Despite this, our underlying business remains strong, benefiting from our capital levels, conservative underwriting policies, on- and off-balance sheet liquidity and loan diversification. We are closely monitoring the rapid developments regarding the pandemic and remain confident in our long-term strategic vision. I remain proud of our employees and their ability to continue to adapt and deliver outstanding customer service during this challenging time. Headquartered in the dynamic Northern Anne Arundel County market, we believe our Bank is well positioned with excellent asset quality and capital levels, 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 Nine Months of 2020

 

Total interest income declined $0.7 million to $10.2 million for the nine-month period ending September 30, 2020, compared to the same period in 2019. This was driven by a decrease in interest income on loans consistent with declines in the average balance and yields of this portfolio, and lower interest earned on overnight funds, mainly attributable to lower market rates. Beyond pricing pressure/competition and the absolute low level of rates, the current economic outlook and prospects of a sustained historic low interest rate environment will likely continue to place pressure on net interest margin. Exacerbating the above, the Company maintained significantly higher levels of excess balance sheet liquidity during the first nine-months of 2020 as compared to the same period in 2019. 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 12.66% at September 30, 2020, as compared to 13.18% for the same period of 2019.

 

Return on average assets for the three-month period ended September 30, 2020 was 0.92%, as compared to 0.63% for the three-month period ended September 30, 2019. Return on average equity for the three-month period ended September 30, 2020 was 10.18%, as compared to 6.77% for the three-month period ended September 30, 2019. The lower provision for credit losses and noninterest expenses, offset by lower revenue, primarily drove the higher returns.

 

The book value per share of Bancorp’s common stock was $12.86 at September 30, 2020, as compared to $12.52 per share at September 30, 2019.

 

At September 30, 2020, the Bank remained above all “well-capitalized” regulatory requirement levels. The Bank’s tier 1 risk-based capital ratio was approximately 12.10% at September 30, 2020, as compared to 12.36% at September 30, 2019. 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 $430.9 million at September 30, 2020, an increase of $47.5 million or 12.39%, from $383.4 million at September 30, 2019. Investment securities were $114.5 million at September 30, 2020, an increase of $49.7 million or 76.70%, from $64.8 million at September 30, 2019. Loans, net of deferred fees and costs, were $274.1 million at September 30, 2020, a decrease of $9.8 million or 3.45%, from $283.9 million at September 30, 2019. Net loans during the first nine-months of 2020 include loans funded under the SBA PPP. These PPP loans directly benefitted the businesses and employees in our local communities. The Company funded 133 PPP loans totaling approximately $17.4 million in the second quarter of 2020. Unearned fees net of origination costs totaled $600,000 and are being accreted based on the estimated life of the loans. The SBA began forgiving PPP loans in October 2020 at which point recognition of fee income was accelerated.

 

Total deposits were $343.9 million at September 30, 2020, an increase of $18.6 million or 5.72%, from $325.3 million at September 30, 2019. Noninterest-bearing deposits were $129.7 million at September 30, 2020, an increase of $18.2 million or 16.32%, from $111.5 million at September 30, 2019. The increase was due to new deposit accounts for PPP loans and core deposit growth. Interest-bearing deposits were $214.2 million at September 30, 2020, an increase of $0.4 million or 0.19%, from $213.8 million at September 30, 2019. Total borrowings were $47.4 million at September 30, 2020, an increase of $27.4 million or 137.00%, from $20.0 million at September 30, 2019. The Company participated in the Paycheck Protection Program Liquidity Facility (“PPPLF”) established by the Federal Reserve. At September 30, 2020, the Company borrowed $17.4 million under the PPPLF with a fixed rate of 0.35% and pledged PPP loans as collateral to secure the borrowings.

 

 

 

 

Stockholders’ equity was $36.5 million at September 30, 2020, an increase of $1.1 million or 3.11%, from $35.4 million at September 30, 2019. The increase in accumulated other comprehensive gain associated with net unrealized losses on the available for sale bond portfolio and increase in retained earnings and stock issuances under the dividend reinvestment program, offset by an increase in unrealized losses on interest rate swap contracts drove the overall 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 1.32% of total assets at September 30, 2020, as compared to 1.34% for the same period of 2019. The increase in total asset balance and nonaccrual loans, offset by lower troubled debt restructurings drove the 0.02% decrease in nonperforming assets as percentage of total assets from September 30, 2019 to September 30, 2020.

 

Review of Financial Results

 

For the three-month periods ended September 30, 2020 and 2019

 

Net income for the three-month period ended September 30, 2020 was $949,000, as compared to net income of $606,000 for the three-month period ended September 30, 2019, an increase of $343,000 or 56.60%.

 

Net interest income for the three-month period ended September 30, 2020 totaled $3.0 million, a decrease of $148,000 from the three-month period ended September 30, 2019 due to lower interest income of $241,000, coupled with lower interest expense of $93,000. The decrease in net interest income was due primarily to declining loan balances and the impact of the low rate environment on cash held in interest-bearing deposits in other financial institutions, offset by reductions in the costs of interest-bearing deposits and higher average security balances. Loans, net of deferred fees and costs, including $17.4 million of PPP loans, decreased by $9.8 million or 3.45% to $274.1 million as of September 30, 2020, as compared to $283.9 million for the same period of 2019. PPP loans carry a fixed interest rate of 1.0% with a two-year contractual maturity.

 

Net interest margin for the three-month period ended September 30, 2020 was 3.05%, as compared to 3.43% for the same period of 2019. Lower average yields and higher average balances on interest-earning assets combined with higher average interest-bearing funds and lower cost of funds were the primary drivers of year-over-year results. The average balance on interest-earning assets increased $27.1 million while the yield decreased 0.51% from 3.92% to 3.41%, when comparing the three-month periods ending September 30, 2019 and 2020. The average balance on interest-bearing funds increased $4.8 million and the cost of funds decreased 0.14%, when comparing the three-month periods ending September 30, 2019 and 2020. The decrease in interest expense is related to a reduction in higher rate time deposits. As these time deposits matured, they renewed at lower market rates or they exited the Company and were replaced by lower cost checking, savings and money market accounts.

 

The average balance of interest-bearing deposits in other financial institutions and investment securities increased $34.2 million from $76.6 million to $110.9 million for the third quarter of 2020, as compared to the same period of 2019 while the yield decreased from 2.14% to 1.53% during that same time period. Much of the decrease in yields for the three-month period can be attributed to an overall lower interest rate environment and a significant increase in investment securities available for sale during this low interest rate period. Average loan balances decreased $7.1 million to $279.8 million for the three-month period ended September 30, 2020, as compared to $286.9 million for the same period of 2019 while the yield decreased from 4.39% to 4.16% during that same time period.

 

 

 

 

The provision for loan losses for the three-month period ended September 30, 2020 was negative $669,000, as compared to a negative $139,000 for the same period of 2019. Our loan loss provisioning methodology is significantly tied to projected unemployment rates which were lowered during the third quarter of 2020. The decrease for the three-month period ended September 30, 2020 as compared to the same period in 2019 was driven by decreases in qualitative factors driven by macro-economic conditions, a decrease in the size of the loan portfolio, and the overall credit-quality of the loan portfolio. No provision for loan losses on PPP loans was recognized as the SBA guarantees 100% of loans funded under the program. The Company continues to gather the latest information available to perform and update its loan loss reserve analysis. As more information becomes available, including the economic impact of the COVID-19 pandemic, the Company will update the loan loss reserve analysis. The Company maintains the allowance for loan losses at a level believed to be adequate for known and inherent risks in the portfolio. The methodology incorporates a variety of risk considerations, both quantitative and qualitative, in establishing an allowance for loan losses that management believes is appropriate at each reporting date. As a result, the allowance for loan losses was $1.66 million at September 30, 2020, representing 0.61% of total loans, as compared to $2.31 million, or 0.81% of total loans at September 30, 2019.

 

Noninterest income for the three-month period ended September 30, 2020 was $260,000, as compared to $391,000 for the three-month period ended September 30, 2019, a decrease of $131,000 or 33.50%. The decrease primarily resulted from lower ATM interchange fees associated with the cancellation of the Renaissance Festival due to COVID-19.

 

For the three-month period ended September 30, 2020, noninterest expense was $2.69 million, as compared to $2.86 million for the three-month period ended September 30, 2019, a decrease of $170,000 or 5.94%. The primary contributors to the $170,000 decrease, when compared to the three-month period ended September 30, 2019 were decreases in salary and employee benefits costs, legal, accounting and other professional fees, occupancy and equipment expenses including investments in technology and infrastructure improvements and other expenses, offset by increases in data processing and item processing services.

 

For the nine-month periods ended September 30, 2020 and 2019

 

Net income for the nine-month period ended September 30, 2020 was $1,123,000, as compared to net income of $1,060,000 for the nine-month period ended September 30, 2019, an increase of $63,000 or 5.94%.

 

Net interest income for the nine-month period ended September 30, 2020 totaled $9.0 million, a decrease of $400,000 from $9.4 million for nine-month period ended September 30, 2019 due to lower interest income of $700,000, coupled with lower interest expense of $300,000. The decrease in yields and cost of funds for the nine-month period ended September 30, 2020 compared to the same period in 2019 is primarily attributable to the five rate cuts by the Federal Reserve from August 2019 through March 2020 with the March 15th movement lowering the federal funds rate 150-basis points and the targeted range to 0% - 0.25%. The decrease in net interest income was due primarily to declining loan balances and the impact of the low rate environment on cash held in interest-bearing deposits in other financial institutions, offset by reductions in the costs of interest-bearing deposits and higher average security balances. Loans, net of deferred fees and costs, including $17.4 million of PPP loans funded in the second quarter of 2020, decreased by $9.8 million or 3.45% to $274.1 million as of September 30, 2020, as compared to $283.9 million for the same period of 2019. PPP loans carry a fixed interest rate of 1.0% with a two-year contractual maturity.

 

 

 

 

Net interest margin for the nine-month period ended September 30, 2020 was 3.17%, as compared to 3.38% for the same period of 2019. Lower average yields and higher average balances on interest-earning assets combined with lower average interest-bearing funds and cost of funds were the primary drivers of year-over-year results. The average balance on interest-earning assets decreased $6.4 million while the yield decreased 0.32% from 3.91% to 3.59%, when comparing the nine-month periods ending September 30, 2019 and 2020. The average balance on interest-bearing funds decreased $9.9 million and the cost of funds decreased 0.11%, when comparing the nine-month periods ending September 30, 2019 and 2020. The decrease in interest expense is related to a reduction in higher rate time deposit balances and FHLB advances. As time deposits matured, they renewed at lower market rates or they exited the Company and were replaced by lower cost checking, savings and money market accounts. 

 

The average balance of interest-bearing deposits in financial institutions and investment securities increased $18.6 million from $78.1 million to $96.7 million for the nine-month period ending September 30, 2020, as compared to the same period of 2019 while the yield decreased from 2.28% to 1.67% during that same time period. Much of the decrease in yields for the nine-month period can be attributed to an overall lower interest rate environment and a significant increase in investment securities available for sale during this low interest rate period.

 

Average loan balances decreased $12.2 million to $281.8 million for the nine-month period ended September 30, 2020, as compared to $294.0 million for the same period of 2019 while the yield decreased from 4.34% to 4.25% during that same time period. The decrease in loan yields is primarily attributable to the runoff of higher yielding loans and origination of lower yielding loans in the current low interest rate environment, rate cuts by the Federal Reserve from August 2019 through March 2020 and the origination of $17.4 million of SBA PPP loans with rates of 1.00%.

 

The provision for loan losses for the nine-month period ended September 30, 2020 was negative $263,000, as compared to $65,000 for the same period of 2019. The decrease for the nine-month period ended September 30, 2020 as compared to the same period in 2019 was driven by decreases in qualitative factors driven macro-economic conditions, a decrease in the size of the loan portfolio, and the overall credit-quality of the loan portfolio. No provision for loan losses on PPP loans was recognized as the SBA guarantees 100% of loans funded under the program.

 

Noninterest income for the nine-month period ended September 30, 2020 was $743,000, as compared to $955,000 for the nine-month period ended September 30, 2019, a decrease of $212,000 or 22.20% driven by lower ATM interchange fees related to the COVID-19 related cancellation of the Renaissance Festival.

 

For the nine-month period ended September 30, 2020, noninterest expense was $8.54 million, as compared to $8.92 million for the nine-month period ended September 30, 2019, a decrease of $386,000 or 4.33%. The primary contributors to the $386,000 decrease, when compared to the nine-month period ended September 30, 2019 were decreases in salary and employee benefits costs, occupancy and equipment expenses including investments in technology and infrastructure improvements, legal, accounting and other professional fees and other expenses primarily litigation settlement costs, offset by increases in data processing and item processing services.

 

 

 

 

# # #

 

Glen Burnie Bancorp Information

 

Glen Burnie Bancorp is a bank holding company headquartered in Glen Burnie, Maryland. Founded in 1949, The Bank of Glen Burnie® is a locally owned community bank with 8 branch offices serving Anne Arundel County. The Bank is engaged in the commercial and retail banking business including the acceptance of demand and time deposits, and the origination of loans to individuals, associations, partnerships and corporations. The Bank’s real estate financing consists of residential first and second mortgage loans, home equity lines of credit and commercial mortgage loans. The Bank also originates automobile loans through arrangements with local automobile dealers. Additional information is available at www.thebankofglenburnie.com.

 

Forward-Looking Statements

 

The statements contained herein that are not historical financial information, may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, which could cause the company’s actual results in the future to differ materially from its historical results and those presently anticipated or projected. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. For a more complete discussion of these and other risk factors, please see the company’s reports filed with the Securities and Exchange Commission.

 

For further information contact:

 

Jeffrey D. Harris, Chief Financial Officer

410-768-8883

jdharris@bogb.net

106 Padfield Blvd

Glen Burnie, MD 21061

 

 

 

 

 

 

 

 

 

 

 

 

GLEN BURNIE BANCORP AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

 

   September 30,   June 30,   December 31,   September 30, 
   2020   2020   2019   2019 
   (unaudited)   (unaudited)   (audited)   (unaudited) 
ASSETS                    
Cash and due from banks  $2,196   $2,387   $2,420   $3,678 
Interest bearing deposits in other financial institutions   24,857    32,592    10,870    15,893 
   Total Cash and Cash Equivalents   27,053    34,979    13,290    19,571 
                     
Investment securities available for sale, at fair value   114,461    84,534    71,486    64,817 
Restricted equity securities, at cost   1,624    1,199    1,437    1,225 
                     
Loans, net of deferred fees and costs   274,082    284,963    284,738    283,889 
   Less:  Allowance for loan losses   (1,663)   (2,392)   (2,066)   (2,307)
   Loans, net   272,419    282,571    282,672    281,582 
                     
Real estate acquired through foreclosure   705    705    705    705 
Premises and equipment, net   3,878    3,904    3,761    3,820 
Bank owned life insurance   8,141    8,101    8,023    7,982 
Deferred tax assets, net   499    476    672    1,013 
Accrued interest receivable   1,367    1,226    961    976 
Accrued taxes receivable   -    -    1,221    982 
Prepaid expenses   393    329    406    557 
Other assets   382    176    308    208 
    Total Assets  $430,922   $418,200   $384,942   $383,438 
                     
LIABILITIES                    
Noninterest-bearing deposits  $129,745   $127,621   $107,158   $111,453 
Interest-bearing deposits   214,195    214,316    214,282    213,813 
   Total Deposits   343,940    341,937    321,440    325,266 
                     
Short-term borrowings   37,367    37,367    25,000    20,000 
Long-term borrowings   10,000    -    -    - 
Defined pension liability   282    294    317    311 
Accrued expenses and other liabilities   2,828    2,735    2,505    2,493 
   Total Liabilities   394,417    382,333    349,262    348,070 
                     
STOCKHOLDERS' EQUITY                    
Common stock, par value $1, authorized 15,000,000 shares, issued and outstanding 2,838,357, 2,834,325, 2,827,473, and 2,824,412 shares as of September 30, 2020, June 30, 2020, December 31, 2019, and September 30, 2019, respectively.   2,839    2,834    2,827    2,824 
Additional paid-in capital   10,610    10,582    10,525    10,495 
Retained earnings   22,810    22,145    22,537    22,280 
Accumulated other comprehensive gain (loss)   246    306    (209)   (231)
   Total Stockholders' Equity   36,505    35,867    35,680    35,368 
   Total Liabilities and Stockholders' Equity  $430,922   $418,200   $384,942   $383,438 

 

 

 

 

GLEN BURNIE BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands, except per share amounts)

(unaudited)

 

   Three Months Ended September 30,   Nine Months Ended September 30, 
   2020   2019   2020   2019 
Interest income                    
Interest and fees on loans  $2,924   $3,176   $8,974   $9,543 
Interest and dividends on securities   404    326    1,103    1,061 
Interest on deposits with banks and federal funds sold   21    88    107    270 
   Total Interest Income   3,349    3,590    10,184    10,874 
                     
Interest expense                    
Interest on deposits   237    336    851    1,001 
Interest on short-term borrowings   110    110    345    465 
Interest on long-term borrowings   6    -    6    - 
   Total Interest Expense   353    446    1,202    1,466 
                     
   Net Interest Income   2,996    3,144    8,982    9,408 
Provision for loan losses   (669)   (139)   (263)   65 
   Net interest income after provision for loan losses   3,665    3,283    9,245    9,343 
                     
Noninterest income                    
Service charges on deposit accounts   37    62    132    187 
Other fees and commissions   179    287    489    643 
Gain on securities sold   4    -    4    3 
Income on life insurance   40    42    118    122 
   Total Noninterest Income   260    391    743    955 
                     
Noninterest expenses                    
Salary and employee benefits   1,595    1,685    4,897    5,140 
Occupancy and equipment expenses   283    340    909    1,040 
Legal, accounting and other professional fees   233    259    737    794 
Data processing and item processing services   234    109    651    328 
FDIC insurance costs   41    -    141    116 
Advertising and marketing related expenses   22    27    65    79 
Loan collection costs   5    22    92    62 
Telephone costs   56    62    146    183 
Other expenses   224    352    901    1,181 
   Total Noninterest Expenses   2,693    2,856    8,539    8,923 
                     
Income before income taxes   1,232    818    1,449    1,375 
Income tax (benefit) expense   283    212    326    315 
                     
   Net income  $949   $606   $1,123   $1,060 
                     
Basic and diluted net income per common share  $0.33   $0.21   $0.40   $0.38 


 

 

 

 

GLEN BURNIE BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

For the nine months ended September 30, 2020 and 2019 (unaudited)

(dollars in thousands)

 

 

               Accumulated     
       Additional       Other   Total 
   Common   Paid-in   Retained   Comprehensive   Stockholders' 
   Stock   Capital   Earnings   (Loss)   Equity 
Balance, December 31, 2018  $2,814   $10,401   $22,066   $(1,230)  $34,051 
                          
Net income   -    -    1,060    -    1,060 
Cash dividends, $0.30 per share   -    -    (846)   -    (846)
Dividends reinvested under                         
   dividend reinvestment plan   10    94    -    -    104 
Other comprehensive income   -    -    -    999    999 
Balance, September 30, 2019  $2,824   $10,495   $22,280   $(231)  $35,368 

 

 

               Accumulated     
       Additional       Other   Total 
   Common   Paid-in   Retained   Comprehensive   Stockholders' 
   Stock   Capital   Earnings   (Loss)/Income   Equity 
Balance, December 31, 2019  $2,827   $10,525   $22,537   $(209)  $35,680 
                          
Net income   -    -    1,123    -    1,123 
Cash dividends, $0.30 per share   -    -    (850)   -    (850)
Dividends reinvested under                         
   dividend reinvestment plan   12    85    -    -    97 
Other comprehensive income   -    -    -    455    455 
Balance, September 30, 2020  $2,839   $10,610   $22,810   $246   $36,505 

 

 

 

 

 

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, 2020:                              
(unaudited)                              
Common Equity Tier 1 Capital  $35,993    12.10%  $13,391    4.50%  $19,343    6.50%
Total Risk-Based Capital  $37,685    12.66%  $23,807    8.00%  $29,758    10.00%
Tier 1 Risk-Based Capital  $35,993    12.10%  $17,855    6.00%  $23,807    8.00%
Tier 1 Leverage  $35,993    9.23%  $15,600    4.00%  $19,500    5.00%
                               
As of June 30, 2020:                              
(unaudited)                              
Common Equity Tier 1 Capital  $35,386    12.10%  $13,157    4.50%  $19,004    6.50%
Total Risk-Based Capital  $37,875    12.95%  $23,389    8.00%  $29,237    10.00%
Tier 1 Risk-Based Capital  $35,386    12.10%  $17,542    6.00%  $23,389    8.00%
Tier 1 Leverage  $35,386    9.32%  $15,180    4.00%  $18,975    5.00%
                               
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%

 

 

 

GLEN BURNIE BANCORP AND SUBSIDIARY

SELECTED FINANCIAL DATA 

(dollars in thousands, except per share amounts)

 

   Three Months Ended   Nine Months Ended   Year Ended 
   September 30,   June 30,   September 30,   September 30,   September 30,   December 31, 
   2020   2020   2019   2020   2019   2019 
   (unaudited)   (unaudited)   (unaudited)   (unaudited)   (unaudited)   (unaudited) 
                         
Financial Data                              
Assets  $430,922   $418,200   $383,438   $430,922   $383,438   $383,721 
Investment securities   114,461    84,534    64,817    114,461    64,817    71,486 
Loans, (net of deferred fees & costs)   274,082    284,963    283,889    274,082    283,889    284,738 
Allowance for loan losses   1,663    2,392    2,307    1,663    2,307    2,066 
Deposits   343,940    341,937    325,266    343,940    325,266    321,440 
Borrowings   47,367    37,367    20,000    47,367    20,000    25,000 
Stockholders' equity   36,505    35,867    35,368    36,505    35,368    35,680 
Net income (loss)   949    (96)   606    1,123    1,060    1,599 
                               
Average Balances                              
Assets  $408,450   $396,633   $380,853   $396,258   $387,885   $387,315 
Investment securities   96,635    69,729    61,456    79,048    64,338    65,315 
Loans, (net of deferred fees & costs)   279,817    284,169    286,944    281,773    293,958    292,075 
Deposits   344,132    336,329    322,893    333,689    323,737    324,565 
Borrowings   24,487    20,949    20,000    23,043    27,323    25,573 
Stockholders' equity   37,089    36,763    35,489    36,919    34,938    35,104 
                               
Performance Ratios                              
Annualized return on average assets   0.92%   -0.10%   0.63%   0.38%   0.37%   0.41%
Annualized return on average equity   10.18%   -1.05%   6.77%   4.06%   4.06%   4.55%
Net interest margin   3.05%   3.12%   3.43%   3.17%   3.38%   3.39%
Dividend payout ratio   30%   -296%   47%   76%   80%   71%
Book value per share  $12.86   $12.65   $12.52   $12.86   $12.52   $12.62 
Basic and diluted net income per share   0.33    (0.03)   0.21    0.40    0.38    0.57 
Cash dividends declared per share   0.10    0.10    0.10    0.30    0.30    0.40 
Basic and diluted weighted average
   shares outstanding
   2,836,998    2,832,974    2,823,271    2,833,130    2,819,952    2,821,608 
                               
Asset Quality Ratios                              
Allowance for loan losses to loans   0.61%   0.84%   0.81%   0.61%   0.81%   0.73%
Nonperforming loans to avg. loans   1.78%   1.39%   1.55%   1.77%   1.51%   1.42%
Allowance for loan losses to
   nonaccrual & 90+ past due loans
   33.4%   60.4%   54.3%   33.4%   54.3%   49.8%
Net charge-offs annualize to avg. loans   0.09%   0.02%   0.02%   0.07%   0.39%   0.12%
                               
Capital Ratios                              
Common Equity Tier 1 Capital   12.10%   12.10%   12.36%   12.10%   12.36%   12.47%
Tier 1 Risk-based Capital Ratio   12.10%   12.10%   12.36%   12.10%   12.36%   12.47%
Leverage Ratio   9.23%   9.32%   9.26%   9.23%   9.26%   9.26%
Total Risk-Based Capital Ratio   12.66%   12.95%   13.18%   12.66%   13.18%   13.21%

 

 

 

 

 

 

 

 

 

 

 

 

 

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