• Glen Burnie Bancorp Announces Second Quarter 2023 Results

    Source: Nasdaq GlobeNewswire / 01 Aug 2023 09:42:06   America/Chicago

    GLEN BURNIE, Md., Aug. 01, 2023 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today net income of $276,000, or $0.10 per basic and diluted common share for the three-month period ended June 30, 2023, compared to net income of $309,000, or $0.11 per basic and diluted common share for the three-month period ended June 30, 2022.   Bancorp reported net income of $710,000, or $0.25 per basic and diluted common share for the six-month period ended June 30, 2023, compared to $540,000, or $0.19 per basic and diluted common share for the same period in 2022. On June 30, 2023, Bancorp had total assets of $363.6 million. Bancorp, the oldest independent commercial bank in Anne Arundel County, will pay its 124th consecutive quarterly dividend on August 7, 2023.

    “The decrease in earnings during the second quarter of 2023, compared to the same period of 2022, was primarily due to increases in our provision for credit loss allowance on loans, which partially offset the positive impact of rising interest rates on our interest earning assets,” said John D. Long, President and Chief Executive Officer. “We mitigated the increased credit loss allowance on loans through the repricing of new and existing loans at higher yields and by deploying excess liquidity into higher yielding assets during the first half of 2023. Despite declining loan balances in a volatile market environment, we have built a solid earnings stream that should continue to deliver solid financial outcomes for the Company and our shareholders, even as interest rates continue to rise, and fears of an economic downturn continue to develop. Anne Arundel County, our primary operating area, remains a vibrant market and should weather this period of economic uncertainty. Non-performing assets remain low, and we maintain our conservative approach to credit underwriting. As with most companies, inflation pressure and increased wages due to a tight labor market caused increases in our non-interest expenses, which we are closely monitoring and managing. Historically, the Company has navigated both rising rate and recessionary cycles with good outcomes, and we believe that the Company and the Bank are well-positioned to weather the current economic environment.”

    In closing, Mr. Long added, “We remain very positive about the Company’s performance during the second half of 2023. We see strong pipelines for business growth across our markets. We also have a high-quality balance sheet and business mix that we believe will support strong performance regardless of future economic conditions.”

    Highlights for the First Six Months of 2023

    Total interest income increased $0.6 million to $6.6 million for the six-month period ending June 30, 2023, compared to the same period in 2022. This resulted from a $471,000 increase in interest income on securities and a $169,000 increase in interest on deposits with banks and federal funds sold, consistent with the rising interest rate environment.   The increase in interest income was driven by the repricing impact on earning asset yields of the change in asset mix from loans to investment securities. Loan pricing pressure/competition will continue to place pressure on the Company’s net interest margin.

    Due to changes in the mix of the loan categories in the loan portfolio, primarily due to runoff of the indirect automobile portfolio, and a 0.12% increase in the current expected credit loss (“CECL”) percentage, the Company added to its allowance for credit losses on loans in the first half of 2023, as compared to the release of allowance for credit losses that occurred on loans in the first half of 2022. The Company expects that its strong liquidity and capital positions, along with the Bank’s total regulatory capital to risk weighted assets of 17.88% on June 30, 2023, compared to 15.90% for the same period of 2022, will provide ample capacity for future growth.

    Return on average assets for the three-month period ended June 30, 2023, was 0.31%, compared to 0.29% for the three-month period ended June 30, 2022. Return on average equity for the three-month period ended June 30, 2023, was 5.88%, compared to 4.99% for the three-month period ended June 30, 2022.   Lower net income and a lower average asset balance primarily drove the higher return on average assets, while lower net income and a lower average equity balance primarily drove the higher return on average equity.

    The cost of funds decreased from 0.22% during the second quarter of 2022 to 0.18% during the second quarter of 2023. This 0.04% decrease was primarily due to the change in the funding mix between lower cost interest-bearing and noninterest-bearing deposit balances and higher cost borrowed funds, even though the cost of borrowed funds increased between these periods.

    The book value per share of Bancorp’s common stock was $6.01 on June 30, 2023, compared to $7.44 per share on June 30, 2022. The decline was primarily due to the unrealized losses on available for sale securities, which was caused by the rapid increase in market interest rates.

    On June 30, 2023, the Bank remained above all “well-capitalized” regulatory requirement levels. The Bank’s tier 1 risk-based capital ratio was approximately 16.83% on June 30, 2023, compared to 15.13% on June 30, 2022. 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 $363.6 million on June 30, 2023, a decrease of $65.8 million or 18.10%, from $429.4 million on June 30, 2022.   Investment securities decreased by $7.0 million or 4.84% to $150.8 million as of June 30, 2023, compared to $157.8 million for the same period of 2022.   Loans, net of deferred fees and costs, were $180.6 million on June 30, 2023, a decrease of $20.1 million or 10.94%, from $200.7 million on June 30, 2022. Cash and cash equivalents decreased $39.6 million or 271.5%, from June 30, 2022, to June 30, 2023. Deferred tax assets increased $2.1 million or 25.39%, from June 30, 2022, to June 30, 2023, due to the tax effects of unrealized losses on available for sale securities.

    Total deposits were $329.2 million on June 30, 2023, a decrease of $56.6 million or 16.48%, from $385.8 million on June 30, 2022. Noninterest-bearing deposits were $130.4 million on June 30, 2023, a decrease of $21.2 million or 15.59%, from $151.7 million on June 30, 2022.   Interest-bearing deposits were $198.8 million on June 30, 2023, a decrease of $35.3 million or 17.07%, from $234.1 million on June 30, 2022. Total borrowings were $15.0 million on June 30, 2023, a decrease of $5.0 million or 25.00%, from $20.0 million on June 30, 2022.  

    As of June 30, 2023, total stockholders’ equity was $17.3 million (4.75% of total assets), equivalent to a book value of $6.01 per common share. Total stockholders’ equity on June 30, 2022, was $21.3 million (4.95% of total assets), equivalent to a book value of $7.44 per common share. The decrease in the ratio of stockholders’ equity to total assets was primarily due to the $4.9 million after-tax decline in market value of the Company’s available-for-sale securities portfolio. These increases in unrealized losses primarily resulted from increasing market interest rates year-over-year, which decreased the fair value of the investment securities.

    Asset quality, which has trended within a narrow range over the past several years, has remained sound and reflected no pandemic-related impact on June 30, 2023. 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 0.16% of total assets on June 30, 2023, compared to 0.13% on December 31, 2022, demonstrating positive asset quality trends across the portfolio. The decrease in total assets from December 31, 2022, to June 30, 2023, drove the change. The allowance for credit losses on loans was $2.22 million, or 1.23% of total loans, as of June 30, 2023, compared to $2.16 million, or 1.16% of total loans, as of December 31, 2022. The allowance for credit losses for unfunded commitments was $496,000 as of June 30, 2023, compared to $477,000 as of December 31, 2022.

    Review of Financial Results

    For the three-month periods ended June 30, 2023, and 2022

    Net income for the three-month period ended June 30, 2023, was $276,000, compared to $309,000 for the three-month period ended June 30, 2022.

    Net interest income for the three-month period ended June 30, 2023, totaled $3.1 million, an increase of $311,000 from the three-month period ended June 30, 2022. The increase in net interest income was due to a $236,000 increase in interest income, and by a $75,000 decrease in the cost of interest-bearing deposits and borrowings. The rising interest rate environment and changes in asset and funding mix drove the higher net interest margin despite a decline in asset and funding balances.

    Net interest margin for the three-month period ended June 30, 2023, was 3.44%, compared to 2.61% for the same period of 2022. Higher average yields and lower average balances on interest-earning assets combined with lower average interest-bearing funds, lower average noninterest-bearing funds, and lower cost of funds were the primary drivers of year-over-year results. The average balance on interest-earning assets decreased $67.9 million while the yield increased 0.78% from 2.82% to 3.60%, when comparing the three-month periods ending June 30, 2022, and 2023. The average balance on interest-bearing funds and noninterest-bearing funds decreased $46.3 million and $22.1 million, respectively, and the cost of funds decreased 0.04%, when comparing the three-month periods ending June 30, 2022, and 2023. The decrease in interest expense is related to a $16.2 million decrease in the average balance of borrowed funds and the resulting positive impact on the Company’s funding mix.

    The average balance of interest-bearing deposits in banks and investment securities decreased $48.0 million from $229.9 million to $181.9 million for the second quarter of 2023, compared to the same period of 2022 while the yield increased from 1.64% to 2.49% during that same period. The increase in yields for the three-month period can be attributed to the rising interest rate environment and its positive impact on cash and investment yields.

    Average loan balances decreased $19.9 million to $181.7 million for the three-month period ended June 30, 2023, compared to $201.6 million for the same period of 2022, while the yield increased from 4.16% to 4.71% during that same period. The increase in loan yields for the second quarter of 2023 reflected the accelerated runoff of the lower yielding indirect automobile loan portfolio and new loan originations in a rising rate environment.

    The provision of allowance for credit loss on loans for the three-month period ended June 30, 2023, was $127,000, compared to a release of $116,000 for the same period of 2022. The increase in the provision for the three-month period ended June 30, 2023, when compared to the three-month period ended June 30, 2022, primarily reflects a $19.4 million decrease in the reservable balance of the loan portfolio (excluding PPP loans) and a 0.12% increase in the current expected credit loss percentage.

    Noninterest income for the three-month period ended June 30, 2023, was $239,000, compared to $260,000 for the three-month period ended June 30, 2022, a decrease of $21,000 or 8.31%. The decrease was driven primarily by a $19,000 reduction in other fees and commissions.

    For the three-month period ended June 30, 2023, noninterest expense was $2.92 million, compared to $2.83 million for the three-month period ended June 30, 2022, an increase of $90,000. The primary contributors to the $90,000 increase, when compared to the three-month period ended June 30, 2022, were increases in salary and employee benefits, and data processing and item processing services, offset by decreases in occupancy and equipment expenses, legal, accounting, and other professional fees, loan collection costs and other expenses.

    For the six-month periods ended June 30, 2023, and 2022

    Net income for the six-month period ended June 30, 2023, was $710,000, compared to $540,000 for the six-month period ended June 30, 2022.

    Net interest income for the six-month period ended June 30, 2023, totaled $6.3 million, an increase of $807,000 from the six-month period ended June 30, 2022. The increase in net interest income was due to $606,000 higher interest income, and $201,000 lower interest expense on interest-bearing deposits and borrowings. The rising interest rate environment and change in asset and funding mix drove the higher net interest margin even though asset and funding balances declined.

    Net interest margin for the six-month period ended June 30, 2023, was 3.42%, compared to 2.57% for the same period of 2022. Higher average yields and lower average balances on interest-earning assets combined with lower average interest-bearing funds, lower average noninterest-bearing funds, and lower cost of funds were the primary drivers of year-over-year results. The average balance on interest-earning assets decreased $59.3 million, while the yield increased 0.77% from 2.79% to 3.56%, when comparing the six-month periods ending June 30, 2022, and 2023. The average balance on interest-bearing funds and noninterest-bearing funds decreased $41.0 million and $18.7 million, respectively, and the cost of funds decreased 0.08%, when comparing the six-month periods ending June 30, 2022, and 2023. The decrease in interest expense is related to a $18.1 million decrease in the average balance of borrowed funds and the resulting positive impact on the Company’s funding mix.

    The average balance of interest-bearing deposits in banks and investment securities decreased $38.0 million from $225.7 million to $187.7 million for the six-month period ending June 30, 2023, compared to the same period of 2022 while the yield increased from 1.50% to 2.48% during that same period. The increase in yields for the six-month period can be attributed to the rising interest rate environment and its positive impact on cash and investment yields.  

    Average loan balances decreased $21.3 million to $183.2 million for the six-month period ended June 30, 2023, compared to $204.5 million for the same period of 2022 while the yield increased from 4.20% to 4.65% during that same period. The increase in loan yields for the first half of 2023 reflected the accelerated runoff of the lower yielding indirect automobile loan portfolio and new loan originations in a rising rate environment.

    The Company recorded a provision of allowance for credit loss on loans of $85,000 for the six-month period ending June 30, 2023, compared to a release of $217,000 for the same period in 2022. The $302,000 increase in the provision in 2023, compared to 2022, primarily reflects a $19.4 million decrease in the reservable balance of the loan portfolio (excluding PPP loans) and a 0.11% increase in the current expected credit loss percentage.   As a result, the allowance for credit loss on loans was $2.22 million on June 30, 2023, representing 1.23% of total loans, compared to $2.24 million, or 1.12% of total loans on June 30, 2022.

    Noninterest income for the six-month period ended June 30, 2023, was $485,000, compared to $514,000 for the six-month period ended June 30, 2022, a decrease of $29,000 or 5.60%. The decrease was driven primarily by $29,000 of lower other fees and commissions.

    For the six-month period ended June 30, 2023, noninterest expense was $5.9 million, compared to $5.6 million for the six-month period ended June 30, 2022. The primary contributors when comparing to the six-month period ended June 30, 2022, were increases in salary and employee benefits costs, data processing and item processing services, FDIC insurance costs, and loan collection costs, offset by decreases in occupancy and equipment expenses, legal, accounting, and other professional fees, and other expenses.

    Glen Burnie Bancorp Information

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

    Forward-Looking Statements

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


            
    GLEN BURNIE BANCORP AND SUBSIDIARY       
    CONSOLIDATED BALANCE SHEETS        
    (dollars in thousands)        
     June 30, March 31, December 31, June 30, 
      2023   2023   2022   2022  
     (unaudited) (unaudited) (audited) (unaudited) 
    ASSETS        
    Cash and due from banks$1,965  $1,959  $2,035  $2,140  
    Interest-bearing deposits in other financial institutions 9,783   12,633   28,057   49,226  
    Total Cash and Cash Equivalents 11,748   14,592   30,092   51,366  
             
    Investment securities available for sale, at fair value 150,820   144,726   144,133   157,823  
    Restricted equity securities, at cost 403   191   221   1,071  
             
    Loans, net of deferred fees and costs 180,551   184,141   186,440   200,698  
    Less: Allowance for credit losses(1) (2,222)  (2,161)  (2,162)  (2,238) 
    Loans, net 178,329   181,980   184,278   198,460  
             
    Premises and equipment, net 3,276   3,171   3,277   3,446  
    Bank owned life insurance 8,572   8,532   8,493   8,414  
    Deferred tax assets, net 8,520   8,142   8,902   6,452  
    Accrued interest receivable 1,139   1,259   1,159   1,145  
    Accrued taxes receivable 70   8   -   245  
    Prepaid expenses 382   479   493   448  
    Other assets 348   333   388   523  
    Total Assets$ 363,607  $ 363,413  $ 381,436  $ 429,393  
             
    LIABILITIES        
    Noninterest-bearing deposits$130,430  $136,324  $143,262  $151,679  
    Interest-bearing deposits 198,794   206,690   219,685   234,086  
    Total Deposits 329,224   343,014   362,947   385,765  
             
    Short-term borrowings 15,000   -   -   10,000  
    Long-term borrowings -   -   -   10,000  
    Defined pension liability 320   318   317   313  
    Accrued expenses and other liabilities 1,804   1,846   2,118   2,050  
    Total Liabilities 346,348   345,178   365,382   408,128  
             
    STOCKHOLDERS' EQUITY        
             
    Common stock, par value $1, authorized 15,000,000 shares, issued and outstanding 2,872,834; 2,868,504; 2,865,046; 2,858,635 shares as of June 30, 2023, March 31, 2023, December 31, 2022, and June 30,2022 respectively. 2,873   2,869   2,865   2,859  
    Additional paid-in capital 10,914   10,888   10,862   10,810  
    Retained earnings 23,716   23,727   23,579   22,946  
    Accumulated other comprehensive loss (20,244)  (19,249)  (21,252)  (15,350) 
    Total Stockholders' Equity 17,259   18,235   16,054   21,265  
    Total Liabilities and Stockholders' Equity$ 363,607  $ 363,413  $ 381,436  $ 429,393  
             

     

    GLEN BURNIE BANCORP AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF INCOME
    (dollars in thousands, except per share amounts)
    (unaudited)
        Three Months Ended June 30, Six Months Ended June 30,
      2023 2022 2023 2022
    Interest income        
    Interest and fees on loans $2,135 $2,089  $4,223 $4,256 
    Interest and dividends on securities  999  794   1,964  1,492 
    Interest on deposits with banks and federal funds sold  133  147   365  197 
    Total Interest Income  3,267  3,030   6,552  5,945 
             
    Interest expense        
    Interest on deposits  115  120   222  244 
    Interest on short-term borrowings  38  88   38  191 
    Interest on long-term borrowings  -  19   -  26 
    Total Interest Expense  153  227   260  461 
             
    Net Interest Income  3,114  2,803   6,292  5,484 
    Provision/release of credit loss allowance  127  (116)  85  (217)
    Net interest income after release of credit loss provision  2,987  2,919   6,207  5,701 
             
    Noninterest income        
    Service charges on deposit accounts  38  40   80  82 
    Other fees and commissions  161  180   326  355 
    Loss/gain on securities sold/redeemed  -  1   -  1 
    Income on life insurance  40  39   79  76 
    Total Noninterest Income  239  260   485  514 
             
    Noninterest expenses        
    Salary and employee benefits  1,701  1,516   3,398  3,136 
    Occupancy and equipment expenses  299  316   627  647 
    Legal, accounting and other professional fees  235  260   498  585 
    Data processing and item processing services  281  235   549  461 
    FDIC insurance costs  37  29   82  54 
    Advertising and marketing related expenses  23  21   45  43 
    Loan collection costs  2  20   3  (55)
    Telephone costs  34  41   75  85 
    Other expenses  313  397   593  663 
    Total Noninterest Expenses  2,925  2,835   5,870  5,619 
             
    Income before income taxes  301  344   822  596 
    Income tax expense  25  35   112  56 
             
    Net income $ 276 $ 309  $ 710 $ 540 
             
    Basic and diluted net income per common share  $ 0.10 $ 0.11  $ 0.25 $ 0.19 
             


    GLEN BURNIE BANCORP AND SUBSIDIARY 
    CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY   
    For the six months ended June 30, 2023 and 2022 
    (dollars in thousands)          
            Accumulated   
        Additional   Other Total 
      Common  Paid-in Retained Comprehensive Stockholders' 
    (unaudited)Stock Capital Earnings (Loss) Equity 
    Balance, December 31, 2021$2,854 $10,759 $22,977  $(874) $35,716  
                
    Net income -  -  540   -  $540  
    Cash dividends, $0.20 per share -  -  (571)  -  $(571) 
    Dividends reinvested under dividend reinvestment plan 5  51  -   -  $56  
    Other comprehensive loss -  -  -   (14,476) $(14,476) 
    Balance, June 30, 2022$2,859 $10,810 $22,946  $(15,350) $21,265  
                
                
            Accumulated   
        Additional   Other Total 
      Common  Paid-in Retained Comprehensive Stockholders' 
    (unaudited)Stock Capital Earnings (Loss) Income Equity 
    Balance, December 31, 2022$2,865 $10,862 $23,579  $(21,252) $16,054  
                
    Net income -  -  710   -   710  
    Cash dividends, $0.20 per share -  -  (573)  -   (573) 
    Dividends reinvested under dividend reinvestment plan 8  52  -   -   60  
    Other comprehensive income -  -  -   1,008   1,008  
    Balance, June 30, 2023$2,873 $10,914 $23,716  $(20,244) $17,259  
                


    THE BANK OF GLEN BURNIE        
    CAPITAL RATIOS          
    (dollars in thousands)          
    (unaudited)          
               
            To Be Well 
            Capitalized Under 
         To Be Considered Prompt Corrective 
         Adequately Capitalized
     Action Provisions 
     AmountRatio  Ratio  Ratio 
    As of June 30, 2023:          
    Common Equity Tier 1 Capital $37,75516.83% $10,0934.50% $14,5796.50% 
    Total Risk-Based Capital $40,10517.88% $17,9448.00% $22,43010.00% 
    Tier 1 Risk-Based Capital $37,75516.83% $13,4586.00% $17,9448.00% 
    Tier 1 Leverage $37,75510.51% $14,3694.00% $17,9615.00% 
               
    As of March 31, 2023:          
    Common Equity Tier 1 Capital $37,77716.57% $10,2574.50% $14,8166.50% 
    Total Risk-Based Capital $40,05217.57% $18,2348.00% $22,79310.00% 
    Tier 1 Risk-Based Capital $37,77716.57% $13,6766.00% $18,2348.00% 
    Tier 1 Leverage $37,77710.12% $14,9334.00% $18,6665.00% 
               
    As of December 31, 2022:          
    Common Equity Tier 1 Capital $37,96316.45% $10,3834.50% $14,9986.50% 
    Total Risk-Based Capital $39,86617.28% $18,4598.00% $23,07410.00% 
    Tier 1 Risk-Based Capital $37,96316.45% $13,8456.00% $18,4598.00% 
    Tier 1 Leverage $37,9639.53% $15,9384.00% $19,9225.00% 
               
    As of June 30, 2022:          
    Common Equity Tier 1 Capital $37,26715.13% $11,0874.50% $16,0156.50% 
    Total Risk-Based Capital $39,18315.90% $19,7118.00% $24,63910.00% 
    Tier 1 Risk-Based Capital $37,26715.13% $14,7836.00% $19,7118.00% 
    Tier 1 Leverage $37,2678.58% $17,3834.00% $21,7285.00% 
               


    GLEN BURNIE BANCORP AND SUBSIDIARY       
    SELECTED FINANCIAL DATA         
    (dollars in thousands, except per share amounts)
                 
                 
      Three Months Ended Six Months Ended Year Ended
      June 30, March 31, June 30 June 30, June 30, December 31,
      2023 2023 2022 2023 2022 2022
      (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
                 
    Financial Data            
    Assets $363,607  $363,413  $429,393  $363,607  $429,393  $381,436 
    Investment securities  150,820   144,726   157,823   150,820   157,823   144,133 
    Loans, (net of deferred fees & costs) 180,551   184,141   200,698   180,551   200,698   186,440 
    Allowance for loan losses  2,222   2,161   2,238   2,222   2,238   2,162 
    Deposits  329,224   343,014   385,765   329,224   385,765   362,947 
    Borrowings  15,000   -   20,000   15,000   20,000   - 
    Stockholders' equity  17,259   18,235   21,265   17,259   21,265   16,054 
    Net income  276   435   309   710   540   1,745 
                 
    Average Balances            
    Assets $359,482  $372,955  $434,297  $366,536  $437,884  $424,992 
    Investment securities  170,653   172,519   167,651   171,586   161,625   168,990 
    Loans, (net of deferred fees & costs) 181,693   184,786   201,633   183,240   204,477   198,934 
    Deposits  335,031   353,861   387,358   344,446   386,066   382,164 
    Borrowings  3,793   2   20,000   1,898   20,001   16,613 
    Stockholders' equity  18,797   17,127   24,903   18,309   29,511   24,042 
                 
    Performance Ratios            
    Annualized return on average assets 0.31%  0.47%  0.29%  0.39%  0.25%  0.41%
    Annualized return on average equity 5.88%  9.90%  4.99%  7.82%  3.69%  7.26%
    Net interest margin  3.44%  3.41%  2.61%  3.42%  2.57%  2.81%
    Dividend payout ratio  104%  66%  92%  81%  106%  65%
    Book value per share $6.01  $6.36  $7.44  $6.01  $7.44  $5.60 
    Basic and diluted net income per share  0.10   0.15   0.11   0.25   0.19   0.61 
    Cash dividends declared per share  0.10   0.10   0.10   0.20   0.20   0.40 
    Basic and diluted weighted average shares outstanding  2,871,026   2,867,082   2,857,616   2,867,039   2,856,441   2,859,239 
                 
    Asset Quality Ratios            
    Allowance for loan losses to loans  1.23%  1.17%  1.12%  1.23%  1.12%  1.16%
    Nonperforming loans to avg. loans  0.32%  0.26%  0.12%  0.31%  0.11%  0.25%
    Allowance for loan losses to nonaccrual & 90+ past due loans  385.8%  451.6%  964.4%  385.8%  964.4%  433.9%
    Net charge-offs annualize to avg. loans  0.15%  -0.09%  0.05%  0.03%  0.01%  0.10%
                 
    Capital Ratios            
    Common Equity Tier 1 Capital  16.83%  16.57%  15.13%  16.83%  15.13%  16.45%
    Tier 1 Risk-based Capital Ratio  16.83%  16.57%  15.13%  16.83%  15.13%  16.45%
    Leverage Ratio  10.51%  10.12%  8.58%  10.51%  8.58%  9.53%
    Total Risk-Based Capital Ratio  17.88%  17.57%  15.90%  17.88%  15.90%  17.28%
                 

     



    For further information contact:
    
    Jeffrey D. Harris, Chief Financial Officer
    410-768-8883
    jdharris@bogb.net
    106 Padfield Blvd
    Glen Burnie, MD 21061

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