GLEN BURNIE, Md., Aug. 03, 2017 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp ("Bancorp") GLBZ, the bank holding company for The Bank of Glen Burnie ("Bank"), announced today net income increased to $0.34 million, or $0.12 per basic and diluted common share for the second quarter of 2017 as compared to $0.31 million or $0.11 per basic and diluted common share for the second quarter of 2016, a 9.7% increase. On a quarter-over-quarter comparison, Bancorp's second quarter net income is a 6.96% increase over the $0.32 million net income, or $0.11 per basic and diluted common share recorded for the first quarter of 2017.
Bancorp reported net income of $0.65 million, or $0.23 per basic and diluted common share for the first half of 2017, compared to $0.59 million, or $0.21 per basic and diluted common share for the first half of 2016, a 10.66% increase. Net loans increased by $15.2 million, or 5.96% when compared to June 30, 2016. The Bank now has total assets that exceed $396 million and 8 branch locations in Anne Arundel County Maryland. Bancorp, the oldest independent commercial bank in Anne Arundel County, will pay its 100th consecutive quarterly dividend on August 4, 2017.
"This is a very exciting time for our bank. Our growth and earnings expectations remain strong in the second half of 2017 through 2018, and our outlook continues to improve across our business," said John D. Long, President and Chief Executive Officer. "We are particularly pleased with the strategic hires we have made to support growth, bringing new leaders to nearly all key areas. The Bank's strong financial performance in the second quarter of 2017 was driven by organic growth, attractive low-cost core deposit funding and improved credit performance. Our nonperforming loans decreased 23% on an annualized basis to $3.6 million at June 30, 2017 from $3.8 million at March 31, 2017. Growing our lending business while increasing profitability continues to be a priority as we believe that our community bank delivery model offers an attractive option to borrowers. We continue to make progress in expanding our lending platforms. Consumer indirect lending is a unique core competency for us that is based on the foundation of a consistent and disciplined underwriting process and an experienced management team. We remain deeply committed to serving the needs of the community through the development of new loan and deposit products designed to meet the financial needs in our community."
Highlights from the First Six Months of 2017
The Bank continued its organic growth strategy in the second quarter of 2017 with total assets exceeding $396 million with favorable net loan growth supported by a 0.54% attractive cost of funds. Bancorp has strong liquidity and capital positions along with capacity for future growth, with total regulatory capital to risk weighted assets of approximately 14.65% at June 30, 2017.
Specific highlights include the following:
- Return on average assets for the three-month period ended June 30, 2017 was 0.35% as compared to 0.32% and 0.31% for the three-month periods ended March 31, 2017 and June 30, 2016, respectively. Return on average equity for the three-month period ended June 30, 2017 was 4.00%, as compared to 3.76% and 3.59% for the three-month periods ended March 31, 2017 and June 30, 2016, respectively.
- With consistent organic growth, total assets were $396.1 million at June 30, 2017 compared to $395.5 million at March 31, 2017, $388.4 million at December 31, 2016 and $395.8 million at June 30, 2016.
- Total loans were $271.0 million at June 30, 2017, an increase of 0.49% from $269.7 million at March 31, 2017, an increase of 2.25% from $265.0 million at December 31, 2016 and an increase of 5.96% from $255.8 million at June 30, 2016.
- Total deposits were $335.5 million at June 30, 2017, a decrease of 1.5% from $340.6 million at March 31, 2017, an increase of 0.67% from $333.2 million at December 31, 2016 and a decrease of 1.12% from $339.2 million at June 30, 2016. Non-interest bearing deposits were $105.6 million at June 30, 2017, an increase of 8.40% from $97.4 million at June 30, 2016.
- Stockholders' equity increased to $34.5 million at June 30, 2017, from $33.9 million at March 31, 2017 and $33.8 million at December 31, 2016, and decreased from $35.4 million at June 30, 2016. The increase is related primarily to corporate earnings, with the decrease driven primarily by the loss in other comprehensive income associated with the available for sale bond portfolio. The combined activity improved the book value of Bancorp's common stock to $12.36 per share at June 30, 2017, compared to $12.16 per share at March 31, 2017, $12.10 per share at December 31, 2016 and $12.73 per share at June 30, 2016.
- At June 30, 2017, the Bank remained above all "well-capitalized" regulatory requirement levels. The Bank's tier 1 risk-based capital ratio was approximately 13.60% at June 30, 2017 as compared to 13.14% at March 31, 2017, 13.63% at December 31, 2016 and 14.05% at June 30, 2016. 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.
- Net interest income for the three-month period ended June 30, 2017 totaled $2.9 million, compared to $2.8 million for the first quarter of 2017 and $2.7 million for the same period of 2016. Earning asset leverage was the primary driver in year-over-year results, as average earning loans and investments increased to $360.8 million for the three-month period ended June 30, 2017, compared to $357.8 million for the same period of 2016.
- Net interest margin for the three- and six-month period ended June 30, 2017 was 3.10% and 3.08%, compared to 2.98% and 3.11%, respectively, for the same periods of 2016. The net interest margin is primarily driven by declining yields on earning assets, as the balances of lower yielding investment securities and loans have continued to increase within the portfolio.
- Nonperforming loans, which consist of nonaccrual loans, troubled debt restructurings, and accruing loans past due 90 days or more, decreased to $3.6 million at June 30, 2017 from $3.8 million at March 31, 2017 and December 31, 2016, and was $2.8 million at June 30, 2016.
- The provision for loan losses for the three- and six-month period ended June 30, 2017 decreased $0.30 million and increased $0.17 million, respectively, compared to $0 million and $0.12 million, respectively, for the same periods of 2016. The decrease for the second quarter 2017 was primarily driven by improvement in the overall credit quality of the loan portfolio. As a result, the allowance for loan losses was $2.6 million at June 30, 2017, representing 0.96% of total loans, compared to $2.6 million, or 0.96% of total loans, at March 31, 2017 and $2.3 million, or 0.90% of total loans, at June 30, 2016.
Review of Financial Results
For the three-month periods ended June 30, 2017 and 2016
Net income for the three-month period ended June 30, 2017 was $0.34 million, compared to net income of $0.31 million for the three-month period ended June 30, 2016.
Net interest income for the three-month period ended June 30, 2017 totaled $2.9 million compared to $2.7 million for the same period of 2016.
Noninterest income for the three-month period ended June 30, 2017 was $0.31 million, compared to $0.32 million for the three-month period ended June 30, 2016.
Noninterest expense was $2.8 million for the three-month period ended June 30, 2017, compared to $2.7 million for the same period of 2016.
For the six-month periods ended June 30, 2017 and 2016
Net income for the six-month period ended June 30, 2017 was $0.65 million, compared to net income of $0.59 million for the six-month period ended June 30, 2016.
Net interest income for the six-month period ended June 30, 2017 totaled $5.7 million, compared to $5.5 million for the same period of 2016.
Noninterest income for the six-month period ended June 30, 2017 was $0.60 million, compared to the $0.63 million for the six-month period ended June 30, 2016.
Noninterest expense was $5.4 million, compared to $5.4 million for the same period of 2016.
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 SUBSIDIARIES | |||||||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||||||
| (dollars in thousands) | |||||||||||||||
| June 30, | March 31, | December 31, | June 30, | ||||||||||||
| 2017 | 2017 | 2016 | 2016 | ||||||||||||
| (unaudited) | (unaudited) | (audited) | (unaudited) | ||||||||||||
| ASSETS | |||||||||||||||
| Cash and due from banks | $ | 14,487 | $ | 6,601 | $ | 6,946 | $ | 6,481 | |||||||
| Interest bearing deposits with banks and federal funds sold | 2,851 | 10,730 | 3,676 | 14,023 | |||||||||||
| Total Cash and Cash Equivalents | 17,338 | 17,331 | 10,622 | 20,504 | |||||||||||
| Investment securities available for sale, at fair value | 90,629 | 91,097 | 94,444 | 102,656 | |||||||||||
| Restricted equity securities, at cost | 1,440 | 1,228 | 1,230 | 1,230 | |||||||||||
| Loans, net of deferred fees and costs | 271,020 | 269,707 | 265,058 | 255,781 | |||||||||||
| Less: Allowance for loan losses | (2,599 | ) | (2,602 | ) | (2,484 | ) | (2,291 | ) | |||||||
| Loans, net | 268,421 | 267,105 | 262,574 | 253,490 | |||||||||||
| Real estate acquired through foreclosure | 114 | 114 | 114 | 201 | |||||||||||
| Premises and equipment, net | 3,547 | 3,611 | 3,638 | 3,576 | |||||||||||
| Bank owned life insurance | 9,428 | 9,377 | 9,328 | 9,465 | |||||||||||
| Deferred tax assets, net | 2,803 | 3,133 | 3,160 | 1,968 | |||||||||||
| Accrued interest receivable | 1,092 | 1,115 | 1,134 | 1,133 | |||||||||||
| Accrued taxes receivable | 631 | 645 | 674 | 776 | |||||||||||
| Prepaid expenses | 493 | 537 | 546 | 585 | |||||||||||
| Other assets | 190 | 222 | 968 | 210 | |||||||||||
| Total Assets | $ | 396,126 | $ | 395,515 | $ | 388,432 | $ | 395,794 | |||||||
| LIABILITIES | |||||||||||||||
| Noninterest-bearing deposits | $ | 105,582 | $ | 105,178 | $ | 100,090 | $ | 97,197 | |||||||
| Interest-bearing deposits | 229,899 | 235,396 | 233,147 | 242,098 | |||||||||||
| Total Deposits | 335,481 | 340,574 | 333,237 | 339,295 | |||||||||||
| Short-term borrowings | 15,000 | 10,000 | 10,000 | 0 | |||||||||||
| Long-term borrowings | 10,000 | 10,000 | 10,000 | 20,000 | |||||||||||
| Defined pension liability | 374 | 369 | 369 | 361 | |||||||||||
| Accrued expenses and other liabilities | 737 | 641 | 1,011 | 742 | |||||||||||
| Total Liabilities | 361,592 | 361,584 | 354,617 | 360,398 | |||||||||||
| STOCKHOLDERS' EQUITY | |||||||||||||||
| Common stock, par value $1, authorized 15,000,000 shares, issued and outstanding 2,793,748, 2,790,260, 2,786,855 and 2,780,025 shares as of June 30, 2017, March 31, 2017, December 31, 2016 and June 30, 2016, respectively. | 2,794 | 2,790 | 2,787 | 2,780 | |||||||||||
| Additional paid-in capital | 10,199 | 10,164 | 10,130 | 10,069 | |||||||||||
| Retained earnings | 21,803 | 21,745 | 21,708 | 21,754 | |||||||||||
| Accumulated other comprehensive (loss) income | (262 | ) | (768 | ) | (810 | ) | 793 | ||||||||
| Total Stockholders' Equity | 34,534 | 33,931 | 33,815 | 35,396 | |||||||||||
| Total Liabilities and Stockholders' Equity | $ | 396,126 | $ | 395,515 | $ | 388,432 | $ | 395,794 | |||||||
| GLEN BURNIE BANCORP AND SUBSIDIARIES | |||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||
| (dollars in thousands, except per share amounts) | |||||||||||||
| (unaudited) | |||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||||||
| Interest income: | |||||||||||||
| Loans, including fees | $ | 2,845 | $ | 2,749 | $ | 5,619 | $ | 5,585 | |||||
| Interest and dividends on securities | 507 | 487 | 1,025 | 975 | |||||||||
| Deposits with banks and federal funds sold | 31 | 32 | 62 | 59 | |||||||||
| Total Interest Income | 3,383 | 3,268 | 6,706 | 6,619 | |||||||||
| Interest expense: | |||||||||||||
| Deposits | 327 | 377 | 659 | 769 | |||||||||
| Short-term borrowings | 84 | - | 167 | - | |||||||||
| Long term borrowings | 76 | 159 | 152 | 319 | |||||||||
| Total Interest Expense | 487 | 536 | 978 | 1,088 | |||||||||
| Net Interest Income | 2,896 | 2,732 | 5,728 | 5,531 | |||||||||
| Provision for loan losses | (30 | ) | - | 165 | 117 | ||||||||
| Net interest income after provision for loan losses | 2,926 | 2,732 | 5,563 | 5,414 | |||||||||
| Noninterest income: | |||||||||||||
| Service charges on deposit accounts | 69 | 81 | 136 | 164 | |||||||||
| Other fees and commissions | 167 | 171 | 328 | 330 | |||||||||
| Gain on securities sold | 1 | - | 2 | 1 | |||||||||
| Income on life insurance | 51 | 53 | 100 | 107 | |||||||||
| Other income | 17 | 13 | 35 | 24 | |||||||||
| Total Noninterest Income | 305 | 318 | 601 | 626 | |||||||||
| Noninterest expenses: | |||||||||||||
| Salary and employee benefits | 1,614 | 1,535 | 3,036 | 3,040 | |||||||||
| Occupancy and equipment expenses | 249 | 249 | 517 | 509 | |||||||||
| Legal, accounting and other professional fees | 262 | 192 | 468 | 422 | |||||||||
| Data processing and item processing services | 143 | 172 | 312 | 334 | |||||||||
| FDIC insurance costs | 64 | 77 | 124 | 154 | |||||||||
| Advertising and marketing related expenses | 42 | 11 | 73 | 36 | |||||||||
| Loan collection costs | 29 | 80 | 47 | 121 | |||||||||
| Telephone costs | 59 | 50 | 114 | 95 | |||||||||
| Other expenses | 368 | 332 | 727 | 660 | |||||||||
| Total Noninterest Expenses | 2,830 | 2,698 | 5,418 | 5,371 | |||||||||
| Income before income taxes | 401 | 352 | 746 | 669 | |||||||||
| Income tax expense | 63 | 44 | 92 | 78 | |||||||||
| Net income | $ | 338 | $ | 308 | $ | 654 | $ | 591 | |||||
| Basic and diluted net income per common share | $ | 0.12 | $ | 0.11 | $ | 0.23 | $ | 0.21 | |||||
| GLEN BURNIE BANCORP AND SUBSIDIARIES | ||||||||||||||||||||
| CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY | ||||||||||||||||||||
| For the Six Months ended June 30, 2017 and 2016 (Unaudited) | ||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||
| Accumulated | ||||||||||||||||||||
| Other | ||||||||||||||||||||
| Additional | Comprehensive | Total | ||||||||||||||||||
| Common | Paid-in | Retained | (Loss) | Stockholders' | ||||||||||||||||
| Stock | Capital | Earnings | Income | Equity | ||||||||||||||||
| Balance December 31, 2015 | $ | 2,774 | $ | 9,986 | $ | 21,718 | $ | (302 | ) | 34,176 | ||||||||||
| Net income | - | - | 591 | - | 591 | |||||||||||||||
| Cash dividends, $0.20 per share | - | - | (555 | ) | - | (555 | ) | |||||||||||||
| Dividends reinvested under | ||||||||||||||||||||
| dividend reinvestment plan | 6 | 83 | - | - | 89 | |||||||||||||||
| Other comprehensive income | - | - | - | 1,095 | 1,095 | |||||||||||||||
| Balance June 30, 2016 | $ | 2,780 | $ | 10,069 | $ | 21,754 | $ | 793 | $ | 35,396 | ||||||||||
| Accumulated | ||||||||||||||||||||
| Other | ||||||||||||||||||||
| Additional | Comprehensive | Total | ||||||||||||||||||
| Common | Paid-in | Retained | (Loss) | Stockholders' | ||||||||||||||||
| Stock | Capital | Earnings | Income | Equity | ||||||||||||||||
| Balance December 31, 2016 | $ | 2,787 | $ | 10,130 | $ | 21,707 | $ | (810 | ) | $ | 33,814 | |||||||||
| Net income | - | - | 654 | - | 654 | |||||||||||||||
| Cash dividends, $0.20 per share | - | - | (558 | ) | - | (558 | ) | |||||||||||||
| Dividends reinvested under | ||||||||||||||||||||
| dividend reinvestment plan | 7 | 69 | - | - | 76 | |||||||||||||||
| Other comprehensive income | - | - | - | 548 | 548 | |||||||||||||||
| Balance June 30, 2017 | $ | 2,794 | $ | 10,199 | $ | 21,803 | $ | (262 | ) | $ | 34,534 | |||||||||
| THE BANK OF GLEN BURNIE | ||||||||||||||
| CAPTIAL RATIOS | ||||||||||||||
| (dollars in thousands) | ||||||||||||||
| To Be Well | ||||||||||||||
| Capitalized Under | ||||||||||||||
| To Be Considered | Prompt Corrective | |||||||||||||
| Adequately Capitalized | Action Provisions | |||||||||||||
| As of June 30, 2017: | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||
| (unaudited) | ||||||||||||||
| Common Equity Tier 1 Capital | $ | 33,837 | 13.60 | % | $ | 11,198 | 4.50 | % | $ | 16,175 | 6.50 | % | ||
| Total Risk-Based Capital | $ | 36,458 | 14.65 | % | $ | 19,907 | 8.00 | % | $ | 24,884 | 10.00 | % | ||
| Tier 1 Risk-Based Capital | $ | 33,837 | 13.60 | % | $ | 14,931 | 6.00 | % | $ | 19,907 | 8.00 | % | ||
| Tier 1 Leverage | $ | 33,837 | 8.61 | % | $ | 15,717 | 4.00 | % | $ | 19,647 | 5.00 | % | ||
| As of March 31, 2017: | ||||||||||||||
| (unaudited) | ||||||||||||||
| Common Equity Tier 1 Capital | $ | 33,751 | 13.14 | % | $ | 11,554 | 4.50 | % | $ | 16,690 | 6.50 | % | ||
| Total Risk-Based Capital | $ | 36,394 | 14.17 | % | $ | 20,541 | 8.00 | % | $ | 25,677 | 10.00 | % | ||
| Tier 1 Risk-Based Capital | $ | 33,751 | 13.14 | % | $ | 15,406 | 6.00 | % | $ | 20,541 | 8.00 | % | ||
| Tier 1 Leverage | $ | 33,751 | 8.62 | % | $ | 15,664 | 4.00 | % | $ | 19,580 | 5.00 | % | ||
| As of December 31, 2016: (audited) | ||||||||||||||
| Common Equity Tier 1 Capital | $ | 33,962 | 13.63 | % | $ | 11,213 | 4.50 | % | $ | 16,197 | 6.50 | % | ||
| Total Risk-Based Capital | $ | 36,471 | 14.64 | % | $ | 19,935 | 8.00 | % | $ | 24,918 | 10.00 | % | ||
| Tier 1 Risk-Based Capital | $ | 33,962 | 13.63 | % | $ | 14,951 | 6.00 | % | $ | 19,935 | 8.00 | % | ||
| Tier 1 Leverage | $ | 33,962 | 8.68 | % | $ | 15,659 | 4.00 | % | $ | 19,574 | 5.00 | % | ||
| As of June 30, 2016: | ||||||||||||||
| (unaudited) | ||||||||||||||
| Common Equity Tier 1 Capital | $ | 33,921 | 14.05 | % | $ | 10,863 | 4.50 | % | $ | 16,197 | 6.50 | % | ||
| Total Risk-Based Capital | $ | 36,218 | 15.00 | % | $ | 19,312 | 8.00 | % | $ | 24,918 | 10.00 | % | ||
| Tier 1 Risk-Based Capital | $ | 33,921 | 14.05 | % | $ | 14,484 | 6.00 | % | $ | 19,935 | 8.00 | % | ||
| Tier 1 Leverage | $ | 33,921 | 8.57 | % | $ | 15,833 | 4.00 | % | $ | 19,574 | 5.00 | % | ||
| GLEN BURNIE BANCORP AND SUBSIDIARIES | ||||||||||||||||||||||||
| SELECTED FINANCIAL DATA | ||||||||||||||||||||||||
| (dollars In thousand except per share data) | ||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | Year Ended | ||||||||||||||||||||||
| June 30, | March 31, | June 30, | June 30, | June 30, | December 31, | |||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (audited) | |||||||||||||||||||
| 2017 | 2017 | 2016 | 2017 | 2016 | 2016 | |||||||||||||||||||
| Financial Data: | ||||||||||||||||||||||||
| Assets | $ | 396,126 | $ | 395,515 | $ | 395,794 | $ | 396,126 | $ | 395,794 | $ | 388,432 | ||||||||||||
| Investment securities | 90,629 | 91,097 | 102,656 | 90,629 | 102,656 | 94,607 | ||||||||||||||||||
| Loans, (net of deferred fees and costs) | 271,020 | 269,707 | 255,781 | 271,020 | 255,781 | 265,058 | ||||||||||||||||||
| Allowance for loan losses | 2,599 | 2,602 | 2,291 | 2,599 | 2,291 | 2,484 | ||||||||||||||||||
| Deposits | 335,481 | 340,574 | 339,295 | 335,481 | 339,295 | 333,237 | ||||||||||||||||||
| Borrowings | 25,000 | 20,000 | 20,000 | 25,000 | 20,000 | 20,000 | ||||||||||||||||||
| Stockholders' equity | 34,534 | 33,931 | 35,396 | 34,534 | 35,396 | 33,814 | ||||||||||||||||||
| Net income | 338 | 316 | 308 | 654 | 591 | 1,101 | ||||||||||||||||||
| Average Balances: | ||||||||||||||||||||||||
| Assets | $ | 392,734 | $ | 391,669 | $ | 395,817 | $ | 392,194 | $ | 393,560 | $ | 392,923 | ||||||||||||
| Investment securities | 91,549 | 92,745 | 101,636 | 92,147 | 99,526 | 99,628 | ||||||||||||||||||
| Loans, (net of deferred fees and costs) | 269,293 | 267,553 | 256,128 | 268,423 | 258,387 | 258,481 | ||||||||||||||||||
| Deposits | 336,720 | 336,468 | 340,261 | 336,594 | 338,124 | 337,320 | ||||||||||||||||||
| Borrowings | 21,269 | 20,433 | 20,000 | 20,851 | 20,000 | 20,000 | ||||||||||||||||||
| Stockholders' equity | 34,236 | 33,832 | 34,771 | 34,042 | 34,651 | 34,710 | ||||||||||||||||||
| Performance Ratios: | ||||||||||||||||||||||||
| Annualized return on average assets | 0.35% | 0.32% | 0.31% | 0.34% | 0.30% | 0.28% | ||||||||||||||||||
| Annualized return on average equity | 4.00% | 3.76% | 3.59% | 3.89% | 3.46% | 3.17% | ||||||||||||||||||
| Net Interest Margin | 3.10% | 3.07% | 2.98% | 3.08% | 3.11% | 3.17% | ||||||||||||||||||
| Dividend payout ratio | 82.54% | 88.29% | 90.26% | 84.86% | 93.91% | 100.96% | ||||||||||||||||||
| Book value per share | $ | 12.36 | $ | 12.16 | $ | 12.73 | $ | 12.36 | $ | 12.73 | $ | 12.10 | ||||||||||||
| Basic and diluted net income per share | 0.12 | 0.11 | 0.11 | 0.23 | 0.21 | 0.40 | ||||||||||||||||||
| Cash dividends declared per share | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 | ||||||||||||||||||
| Basic and diluted weighted average | ||||||||||||||||||||||||
| shares outstanding | 2,792,445 | 2,789,012 | 2,776,546 | 2,790,738 | 2,776,053 | 2,780,477 | ||||||||||||||||||
| Asset Quality Ratios: | ||||||||||||||||||||||||
| Allowance for loan losses to loans | 0.96% | 0.96% | 0.90% | 0.96% | 0.90% | 0.94% | ||||||||||||||||||
| Nonperforming loans to avg. loans | 1.33% | 1.42% | 1.11% | 1.34% | 1.10% | 1.47% | ||||||||||||||||||
| Allowance for credit losses to | ||||||||||||||||||||||||
| nonaccrual and past due loans | 72.52% | 68.35% | 80.61% | 72.52% | 80.61% | 65.59% | ||||||||||||||||||
| Net charge-offs annualize to avg. loans | 0.04% | 0.12% | 0.03% | 0.04% | 0.76% | 0.59% | ||||||||||||||||||
| Capital Ratios: | ||||||||||||||||||||||||
| Common Equity Tier 1 Capital | 13.60% | 13.14% | 14.05% | 13.60% | 14.05% | 13.63% | ||||||||||||||||||
| Tier 1 Risk-based Capital Ratio | 13.60% | 13.14% | 14.05% | 13.60% | 14.05% | 13.63% | ||||||||||||||||||
| Leverage Ratio | 8.61% | 8.62% | 8.57% | 8.61% | 8.57% | 8.68% | ||||||||||||||||||
| Total Risk-Based Capital Ratio | 14.65% | 14.17% | 15.00% | 14.65% | 15.00% | 14.64% | ||||||||||||||||||
For further information contact: Jeffrey D. Harris, Chief Financial Officer 410-768-8883 jdharris@bogb.net 106 Padfield Blvd Glen Burnie, MD 21061
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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