GLEN BURNIE, Md., Aug. 05, 2020 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today a net loss of $96,000, or $0.03 per basic and diluted common share for the three-month period ended June 30, 2020, as compared to net income of $319,000, or $0.11 per basic and diluted common share for the three-month period ended June 30, 2019.

Bancorp reported net income of $174,000, or $0.06 per basic and diluted common share for the six-month period ended June 30, 2020, compared to $454,000, or $0.16 per basic and diluted common share for the same period in 2019.  At June 30, 2020, Bancorp had total assets of $418.2 million.  Bancorp, the oldest independent commercial bank in Anne Arundel County, paid its 112th consecutive quarterly dividend on July 31, 2020.

“As one would expect, the second quarter of 2020 was significantly impacted by the COVID-19 pandemic.  Much of our activity was focused 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.

"An interest rate environment rivaling that of the Great Recession continued to impact our margins and therefore our profits for the second quarter.  The decrease in yields and cost of funds for the second quarter of 2020 reflected the full quarter impact of the 150-basis point reduction in the target federal funds rate at the end of March 2020.  However, we are encouraged by the robust deposit growth already experienced this year.  Our year-over-year earnings per share for the first half of 2020 was lower reflecting the impact of the lower interest rate environment and higher allowance for credit losses resulting from the rapid growth in the unemployment rate.  We remain well capitalized and continue to reward our shareholders, having paid quarterly cash dividends for 112 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.”

Highlights for the First Six Months of 2020

Total interest income declined $0.4 million to $6.8 million for the six-month period ending June 30, 2020, compared to the same period in 2019.  This was driven by decreases in interest income on loans and investment securities consistent with declines in the average balances of these portfolios, 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 half of 2020 year 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 12.95% at June 30, 2020, as compared to 12.91% for the same period of 2019.

Return on average assets for the three-month period ended June 30, 2020 was -0.10%, as compared to 0.33% for the three-month period ended June 30, 2019.  Return on average equity for the three-month period ended June 30, 2020 was -1.05%, as compared to 3.66% for the three-month period ended June 30, 2019.  The impact of the lower interest rate environment and higher allowance for credit losses primarily drove the lower returns.

The book value per share of Bancorp’s common stock was $12.65 at June 30, 2020, as compared to $12.37 per share at June 30, 2019.

At June 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 June 30, 2020, as compared to 12.05% at June 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 $418.2 million at June 30, 2020, an increase of $41.8 million or 11.11%, from $376.4 million at June 30, 2019.  The COVID-19 pandemic has created a significant amount of excess liquidity in the market.  As a result of this excess liquidity, we had an increase of $15.0 million of average interest-bearing cash balances in the second quarter of 2020 compared to the same period in 2019.  Investment securities were $84.5 million at June 30, 2020, an increase of $23.3 million or 38.07%, from $61.2 million at June 30, 2019.  Loans, net of deferred fees and costs, were $285.0 million at June 30, 2020, a decrease of $6.2 million or 2.13%, from $291.2 million at June 30, 2019.  Net loans during the first half of 2020 include loans funded under the SBA PPP.  These PPP loans directly benefited 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.  PPP loans, net of unearned fees of $518,000, totaled $16.8 million at June 30, 2020.  The unearned fees are being accreted based on the estimated life of the loans.  The Company anticipates that the SBA may forgive a significant number of PPP loans in the fourth quarter of 2020 and first quarter 2021, at which point the recognition of fee income will be accelerated.

Total deposits were $341.9 million at June 30, 2020, an increase of $21.7 million or 6.78%, from $320.2 million at June 30, 2019.  Noninterest-bearing deposits were $127.6 million at June 30, 2020, an increase of $20.5 million or 19.14%, from $107.1 million at June 30, 2019.  The increase was due to new deposit accounts for PPP loans and core deposit growth.  Interest-bearing deposits were $214.3 million at June 30, 2020, an increase of $1.3 million or 0.61%, from $213.0 million at June 30, 2019.  Total borrowings were $37.4 million at June 30, 2020, an increase of $17.4 million or 86.83%, from $20.0 million at June 30, 2019.  The Company participated in the Paycheck Protection Program Liquidity Facility (“PPPLF”) established by the Federal Reserve.  At June 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 $35.9 million at June 30, 2020, an increase of $1.0 million or 2.87%, from $34.9 million at June 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 1.12% of total assets at June 30, 2020, as compared to 1.44% for the same period of 2019.  The decreases in nonaccrual loans and troubled debt restructurings, offset by a higher total asset balance drove the 0.32% decrease in nonperforming assets as percentage of total assets from June 30, 2019 to June 30, 2020.

Review of Financial Results

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

Net loss for the three-month period ended June 30, 2020 was $96,000, as compared to net income of $319,000 for the three-month period ended June 30, 2019.

Net interest income for the three-month period ended June 30, 2020 totaled $2.94 million, a decrease of $188,000 from the three-month period ended June 30, 2019 due to lower interest income of $238,000, coupled with lower interest expense of $51,000.  The decrease in yields and cost of funds for the second quarter of 2020 reflected the full quarter impact of the 150-basis point reduction in the target federal funds rate at the end of March 2020.  The decrease in net interest income was due primarily to declining loan balances and a large increase in cash held in interest-bearing deposits in banks during this low rate environment, offset by interest income and fees recognized for PPP loans and reductions in the costs of interest-bearing deposits and borrowings.  Loans, net of deferred fees and costs, including $17.4 million of PPP loans funded in the second quarter of 2020, decreased by $6.3 million or 2.15% to $285.0 million as of June 30, 2020, as compared to $291.2 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 June 30, 2020 was 3.12%, as compared to 3.41% 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 increased $11.8 million while the yield decreased 0.37% from 3.91% to 3.54%, when comparing the three-month periods ending June 30, 2019 and 2020.  The average balance on interest-bearing funds decreased $6.5 million and the cost of funds decreased 0.07%, when comparing the three-month periods ending June 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 and money market accounts.

The average balance of interest-bearing deposits in banks and investment securities increased $23.0 million from $71.6 million to $94.6 million for the second quarter of 2020, as compared to the same period of 2019 while the yield decreased from 2.23% to 1.51% 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 cash held in interest-bearing deposits in banks and investment securities available for sale during this low interest rate period.

Average loan balances decreased $11.2 million or 3.79% to $284.2 million for the three-month period ended June 30, 2020, as compared to $295.4 million for the same period of 2019 while the yield decreased from 4.31% to 4.22% during that same time period.  The decrease in loan yields for the second quarter of 2020 reflected the full quarter impact of the 150-basis point reduction in the target federal funds rate at the end of March 2020.

The provision for loan losses for the three-month period ended June 30, 2020 was $487,000, as compared to $30,000 for the same period of 2019.  Our loan loss provisioning methodology is significantly tied to projected unemployment rates which have remained elevated during the second quarter of 2020.  The increase in the allowance for credit losses at June 30, 2020 is primarily attributable to the ongoing effects of the COVID-19 pandemic due to uncertainty in the economic market.  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 $2.39 million at June 30, 2020, representing 0.84% of total loans, as compared to $2.46 million, or 0.84% of total loans at June 30, 2019.  The ratio of the allowance for loan losses to loans outstanding has remained unchanged from June 30, 2019, primarily due to approximately $17.4 million of PPP loans that are guaranteed by the SBA, which require no allowance for loan losses. 

Noninterest income for the three-month period ended June 30, 2020 was $228,000, as compared to $282,000 for the three-month period ended June 30, 2019, a decrease of $54,000 or 19.15%.

For the three-month period ended June 30, 2020, noninterest expense was $2.81 million, as compared to $2.99 million for the three-month period ended June 30, 2019, a decrease of $184,000 or 6.15%.  The primary contributors to the $184,000 decrease, when compared to the three-month period ended June 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 six-month periods ended June 30, 2020 and 2019

Net income for the six-month period ended June 30, 2020 was $174,000, as compared to net income of $454,000 for the six-month period ended June 30, 2019.

Net interest income for the six-month period ended June 30, 2020 totaled $5.99 million, a decrease of $277,000 from the six-month period ended June 30, 2019 due to lower interest income of $448,000, coupled with lower interest expense of $171,000.  The decrease in yields and cost of funds for the six-month period ended June 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 a large increase in cash held in interest-bearing deposits in banks during this low rate environment, offset by interest income and fees recognized for PPP loans and reductions in the costs of interest-bearing deposits and borrowings.  Loans, net of deferred fees and costs including $17.4 million of PPP loans funded in the second quarter of 2020 decreased by $6.3 million or 2.15% to $285.0 million as of June 30, 2020, as compared to $291.2 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 six-month period ended June 30, 2020 was 3.23%, as compared to 3.36% for the same period of 2019. Lower average yields and 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 $3.9 million while the yield decreased 0.21% from 3.90% to 3.69%, when comparing the six-month periods ending June 30, 2019 and 2020.  The average balance on interest-bearing funds decreased $17.2 million and the cost of funds decreased 0.09%, when comparing the six-month periods ending June 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 and money market accounts.

The average balance of interest-bearing deposits in banks and investment securities increased $10.7 million from $78.9 million to $89.6 million for the six-month period ending June 30, 2020, as compared to the same period of 2019 while the yield decreased from 2.35% to 1.76% during that same time period.  Much of the decrease in yields for the six-month period can be attributed to an overall lower interest rate environment and a significant increase in cash held in interest-bearing deposits in banks and investment securities available for sale during this low interest rate period.

Average loan balances decreased $14.7 million to $282.8 million for the six-month period ended June 30, 2020, as compared to $297.5 million for the same period of 2019 while the yield decreased from 4.32% to 4.30% during that same time period.  The decrease in loan yields 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.

The provision for loan losses for the six-month period ended June 30, 2020 was $407,000, as compared to $204,000 for the same period of 2019.  The increase for the six-month period ended June 30, 2020 as compared to the same period in 2019 was driven by an increase in qualitative factors relating to the COVID-19 pandemic and macro-economic conditions.  The assumptions underlying the COVID-19 related qualitative factors included (a)  uncertain and volatile macro-economic conditions caused by the pandemic; (b)  the high unemployment rate; and (c)  the loan deferment program.  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 six-month period ended June 30, 2020 was $484,000, as compared to $564,000 for the six-month period ended June 30, 2019, a decrease of $81,000 or 14.36%.

For the six-month period ended June 30, 2020, noninterest expense was $5.85 million, as compared to $6.07 million for the six-month period ended June 30, 2019, a decrease of $220,000 or 3.62%.  The primary contributors to the $220,000 decrease, when compared to the six-month period ended June 30, 2019 were decreases in salary and employee benefits costs, occupancy and equipment expenses including investments in technology and infrastructure improvements 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)       
        
        
 June 30, March 31, December 31, June 30,
  2020   2020   2019   2019 
 (unaudited) (unaudited) (audited) (unaudited)
ASSETS       
Cash and due from banks$2,387  $2,658  $2,420  $2,373 
Interest bearing deposits with banks and federal funds sold 32,592   15,413   10,870   7,565 
  Total Cash and Cash Equivalents 34,979   18,071   13,290   9,938 
        
Investment securities available for sale, at fair value 84,534   70,172   71,486   61,213 
Restricted equity securities, at cost 1,199   1,199   1,437   1,227 
        
Loans, net of deferred fees and costs 284,963   276,960   284,738   291,237 
Allowance for loan losses (2,392)  (1,918)  (2,066)  (2,459)
  Loans, net 282,571   275,042   282,672   288,778 
        
Real estate acquired through foreclosure 705   705   705   705 
Premises and equipment, net 3,904   3,900   3,761   3,840 
Bank owned life insurance 8,101   8,062   8,023   7,940 
Deferred tax assets, net 476   611   672   1,059 
Accrued interest receivable 1,226   970   961   992 
Prepaid expenses 329   374   406   491 
Other assets 176   220   308   236 
  Total Assets$ 418,200  $ 379,326  $ 383,721  $ 376,419 
        
LIABILITIES       
Noninterest-bearing deposits$127,621  $113,264  $107,158  $107,132 
Interest-bearing deposits 214,316   208,516   214,282   213,046 
  Total Deposits 341,937   321,780   321,440   320,178 
        
Short-term borrowings 37,367   20,000   25,000   20,000 
Defined pension liability 294   323   317   304 
Accrued expenses and other liabilities 2,735   1,366   1,284   1,047 
  Total Liabilities 382,333   343,469   348,041   341,529 
        
STOCKHOLDERS' EQUITY       
Common stock, par value $1, authorized 15,000,000 shares, issued and outstanding 2,834,325, 2,830,358, 2,827,473, and 2,821,230 shares as of June 30, 2020, March 31, 2020, December 31, 2019, and June 30, 2019, respectively. 2,834   2,830   2,827   2,821 
Additional paid-in capital 10,582   10,554   10,525   10,464 
Retained earnings 22,145   22,522   22,537   21,957 
Accumulated other comprehensive loss 306   (49)  (209)  (352)
  Total Stockholders' Equity 35,867   35,857   35,680   34,890 
  Total Liabilities and Stockholders' Equity$ 418,200  $ 379,326  $ 383,721  $ 376,419 
        

 


GLEN BURNIE BANCORP AND SUBSIDIARY   
CONSOLIDATED STATEMENTS OF INCOME   
(dollars in thousands, except per share amounts)   
          
          
    Three Months Ended
June 30,
   Six Months Ended
June 30,
 
   2020   2019  2020   2019 
  (unaudited) (unaudited) (unaudited) (audited) 
Interest income         
Interest and fees on loans $2,980  $3,176 $6,051  $6,366 
Interest and dividends on securities  317   336  698   736 
Interest on deposits with banks and federal funds sold  39   62  86   182 
  Total Interest Income  3,336   3,574  6,835   7,284 
          
Interest expense         
Interest on deposits  289   333  614   665 
Interest on short-term borrowings  109   117  235   355 
  Total Interest Expense  398   450  849   1,020 
          
  Net Interest Income  2,938   3,124  5,986   6,264 
Provision for loan losses  487   30  407   204 
  Net interest income after provision for loan losses  2,451   3,094  5,579   6,060 
          
Noninterest income         
Service charges on deposit accounts  38   64  94   124 
Other fees and commissions  151   177  311   356 
Gain on securities sold  -   -  1   3 
Income on life insurance  39   41  78   81 
  Total Noninterest Income  228   282  484   564 
          
Noninterest expenses         
Salary and employee benefits  1,597   1,685  3,302   3,455 
Occupancy and equipment expenses  295   386  626   700 
Legal, accounting and other professional fees  252   304  504   535 
Data processing and item processing services  184   44  417   219 
FDIC insurance costs  48   60  99   116 
Advertising and marketing related expenses  19   25  44   52 
Loan collection costs  21   26  88   40 
Telephone costs  43   55  90   121 
Other expenses  348   405  676   829 
  Total Noninterest Expenses  2,807   2,990  5,846   6,067 
          
(Loss) income before income taxes  (128)  386  217   557 
Income tax expense (benefit)  32   67  (43)  103 
          
  Net (loss ) income  $ (96) $ 319 $ 174  $ 454 
          
Basic and diluted net (loss) income per common share  $ (0.03) $ 0.11 $0.06  $0.16 
          



GLEN BURNIE BANCORP AND SUBSIDIARY     
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
For the six months ended June 30, 2020 and 2019       
(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 -  -  454   -   454 
Cash dividends, $0.20 per share -  -  (563)  -   (563)
Dividends reinvested under         
  dividend reinvestment plan 7  63  -   -   70 
Other comprehensive income -  -  -   878   878 
Balance, June 30, 2019$2,821 $10,464 $21,957  $(352) $34,890 
           
           
        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 -  -  174   -   174 
Cash dividends, $0.20 per share -  -  (566)  -   (566)
Dividends reinvested under         
  dividend reinvestment plan 7  57  -   -   64 
Other comprehensive income -  -  -   515   515 
Balance, June 30, 2020$2,834 $10,582 $22,145  $306  $35,867 
           

 

THE BANK OF GLEN BURNIE        
CAPITAL RATIOS           
(dollars in thousands)           
            
            
          To Be Well
          Capitalized Under
      To Be Considered  Prompt Corrective
      Adequately Capitalized
  Action Provisions
 AmountRatio AmountRatio AmountRatio
As of June 30, 2020:           
(unaudited)           
Common Equity Tier 1 Capital 35,38612.10%  13,1574.50%  19,0046.50%
Total Risk-Based Capital 37,87512.95%  23,3898.00%  29,23710.00%
Tier 1 Risk-Based Capital 35,38612.10%  17,5426.00%  23,3898.00%
Tier 1 Leverage 35,3869.32%  15,1804.00%  18,9755.00%
            
As of March 31, 2020:           
(unaudited)           
Common Equity Tier 1 Capital 35,73012.63%  12,7264.50%  18,3826.50%
Total Risk-Based Capital 37,69813.33%  22,6248.00%  28,28010.00%
Tier 1 Risk-Based Capital 35,73012.63%  16,9686.00%  22,6248.00%
Tier 1 Leverage 35,7309.34%  15,3094.00%  19,1375.00%
            
As of December 31, 2019:           
(unaudited)           
Common Equity Tier 1 Capital$35,69312.47% $12,8784.50% $18,6026.50%
Total Risk-Based Capital$37,79713.21% $22,8958.00% $28,61910.00%
Tier 1 Risk-Based Capital$35,69312.47% $17,1716.00% $22,8958.00%
Tier 1 Leverage$35,6939.26% $15,4144.00% $19,2685.00%
            
As of June 30, 2019:           
(unaudited)           
Common Equity Tier 1 Capital$34,86412.05% $13,0154.50% $18,7996.50%
Total Risk-Based Capital$37,33512.91% $23,1378.00% $28,92210.00%
Tier 1 Risk-Based Capital$34,86412.05% $17,3536.00% $23,1378.00%
Tier 1 Leverage$34,8649.12% $15,2874.00% $19,1095.00%
            

 



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,
   2020   2020   2019   2020   2019   2019 
  (unaudited)
 (unaudited)
 (unaudited)
 (unaudited)
 (unaudited)
 (unaudited)
                         
Financial Data            
Assets $418,200  $379,326  $376,419  $418,200  $376,419  $383,721 
Investment securities  84,534   70,172   61,213   84,534   61,213   71,486 
Loans, (net of deferred fees & costs) 284,963   276,960   291,237   284,963   291,237   284,738 
Allowance for loan losses  2,392   1,918   2,459   2,392   2,459   2,066 
Deposits  341,937   321,780   320,178   341,937   320,178   321,440 
Borrowings  37,367   20,000   20,000   37,367   20,000   25,000 
Stockholders' equity  35,867   35,857   34,890   35,867   34,890   35,680 
Net (loss) income  (96)  268   319   174   454   1,599 
             
Average Balances            
Assets $396,633  $383,043  $382,659  $390,171  $391,403  $387,315 
Investment securities  69,729   70,779   61,621   70,254   65,780   65,315 
Loans, (net of deferred fees & costs) 284,168   281,335   295,425   282,752   297,465   292,075 
Deposits  336,330   320,606   325,036   328,468   324,159   324,565 
Borrowings  20,949   23,693   20,789   22,321   30,985   25,573 
Stockholders' equity  36,762   36,162   34,965   36,842   34,662   35,104 
             
Performance Ratios            
Annualized return on average assets -0.10%  0.28%  0.33%  0.09%  0.23%  0.41%
Annualized return on average equity -1.05%  2.98%  3.66%  0.95%  2.64%  4.55%
Net interest margin  3.12%  3.34%  3.41%  3.23%  3.36%  3.39%
Dividend payout ratio  -296%  105%  88%  326%  124%  71%
Book value per share $12.65  $12.67  $12.37  $12.65  $12.37  $12.62 
Basic and diluted net income per share  (0.03)  0.09   0.11   0.06   0.16   0.57 
Cash dividends declared per share  0.10   0.10   0.10   0.20   0.20   0.40 
Basic and diluted weighted average shares outstanding  2,832,974   2,829,375   2,819,994   2,831,174   2,818,266   2,821,608 
             
Asset Quality Ratios            
Allowance for loan losses to loans  0.84%  0.69%  0.84%  0.84%  0.84%  0.73%
Nonperforming loans to avg. loans  1.39%  1.46%  1.61%  1.40%  1.60%  1.42%
Allowance for loan losses to nonaccrual & 90+ past due loans  60.4%  46.7%  54.0%  60.4%  54.0%  49.8%
Net charge-offs annualize to avg. loans  0.02%  0.10%  0.24%  0.12%  0.38%  0.12%
             
Capital Ratios            
Common Equity Tier 1 Capital  12.10%  12.63%  12.05%  12.10%  12.05%  12.47%
Tier 1 Risk-based Capital Ratio  12.10%  12.63%  12.05%  12.10%  12.05%  12.47%
Leverage Ratio  9.32%  9.34%  9.12%  9.32%  9.12%  9.26%
Total Risk-Based Capital Ratio  12.95%  13.33%  12.91%  12.95%  12.91%  13.21%