GLEN BURNIE, Md., July 30, 2018 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp (“Bancorp”) (NASDAQ:GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today net income of $0.48 million, or $0.17 per basic and diluted common share for the three-month period ended June 30, 2018, as compared to net income of $0.34 million, or $0.12 per basic and diluted common share for the three-month period ended June 30, 2017.
Bancorp reported net income of $0.73 million, or $0.26 per basic and diluted common share for the six-month period ended June 30, 2018, compared to $0.65 million, or $0.23 per basic and diluted common share for the same period in 2017. Net loans grew by $18.7 million, or 7.0% for the six-month period ended June 30, 2018, as compared to the same period of 2017. At June 30, 2018, Bancorp had total assets of $401.5 million. Bancorp, the oldest independent commercial bank in Anne Arundel County, will pay its 104th consecutive quarterly dividend on August 3, 2018.
"Our transformative journey which began in 2017, continued into the second quarter of 2018 as we executed our strategic plan and delivered increased shareholder value. We achieved strong financial and operating performance across the Company, positioning us well for sustained growth and creating increased franchise value throughout this year and beyond,” said John D. Long, President and CEO. “Our experienced leadership team, upgraded leverageable infrastructure, diversified business model, positive interest rate risk management, strong indirect lending capabilities, strong asset quality, and attractive deposit mix bode well for the Company’s future. Net interest income continued to rise during the second quarter, driving a consistent core earnings expansion. Net interest income grew by $160,000 or 5.5%, this quarter compared to the same quarter last year, as the balance of our net loan portfolio grew at an annualized rate of 7.0%, when compared to the same period last year. The overall credit environment remained favorable, although the charge off of a single impaired loan led to an increase in our historical loss rate and loan loss provision for the residential real estate loan segment. Headquartered in the dynamic Northern Anne Arundel County market, we believe the Bank is well-positioned and 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 Six Months of 2018
Bancorp continued to grow organically in the second quarter of 2018 driven primarily by favorable net loan growth and supported by an improving 0.53% cost of funds, as compared to 0.55% for the same period in 2017. 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 12.78% at June 30, 2018, as compared to 14.65% for the same period of 2017.
Return on average assets for the three-month period ended June 30, 2018 was 0.49%, as compared to 0.35% for the three-month period ended June 30, 2017. Return on average equity for the three-month period ended June 30, 2018 was 5.80%, as compared to 4.01% for the three-month period ended June 30, 2017.
The book value per share of Bancorp’s common stock was $11.95 at June 30, 2018, as compared to $12.45 per share at June 30, 2017.
At June 30, 2018, the Bank remained above all “well-capitalized” regulatory requirement levels. The Bank’s tier 1 risk-based capital ratio was approximately 11.94% at June 30, 2018, as compared to 13.60% at June 30, 2017. 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 $401.5 million at June 30, 2018, an increase of $5.3 million or 1.34%, from $396.2 million at June 30, 2017. Investment securities were $87.3 million at June 30, 2018, a decrease of $3.3 million or 3.66%, from $90.6 million at June 30, 2017. Loans, net of deferred fees and costs, were $289.4 million at June 30, 2018, an increase of $18.4 million or 6.78%, from $271.0 million at June 30, 2017. Other assets increased $1.9 million and bank owned life insurance decreased $1.6 million from June 30, 2017 to June 30, 2018 primarily due to the redemption of BOLI policies.
Total deposits were $341.8 million at June 30, 2018, an increase of $6.3 million or 1.88%, from $335.5 million at June 30, 2017. Noninterest-bearing deposits were $108.4 million at June 30, 2018, an increase of $2.8 million or 2.67%, from $105.6 million at June 30, 2017. Interest-bearing deposits were $233.4 million at June 30, 2018, an increase of $3.5 million or 1.52%, from $229.9 million at June 30, 2017. Total borrowings were $25.0 million at June 30, 2018, unchanged from $25.0 million at June 30, 2017.
Stockholders’ equity was $33.5 million at June 30, 2018, a decrease of $1.0 million from $34.5 million at June 30, 2017. The decrease was driven primarily by $1.1 million increase in net unrealized losses associated with the available for sale bond portfolio and interest rate swap contracts.
Nonperforming assets, which consist of nonaccrual loans, troubled debt restructurings, accruing loans past due 90 days or more, and other real estate owned, represented 1.05% of total assets at June 30, 2018, as compared to 0.99% for the same period of 2017.
Review of Financial Results
For the three-month periods ended June 30, 2018 and 2017
Net income for the three-month period ended June 30, 2018 was $0.48 million, as compared to net income of $0.34 million for the three-month period ended June 30, 2017.
Net interest income for the three-month period ended June 30, 2018 totaled $3.1 million, as compared to $2.9 million for the three-month period ended June 30, 2017. Average earning loan balances increased to $281.1 million for the three-month period ended June 30, 2018, as compared to $269.5 million for the same period of 2017.
Net interest margin for the three-month period ended June 30, 2018 was 3.21%, as compared to 3.09% for the same period of 2017. Higher yields on interest-earning assets supported by lower funding costs were the primary drivers of year-over-year results, as the yield on interest-earning assets increased 0.11% from 3.62% to 3.73% and the cost of funds decreased 0.01% from 0.55% to 0.54% for the three-month periods ending June 30, 2018 and 2017, respectively.
The provision for loan losses for the three-month period ended June 30, 2018 was $5,000, as compared to $30,000 for the same period of 2017. The decrease for the three-month period ended June 30, 2018 was primarily the result of the positive resolution of a single problem loan, offset by the negative effect on the loss history rate used to establish the required reserves for residential real estate loans of a single loan charge off. As a result, the allowance for loan losses was $2.3 million at June 30, 2018, representing 0.79% of total loans, as compared to $2.6 million, or 0.96% of total loans at June 30, 2017.
Noninterest income for the three-month period ended June 30, 2018 was $0.39 million, as compared to $0.29 million for the three-month period ended June 30, 2017. The results for the second quarter of 2018 include a $100,540 gain on redemption of BOLI policy.
For the three-month period ended June 30, 2018, noninterest expense was $3.01 million, as compared to $2.81 million for the three-month period ended June 30, 2017. The primary contributors to the $0.20 million increase, when compared to the three-month period ended June 30, 2017 were increases in salary and employee benefits, legal, accounting and other professional fees and loan collection costs.
For the six-month periods ended June 30, 2018 and 2017
Net income for the six-month period ended June 30, 2018 was $0.73 million, as compared to net income of $0.65 million for the six-month period ended June 30, 2017.
Net interest income for the six-month period ended June 30, 2018 totaled $6.0 million, as compared to $5.7 million for the six-month period ended June 30, 2017. Average earning loan balances increased to $278 million for the six-month period ended June 30, 2018, as compared to $269 million for the same period of 2017.
Net interest margin for the six-month period ended June 30, 2018 was 3.22%, as compared to 3.08% for the same period of 2017. Higher yields on interest-earning assets supported by lower funding costs were the primary drivers of year-over-year results, as the yield on interest-earning assets increased 0.11% from 3.61% to 3.72% and the cost of funds decreased 0.02% from 0.55% to 0.53% for the six-month periods ending June 30, 2018 and 2017, respectively.
The provision for loan losses for the six-month period ended June 30, 2018 was $0.36 million, as compared to $0.17 million for the same period of 2017. The increase for the six-month period ended June 30, 2018 was primarily the negative effect of a single charge off on the loss history rate used to establish the required reserves for residential real estate loans. As a result, the allowance for loan losses was $2.3 million at June 30, 2018, representing 0.79% of total loans, as compared to $2.6 million, or 0.96% of total loans for the same period of 2017.
Noninterest income for the six-month period ended June 30, 2018 was $0.87 million, as compared to $0.57 million for the six-month period ended June 30, 2017. The results for the first half of 2018 include gains on redemptions of BOLI policies of $306,877.
For the six-month period ended June 30, 2018, noninterest expense was $5.85 million, as compared to $5.38 million for the six-month period ended June 30, 2017. The primary contributors to the $0.47 million increase, when compared to the six-month period ended June 30, 2017 were increases in salary and employee benefits, accounting and other professional fees and loan collection costs, partially offset by decreases in data processing and item processing services and advertising and marketing related 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.
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 SUBSIDIARIES | |||||||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||||||
| (dollars in thousands) | |||||||||||||||
| June 30, | March 31, | December 31, | June 30, | ||||||||||||
| 2018 | 2018 | 2017 | 2017 | ||||||||||||
| (unaudited) | (unaudited) | (audited) | (unaudited) | ||||||||||||
| ASSETS | |||||||||||||||
| Cash and due from banks | $ | 2,584 | $ | 2,449 | $ | 2,610 | $ | 3,055 | |||||||
| Interest bearing deposits with banks and federal funds sold | 5,498 | 6,079 | 9,995 | 14,283 | |||||||||||
| Total Cash and Cash Equivalents | 8,082 | 8,528 | 12,605 | 17,338 | |||||||||||
| Investment securities available for sale, at fair value | 87,314 | 90,329 | 89,349 | 90,629 | |||||||||||
| Restricted equity securities, at cost | 1,443 | 1,231 | 1,232 | 1,440 | |||||||||||
| Loans, net of deferred fees and costs | 289,408 | 275,716 | 271,612 | 271,035 | |||||||||||
| Less: Allowance for loan losses | (2,284 | ) | (2,899 | ) | (2,589 | ) | (2,599 | ) | |||||||
| Loans, net | 287,124 | 272,817 | 269,023 | 268,436 | |||||||||||
| Real estate acquired through foreclosure | 114 | 114 | 114 | 114 | |||||||||||
| Premises and equipment, net | 3,195 | 3,271 | 3,371 | 3,547 | |||||||||||
| Bank owned life insurance | 7,780 | 8,290 | 8,713 | 9,428 | |||||||||||
| Deferred tax assets, net | 2,713 | 2,759 | 2,429 | 2,803 | |||||||||||
| Accrued interest receivable | 1,142 | 1,182 | 1,133 | 1,092 | |||||||||||
| Accrued taxes receivable | - | - | 465 | 631 | |||||||||||
| Prepaid expenses | 471 | 554 | 433 | 493 | |||||||||||
| Other assets | 2,093 | 1,295 | 583 | 210 | |||||||||||
| Total Assets | $ | 401,471 | $ | 390,370 | $ | 389,450 | $ | 396,161 | |||||||
| LIABILITIES | |||||||||||||||
| Noninterest-bearing deposits | $ | 108,414 | $ | 107,073 | $ | 104,017 | $ | 105,597 | |||||||
| Interest-bearing deposits | 233,393 | 229,097 | 230,221 | 229,899 | |||||||||||
| Total Deposits | 341,807 | 336,170 | 334,238 | 335,496 | |||||||||||
| Short-term borrowings | 25,000 | 20,000 | 20,000 | 20,000 | |||||||||||
| Long-term borrowings | - | - | - | 5,000 | |||||||||||
| Defined pension liability | 317 | 341 | 335 | 374 | |||||||||||
| Accrued Taxes Payable | 28 | 134 | - | - | |||||||||||
| Accrued expenses and other liabilities | 775 | 538 | 835 | 757 | |||||||||||
| Total Liabilities | 367,927 | 357,183 | 355,408 | 361,627 | |||||||||||
| STOCKHOLDERS' EQUITY | |||||||||||||||
| Common stock, par value $1, authorized 15,000,000 shares, issued and outstanding 2,807,819, 2,804,456, 2,801,149, and 2,793,748 shares as of June 30, 2018, March 31, 2018, December 31, 2017, and June 30, 2017, respectively. | 2,808 | 2,804 | 2,801 | 2,794 | |||||||||||
| Additional paid-in capital | 10,335 | 10,301 | 10,267 | 10,199 | |||||||||||
| Retained earnings | 21,778 | 21,581 | 21,605 | 21,803 | |||||||||||
| Accumulated other comprehensive loss | (1,377 | ) | (1,499 | ) | (631 | ) | (262 | ) | |||||||
| Total Stockholders' Equity | 33,544 | 33,187 | 34,042 | 34,534 | |||||||||||
| Total Liabilities and Stockholders' Equity | $ | 401,471 | $ | 390,370 | $ | 389,450 | $ | 396,161 | |||||||
| 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, | ||||||||||||||
| 2018 | 2017 | 2018 | 2017 | ||||||||||||
| Interest income | |||||||||||||||
| Interest and fees on loans | $ | 2,958 | $ | 2,842 | $ | 5,830 | $ | 5,616 | |||||||
| Interest and dividends on securities | 535 | 507 | 1,059 | 1,025 | |||||||||||
| Interest on deposits with banks and federal funds sold | 50 | 31 | 98 | 62 | |||||||||||
| Total Interest Income | 3,543 | 3,380 | 6,987 | 6,703 | |||||||||||
| Interest expense | |||||||||||||||
| Interest on deposits | 325 | 327 | 634 | 659 | |||||||||||
| Interest on short-term borrowings | 165 | 84 | 308 | 167 | |||||||||||
| Interest on long-term borrowings | - | 76 | - | 152 | |||||||||||
| Total Interest Expense | 490 | 487 | 942 | 978 | |||||||||||
| Net Interest Income | 3,053 | 2,893 | 6,045 | 5,725 | |||||||||||
| Provision for loan losses | (5 | ) | (30 | ) | 355 | 165 | |||||||||
| Net interest income after provision for loan losses | 3,058 | 2,923 | 5,690 | 5,560 | |||||||||||
| Noninterest income | |||||||||||||||
| Service charges on deposit accounts | 61 | 68 | 128 | 136 | |||||||||||
| Other fees and commissions | 179 | 168 | 347 | 328 | |||||||||||
| Gains on redemption of BOLI policies | 101 | - | 308 | - | |||||||||||
| Income on life insurance | 45 | 51 | 89 | 100 | |||||||||||
| Other income | - | 1 | - | 3 | |||||||||||
| Total Noninterest Income | 386 | 288 | 872 | 567 | |||||||||||
| Noninterest expenses | |||||||||||||||
| Salary and employee benefits | 1,649 | 1,615 | 3,371 | 3,036 | |||||||||||
| Occupancy and equipment expenses | 274 | 286 | 579 | 584 | |||||||||||
| Legal, accounting and other professional fees | 277 | 197 | 509 | 403 | |||||||||||
| Data processing and item processing services | 154 | 143 | 286 | 312 | |||||||||||
| FDIC insurance costs | 65 | 63 | 122 | 123 | |||||||||||
| Advertising and marketing related expenses | 32 | 42 | 49 | 73 | |||||||||||
| Loan collection costs | 80 | 29 | 121 | 47 | |||||||||||
| Telephone costs | 67 | 59 | 124 | 114 | |||||||||||
| Other expenses | 413 | 376 | 685 | 689 | |||||||||||
| Total Noninterest Expenses | 3,011 | 2,810 | 5,846 | 5,381 | |||||||||||
| Income before income taxes | 433 | 401 | 716 | 746 | |||||||||||
| Income tax expense | (45 | ) | 63 | (17 | ) | 92 | |||||||||
| Net income | $ | 478 | $ | 338 | $ | 733 | $ | 654 | |||||||
| Basic and diluted net income per share of common stock | $ | 0.17 | $ | 0.12 | $ | 0.26 | $ | 0.23 | |||||||
| GLEN BURNIE BANCORP AND SUBSIDIARIES | ||||||||||||||||||
| CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY | ||||||||||||||||||
| For the six months ended June 30, 2018 and 2017 (unaudited) | ||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||
| Accumulated | ||||||||||||||||||
| Other | ||||||||||||||||||
| Additional | Comprehensive | Total | ||||||||||||||||
| Common | Paid-in | Retained | (Loss) | Stockholders' | ||||||||||||||
| Stock | Capital | Earnings | Income | Equity | ||||||||||||||
| Balance, December 31, 2016 | $ | 2,787 | $ | 10,130 | $ | 21,708 | $ | (810 | ) | $ | 33,815 | |||||||
| Net income | - | - | 654 | - | 654 | |||||||||||||
| Cash dividends, $0.20 per share | - | - | (559 | ) | - | (559 | ) | |||||||||||
| 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 | |||||||
| Accumulated | ||||||||||||||||||
| Additional | Other | Total | ||||||||||||||||
| Common | Paid-in | Retained | Comprehensive | Stockholders' | ||||||||||||||
| Stock | Capital | Earnings | (Loss) | Equity | ||||||||||||||
| Balance, December 31, 2017 | $ | 2,801 | $ | 10,267 | $ | 21,605 | $ | (631 | ) | $ | 34,042 | |||||||
| Net income | - | - | 733 | - | 733 | |||||||||||||
| Cash dividends, $0.20 per share | - | - | (560 | ) | - | (560 | ) | |||||||||||
| Dividends reinvested under | ||||||||||||||||||
| dividend reinvestment plan | 7 | 68 | - | - | 75 | |||||||||||||
| Other comprehensive loss | - | - | - | (746 | ) | (746 | ) | |||||||||||
| Balance, June 30, 2018 | $ | 2,808 | $ | 10,335 | $ | 21,778 | $ | (1,377 | ) | $ | 33,544 | |||||||
| 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 June 30, 2018: | |||||||||
| (unaudited) | |||||||||
| Common Equity Tier 1 Capital | $ 33,335 | 11.94% | $ 12,559 | 4.50% | $ 18,140 | 6.50% | |||
| Total Risk-Based Capital | $ 35,662 | 12.78% | $ 22,326 | 8.00% | $ 27,908 | 10.00% | |||
| Tier 1 Risk-Based Capital | $ 33,335 | 11.94% | $ 16,745 | 6.00% | $ 22,326 | 8.00% | |||
| Tier 1 Leverage | $ 33,335 | 8.39% | $ 15,883 | 4.00% | $ 19,854 | 5.00% | |||
| As of March 31, 2018: | |||||||||
| (unaudited) | |||||||||
| Common Equity Tier 1 Capital | $ 33,132 | 12.73% | $ 11,712 | 4.50% | $ 16,917 | 6.50% | |||
| Total Risk-Based Capital | $ 36,047 | 13.85% | $ 20,822 | 8.00% | $ 26,027 | 10.00% | |||
| Tier 1 Risk-Based Capital | $ 33,132 | 12.73% | $ 15,616 | 6.00% | $ 20,822 | 8.00% | |||
| Tier 1 Leverage | $ 33,126 | 8.40% | $ 15,774 | 4.00% | $ 19,718 | 5.00% | |||
| As of December 31, 2017: | |||||||||
| (audited) | |||||||||
| Common Equity Tier 1 Capital | $ 32,946 | 12.83% | $ 11,553 | 4.50% | $ 16,687 | 6.50% | |||
| Total Risk-Based Capital | $ 35,543 | 13.84% | $ 20,538 | 8.00% | $ 25,673 | 10.00% | |||
| Tier 1 Risk-Based Capital | $ 32,946 | 12.83% | $ 15,404 | 6.00% | $ 20,538 | 8.00% | |||
| Tier 1 Leverage | $ 32,928 | 8.43% | $ 15,617 | 4.00% | $ 19,521 | 5.00% | |||
| As of June 30, 2017: | |||||||||
| (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% | |||
| GLEN BURNIE BANCORP AND SUBSIDIARIES | ||||||||||||||||||||||||
| 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, | |||||||||||||||||||
| 2018 | 2018 | 2017 | 2018 | 2017 | 2017 | |||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (audited) | |||||||||||||||||||
| Financial Data | ||||||||||||||||||||||||
| Assets | $ | 401,471 | $ | 390,353 | $ | 396,161 | $ | 401,471 | $ | 396,161 | $ | 389,450 | ||||||||||||
| Investment securities | 87,314 | 90,329 | 90,629 | 87,314 | 90,629 | 89,349 | ||||||||||||||||||
| Loans, (net of deferred fees & costs) | 289,408 | 275,699 | 271,035 | 289,408 | 271,035 | 271,612 | ||||||||||||||||||
| Allowance for loan losses | 2,284 | 2,899 | 2,599 | 2,284 | 2,599 | 2,589 | ||||||||||||||||||
| Deposits | 341,807 | 336,169 | 335,496 | 341,807 | 335,496 | 334,238 | ||||||||||||||||||
| Borrowings | 25,000 | 20,000 | 25,000 | 25,000 | 25,000 | 20,000 | ||||||||||||||||||
| Stockholders' equity | 33,544 | 33,188 | 34,534 | 33,544 | 34,534 | 34,042 | ||||||||||||||||||
| Net income | 478 | 255 | 338 | 733 | 654 | 911 | ||||||||||||||||||
| Average Balances | ||||||||||||||||||||||||
| Assets | $ | 396,033 | $ | 391,832 | $ | 392,959 | $ | 393,934 | $ | 392,263 | $ | 392,363 | ||||||||||||
| Investment securities | 91,290 | 92,449 | 92,364 | 91,870 | 93,213 | 91,634 | ||||||||||||||||||
| Loans, (net of deferred fees & costs) | 281,104 | 273,964 | 269,533 | 277,534 | 268,514 | 269,600 | ||||||||||||||||||
| Deposits | 335,479 | 334,492 | 336,724 | 334,985 | 336,585 | 335,805 | ||||||||||||||||||
| Borrowings | 26,394 | 22,752 | 21,278 | 24,573 | 20,832 | 21,458 | ||||||||||||||||||
| Stockholders' equity | 33,404 | 33,817 | 34,205 | 33,532 | 34,027 | 34,322 | ||||||||||||||||||
| Performance Ratios | ||||||||||||||||||||||||
| Annualized return on average assets | 0.49 | % | 0.26 | % | 0.35 | % | 0.38 | % | 0.34 | % | 0.23 | % | ||||||||||||
| Annualized return on average equity | 5.80 | % | 3.06 | % | 4.01 | % | 4.43 | % | 3.90 | % | 2.65 | % | ||||||||||||
| Net interest margin | 3.21 | % | 3.22 | % | 3.09 | % | 3.22 | % | 3.08 | % | 3.12 | % | ||||||||||||
| Dividend payout ratio | 59 | % | 109 | % | 83 | % | 76 | % | 85 | % | 123 | % | ||||||||||||
| Book value per share | $ | 11.95 | $ | 11.83 | $ | 12.37 | $ | 11.96 | $ | 12.37 | $ | 12.15 | ||||||||||||
| Basic and diluted net income per share | 0.17 | 0.09 | 0.12 | 0.26 | 0.23 | 0.33 | ||||||||||||||||||
| Cash dividends declared per share | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 | 0.40 | ||||||||||||||||||
| Basic and diluted weighted average shares outstanding | 2,806,599 | 2,802,509 | 2,792,656 | 2,804,565 | 2,791,824 | 2,794,381 | ||||||||||||||||||
| Asset Quality Ratios | ||||||||||||||||||||||||
| Allowance for loan losses to loans | 0.79 | % | 1.05 | % | 0.96 | % | 0.79 | % | 0.96 | % | 0.95 | % | ||||||||||||
| Nonperforming loans to avg. loans | 1.46 | % | 2.09 | % | 1.33 | % | 1.48 | % | 1.33 | % | 1.32 | % | ||||||||||||
| Allowance for loan losses to nonaccrual & 90+ past due loans | 58.6 | % | 52.7 | % | 72.5 | % | 58.6 | % | 72.5 | % | 77.7 | % | ||||||||||||
| Net charge-offs annualize to avg. loans | 0.94 | % | 0.07 | % | 0.04 | % | 0.48 | % | 0.04 | % | 0.09 | % | ||||||||||||
| Capital Ratios | ||||||||||||||||||||||||
| Common Equity Tier 1 Capital | 11.94 | % | 12.73 | % | 13.60 | % | 11.94 | % | 13.60 | % | 12.83 | % | ||||||||||||
| Tier 1 Risk-based Capital Ratio | 11.94 | % | 12.73 | % | 13.60 | % | 11.94 | % | 13.60 | % | 12.83 | % | ||||||||||||
| Leverage Ratio | 8.39 | % | 8.40 | % | 8.61 | % | 8.39 | % | 8.61 | % | 8.43 | % | ||||||||||||
| Total Risk-Based Capital Ratio | 12.78 | % | 13.85 | % | 14.65 | % | 12.78 | % | 14.65 | % | 13.84 | % | ||||||||||||