Glen Burnie Bancorp Announces Second Quarter 2021 Results

Glen Burnie, Maryland, UNITED STATES


GLEN BURNIE, Md., Aug. 05, 2021 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today net income of $480,000, or $0.17 per basic and diluted common share for the three-month period ended June 30, 2021, as compared to a net loss of $96,000, or $0.03 per basic and diluted common share for the three-month period ended June 30, 2020. Bancorp reported net income of $1,074,000, or $0.38 per basic and diluted common share for the six-month period ended June 30, 2021, compared to $174,000, or $0.06 per basic and diluted common share for the same period in 2020. On June 30, 2021, Bancorp had total assets of $432.8 million. Bancorp, the oldest independent commercial bank in Anne Arundel County, paid its 116th consecutive quarterly dividend on July 30, 2021. The Company recorded a net benefit of $67,000 from the release of allowance for credit losses loans (“ACL-loans”) for the second quarter of 2021 and $471,000 for the first half of 2021 compared to a provision for credit losses (“PCL-loans”) of $487,000 for the second quarter of 2020 and $407,000 for the first half of 2020.

“We are very pleased to report another quarter of strong financial performance,” said John D. Long, President and Chief Executive Officer. “The story for this quarter, and for the first six months of 2021, is the release of ACL-loans compared to significant provision for loan loss during the quarter and the first half of 2020. Additionally, the Bank’s continued realization of Paycheck Protection Program (“PPP”) loan fees due to ongoing PPP loan forgiveness by the SBA contributed to our strong performance. Our margin continues to be under pressure as deposit growth driven by government stimulus has far outpaced net loan decreases. Our challenge for the remainder of 2021, and into 2022, will be generating loan growth in the post-pandemic economy, but we are encouraged by the improving economic factors in our markets as the economy reopens.”

“We remain committed to improving our noninterest income revenue streams and are very pleased with the success of recently introduced deposit products and services, along with the growth seen in other key fee income categories. Our desire to meet growth objectives in a cost-conscious manner remains a priority, and we will continue to regularly review our branch system and other expense categories to identify potential opportunities to conduct business more efficiently.”

Highlights for the First Six Months of 2021

The Company recorded a PCL-loans benefit of $67,000 in the second quarter of 2021 as compared to a PCL-loans expense of $487,000 in the second quarter of 2020, and a year-to-date PCL-loans benefit of $471,000 in 2021 as compared to a $407,000 PCL-loans expense for the same period in 2020. The $554,000 favorable decline in PCL-loans in the second quarter of 2021 as compared to the second quarter of 2020, and the $878,000 favorable decrease in the first six months of 2021 compared to the same period in 2020 is due primarily to lower average balances on loans, and net recoveries of previously charged-off loan balances.

Total interest income declined $0.3 million to $6.5 million for the six-month period ending June 30, 2021, compared to the same period in 2020. This was driven primarily by an $846,000 decrease in interest income on loans consistent with the $38.3 million decline in the average balance of the loan portfolio. 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 had an $8.5 million higher level of excess liquidity during the first half of 2021 compared to the same period in 2020.

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 14.29% on June 30, 2021, as compared to 12.95% for the same period of 2020.

Return on average assets for the three-month period ended June 30, 2021, was 0.45%, as compared to -0.10% for the three-month period ended June 30, 2020. Return on average equity for the three-month period ended June 30, 2021, was 5.51%, as compared to -1.05% for the three-month period ended June 30, 2020. The significant provision for loan losses in 2020, precipitated by the unknown consequences of the COVID-19 pandemic and the subsequent stimulus driven economic turnaround, drove the higher returns.

The cost of funds decreased from 0.45% during the second quarter of 2020 to 0.28% during the second quarter of 2021. This decrease was primarily due to a change in funding mix, consisting of an increase in lower cost non-time deposits as a percentage of total funding sources, and lower rates on time deposits, reflecting the declining interest rate environment.

The book value per share of Bancorp’s common stock was $12.43 on June 30, 2021, as compared to $12.65 per share on June 30, 2020.

On June 30, 2021, the Bank remained above all “well-capitalized” regulatory requirement levels. The Bank’s tier 1 risk-based capital ratio was approximately 13.45% on June 30, 2021, as compared to 12.10% on June 30, 2020. 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 $432.8 million on June 30, 2021, an increase of $14.6 million or 3.49%, from $418.2 million on June 30, 2020. Investment securities increased by $73.1 million or 86.51% to $157.6 million as of June 30, 2021, as compared to $84.5 million for the same period of 2020, primarily due to changes in our asset mix resulting from significant increases in deposits from government stimulus programs, deposit customers’ increased savings, and decreases in loan portfolio balances. Loans, net of deferred fees and costs, were $234.9 million on June 30, 2021, a decrease of $50.1 million or 17.58%, from $285.0 million on June 30, 2020. Net loans during the first half of 2021 and 2020 include loans funded under the SBA PPP, offset by forgiveness activity by the SBA. PPP loans carry a fixed interest rate of 1.0% with a two- or five-year contractual maturity depending on the origination date.

Total deposits were $368.9 million on June 30, 2021, an increase of $27.0 million or 7.90%, from $341.9 million on June 30, 2020. Noninterest-bearing deposits were $143.3 million on June 30, 2021, an increase of $15.7 million or 12.30%, from $127.6 million on June 30, 2020. The increase in deposits was primarily related to PPP and other government stimulus payments leading to historically high savings rates. Interest-bearing deposits were $225.6 million on June 30, 2021, an increase of $11.3 million or 5.27%, from $214.3 million on June 30, 2020. Total borrowings were $25.2 million on June 30, 2021, a decrease of $12.2 million or 32.62%, from $37.4 million on June 30, 2020. The Company participated in the Paycheck Protection Program Liquidity Facility (“PPPLF”) established by the Federal Reserve. On June 30, 2021, and 2020, the Company borrowed $5.2 million and $17.4 million, respectively, under the PPPLF with a fixed rate of 0.35% and pledged PPP loans as collateral to secure the borrowings.

As of June 30, 2021, total stockholders’ equity was $35.4 million (8.18% of total assets), equivalent to a book value of $12.43 per common share. Total stockholders’ equity on June 30, 2020, was $35.9 million (8.58% of total assets), equivalent to a book value of $12.65 per common share. The reductions in the ratio of stockholders’ equity to total assets was due to higher asset balances from increased levels of cash equivalents and investment securities, along with decreases to equity from the decline in market value of the Company’s available-for-sale securities portfolio and the $1.5 million impact of the adoption of the CECL accounting standard for credit losses. Included in stockholders’ equity on June 30, 2021, and June 30, 2020, were unrealized losses (net of taxes) on the Company’s available-for-sale investment securities and derivative contracts totaling $257,000 and unrealized gains (net of taxes) of $306,000, respectively. This decrease in unrealized gains primarily resulted from decreasing market interest rates year-over-year, which decreased the fair value of the investment securities.

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 0.95% of total assets on June 30, 2021, as compared to 1.12% for the same period of 2020. The $705,000 decrease in OREO balance and $14.6 million higher asset balance, offset by $173,000 increase in nonaccrual loans drove the 0.17% decrease in nonperforming assets as percentage of total assets from June 30, 2020, to June 30, 2021.

Review of Financial Results

For the three-month periods ended June 30, 2021, and 2020

Net income for the three-month period ended June 30, 2021, was $480,000, as compared to a net loss of $96,000 for the three-month period ended June 30, 2020.

Net interest income for the three-month period ended June 30, 2021, totaled $3.02 million, an increase of $78,000 from the three-month period ended June 30, 2020. The increase in net interest income was due to a $124,000 reduction in the costs of interest-bearing deposits and borrowings, offset by $46,000 lower interest income. Net interest margin compression drove the lower interest income resulting from declining loan balances, increases in cash held in interest-bearing deposits in banks, and bond purchases in response to COVID-19 driven excess liquidity. Our securities holdings, which generally yield less than loans, increased as a percentage of our total assets reflecting deployment of increased deposits.

Net interest margin for the three-month period ended June 30, 2021, was 2.92%, as compared to 3.12% for the same period of 2020. Lower average yields and higher average balances on interest-earning assets combined with higher average interest-bearing funds, higher 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 increased $35.9 million while the yield decreased 0.36% from 3.54% to 3.18%, when comparing the three-month periods ending June 30, 2020, and 2021. The average balance on interest-bearing funds and noninterest-bearing funds increased $10.8 million and $23.7 million, respectively, and the cost of funds decreased 0.17%, when comparing the three-month periods ending June 30, 2020, and 2021. The decrease in interest expense is related to a continuing shift in deposit mix and the ongoing downward repricing of interest-bearing deposits. 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 $80.2 million from $94.6 million to $174.8 million for the second quarter of 2021, as compared to the same period of 2020, while the yield increased from 1.51% to 1.65% during that same period. Much of the increase in yields for the three-month period can be attributed to a significant increase in investment securities available for sale.

Average loan balances decreased $44.3 million or 15.59% to $239.9 million for the three-month period ended June 30, 2021, as compared to $284.2 million for the same period of 2020 while the yield increased from 4.22% to 4.29% during that same period. The increase in loan yields for the second quarter of 2021 reflected the accelerated recognition of net fees due to PPP loan forgiveness by the SBA.

The Company recorded a PCL-loans benefit of $67,000 in the second quarter of 2021 as compared to a provision for loan loss of $487,000 in the second quarter of 2020. The $554,000 favorable decline in PCL-loans in the second quarter of 2021 as compared to the second quarter of 2020, is due primarily to lower average balances on loans, net recoveries of previously charged-off loan balances and strong credit discipline. As a result, the ACL-loans was $2.9 million on June 30, 2021, representing 1.23% of total loans, as compared to the allowance for loan losses of $2.4 million, or 0.84% of total loans on June 30, 2020. The ratio of the ACL-loans and the allowance for loan losses to total loans increased 0.39% primarily due to the Company’s adoption of the CECL accounting standard effective January 1, 2021. The Company’s financial statements for periods prior to January 1, 2021, were prepared under the previous incurred loss accounting standard. 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 three-month period ended June 30, 2021, was $280,000, as compared to $228,000 for the three-month period ended June 30, 2020, an increase of $52,000 or 22.81%, driven primarily by $39,000 higher other fees and commissions and $14,000 gain on sale of other real estate.

For the three-month period ended June 30, 2021, noninterest expense was $2.79 million, as compared to $2.81 million for the three-month period ended June 30, 2020, a decrease of $14,000. The primary contributors to the $14,000 decrease, when compared to the three-month period ended June 30, 2020, were decreases in legal, accounting, and other professional fees, and other expenses, offset by increases in data processing and item processing services and telephone costs.

For the six-month periods ended June 30, 2021, and 2020

Net income for the six-month period ended June 30, 2021, was $1,074,000, as compared to a $174,000 for the six-month period ended June 30, 2020.

Net interest income for the six-month period ended June 30, 2021, totaled $5.9 million, a decrease of $92,000 from the six-month period ended June 30, 2020. The decrease in net interest income was due to $384,000 lower interest income, offset by a $292,000 reduction in the costs of interest-bearing deposits and borrowings. Net interest margin compression drove the lower interest income resulting from declining loan balances, increases in cash held in interest-bearing deposits in banks and bond purchases in response to COVID-19 driven excess liquidity. Our securities holdings, which generally yield less than loans, increased as a percentage of our total assets reflecting deployment of increased deposits.

Net interest margin for the six-month period ended June 30, 2021, was 2.92%, as compared to 3.23% for the same period of 2020. Lower average yields and higher average balances on interest-earning assets combined with higher average interest-bearing funds, higher 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 increased $34.4 million while the yield decreased 0.49% from 3.69% to 3.20%, when comparing the six-month periods ending June 30, 2020, and 2021. The average balance on interest-bearing funds and noninterest-bearing funds increased $7.4 million and $25.7 million, respectively, and the cost of funds decreased 0.20%, when comparing the six-month periods ending June 30, 2020, and 2021. The decrease in interest expense is related to a continuing shift in deposit mix and the ongoing downward repricing of interest-bearing deposits. 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 $72.7 million from $89.6 million to $162.3 million for the six-month period ending June 30, 2021, as compared to the same period of 2020, while the yield decreased from 1.76% to 1.54% during that same 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 $38.4 million or 13.58% to $244.4 million for the six-month period ended June 30, 2021, as compared to $282.8 million for the same period of 2020 while the yield decreased from 4.30% to 4.29% during that same period.

The Company recorded a PCL-loans benefit of $471,000 for the six-month period ending June 30, 2021, as compared to a provision for loan loss of $407,000 for the same period in 2020. The $878,000 favorable decline in PCL-loans in 2021 as compared to 2020, is due primarily to lower average balances on loans, net recoveries of previously charged-off loan balances, and strong credit discipline. As a result, the ACL-loans was $2.9 million on June 30, 2021, representing 1.23% of total loans, as compared to the allowance for loan losses of $2.4 million, or 0.84% of total loans on June 30, 2020. The ratio of the ACL-loans and the allowance for loan losses to total loans increased 0.39% primarily due to the Company’s adoption of the CECL accounting standard effective January 1, 2021. The Company’s financial statements for periods prior to January 1, 2021, were prepared under the previous incurred loss accounting standard. 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, 2021, was $527,000, as compared to $484,000 for the six-month period ended June 30, 2020, an increase of $43,000 or 8.88% driven primarily by a $48,000 increase in other fees and commissions and a $14,000 gain on sale of other real estate, offset by a $17,000 decrease in service charges on deposit accounts.

For the six-month period ended June 30, 2021, noninterest expense was $5.62 million, as compared to $5.85 million for the six-month period ended June 30, 2020, a decrease of $230,000 or 3.93%. The primary contributors to the $230,000 decrease, when compared to the six-month period ended June 30, 2020, were decreases in salary and employee benefits costs, occupancy, legal, accounting, and other professional fees, loan collection costs, FDIC insurance costs and other expenses, offset by increases in data processing and item processing services and telephone costs.

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, 
 2021 2021 2020 2020 
 (unaudited) (unaudited) (audited) (unaudited) 
ASSETS        
Cash and due from banks$2,223  $2,130  $2,117  $2,387  
Interest bearing deposits in other financial institutions 24,545   38,344   34,976   32,592  
   Total Cash and Cash Equivalents 26,768   40,474   37,093   34,979  
         
Investment securities available for sale, at fair value 157,591   134,897   114,049   84,534  
Restricted equity securities, at cost 1,062   1,062   1,199   1,199  
         
Loans, net of deferred fees and costs 234,871   246,853   253,772   284,963  
   Less: Allowance for credit losses(1) (2,887)  (2,921)  (1,476)  (2,392) 
   Loans, net 231,984   243,932   252,296   282,571  
         
Real estate acquired through foreclosure -   575   575   705  
Premises and equipment, net 3,716   3,793   3,853   3,904  
Bank owned life insurance 8,258   8,219   8,181   8,101  
Deferred tax assets, net 1,004   1,646   142   476  
Accrued interest receivable 1,304   1,277   1,302   1,226  
Accrued taxes receivable 258   75   116   -  
Prepaid expenses 407   410   318   329  
Other assets 422   364   362   176  
   Total Assets$ 432,774  $ 436,724  $ 419,486  $ 418,200  
         
LIABILITIES        
Noninterest-bearing deposits$143,254  $147,822  $132,626  $127,621  
Interest-bearing deposits 225,630   221,101   216,994   214,316  
   Total Deposits 368,884   368,923   349,620   341,937  
         
Short-term borrowings 25,237   31,244   29,912   37,367  
Defined pension liability 296   290   285   294  
Accrued expenses and other liabilities 2,962   2,792   2,576   2,735  
   Total Liabilities 397,379   403,249   382,393   382,333  
         
STOCKHOLDERS' EQUITY        
Common stock, par value $1, authorized 15,000,000 shares, issued and outstanding 2,848,170, 2,845,104, 2,842,040 and 2,834,325 shares as of June 30, 2021, March 31, 2021, December 31, 2020, and June 30, 2020, respectively. 2,848   2,845   2,842   2,834  
Additional paid-in capital 10,700   10,670   10,640   10,582  
Retained earnings 22,104   21,909   23,071   22,145  
Accumulated other comprehensive (loss) gain (257)  (1,949)  540   306  
   Total Stockholders' Equity 35,395   33,475   37,093   35,867  
   Total Liabilities and Stockholders' Equity$ 432,774  $ 436,724  $ 419,486  $ 418,200  
         
(1) Effective January 1, 2021, the Company applied ASU 2016-13, Financial Instruments – Credit Losses (“ASC 326”), such that the allowance calculation is based on current expected credit loss methodology (“CECL”). Prior to January 1, 2021, the calculation was based on incurred loss methodology. 



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, 
 2021
(unaudited)
 2020
(unaudited)
 2021
(unaudited)
 2020
(unaudited)
 
Interest income        
Interest and fees on loans$2,568  $2,980  $5,205  $6,051 
Interest and dividends on securities 698   317   1,203   698 
Interest on deposits with banks and federal funds sold 24   39   43   86 
   Total Interest Income 3,290   3,336   6,451   6,835 
         
Interest expense        
Interest on deposits 158   289   325   614 
Interest on short-term borrowings 116   109   232   235 
   Total Interest Expense 274   398   557   849 
         
   Net Interest Income 3,016   2,938   5,894   5,986 
(Release) provision for credit losses (67)  487   (471)  407 
   Net interest income after provision (release) 3,083   2,451   6,365   5,579 
         
Noninterest income        
Service charges on deposit accounts 37   38   77   94 
Other fees and commissions 190   151   359   311 
Gain on securities sold/redeemed -   -   -   1 
Gain on sale of other real estate 14   -   14   - 
Income on life insurance 39   39   77   78 
   Total Noninterest Income 280   228   527   484 
         
Noninterest expenses        
Salary and employee benefits 1,588   1,597   3,218   3,302 
Occupancy and equipment expenses 304   295   606   626 
Legal, accounting and other professional fees 183   252   395   504 
Data processing and item processing services 248   184   505   417 
FDIC insurance costs 40   48   83   99 
Advertising and marketing related expenses 24   19   45   44 
Loan collection costs 22   21   28   88 
Telephone costs 54   43   131   90 
Other expenses 329   348   610   676 
   Total Noninterest Expenses 2,792   2,807   5,621   5,846 
         
Income (loss) before income taxes 571   (128)  1,271   217 
Income tax expense (benefit) 91   (32)  197   43 
         
   Net income (loss)$ 480  $ (96) $ 1,074  $ 174 
         
Basic and diluted net income (loss) per common share $ 0.17  $ (0.03) $ 0.38  $0.06 
         



GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
For the six months ended June 30, 2021 and 2020
(dollars in thousands)      
          
       Accumulated  
   Additional   Other Total
 Common  Paid-in Retained Comprehensive Stockholders'
 Stock Capital Earnings (Loss) IncomeEquity
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 
          
          
       Accumulated  
   Additional   Other Total
 Common  Paid-in Retained Comprehensive Stockholders'
 Stock Capital Earnings Income/(Loss) Equity
Balance, December 31, 2020$2,842 $10,640 $23,071  $540  $37,093 
          
Net income -  -  1,074   -   1,074 
Cash dividends, $0.20 per share -  -  (569)  -   (569)
Dividends reinvested under dividend reinvestment plan 6  60    -   66 
Transition adjustment pursuant to adoption of ASU 2016-3 to adoption of ASU 2016-3     (1,472)    (1,472)
Other comprehensive loss -  -  -   (797)  (797)
Balance, June 30, 2021$2,848 $10,700 $22,104  $(257) $35,395 
          



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, 2021:           
(unaudited)           
Common Equity Tier 1 Capital$36,16013.45% $12,1004.50% $17,4786.50%
Total Risk-Based Capital$38,41914.29% $21,5118.00% $26,88910.00%
Tier 1 Risk-Based Capital$36,16013.45% $16,1336.00% $21,5118.00%
Tier 1 Leverage$36,1608.58% $16,8654.00% $21,0825.00%
            
As of March 31, 2021:           
(unaudited)           
Common Equity Tier 1 Capital$36,42513.68% $11,9824.50% $17,3076.50%
Total Risk-Based Capital$38,72014.54% $21,3028.00% $26,62710.00%
Tier 1 Risk-Based Capital$36,42513.68% $15,9766.00% $21,3028.00%
Tier 1 Leverage$36,4258.99% $16,2064.00% $20,2575.00%
            
As of December 31, 2020:           
(unaudited)           
Common Equity Tier 1 Capital$36,44213.09% $12,5324.50% $18,1016.50%
Total Risk-Based Capital$37,95113.63% $22,2788.00% $27,84810.00%
Tier 1 Risk-Based Capital$36,44213.09% $16,7096.00% $22,2788.00%
Tier 1 Leverage$36,4429.12% $15,9804.00% $19,9755.00%
            
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%
            



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,
 2021 2021 2020 2021 2020 2020
 (unaudited)
 (unaudited)
 (unaudited)
 (unaudited)
 (unaudited)
 (unaudited)
            
Financial Data           
Assets$432,774  $436,724  $418,200  $432,774  $418,200  $419,486 
Investment securities 157,591   134,897   84,534   157,591   84,534   114,049 
Loans, (net of deferred fees & costs) 234,871   246,853   284,963   234,871   284,963   253,772 
Allowance for loan losses 2,887   2,921   2,392   2,887   2,392   1,476 
Deposits 368,884   368,923   341,937   368,884   341,937   349,620 
Borrowings 25,237   31,244   37,367   25,237   37,367   29,912 
Stockholders' equity 35,395   33,475   35,867   35,395   35,867   37,093 
Net income 480   594   (96)  1,074   174   1,668 
            
Average Balances           
Assets$429,499  $414,801  $396,633  $422,150  $390,171  $400,462 
Investment securities 150,556   118,606   69,729   134,581   70,254   88,088 
Loans, (net of deferred fees & costs) 239,912   248,920   284,168   244,416   282,752   277,074 
Deposits 371,115   355,538   336,330   363,327   328,468   336,394 
Borrowings 20,617   20,564   20,949   20,590   22,321   24,317 
Stockholders' equity 34,926   36,072   36,762   35,499   36,842   37,067 
            
Performance Ratios           
Annualized return on average assets 0.45%  0.58%  -0.10%  0.51%  0.09%  0.42%
Annualized return on average equity 5.51%  6.68%  -1.05%  6.10%  0.95%  4.50%
Net interest margin 2.92%  2.93%  3.12%  2.92%  3.23%  3.18%
Dividend payout ratio 59%  48%  -296%  53%  326%  68%
Book value per share$12.43  $11.77  $12.65  $12.43  $12.65  $13.05 
Basic and diluted net income per share 0.17   0.21   (0.03)  0.38   0.06   0.59 
Cash dividends declared per share 0.10   0.10   0.10   0.20   0.20   0.40 
Basic and diluted weighted average shares outstanding 2,847,191   2,843,775   2,832,974   2,845,493   2,831,174   2,835,037 
            
Asset Quality Ratios           
Allowance for loan losses to loans 1.23%  1.18%  0.84%  1.23%  0.84%  0.58%
Nonperforming loans to avg. loans 1.72%  1.79%  1.39%  1.69%  1.40%  1.63%
Allowance for loan losses to nonaccrual & 90+ past due loans 69.9%  65.5%  60.4%  69.9%  60.4%  32.6%
Net charge-offs annualize to avg. loans -0.06%  -0.44%  0.02%  -0.25%  0.12%  -0.04%
            
Capital Ratios           
Common Equity Tier 1 Capital 13.45%  13.68%  12.10%  13.45%  12.10%  13.09%
Tier 1 Risk-based Capital Ratio 13.45%  13.68%  12.10%  13.45%  12.10%  13.09%
Leverage Ratio 8.58%  8.99%  9.32%  8.58%  9.32%  9.12%
Total Risk-Based Capital Ratio 14.29%  14.54%  12.95%  14.29%  12.95%  13.63%

 

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