Glen Burnie Bancorp Announces Second Quarter 2022 Results

Glen Burnie, Maryland, UNITED STATES


GLEN BURNIE, Md., Aug. 08, 2022 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today net income of $309,000, or $0.11 per basic and diluted common share for the three-month period ended June 30, 2022, compared to net income of $480,000, or $0.17 per basic and diluted common share for the three-month period ended June 30, 2021.   Bancorp reported net income of $540,000, or $0.19 per basic and diluted common share for the six-month period ended June 30, 2022, compared to $1,074,000, or $0.38 per basic and diluted common share for the same period in 2021. On June 30, 2022, Bancorp had total assets of $429.4 million. Bancorp, the oldest independent commercial bank in Anne Arundel County, will pay its 120th consecutive quarterly dividend on August 8, 2022.

“The decrease in earnings during the second quarter of 2022, as compared to the same period of 2021, was primarily due to decreases in our net interest income, although we began to see the positive impact of rising interest rates,” said John D. Long, President and Chief Executive Officer. “We partially mitigated our declining net interest margin through repricing of new and existing loans at higher yields and through deployment of excess liquidity held in fed funds into higher yielding securities during the first half of 2022. Despite declining loan balances in a volatile market environment, we've built a solid earnings stream that should continue to deliver solid financial outcomes for the Company and our shareholders, even as interest rates continue to rise, and fears of an economic downturn continue to develop. Anne Arundel County, our primary operating area, remains a vibrant market and should weather this period of economic uncertainty. Non-performing assets remain low, and we maintain our conservative approach to credit underwriting. As with most companies, inflation pressure and wage increase from a tight labor market are likely to cause increases in our non-interest expense, which we are closely monitoring and managing. Historically, the Company has navigated both rising rate and recessionary cycles with good outcomes, and we believe that the Company and the Bank are well positioned to weather the current economic environment.”

In closing, Mr. Long added, “We remain very positive about the Company’s performance during the second half of 2022. We see strong pipelines for business growth across our markets. We also have a high-quality balance sheet and business mix that we believe will support strong performance regardless of future economic conditions.”

Highlights for the First Six Months of 2022

Total interest income declined $0.5 million to $5.9 million for the six-month period ending June 30, 2022, compared to the same period in 2021. This resulted from a $949,000 decrease in interest income on loans consistent with the $39.9 million decline in the average balance of the loan portfolio. The decline in interest income was driven by the repricing impact on earning asset yields of the change in asset mix from higher yielding loans to lower yielding investment securities, and the investment of excess liquidity derived from deposit growth in investment securities.   Loan pricing pressure/competition will likely continue to place pressure on the Company’s net interest margin. Exacerbating the above, the Company had a $24.6 million higher level of lower yielding cash and cash equivalents during the first half of 2022 compared to the same period in 2021.

Due to minimal charge-offs, recoveries on previously charged off loans, decline in the loan portfolio, and strong credit discipline, the Company continued to release portions of its allowance for credit losses on loans in the first half of 2022. The Company expects that its strong liquidity and capital positions, along with the Bank’s total regulatory capital to risk weighted assets of 15.90% on June 30, 2022, compared to 14.29% for the same period of 2021, will provide ample capacity for future growth.

Return on average assets for the three-month period ended June 30, 2022, was 0.29%, compared to 0.45% for the three-month period ended June 30, 2021. Return on average equity for the three-month period ended June 30, 2022, was 4.99%, compared to 5.51% for the three-month period ended June 30, 2021.   Lower net income and higher average asset balances primarily drove the lower return on average assets, while lower net income and a lower average equity balance, primarily drove the higher return on average equity.

The cost of funds decreased from 0.28% during the second quarter of 2021 to 0.22% during the second quarter of 2022. This 0.06% 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 $7.44 on June 30, 2022, compared to $12.43 per share on June 30, 2021. The decline was primarily due to the unrealized losses on available for sale securities, which was caused by the rapid increase in market interest rates.

On June 30, 2022, the Bank remained above all “well-capitalized” regulatory requirement levels. The Bank’s tier 1 risk-based capital ratio was approximately 15.13% on June 30, 2022, compared to 13.45% on June 30, 2021. 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 $429.4 million on June 30, 2022, a decrease of $3.4 million or 0.77%, from $432.8 million on June 30, 2021.  Investment securities increased by $200,000 or 0.15% to $157.8 million as of June 30, 2022, compared to $157.6 million for the same period of 2021.  Loans, net of deferred fees and costs, were $200.7 million on June 30, 2022, a decrease of $34.2 million or 16.24%, from $234.9 million on June 30, 2021.  Cash and cash equivalents increased $24.6 million or 39.56%, from June 30, 2021, to June 30, 2022. Deferred tax assets increased $5.4 million or 569.94%, from June 30, 2021, to June 30, 2022, due to the tax effects of unrealized losses on available for sale securities.

Total deposits were $385.8 million on June 30, 2022, an increase of $16.9 million or 4.40%, from $368.9 million on June 30, 2021. Noninterest-bearing deposits were $151.7 million on June 30, 2022, an increase of $8.4 million or 5.41%, from $143.3 million on June 30, 2021.   Interest-bearing deposits were $234.1 million on June 30, 2022, an increase of $8.5 million or 3.72%, from $225.6 million on June 30, 2021.   Total borrowings were $20.0 million on June 30, 2022, a decrease of $5.2 million or 20.75%, from $25.2 million on June 30, 2021.   The Company participated in the Paycheck Protection Program Liquidity Facility (“PPPLF”) established by the Federal Reserve. On June 30, 2021, the Company borrowed $5.2 million, under the PPPLF with a fixed rate of 0.35% and pledged PPP loans as collateral to secure the borrowings.

As of June 30, 2022, total stockholders’ equity was $21.3 million (4.95% of total assets), equivalent to a book value of $7.44 per common share. Total stockholders’ equity on June 30, 2021, was $35.4 million (8.18% of total assets), equivalent to a book value of $12.43 per common share. The reduction in the ratio of stockholders’ equity to total assets was primarily due to the $14.9 million after-tax decline in market value of the Company’s available-for-sale securities portfolio. These increases in unrealized losses primarily resulted from increasing market interest rates year-over-year, which decreased the fair value of the investment securities.

Asset quality, which has trended within a narrow range over the past several years, has remained sound and reflected no pandemic-related impact on June 30, 2022. 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 0.05% of total assets on June 30, 2022, compared to 0.02% on December 31, 2021, demonstrating positive asset quality trends across the portfolio.   The decrease in total assets from December 31, 2021, to June 30, 2022, drove the change. The allowance for credit losses on loans was $2.2 million, or 1.12% of total loans, as of June 30, 2022, compared to $2.5 million, or 1.17% of total loans, as of December 31, 2021. The allowance for credit losses for unfunded commitments was $413,000 as of June 30, 2022, compared to $371,000 as of December 31, 2021.

Review of Financial Results

For the three-month periods ended June 30, 2022, and 2021

Net income for the three-month period ended June 30, 2022, was $309,000, compared to $480,000 for the three-month period ended June 30, 2021.

Net interest income for the three-month period ended June 30, 2022, totaled $2.8 million, a decrease of $213,000 from the three-month period ended June 30, 2021. The decrease in net interest income was due to a $260,000 reduction in interest income, offset by $47,000 lower 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 security purchases in response to COVID-19 surge-deposit balances. Our securities holdings, which generally yield less than loans, increased as a percentage of our total assets reflecting increased deployment of cash balances.

Net interest margin for the three-month period ended June 30, 2022, was 2.61%, compared to 2.92% for the same period of 2021.   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 $16.8 million while the yield decreased 0.36% from 3.18% to 2.82%, when comparing the three-month periods ending June 30, 2021, and 2022. The average balance on interest-bearing funds and noninterest-bearing funds increased $9.0 million and $6.6 million, respectively, and the cost of funds decreased 0.06%, when comparing the three-month periods ending June 30, 2021, and 2022. 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 $55.1 million from $174.8 million to $229.9 million for the second quarter of 2022, compared to the same period of 2021. While the yield decreased from 1.65% to 1.64% during that same period. The decrease in yields for the three-month period can be attributed to the change in mix of cash held in interest-bearing deposits in banks and investment securities available for sale.

Average loan balances decreased $38.3 million to $201.6 million for the three-month period ended June 30, 2022, compared to $239.9 million for the same period of 2021, while the yield decreased from 4.29% to 4.16% during that same period. The decrease in loan yields for the second quarter of 2022 reflected the accelerated runoff of the lower yielding indirect automobile loan portfolio.

The release of allowance for credit loss on loans for the three-month period ended June 30, 2022, was $116,000, compared to a release of $67,000 for the same period of 2021. The increase in the release for the three-month period ended June 30, 2022, when compared to the three-month period ended June 30, 2021, primarily reflects a $24.7 million decrease in the reservable balance of the loan portfolio (excluding PPP loans) and an 11% decrease in the current expected credit loss percentage, offset by a $59,000 increase in net charge offs.

Noninterest income for the three-month period ended June 30, 2022, was $260,000, compared to $280,000 for the three-month period ended June 30, 2021, a decrease of $20,000 or 7.09%. The decrease was driven primarily by $10,000 lower other fees and commissions and a $14,000 lower gain on sale of other real estate.

For the three-month period ended June 30, 2022, noninterest expense was $2.83 million, compared to $2.79 million for the three-month period ended June 30, 2021, an increase of $43,000. The primary contributors to the $43,000 increase, when compared to the three-month period ended June 30, 2021, were increases in legal, accounting, and other professional fees and other expenses, offset by decreases in salary and employee benefits,

For the six-month periods ended June 30, 2022, and 2021

Net income for the six-month period ended June 30, 2022, was $540,000, compared to $1,074,000 for the six-month period ended June 30, 2021.

Net interest income for the six-month period ended June 30, 2022, totaled $5.5 million, a decrease of $410,000 from the six-month period ended June 30, 2021. The decrease in net interest income was due to $506,000 lower interest income, offset by a $96,000 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 security purchases in response to COVID-19 surge-deposit balances. Our securities holdings, which generally yield less than loans, increased as a percentage of our total assets reflecting deployment of increased cash balances.

Net interest margin for the six-month period ended June 30, 2022, was 2.57%, compared to 2.92% for the same period of 2021. 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 $23.4 million, while the yield decreased 0.41% from 3.20% to 2.79%, when comparing the six-month periods ending June 30, 2021, and 2022. The average balance on interest-bearing funds and noninterest-bearing funds increased $9.6 million and $12.6 million, respectively, and the cost of funds decreased 0.06%, when comparing the six-month periods ending June 30, 2021, and 2022. The decrease in interest expense is related to a continuing shift in deposit mix and the 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 $63.4 million from $162.3 million to $225.7 million for the six-month period ending June 30, 2022, compared to the same period of 2021. While the yield decreased from 1.54% to 1.50% during that same period. The decrease in yields for the six-month period can be attributed to the change in mix of cash held in interest-bearing deposits in banks and investment securities available for sale.

Average loan balances decreased $39.9 million to $204.5 million for the six-month period ended June 30, 2022, compared to $244.4 million for the same period of 2021. While the yield decreased from 4.29% to 4.20% during that same period.

The Company recorded a release of allowance for credit loss on loans of $217,000 for the six-month period ending June 30, 2022, compared to a release of $471,000 for the same period in 2021. The $254,000 decline in the release in 2022, compared to 2021, primarily reflects a $323,000 increase in net charge offs, offset by a $24.7 million decrease in the reservable balance of the loan portfolio (excluding PPP loans) and an 11% decrease in the current expected credit loss percentage.   As a result, the allowance for credit loss on loans was $2.2 million on June 30, 2022, representing 1.12% of total loans, compared to $2.9 million, or 1.23% of total loans on June 30, 2021.

Noninterest income for the six-month period ended June 30, 2022, was $514,000, compared to $527,000 for the six-month period ended June 30, 2021, a decrease of $13,000 or 38.05%. The decrease was driven primarily by a $14,000 lower gain on sale of other real estate.

For the six-month period ended June 30, 2022, noninterest expense was $5.6 million, compared to $5.6 million for the six-month period ended June 30, 2021. The primary contributors when comparing to the six-month period ended June 30, 2021, were decreases in salary and employee benefits costs, data processing and item processing services, FDIC insurance costs, loan collection costs and telephone costs, offset by increases in occupancy and equipment expenses, legal, accounting, and other professional fees.

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,
  2022   2022   2021   2021 
 (unaudited) (unaudited) (audited) (unaudited)
ASSETS       
Cash and due from banks$2,140  $2,071  $2,111  $2,223 
Interest-bearing deposits in other financial institutions 49,226   66,769   60,070   24,545 
Total Cash and Cash Equivalents 51,366   68,840   62,181   26,768 
        
Investment securities available for sale, at fair value 157,823   147,371   155,927   157,591 
Restricted equity securities, at cost 1,071   1,074   1,062   1,062 
        
Loans, net of deferred fees and costs 200,698   204,252   210,392   234,871 
Less: Allowance for credit losses(1) (2,238)  (2,380)  (2,470)  (2,887)
Loans, net 198,460   201,872   207,922   231,984 
        
Premises and equipment, net 3,446   3,492   3,564   3,716 
Bank owned life insurance 8,414   8,375   8,338   8,258 
Deferred tax assets, net 6,452   4,148   956   1,004 
Accrued interest receivable 1,145   1,124   1,085   1,304 
Accrued taxes receivable 245   280   301   258 
Prepaid expenses 448   513   347   407 
Other assets 523   356   383   422 
Total Assets$ 429,393  $ 437,445  $ 442,066  $ 432,774 
        
LIABILITIES       
Noninterest-bearing deposits$151,679  $155,027  $155,624  $143,254 
Interest-bearing deposits 234,086   232,747   227,623   225,630 
Total Deposits 385,765   387,774   383,247   368,884 
        
Short-term borrowings 10,000   10,000   10,000   25,237 
Long-term borrowings 10,000   10,000   10,000   - 
Defined pension liability 313   311   304   296 
Accrued expenses and other liabilities 2,050   2,080   2,799   2,962 
Total Liabilities 408,128   410,165   406,350   397,379 
        
STOCKHOLDERS' EQUITY       
Common stock, par value $1, authorized 15,000,000 shares, issued and outstanding 2,858,635, 2,856,257, 2,853,880 and 2,848,170 shares as of June 30, 2022, March 31, 2022, December 31, 2021, and June 30, 2021, respectively.       
        
  2,859   2,856   2,854   2,848 
Additional paid-in capital 10,810   10,784   10,759   10,700 
Retained earnings 22,946   22,922   22,977   22,104 
Accumulated other comprehensive loss (15,350)  (9,282)  (874)  (257)
Total Stockholders' Equity 21,265   27,280   35,716   35,395 
Total Liabilities and Stockholders' Equity$ 429,393  $ 437,445  $ 442,066  $ 432,774 
        
(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,
   2022   2021   2022   2021 
Interest income        
Interest and fees on loans $2,089  $2,568  $4,256  $5,205 
Interest and dividends on securities  794   698   1,492   1,203 
Interest on deposits with banks and federal funds sold  147   24   197   43 
Total Interest Income  3,030   3,290   5,945   6,451 
         
Interest expense        
Interest on deposits  120   158   244   325 
Interest on short-term borrowings  88   116   191   232 
Interest on long-term borrowings  19   -   26   - 
Total Interest Expense  227   274   461   557 
         
Net Interest Income  2,803   3,016   5,484   5,894 
Release of credit loss provision  (116)  (67)  (217)  (471)
Net interest income after release of credit loss provision  2,919   3,083   5,701   6,365 
         
Noninterest income        
Service charges on deposit accounts  40   37   82   77 
Other fees and commissions  180   190   355   359 
Loss/gain on securities sold/redeemed  1   -   1   - 
Gain on sale of other real estate  -   14   -   14 
Income on life insurance  39   39   76   77 
Total Noninterest Income  260   280   514   527 
         
Noninterest expenses        
Salary and employee benefits  1,516   1,588   3,136   3,218 
Occupancy and equipment expenses  316   304   647   606 
Legal, accounting and other professional fees  260   183   585   395 
Data processing and item processing services  235   248   461   505 
FDIC insurance costs  29   40   54   83 
Advertising and marketing related expenses  21   24   43   45 
Loan collection costs  20   22   (55)  28 
Telephone costs  41   54   85   131 
Other expenses  397   329   663   610 
Total Noninterest Expenses  2,835   2,792   5,619   5,621 
         
Income before income taxes  344   571   596   1,271 
Income tax expense  35   91   56   197 
         
Net income $309  $480  $540  $1,074 
         
Basic and diluted net income per common share $0.11  $0.17  $0.19  $0.38 
         


GLEN BURNIE BANCORP AND SUBSIDIARY    
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
For the six months ended June 30, 2022 and 2021      
(dollars in thousands)         
(unaudited)         
           
        Accumulated  
    Additional   Other Total
  Common  Paid-in Retained Comprehensive Stockholders'
  Stock Capital Earnings (Loss) IncomeEquity
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 
           
           
        Accumulated  
    Additional   Other Total
  Common  Paid-in Retained Comprehensive Stockholders'
  Stock Capital Earnings Income/(Loss) Equity
Balance, December 31, 2021$2,854 $10,759 $22,977  $(874) $35,716 
           
Net income -  -  540   -  $540 
Cash dividends, $0.20 per share -  -  (571)  -  $(571)
Dividends reinvested under         
dividend reinvestment plan 5  51  -   -  $56 
Other comprehensive loss -  -  -   (14,476) $(14,476)
Balance, June 30, 2022$2,859 $10,810 $22,946  $(15,350) $21,265 
           

 

THE BANK OF GLEN BURNIE        
CAPITAL RATIOS           
(dollars in thousands)           
(unaudited)           
            
          To Be Well
          Capitalized Under
      To Be Considered  Prompt Corrective
      Adequately Capitalized Action Provisions
 AmountRatio AmountRatio AmountRatio
As of June 30, 2022:           
Common Equity Tier 1 Capital$37,26715.13% $11,0874.50% $16,0156.50%
Total Risk-Based Capital$39,18315.90% $19,7118.00% $24,63910.00%
Tier 1 Risk-Based Capital$37,26715.13% $14,7836.00% $19,7118.00%
Tier 1 Leverage$37,2678.58% $17,3834.00% $21,7285.00%
            
As of March 31, 2022:           
Common Equity Tier 1 Capital$37,20115.33% $10,9234.50% $15,7786.50%
Total Risk-Based Capital$39,19916.15% $19,4198.00% $24,27310.00%
Tier 1 Risk-Based Capital$37,20115.33% $14,5646.00% $19,4198.00%
Tier 1 Leverage$37,2018.42% $17,6634.00% $22,0795.00%
            
As of December 31, 2021:           
Common Equity Tier 1 Capital$37,59215.32% $11,0444.50% $15,9526.50%
Total Risk-Based Capital$39,32916.03% $19,6348.00% $24,54210.00%
Tier 1 Risk-Based Capital$37,59215.32% $14,7256.00% $19,6348.00%
Tier 1 Leverage$37,5928.40% $17,9104.00% $22,3885.00%
            
As of June 30, 2021:           
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%
            


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,
   2022   2022   2021   2022   2021   2021 
  (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (audited)
             
Financial Data            
Assets $429,393  $437,445  $432,774  $429,393  $432,774  $442,066 
Investment securities  157,823   147,371   157,591   157,823   157,591   155,927 
Loans, (net of deferred fees & costs) 200,698   204,252   234,871   200,698   234,871   210,392 
Allowance for loan losses  2,238   2,380   2,887   2,238   2,887   2,470 
Deposits  385,765   387,774   368,884   385,765   368,884   383,247 
Borrowings  20,000   20,000   25,237   20,000   25,237   20,000 
Stockholders' equity  21,265   27,280   35,395   21,265   35,395   35,716 
Net income  310   231   480   540   1,074   2,516 
             
Average Balances            
Assets $434,297  $441,472  $429,499  $437,884  $422,150  $431,169 
Investment securities  167,651   155,599   150,556   161,625   134,581   145,496 
Loans, (net of deferred fees & costs) 201,633   207,321   239,912   204,477   244,416   233,956 
Deposits  387,358   384,776   371,115   386,067   363,327   371,958 
Borrowings  20,000   20,002   20,617   20,001   20,590   20,309 
Stockholders' equity  24,902   34,119   34,926   29,511   35,499   36,010 
             
Performance Ratios            
Annualized return on average assets 0.29%  0.21%  0.45%  0.25%  0.51%  0.58%
Annualized return on average equity 4.99%  2.74%  5.51%  3.69%  6.10%  6.99%
Net interest margin  2.61%  2.54%  2.92%  2.57%  2.92%  3.00%
Dividend payout ratio  92%  124%  59%  106%  53%  45%
Book value per share $7.44  $9.55  $12.43  $7.44  $12.43  $12.51 
Basic and diluted net income per share  0.11   0.08   0.17   0.19   0.38   0.88 
Cash dividends declared per share  0.10   0.10   0.10   0.20   0.20   0.40 
Basic and diluted weighted average shares outstanding  2,857,616   2,855,253   2,847,191   2,856,441   2,845,493   2,848,465 
             
Asset Quality Ratios            
Allowance for loan losses to loans  1.12%  1.17%  1.23%  1.12%  1.23%  1.17%
Nonperforming loans to avg. loans  0.12%  0.10%  1.72%  0.11%  1.69%  0.16%
Allowance for loan losses to nonaccrual & 90+ past due loans  964.4%  1103.7%  69.9%  964.4%  69.9%  703.7%
Net charge-offs annualize to avg. loans  0.05%  -0.02%  -0.06%  0.01%  -0.25%  -0.17%
             
Capital Ratios            
Common Equity Tier 1 Capital  15.13%  15.33%  13.45%  15.13%  13.45%  15.32%
Tier 1 Risk-based Capital Ratio  15.13%  15.33%  13.45%  15.13%  13.45%  15.32%
Leverage Ratio  8.58%  8.42%  8.58%  8.58%  8.58%  8.40%
Total Risk-Based Capital Ratio  15.90%  16.15%  14.29%  15.90%  14.29%  16.03%
             
 

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