• Glen Burnie Bancorp Announces Third Quarter 2022 Results

    المصدر: Nasdaq GlobeNewswire / 04 نوفمبر 2022 09:23:29   America/Chicago

    GLEN BURNIE, Md., Nov. 04, 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 $375,000, or $0.13 per basic and diluted common share for the three-month period ended September 30, 2022, compared to net income of $888,000, or $0.31 per basic and diluted common share for the three-month period ended September 30, 2021. Bancorp reported net income of $915,000, or $0.32 per basic and diluted common share for the nine-month period ended September 30, 2022, compared to $1,962,000, or $0.69 per basic and diluted common share for the same period in 2021. On September 30, 2022, Bancorp had total assets of $415.6 million. Bancorp, the oldest independent commercial bank in Anne Arundel County, will pay its 121st consecutive quarterly dividend on November 7, 2022.

    “The decrease in earnings during the third 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 the repricing of new and existing loans at higher yields and the deployment of excess liquidity held in fed funds into higher yielding securities during the first nine months of 2022. Despite declining loan balances in a volatile market environment, we've built a stable 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 withstand this period of economic uncertainty. Non-performing assets remain low, and we maintain our conservative approach to credit underwriting. 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, “Our financial performance during the third quarter demonstrates our ability to navigate the current economic environment. As we enter the final quarter of the year with positive momentum, we recognize the backdrop of economic uncertainty that persists. Inflation levels remain elevated and market expectations suggest that interest rates will continue to rise, which will likely impact future economic growth and activity. As such, we are intently focused on targeted balance sheet growth that optimizes capital, prudently managing spreads, and maintaining disciplined loan and deposit pricing strategies. We believe our conservative credit culture and emphasis on effective risk management has served, and will continue to serve, us well during periods of economic unrest.”

    Highlights for the First Nine Months of 2022

    Total interest income declined $0.8 million to $9.3 million for the nine-month period ending September 30, 2022, compared to the same period in 2021. This resulted from a $1,654,000 decrease in interest income on loans consistent with the $37.4 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 into 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.

    Due to minimal charge-offs, lower recoveries on previously charged off loans, a decline in the loan portfolio balances, and strong credit discipline, the Company continued to release portions of its allowance for credit losses on loans in the first nine months 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 16.16% on September 30, 2022, compared to 14.86% for the same period of 2021, will provide ample capacity for future growth.

    Return on average assets for the three-month period ended September 30, 2022, was 0.35%, compared to 0.81% for the three-month period ended September 30, 2021. Return on average equity for the three-month period ended September 30, 2022, was 6.76%, compared to 9.56% for the three-month period ended September 30, 2021. Lower net income and lower average asset balances primarily drove the lower return on average assets, while lower net income and a lower average equity balance, primarily drove the lower return on average equity.

    The cost of funds remained unchanged at 0.27% when comparing the third quarter of 2021 to the third quarter of 2022.

    The book value per share of Bancorp’s common stock was $5.01 on September 30, 2022, compared to $12.26 per share on September 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 September 30, 2022, the Bank remained above all “well-capitalized” regulatory requirement levels. The Bank’s tier 1 risk-based capital ratio was approximately 15.34% on September 30, 2022, compared to 14.05% on September 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 $415.6 million on September 30, 2022, a decrease of $17.2 million or 3.89%, from $432.8 million on September 30, 2021. Investment securities decreased by $17.8 million or 11.45% to $145.0 million as of September 30, 2022, compared to $162.8 million for the same period of 2021. Loans, net of deferred fees and costs, were $194.1 million on September 30, 2022, a decrease of $30.6 million or 14.54%, from $224.7 million on September 30, 2021. Cash and cash equivalents increased $22.7 million or 36.51%, from $31.5 million on September 30, 2021, to $54.2 million on September 30, 2022. Deferred tax assets increased $7.7 million or 807.24%, from September 30, 2021, to September 30, 2022, due to the tax effects of unrealized losses on available for sale securities.

    Total deposits were $378.9 million on September 30, 2022, an increase of $4.4 million or 1.14%, from $374.5 million on September 30, 2021. Noninterest-bearing deposits were $149.2 million on September 30, 2022, an increase of $1.4 million or 0.88%, from $147.8 million on September 30, 2021. Interest-bearing deposits were $229.7 million on September 30, 2022, an increase of $3.0 million or 1.32%, from $226.7 million on September 30, 2021. Total borrowings were $20.0 million on September 30, 2022, unchanged from September 30, 2021.  

    As of September 30, 2022, total stockholders’ equity was $14.3 million (3.45% of total assets), equivalent to a book value of $5.01 per common share. Total stockholders’ equity on September 30, 2021, was $35.0 million (8.08% of total assets), equivalent to a book value of $12.26 per common share. The reduction in the ratio of stockholders’ equity to total assets was primarily due to the $21.7 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 September 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 September 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 September 30, 2022, and the decline in nonperforming assets primarily drove the change. The allowance for credit losses on loans was $2.3 million, or 1.17% of total loans, as of September 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 $469,000 as of September 30, 2022, compared to $371,000 as of December 31, 2021.  

    Review of Financial Results

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

    Net income for the three-month period ended September 30, 2022, was $375,000, compared to $888,000 for the three-month period ended September 30, 2021.

    Net interest income for the three-month period ended September 30, 2022, totaled $3.0 million, a decrease of $302,000 from the three-month period ended September 30, 2021. The decrease in net interest income was primarily due to a $296,000 reduction in 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 security purchases. Our cash balances and securities holdings, excluding unrealized market value losses, generally yield less than loans and increased as a percentage of our total assets reflecting increased deployment of excess liquidity.

    Net interest margin for the three-month period ended September 30, 2022, was 2.83%, compared to 3.22% 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 $9.2 million while the yield decreased 0.38% from 3.47% to 3.09%, when comparing the three-month periods ending September 30, 2021, and 2022. The average balance on interest-bearing funds and noninterest-bearing funds increased $4.9 million and $3.8 million, respectively, and the cost of funds remained unchanged at 0.27%, when comparing the three-month periods ending September 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 $41.7 million from $186.4 million to $228.1 million for the third quarter of 2022, compared to the same period of 2021 while the yield increased from 1.73% to 2.13% during that same period. The increase 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 and increases in the overnight fed funds rate.

    Average loan balances decreased $32.4 million to $197.2 million for the three-month period ended September 30, 2022, compared to $229.6 million for the same period of 2021, while the yield decreased from 4.89% to 4.21% during that same period. The decrease in loan yields for the third quarter of 2022 reflected continued runoff of the indirect automobile loan portfolio.

    The provision of allowance for credit loss on loans for the three-month period ended September 30, 2022, was $39,000, compared to a release of $122,000 for the same period of 2021. The increase in the provision for the three-month period ended September 30, 2022, when compared to the three-month period ended September 30, 2021, primarily reflects a $350,000 increase in net charge offs, offset by a $29.4 million decrease in the reservable balance of the loan portfolio (excluding PPP loans) and a 0.07% decrease in the current expected credit loss percentage.

    Noninterest income for the three-month period ended September 30, 2022, was $317,000, compared to $359,000 for the three-month period ended September 30, 2021, a decrease of $42,000 or 11.59%. The decrease was driven primarily a by $35,000 reduction in other fees and commissions.

    For the three-month period ended September 30, 2022, noninterest expense was $2.92 million, compared to $2.69 million for the three-month period ended September 30, 2021, an increase of $231,000. The primary contributors to the $231,000 increase, when compared to the three-month period ended September 30, 2021, were increases in legal, accounting, and other professional fees, data processing and item processing services, loan collection costs, and other expenses, offset by decreases in salary and employee benefits, occupancy and equipment expenses, and FDIC insurance costs.

    For the nine-month periods ended September 30, 2022, and 2021

    Net income for the nine-month period ended September 30, 2022, was $0.92 million, compared to $1.96 million for the nine-month period ended September 30, 2021.

    Net interest income for the nine-month period ended September 30, 2022, totaled $8.5 million, a decrease of $713,000 from the nine-month period ended September 30, 2021. The decrease in net interest income was primarily due to $802,000 lower interest income, offset by an $89,000 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. Our cash balances and securities holdings, excluding unrealized market value losses, generally yield less than loans and increased as a percentage of our total assets reflecting increased deployment of excess liquidity.

    Net interest margin for the nine-month period ended September 30, 2022, was 2.66%, compared to 3.01% 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 $18.7 million, while the yield decreased 0.39% from 3.28% to 2.89%, when comparing the nine-month periods ending September 30, 2021, and 2022. The average balance on interest-bearing funds and noninterest-bearing funds increased $8.0 million and $9.7 million, respectively, and the cost of funds decreased 0.04%, when comparing the nine-month periods ending September 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 $56.1 million from $170.3 million to $226.4 million for the nine-month period ending September 30, 2022, compared to the same period of 2021. The yield increased from 1.61% to 1.71% during that same period. The increase 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 and increases in the overnight fed funds rate.

    Average loan balances decreased $37.4 million to $202.1 million for the nine-month period ended September 30, 2022, compared to $239.5 million for the same period of 2021. The yield decreased from 4.47% to 4.20% during that same period.  

    The Company recorded a release of allowance for credit loss on loans of $178,000 for the nine-month period ending September 30, 2022, compared to a release of $593,000 for the same period in 2021. The $415,000 decline in the release in 2022, compared to 2021, primarily reflects a $350,000 increase in net charge offs, offset by a $27.8 million decrease in the reservable balance of the loan portfolio (excluding PPP loans) and an 0.07% decrease in the current expected credit loss percentage. As a result, the allowance for credit loss on loans was $2.3 million on September 30, 2022, representing 1.17% of total loans, compared to $2.8 million, or 1.24% of total loans on September 30, 2021.  

    Noninterest income for the nine-month period ended September 30, 2022, was $832,000, compared to $886,000 for the nine-month period ended September 30, 2021, a decrease of $54,000 or 6.11%. The decrease was driven primarily by a $39,000 lower other fees and commissions, and $14,000 lower gain on sale of other real estate.

    For the nine-month period ended September 30, 2022, noninterest expense was $8.5 million, compared to $8.3 million for the nine-month period ended September 30, 2021. The primary contributors to the $228,000 increase when comparing to the nine-month period ended September 30, 2021, were increases in legal, accounting, and other professional fees, and other expenses, offset by decreases in salary and employee benefits costs, FDIC insurance costs, loan collection costs 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)       
            
     September 30, June 30, December 31, September 30,
      2022   2022   2021   2021 
     (unaudited) (unaudited) (audited) (unaudited)
    ASSETS       
    Cash and due from banks$2,572  $2,140  $2,111  $2,826 
    Interest-bearing deposits in other financial institutions 51,597   49,226   60,070   28,638 
       Total Cash and Cash Equivalents 54,169   51,366   62,181   31,464 
            
    Investment securities available for sale, at fair value 144,980   157,823   155,927   162,827 
    Restricted equity securities, at cost 1,071   1,071   1,062   1,062 
            
    Loans, net of deferred fees and costs 194,080   200,698   210,392   224,674 
    Less: Allowance for credit losses(1) (2,275)  (2,238)  (2,470)  (2,790)
       Loans, net 191,805   198,460   207,922   221,884 
            
    Premises and equipment, net 3,366   3,446   3,564   3,654 
    Bank owned life insurance 8,454   8,414   8,338   8,298 
    Deferred tax assets, net 9,126   6,452   956   1,409 
    Accrued interest receivable 1,253   1,145   1,085   1,304 
    Accrued taxes receivable 225   245   301   91 
    Prepaid expenses 517   448   347   470 
    Other assets 660   523   383   352 
       Total Assets$ 415,626  $ 429,393  $ 442,066  $ 432,815 
            
    LIABILITIES       
    Noninterest-bearing deposits$149,171  $151,679  $155,624  $147,809 
    Interest-bearing deposits 229,715   234,086   227,623   226,700 
    Total Deposits 378,886   385,765   383,247   374,509 
            
    Short-term borrowings 20,000   10,000   10,000   20,000 
    Long-term borrowings -   10,000   10,000   - 
    Defined pension liability 315   313   304   301 
    Accrued expenses and other liabilities 2,085   2,050   2,799   3,040 
       Total Liabilities 401,286   408,128   406,350   397,850 
            
    STOCKHOLDERS' EQUITY       
    Common stock, par value $1, authorized 15,000,000 shares, issued and outstanding 2,861,615, 2,858,635, 2,853,880 and 2,851,070 shares as of September 30, 2022, June 20, 2022, December 31, 2021, and September 30, 2021, respectively.  2,862   2,859   2,854   2,851 
    Additional paid-in capital 10,836   10,810   10,759   10,731 
    Retained earnings 23,035   22,946   22,977   22,708 
    Accumulated other comprehensive loss (22,393)  (15,350)  (874)  (1,325)
       Total Stockholders' Equity 14,340   21,265   35,716   34,965 
       Total Liabilities and Stockholders' Equity$ 415,626  $ 429,393  $ 442,066  $ 432,815 
            
    (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
    September 30,
     Nine Months Ended
    September 30,
       2022  2021   2022   2021 
    Interest income        
    Interest and fees on loans $2,094 $2,799  $6,351  $8,005 
    Interest and dividends on securities  943  773   2,435   1,976 
    Interest on deposits with banks and federal funds sold  271  32   468   75 
    Total Interest Income  3,308  3,604   9,254   10,056 
             
    Interest expense        
    Interest on deposits  116  148   361   474 
    Interest on short-term borrowings  147  116   338   349 
    Interest on long-term borrowings  8  -   34   - 
    Total Interest Expense  271  264   733   823 
             
    Net Interest Income  3,037  3,340   8,521   9,233 
    Release of credit loss provision  39  (122)  (178)  (593)
    Net interest income after release of credit loss provision  2,998  3,462   8,699   9,826 
             
    Noninterest income        
    Service charges on deposit accounts  37  42   119   119 
    Other fees and commissions  240  276   596   635 
    Loss/gain on securities sold/redeemed  -  1   1   1 
    Gain on sale of other real estate  -  -   -   14 
    Income on life insurance  40  40   116   117 
    Total Noninterest Income  317  359   832   886 
             
    Noninterest expenses        
    Salary and employee benefits  1,647  1,686   4,783   4,904 
    Occupancy and equipment expenses  291  306   939   912 
    Legal, accounting and other professional fees  299  121   884   516 
    Data processing and item processing services  242  206   703   710 
    FDIC insurance costs  28  47   83   130 
    Advertising and marketing related expenses  21  20   64   65 
    Loan collection costs  4  (30)  (51)  (2)
    Telephone costs  35  42   119   173 
    Other expenses  353  293   1,016   903 
    Total Noninterest Expenses  2,920  2,691   8,540   8,311 
             
    Income before income taxes  395  1,130   991   2,401 
    Income tax expense  20  242   76   439 
             
       Net income $ 375 $ 888  $ 915  $ 1,962 
             
    Basic and diluted net income per common share  $ 0.13 $ 0.31  $ 0.32  $ 0.69 
             

     

    GLEN BURNIE BANCORP AND SUBSIDIARY
    CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
    For the nine months ended September 30, 2022 and 2021
    (dollars in thousands)
    (unaudited)         
               
            Accumulated  
        Additional   Other Total
      Common  Paid-in Retained ComprehensiveStockholders'
      Stock Capital Earnings Income (Loss) Equity
    Balance, December 31, 2020$2,842 $10,640 $23,071  $540  $37,093 
               
    Net income -  -  1,962   -   1,962 
    Cash dividends, $0.30 per share -  -  (853)  -   (853)
    Dividends reinvested under dividend reinvestment plan 9  91    -   100 
    Transition adjustment pursuant to adoption of ASU 2016-3 to adoption of ASU 2016-3      (1,472)    (1,472)
    Other comprehensive loss -  -  -   (1,865)  (1,865)
    Balance, September 30, 2021$2,851 $10,731 $22,708  $(1,325) $34,965 
               
               
            Accumulated  
        Additional   Other Total
      Common  Paid-in Retained Comprehensive Stockholders'
      Stock Capital Earnings Loss Equity
    Balance, December 31, 2021$2,854 $10,759 $22,977  $(874) $35,716 
               
    Net income -  -  915   -   915 
    Cash dividends, $0.30 per share -  -  (857)  -   (857)
    Dividends reinvested under dividend reinvestment plan 8  77  -   -   85 
    Other comprehensive loss -  -  -   (21,519)  (21,519)
    Balance, September 30, 2022$2,862 $10,836 $23,035  $(22,393) $14,340 
               

     

    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 September 30, 2022:          
    Common Equity Tier 1 Capital$37,39115.34% $10,9724.50% $15,8486.50%
    Total Risk-Based Capital$39,40016.16% $19,5068.00% $24,38210.00%
    Tier 1 Risk-Based Capital$37,39115.34% $14,6296.00% $19,5068.00%
    Tier 1 Leverage$37,3918.60% $17,3834.00% $21,7285.00%
                
    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 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 September 30, 2021:          
    Common Equity Tier 1 Capital$36,84514.05% $11,8034.50% $17,0486.50%
    Total Risk-Based Capital$38,98714.86% $20,9838.00% $26,22810.00%
    Tier 1 Risk-Based Capital$36,84514.05% $15,7376.00% $20,9838.00%
    Tier 1 Leverage$36,8458.50% $17,3314.00% $21,6645.00%
                

     

    GLEN BURNIE BANCORP AND SUBSIDIARY  
    SELECTED FINANCIAL DATA  
    (dollars in thousands, except per share amounts)
                 
      Three Months Ended Nine Months Ended Year Ended
      September 30June 30, September 30September 30 September 30 December 31,
       2022   2022   2021   2022   2021   2021 
      (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (audited)
                 
    Financial Data            
    Assets $415,626  $429,393  $432,815  $415,626  $432,815  $442,066 
    Investment securities  144,980   157,823   162,827   144,980   162,827   155,927 
    Loans, (net of deferred fees & costs) 194,080   200,698   224,674   194,080   224,674   210,392 
    Allowance for loan losses  2,275   2,238   2,790   2,275   2,790   2,470 
    Deposits  378,886   385,765   374,509   378,886   374,509   383,247 
    Borrowings  20,000   20,000   20,000   20,000   20,000   20,000 
    Stockholders' equity  14,340   21,265   34,965   14,340   34,965   35,716 
    Net income  375   309   888   915   1,962   2,516 
                 
    Average Balances            
    Assets $425,871  $434,297  $432,812  $433,882  $425,750  $431,169 
    Investment securities  177,824   167,651   160,903   167,025   143,355   145,496 
    Loans, (net of deferred fees & costs) 197,199   201,633   229,645   202,051   239,492   233,956 
    Deposits  381,834   387,358   373,011   384,656   366,555   371,958 
    Borrowings  20,000   20,000   20,056   20,001   20,412   20,309 
    Stockholders' equity  22,001   24,902   36,857   27,004   35,931   36,010 
                 
    Performance Ratios            
    Annualized return on average assets 0.35%   0.29%   0.81%   0.28%   0.62%   0.58% 
    Annualized return on average equity 6.76%   4.99%   9.56%   4.53%   7.30%   6.99% 
    Net interest margin  2.83%   2.61%   3.22%   2.66%   3.01%   3.00% 
    Dividend payout ratio  76%   92%   32%   94%   44%   45% 
    Book value per share $5.01  $7.44  $12.26  $5.01  $12.26  $12.51 
    Basic and diluted net income per share  0.13   0.11   0.31   0.32   0.69   0.88 
    Cash dividends declared per share  0.10   0.10   0.10   0.30   0.30   0.40 
    Basic and diluted weighted average shares outstanding  2,860,352   2,857,616   2,850,124   2,857,759   2,847,042   2,848,465 
                 
    Asset Quality Ratios            
    Allowance for loan losses to loans  1.17%   1.12%   1.24%   1.17%   1.24%   1.17% 
    Nonperforming loans to avg. loans  0.10%   0.12%   1.22%   0.10%   1.17%   0.16% 
    Allowance for loan losses to nonaccrual & 90+ past due loans  1171.4%   964.4%   99.6%   1171.4%   99.6%   703.7% 
    Net charge-offs annualize to avg. loans  0.00%   0.05%   -0.04%   0.01%   -0.19%  -0.17% 
                 
    Capital Ratios            
    Common Equity Tier 1 Capital  15.34%   15.13%   14.05%   15.34%   14.05%   15.32% 
    Tier 1 Risk-based Capital Ratio  15.34%   15.13%   14.05%   15.34%   14.05%   15.32% 
    Leverage Ratio  8.60%   8.58%   8.50%   8.60%   8.50%   8.40% 
    Total Risk-Based Capital Ratio  16.16%   15.90%   14.86%   16.16%   14.86%   16.03% 
                 

    For further information contact:
    
    Jeffrey D. Harris, Chief Financial Officer
    410-768-8883
    jdharris@bogb.net
    106 Padfield Blvd
    Glen Burnie, MD 21061

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