Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding
company for The Bank of Glen Burnie (“Bank”), announced today net
income of $0.31 million, or $0.11 per basic and diluted common
share for the three-month period ended December 31, 2018, as
compared to a net loss of $153,000, or $0.05 per basic and diluted
common share for the three-month period ended December 31, 2017.
Bancorp reported net income of $1.58 million, or $0.56 per basic
and diluted common share for the year ended December 31, 2018,
compared to $0.91 million, or $0.33 per basic and diluted common
share for the same period in 2017. Net loans grew by $27.6
million, or 10.24% during the twelve-month period ended December
31, 2018, compared to $6.4 million, or 2.46% growth during the same
period of 2017. At December 31, 2018, Bancorp had total
assets of $413.0 million. Bancorp, the oldest independent
commercial bank in Anne Arundel County, paid its 106th consecutive
quarterly dividend on February 1, 2019.
During 2018, the Company conducted a periodic review of the
estimated direct cost to originate loans resulting in a change to
the estimated materiality of these costs. Prior to January 1,
2018, the Company expensed direct costs to originate loans in the
period incurred based on management’s judgement that the costs were
immaterial. This yearlong project resulted in a change in the
estimated materiality of these costs. Effective January 1,
2018, the Company increased its estimates for these costs and
changed its accounting method from expense as incurred to defer and
amortize in accordance with accounting standard 310-20 Receivables
– Nonrefundable Fees and Other Costs. This preferred method
recognizes loan interest income and costs incurred to generate the
revenue in the same period. The effect of this change in
accounting method was inseparable from the effect of the change in
accounting estimate, and therefore, accounted for as a change in
estimate. As a result, the Company began recognizing certain
direct loan origination costs over the life of the related loan as
a reduction of the loan’s yield by the interest method based on the
contractual term of the loan. In the fourth quarter of 2018,
the Company recorded a reduction of noninterest expense and an
increase in loan balances of $375,000, and reduced loan balances
and loan interest income by $51,000 due to the amortization of
deferred costs. The effect of these adjustments increased
income before taxes for the three- and twelve-month periods ended
December 31, 2018 by $324,000 and increased net income by $300,000
or $0.11 per basic and diluted common share for the twelve-month
period ended December 31, 2018.
“Consistent with the first three quarters of 2018, we continued
to show positive momentum during the fourth quarter even when
considering the impact of the change in estimate noted above.
We expanded our net interest margin and net interest income
reflects outstanding credit quality, disciplined loan pricing and a
beneficial balance sheet structure,” stated John D. Long, President
and CEO. “We continue to invest in technology systems that
allow us to remain competitive in the rapidly changing technology
environment. As such, our strong fundamental performance was
somewhat offset by the significant technology and infrastructure
investments made across the Company. We are encouraged by the
progress of the past year and remain confident that these
investments have built a foundation for sustainable growth in 2019
and beyond.”
“Tax law changes in the fourth quarter of 2017 impacted the
comparability of our quarterly and year-over-year income metrics,”
continued Mr. Long. “However, I am pleased about 2018
results, with net income of $0.31 million for the fourth quarter of
2018, an increase of 301% from the fourth quarter of 2017. In
addition, net income of $1.58 million for the year ended December
31, 2018 increased $0.67 million, or 74%, over the $0.91 million
for the year ended December 31, 2017. Headquartered in the
dynamic Northern Anne Arundel County market, we believe the Bank is
well positioned with sound asset growth, asset quality and capital
levels, a widening net interest margin, and an experienced and
seasoned executive team. We remain deeply committed to
serving the financial needs of the community through the
development of new loan and deposit products.”
Highlights for the Quarter and Year ended December 31,
2018
Bancorp continued to grow organically in the fourth quarter of
2018 driven primarily by favorable net loan growth. 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 13.18% at December 31, 2018, as
compared to 13.84% for the same period of 2017.
Return on average assets for the three-month period ended
December 31, 2018 was 0.30%, as compared to -0.16% for the
three-month period ended December 31, 2017. Return on average
equity for the three-month period ended December 31, 2018 was
3.74%, as compared to -1.75% for the three-month period ended
December 31, 2017. Return on average assets for the year
ended December 31, 2018 was 0.39%, as compared to 0.23% for the
year ended December 31, 2017. Return on average equity for
the year ended December 31, 2018 was 4.74%, as compared to 2.65%
for the year ended December 31, 2017.
The Tax Cuts and Jobs Act (the Tax Act), signed into law on
December 22, 2017, reduced the US federal corporate tax rate from
34% to 21%. At December 31, 2018, we completed our accounting
for the tax effects of enactment of the Tax Act. We
re-measured all deferred tax assets (“DTA”) and liabilities (“DTL”)
based on the rates at which they are expected to reverse in the
future. We recognized an income tax expense of $0.6 million
for the year ended December 31, 2017 related to adjusting our net
deferred tax asset balance to reflect the new corporate tax
rate. In addition, DTAs/DTLs related to available for sale
(“AFS”) securities unrealized losses that were revalued as of
December 31, 2017 noted above created a “stranded tax effects” in
Accumulated Other Comprehensive Income (“AOCI”) due to enactment of
the Tax Act. The issue arose due to the nature of generally
accepted accounting principles recognition of tax rate
change-effects on the AFS DTA/DTL revaluation as an adjustment to
income tax provision. In February 2018, the Financial
Accounting Standards Board issued Accounting Standards Update
(“ASU”) 2018-02 - Income Statement – Reporting Comprehensive Income
(Topic 220). The Company early adopted the provisions of ASU
2018-02 and recorded a reclassification adjustment of $104,000 from
AOCI to retained earnings for stranded tax effects related to AFS
securities as a result of the newly enacted corporate tax
rate. The amount of the reclassification was the difference
between the 34% historical corporate tax rate and the newly enacted
21% corporate tax rate.
The book value per share of Bancorp’s common stock was $12.10 at
December 31, 2018, as compared to $12.15 per share at December 31,
2017.
At December 31, 2018, the Bank remained above all
“well-capitalized” regulatory requirement levels. The Bank’s
tier 1 risk-based capital ratio was approximately 12.27% at
December 31, 2018, as compared to 12.83% at December 31,
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 $413.0 million at December 31, 2018, an
increase of $23.5 million or 6.03%, from $389.5 million at December
31, 2017. Investment securities were $81.6 million at
December 31, 2018, a decrease of $7.7 million or 8.62%, from $89.3
million at December 31, 2017. Loans, net of deferred fees and
costs, were $299.1 million at December 31, 2018, an increase of
$27.5 million or 10.13%, from $271.6 million at December 31,
2017. Bank owned life insurance (BOLI) decreased $0.9 million
or 9.80% from December 31, 2017 to December 31, 2018 primarily due
to the redemption of BOLI policies. Net deferred tax assets
decreased $1.0 million and accrued taxes receivable increased $0.7
million from December 31, 2017 to December 31, 2018 primarily due
to the elimination of the alternative minimum tax under the Tax
Act.
Total deposits were $322.5 million at December 31, 2018, a
decrease of $11.7 million or 3.50%, from $334.2 million at December
31, 2017. Noninterest-bearing deposits were $101.4 million at
December 31, 2018, a decrease of $2.5 million or 2.55%, from $104.0
million at December 31, 2017. Interest-bearing deposits were
$221.1 million at December 31, 2018, a decrease of $9.1 million or
3.95%, from $230.2 million at December 31, 2017. Total
borrowings were $55.0 million at December 31, 2018, an increase of
$35.0 million or 175.00%, from $20.0 million at December 31,
2017.
Stockholders’ equity was $34.1 million at December 31, 2018, an
increase of $9,000 from $34.0 million at December 31, 2017.
The unrealized gains on interest rate swap contracts, 2018 retained
earnings and stock issuances under the dividend reinvestment
program, offset by $0.8 million decrease in accumulated other
comprehensive loss associated with net unrealized losses on the
available for sale bond portfolio drove the increase in
stockholders’ equity.
Nonperforming assets, which consist of nonaccrual loans,
troubled debt restructurings, accruing loans past due 90 days or
more, and other real estate owned, represented 0.70% of total
assets at December 31, 2018, as compared to 0.94% for the same
period of 2017.
Review of Financial Results
For the three-month periods ended December 31, 2018 and
2017
Net income for the three-month period ended December 31, 2018
was $0.31 million, as compared to a net loss of $0.15 million for
the three-month period ended December 31, 2017.
Net interest income for the three-month period ended December
31, 2018 totaled $3.24 million, as compared to $3.01 million for
the three-month period ended December 31, 2017. Average loan
balances increased to $298 million for the three-month period ended
December 31, 2018, as compared to $270 million for the same period
of 2017.
Net interest margin for the three-month period ended December
31, 2018 was 3.26%, as compared to 3.20% for the same period of
2017. Higher average balances and yields on interest-earning
assets were the primary driver of year-over-year results, as the
average balance increased $22 million and the yield on
interest-earning assets increased 0.17% from 3.69% to 3.86%, offset
by the cost of funds which increased 0.12% from 0.51% to 0.63% for
the three-month periods ending December 31, 2017 and 2018,
respectively.
The provision for loan losses for the three-month period ended
December 31, 2018 was $255,000, as compared to $93,000 for the same
period of 2017. The increase for the three-month period ended
December 31, 2018 primarily reflects loan growth, increased net
charge offs, and change in product mix. As a result, the
allowance for loan losses was $2.54 million at December 31, 2018,
representing 0.85% of total loans, as compared to $2.59 million, or
0.95% of total loans at December 31, 2017.
Noninterest income for the three-month period ended December 31,
2018 was $313,000, as compared to $349,000 for the three-month
period ended December 31, 2017.
For the three-month period ended December 31, 2018, noninterest
expense was $2.94 million, as compared to $2.70 million for the
three-month period ended December 31, 2017. The primary
contributors to the $0.24 million increase, when compared to the
three-month period ended December 31, 2017 were increases in FDIC
insurance costs, other insurance costs and other loan expense.
For the twelve-month periods ended December 31, 2018 and
2017
Net income for the twelve-month period ended December 31, 2018
was $1.58 million, as compared to net income of $0.91 million for
the twelve-month period ended December 31, 2017.
Net interest income for the twelve-month period ended December
31, 2018 totaled $12.6 million, as compared to $11.7 million for
the twelve-month period ended December 31, 2017. Average
earning loan balances increased to $287 million for the
twelve-month period ended December 31, 2018, as compared to $270
million for the same period of 2017.
Net interest margin for the twelve-month period ended December
31, 2018 was 3.26%, as compared to 3.12% for the same period of
2017. Higher average balances and yields on interest-earning
assets were the primary driver of year-over-year results, as the
average balance increased $12 million and the yield on
interest-earning assets increased 0.17% from 3.64% to 3.81%, offset
by the cost of funds which increased 0.03% from 0.54% to 0.57% for
the three-month periods ending December 31, 2017 and 2018,
respectively.
The provision for loan losses for the twelve-month period ended
December 31, 2018 was $856,000, as compared to $336,000 for the
same period of 2017. The increase for the twelve-month period
ended December 31, 2018 was primarily driven by $700,000 increase
in net loan charge offs year-over-year. As a result, the
allowance for loan losses was $2.54 million at December 31, 2018,
representing 0.85% of total loans, as compared to $2.59 million, or
0.95% of total loans for the same period of 2017.
Noninterest income for the twelve-month period ended December
31, 2018 was $1.52 million, as compared to $1.29 million for the
twelve-month period ended December 31, 2017. The increase for
the twelve-month period ended December 31, 2018 was primarily
driven by $308,000 gain on redemptions of BOLI policies.
For the twelve-month period ended December 31, 2018, noninterest
expense was $11.5 million, as compared to $10.8 million for the
twelve-month period ended December 31, 2017. The primary
contributors to the $0.7 million increase, when compared to the
twelve-month period ended December 31, 2017 were increases in
salary and employee benefits, legal, accounting and other
professional fees, FDIC insurance costs, and loan collection costs,
partially offset by decreases in 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
Officer410-768-8883jdharris@bogb.net106 Padfield BlvdGlen Burnie,
MD 21061
|
GLEN BURNIE BANCORP AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
(dollars
in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
December 31, |
|
2018 |
|
2018 |
|
2017 |
|
(unaudited) |
|
(unaudited) |
|
(audited) |
ASSETS |
|
|
|
|
|
Cash and due from
banks |
$ |
2,605 |
|
|
$ |
5,282 |
|
|
$ |
2,610 |
|
Interest bearing
deposits with banks and federal funds sold |
|
13,349 |
|
|
|
10,208 |
|
|
|
9,995 |
|
Total Cash and Cash Equivalents |
|
15,954 |
|
|
|
15,490 |
|
|
|
12,605 |
|
|
|
|
|
|
|
Investment securities
available for sale, at fair value |
|
81,572 |
|
|
|
84,029 |
|
|
|
89,349 |
|
Restricted equity
securities, at cost |
|
2,481 |
|
|
|
2,073 |
|
|
|
1,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, net of deferred
fees and costs |
|
299,120 |
|
|
|
294,981 |
|
|
|
271,612 |
|
Less: Allowance for loan losses |
|
(2,541 |
) |
|
|
(2,455 |
) |
|
|
(2,589 |
) |
Loans, net |
|
296,579 |
|
|
|
292,526 |
|
|
|
269,023 |
|
|
|
|
|
|
|
Real estate acquired
through foreclosure |
|
705 |
|
|
|
705 |
|
|
|
114 |
|
Premises and equipment,
net |
|
3,106 |
|
|
|
3,154 |
|
|
|
3,371 |
|
Bank owned life
insurance |
|
7,860 |
|
|
|
7,818 |
|
|
|
8,713 |
|
Deferred tax assets,
net |
|
1,392 |
|
|
|
2,863 |
|
|
|
2,429 |
|
Accrued interest
receivable |
|
1,198 |
|
|
|
1,233 |
|
|
|
1,133 |
|
Accrued taxes
receivable |
|
1,177 |
|
|
|
- |
|
|
|
465 |
|
Prepaid expenses |
|
466 |
|
|
|
516 |
|
|
|
433 |
|
Other assets |
|
556 |
|
|
|
958 |
|
|
|
583 |
|
Total Assets |
$ |
413,046 |
|
|
$ |
411,365 |
|
|
$ |
389,450 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Noninterest-bearing
deposits |
$ |
101,369 |
|
|
$ |
107,921 |
|
|
$ |
104,017 |
|
Interest-bearing
deposits |
|
221,084 |
|
|
|
228,926 |
|
|
|
230,221 |
|
Total
Deposits |
|
322,453 |
|
|
|
336,847 |
|
|
|
334,238 |
|
|
|
|
|
|
|
Short-term
borrowings |
|
55,000 |
|
|
|
40,000 |
|
|
|
20,000 |
|
Defined pension
liability |
|
285 |
|
|
|
323 |
|
|
|
335 |
|
Accrued Taxes
Payable |
|
- |
|
|
|
102 |
|
|
|
- |
|
Accrued expenses and
other liabilities |
|
1,257 |
|
|
|
749 |
|
|
|
835 |
|
Total Liabilities |
|
378,995 |
|
|
|
378,021 |
|
|
|
355,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value
$1, authorized 15,000,000 shares, issued and outstanding
2,814,157, 2,810,961, and 2,801,149, shares as of December 31,
2018, September 30, 2018, and December 31, 2017, respectively. |
|
2,814 |
|
|
|
2,811 |
|
|
|
2,801 |
|
Additional paid-in
capital |
|
10,401 |
|
|
|
10,368 |
|
|
|
10,267 |
|
Retained earnings |
|
22,066 |
|
|
|
21,936 |
|
|
|
21,605 |
|
Accumulated other
comprehensive loss |
|
(1,230 |
) |
|
|
(1,771 |
) |
|
|
(631 |
) |
Total Stockholders' Equity |
|
34,051 |
|
|
|
33,344 |
|
|
|
34,042 |
|
Total Liabilities and Stockholders' Equity |
$ |
413,046 |
|
|
$ |
411,365 |
|
|
$ |
389,450 |
|
|
|
|
|
|
|
GLEN BURNIE BANCORP AND SUBSIDIARIES |
|
|
CONSOLIDATED STATEMENTS OF INCOME |
|
|
(dollars in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended December 31, |
|
Twelve Months
Ended December 31, |
|
2018 (unaudited) |
|
2017 (unaudited) |
|
2018 (unaudited) |
|
2017 (audited) |
INTEREST
INCOME |
|
|
|
|
|
|
|
Interest and fees on
loans |
$ |
3,249 |
|
|
$ |
2,918 |
|
|
$ |
12,348 |
|
$ |
11,421 |
Interest and dividends
on securities |
|
515 |
|
|
|
484 |
|
|
|
2,100 |
|
|
2,007 |
Interest on deposits
with banks and federal funds sold |
|
80 |
|
|
|
64 |
|
|
|
245 |
|
|
179 |
Total
Interest Income |
|
3,844 |
|
|
|
3,466 |
|
|
|
14,693 |
|
|
13,607 |
|
|
|
|
|
|
|
|
INTEREST
EXPENSE |
|
|
|
|
|
|
|
Interest on
deposits |
|
352 |
|
|
|
316 |
|
|
|
1,348 |
|
|
1,300 |
Interest on short-term
borrowings |
|
247 |
|
|
|
143 |
|
|
|
754 |
|
|
452 |
Interest on long-term
borrowings |
|
- |
|
|
|
- |
|
|
|
- |
|
|
185 |
Total
Interest Expense |
|
599 |
|
|
|
459 |
|
|
|
2,102 |
|
|
1,937 |
|
|
|
|
|
|
|
|
Net
Interest Income |
|
3,245 |
|
|
|
3,007 |
|
|
|
12,591 |
|
|
11,670 |
Provision for loan
losses |
|
255 |
|
|
|
93 |
|
|
|
856 |
|
|
336 |
Net
interest income after provision for loan losses |
|
2,990 |
|
|
|
2,914 |
|
|
|
11,735 |
|
|
11,334 |
|
|
|
|
|
|
|
|
NONINTEREST
INCOME |
|
|
|
|
|
|
|
Service charges on
deposit accounts |
|
61 |
|
|
|
73 |
|
|
|
248 |
|
|
281 |
Other fees and
commissions |
|
210 |
|
|
|
228 |
|
|
|
774 |
|
|
802 |
Gains on redemption of
BOLI policies |
|
- |
|
|
|
- |
|
|
|
308 |
|
|
- |
Gain on securities
sold |
|
- |
|
|
|
- |
|
|
|
- |
|
|
1 |
Income on life
insurance |
|
42 |
|
|
|
48 |
|
|
|
172 |
|
|
199 |
Gains on sale of
OREO |
|
- |
|
|
|
- |
|
|
|
15 |
|
|
- |
Other income |
|
- |
|
|
|
- |
|
|
|
- |
|
|
2 |
Total
Noninterest Income |
|
313 |
|
|
|
349 |
|
|
|
1,517 |
|
|
1,285 |
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE |
|
|
|
|
|
|
|
Salary and employee
benefits |
|
1,513 |
|
|
|
1,550 |
|
|
|
6,593 |
|
|
6,165 |
Occupancy and equipment
expenses |
|
320 |
|
|
|
315 |
|
|
|
1,170 |
|
|
1,180 |
Legal, accounting and
other professional fees |
|
196 |
|
|
|
220 |
|
|
|
917 |
|
|
780 |
Data processing and
item processing services |
|
160 |
|
|
|
132 |
|
|
|
614 |
|
|
574 |
FDIC insurance
costs |
|
127 |
|
|
|
63 |
|
|
|
314 |
|
|
251 |
Advertising and
marketing related expenses |
|
39 |
|
|
|
52 |
|
|
|
104 |
|
|
162 |
Loan collection
costs |
|
(8 |
) |
|
|
5 |
|
|
|
145 |
|
|
78 |
Telephone costs |
|
73 |
|
|
|
64 |
|
|
|
253 |
|
|
276 |
Other expenses |
|
518 |
|
|
|
296 |
|
|
|
1,429 |
|
|
1,329 |
Total
Noninterest Expenses |
|
2,938 |
|
|
|
2,697 |
|
|
|
11,539 |
|
|
10,795 |
|
|
|
|
|
|
|
|
Income before income
taxes |
|
365 |
|
|
|
566 |
|
|
|
1,713 |
|
|
1,824 |
Income tax expense |
|
58 |
|
|
|
719 |
|
|
|
130 |
|
|
913 |
|
|
|
|
|
|
|
|
NET INCOME (LOSS) |
$ |
307 |
|
|
$ |
(153 |
) |
|
$ |
1,583 |
|
$ |
911 |
|
|
|
|
|
|
|
|
Basic and
diluted net income
(loss) per share of common
stock |
$ |
0.11 |
|
|
$ |
(0.05 |
) |
|
$ |
0.56 |
|
$ |
0.33 |
|
|
|
|
|
|
|
|
GLEN BURNIE BANCORP AND SUBSIDIARIES |
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS'
EQUITY |
For the year ended December, 2018 (unaudited) and
2017 |
(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 |
|
$ |
21,707 |
|
|
$ |
(810 |
) |
|
$ |
33,814 |
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
- |
|
|
- |
|
|
911 |
|
|
|
- |
|
|
|
911 |
|
Cash dividends, $0.30
per share |
|
- |
|
|
- |
|
|
(1,117 |
) |
|
|
- |
|
|
|
(1,117 |
) |
Dividends reinvested
under dividend reinvestment plan |
|
14 |
|
|
137 |
|
|
- |
|
|
|
- |
|
|
|
151 |
|
Reclassification adjustment for stranded income tax effects in
accumulated other comprehensive income stranded income tax
effects in accumulated other comprehensive income |
|
|
|
|
|
104 |
|
|
|
(104 |
) |
|
|
Other comprehensive
income |
|
- |
|
|
- |
|
|
- |
|
|
|
283 |
|
|
|
283 |
|
Balance,
December 31, 2017 |
$ |
2,801 |
|
$ |
10,267 |
|
$ |
21,605 |
|
|
$ |
(631 |
) |
|
$ |
34,042 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
- |
|
|
- |
|
|
1,583 |
|
|
|
- |
|
|
|
1,583 |
|
Cash dividends, $0.40
per share |
|
- |
|
|
- |
|
|
(1,122 |
) |
|
|
- |
|
|
|
(1,122 |
) |
Dividends reinvested
under dividend reinvestment plan |
|
13 |
|
|
134 |
|
|
- |
|
|
|
- |
|
|
|
147 |
|
Other comprehensive
loss |
|
- |
|
|
- |
|
|
- |
|
|
|
(599 |
) |
|
|
(599 |
) |
Balance,
December 31, 2018 |
$ |
2,814 |
|
$ |
10,401 |
|
$ |
22,066 |
|
|
$ |
(1,230 |
) |
|
$ |
34,051 |
|
|
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 December
31, 2018: |
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1
Capital |
$ |
34,778 |
12.27 |
% |
|
$ |
12,757 |
4.50 |
% |
|
$ |
18,427 |
6.50 |
% |
Total Risk-Based
Capital |
$ |
37,354 |
13.18 |
% |
|
$ |
22,679 |
8.00 |
% |
|
$ |
28,349 |
10.00 |
% |
Tier 1 Risk-Based
Capital |
$ |
34,778 |
12.27 |
% |
|
$ |
17,009 |
6.00 |
% |
|
$ |
22,679 |
8.00 |
% |
Tier 1
Leverage |
$ |
34,778 |
8.52 |
% |
|
$ |
16,330 |
4.00 |
% |
|
$ |
20,413 |
5.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
As of September
30, 2018: |
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1
Capital |
$ |
32,781 |
11.75 |
% |
|
$ |
12,551 |
4.50 |
% |
|
$ |
18,130 |
6.50 |
% |
Total Risk-Based
Capital |
$ |
35,260 |
12.64 |
% |
|
$ |
22,313 |
8.00 |
% |
|
$ |
27,892 |
10.00 |
% |
Tier 1 Risk-Based
Capital |
$ |
32,781 |
11.75 |
% |
|
$ |
16,735 |
6.00 |
% |
|
$ |
22,313 |
8.00 |
% |
Tier 1
Leverage |
$ |
32,781 |
8.08 |
% |
|
$ |
16,230 |
4.00 |
% |
|
$ |
20,287 |
5.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
As of December
31, 2017: |
|
|
|
|
|
|
|
|
|
|
|
(audited) |
|
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1
Capital |
$ |
32,944 |
12.83 |
% |
|
$ |
11,552 |
4.50 |
% |
|
$ |
16,686 |
6.50 |
% |
Total Risk-Based
Capital |
$ |
35,541 |
13.84 |
% |
|
$ |
20,537 |
8.00 |
% |
|
$ |
25,671 |
10.00 |
% |
Tier 1 Risk-Based
Capital |
$ |
32,944 |
12.83 |
% |
|
$ |
15,403 |
6.00 |
% |
|
$ |
20,537 |
8.00 |
% |
Tier 1
Leverage |
$ |
32,928 |
8.43 |
% |
|
$ |
15,617 |
4.00 |
% |
|
$ |
19,521 |
5.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
GLEN BURNIE BANCORP AND SUBSIDIARIES |
SELECTED FINANCIAL DATA |
(dollars in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
2018 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(audited) |
|
|
|
|
|
|
|
|
|
|
|
Financial
Data |
|
|
|
|
|
|
|
|
|
|
Assets |
|
$ |
413,046 |
|
|
$ |
411,365 |
|
|
$ |
389,450 |
|
|
$ |
413,046 |
|
|
$ |
389,450 |
|
Investment
securities |
|
|
81,572 |
|
|
|
84,029 |
|
|
|
89,349 |
|
|
|
81,572 |
|
|
|
89,349 |
|
Loans, (net of deferred
fees & costs) |
|
|
299,120 |
|
|
|
294,981 |
|
|
|
271,612 |
|
|
|
299,120 |
|
|
|
271,612 |
|
Allowance for loan
losses |
|
|
2,541 |
|
|
|
2,455 |
|
|
|
2,589 |
|
|
|
2,541 |
|
|
|
2,589 |
|
Deposits |
|
|
322,453 |
|
|
|
336,847 |
|
|
|
334,238 |
|
|
|
322,453 |
|
|
|
334,238 |
|
Borrowings |
|
|
55,000 |
|
|
|
40,000 |
|
|
|
20,000 |
|
|
|
55,000 |
|
|
|
20,000 |
|
Stockholders'
equity |
|
|
34,051 |
|
|
|
33,344 |
|
|
|
34,042 |
|
|
|
34,051 |
|
|
|
34,042 |
|
Net income |
|
|
307 |
|
|
|
542 |
|
|
|
(153 |
) |
|
|
1,583 |
|
|
|
911 |
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances |
|
|
|
|
|
|
|
|
|
|
Assets |
|
$ |
408,958 |
|
|
$ |
407,660 |
|
|
$ |
391,254 |
|
|
$ |
400,930 |
|
|
$ |
392,363 |
|
Investment
securities |
|
|
85,055 |
|
|
|
88,611 |
|
|
|
90,084 |
|
|
|
89,351 |
|
|
|
91,634 |
|
Loans, (net of deferred
fees & costs) |
|
|
297,791 |
|
|
|
293,949 |
|
|
|
270,402 |
|
|
|
286,702 |
|
|
|
269,600 |
|
Deposits |
|
|
332,284 |
|
|
|
338,412 |
|
|
|
335,312 |
|
|
|
335,167 |
|
|
|
335,805 |
|
Borrowings |
|
|
42,748 |
|
|
|
34,487 |
|
|
|
20,501 |
|
|
|
31,595 |
|
|
|
21,458 |
|
Stockholders'
equity |
|
|
32,580 |
|
|
|
33,831 |
|
|
|
34,638 |
|
|
|
33,392 |
|
|
|
34,322 |
|
|
|
|
|
|
|
|
|
|
|
|
Performance
Ratios |
|
|
|
|
|
|
|
|
|
|
Annualized return on
average assets |
|
|
0.30 |
% |
|
|
0.54 |
% |
|
|
-0.16 |
% |
|
|
0.39 |
% |
|
|
0.23 |
% |
Annualized return on
average equity |
|
|
3.74 |
% |
|
|
6.50 |
% |
|
|
-1.75 |
% |
|
|
4.74 |
% |
|
|
2.65 |
% |
Net interest
margin |
|
|
3.26 |
% |
|
|
3.34 |
% |
|
|
3.20 |
% |
|
|
3.26 |
% |
|
|
3.12 |
% |
Dividend payout
ratio |
|
|
91 |
% |
|
|
52 |
% |
|
|
-183 |
% |
|
|
71 |
% |
|
|
123 |
% |
Book value per
share |
|
$ |
12.10 |
|
|
$ |
11.86 |
|
|
$ |
12.15 |
|
|
$ |
12.10 |
|
|
$ |
12.15 |
|
Basic and
diluted net income per share |
|
0.11 |
|
|
|
0.19 |
|
|
|
(0.05 |
) |
|
|
0.56 |
|
|
|
0.33 |
|
Cash dividends declared
per share |
|
|
0.10 |
|
|
|
0.10 |
|
|
|
0.10 |
|
|
|
0.40 |
|
|
|
0.40 |
|
Basic and diluted
weighted average shares outstanding |
|
|
2,813,045 |
|
|
|
2,809,834 |
|
|
|
2,799,832 |
|
|
|
2,808,031 |
|
|
|
2,794,381 |
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios |
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses to loans |
|
|
0.85 |
% |
|
|
0.83 |
% |
|
|
0.95 |
% |
|
|
0.85 |
% |
|
|
0.95 |
% |
Nonperforming loans to
avg. loans |
|
|
0.73 |
% |
|
|
0.82 |
% |
|
|
1.32 |
% |
|
|
0.76 |
% |
|
|
1.32 |
% |
Allowance for loan
losses to nonaccrual & 90+ past due loans |
|
|
128.7 |
% |
|
|
112.1 |
% |
|
|
77.7 |
% |
|
|
128.7 |
% |
|
|
77.7 |
% |
Net
charge-offs annualize to avg. loans |
|
0.23 |
% |
|
|
0.10 |
% |
|
|
0.19 |
% |
|
|
0.32 |
% |
|
|
0.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios |
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1
Capital |
|
|
12.27 |
% |
|
|
11.75 |
% |
|
|
12.83 |
% |
|
|
12.27 |
% |
|
|
12.83 |
% |
Tier 1 Risk-based
Capital Ratio |
|
|
12.27 |
% |
|
|
11.75 |
% |
|
|
12.83 |
% |
|
|
12.27 |
% |
|
|
12.83 |
% |
Leverage Ratio |
|
|
8.52 |
% |
|
|
8.08 |
% |
|
|
8.43 |
% |
|
|
8.52 |
% |
|
|
8.43 |
% |
Total Risk-Based
Capital Ratio |
|
|
13.18 |
% |
|
|
12.64 |
% |
|
|
13.84 |
% |
|
|
13.18 |
% |
|
|
13.84 |
% |
|
|
|
|
|
|
|
|
|
|
|
Glen Burnie Bancorp (NASDAQ:GLBZ)
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