• Glen Burnie Bancorp Announces Fourth Quarter and Full Year 2022 Results

    Source: Nasdaq GlobeNewswire / 14 Feb 2023 09:12:50   America/Chicago

    GLEN BURNIE, Md., Feb. 14, 2023 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today net income of $830,000, or $0.29 per basic and diluted common share for the three-month period ended December 31, 2022, compared to net income of $554,000, or $0.19 per basic and diluted common share for the three-month period ended December 31, 2021. Bancorp reported net income of $1.75 million, or $0.61 per basic and diluted common share for the twelve-month period ended December 31, 2022, compared to $2.52 million, or $0.88 per basic and diluted common share for the same period in 2021. On December 31, 2022, Bancorp had total assets of $381.4 million. Bancorp, the oldest independent commercial bank in Anne Arundel County, paid its 122nd consecutive quarterly dividend on February 6, 2023.

    “The increase in earnings during the fourth quarter of 2022, as compared to the same period of 2021, was primarily due to gains from nonrecurring items recognized in noninterest income, although we began to see the positive impact of rising interest rates and lower interest expense from the repayment of borrowed funds,” 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 into higher yielding federal funds. 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 fear of an economic downturn continues 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 fourth quarter demonstrates our ability to navigate the current economic environment. We enter 2023 with positive momentum and recognize the backdrop of economic uncertainty that persists. Inflation levels remain elevated and market expectations suggest interest rates will continue to rise, likely impacting 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 will continue to serve us well during periods of economic unrest.”

    Highlights for the Quarter and Year ended December 31, 2022

    Total interest income declined $0.8 million to $12.7 million for the twelve-month period ending December 31, 2022, compared to the same period in 2021. This resulted primarily from a $2.3 million decrease in interest income on loans consistent with the $35.0 million decline in the average balance of the loan portfolio, offset by a $1.5 million increase in income on interest-bearing deposits with banks and investment securities. Loan pricing pressure/competition will likely continue to place pressure on the Company’s net interest margin.

    Due to minimal charge-offs, 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 for the year ended December 31, 2022. The Company expects that its strong liquidity and capital positions, along with the Bank’s total regulatory capital to risk weighted assets of 17.28% on December 31, 2022, compared to 16.03% for the same period of 2021, will provide ample capacity for future growth.

    Return on average assets for the three-month period ended December 31, 2022, was 0.83%, compared to 0.49% for the three-month period ended December 31, 2021. Return on average equity for the three-month period ended December 31, 2022, was 21.7%, compared to 6.07% for the three-month period ended December 31, 2021. Higher net income and lower average asset balances primarily drove the higher return on average assets. Higher net income and a lower average equity balance, primarily drove the higher return on average equity.

    The cost of funds was 0.13% for the quarter ended December 31, 2022, compared to 0.24% for the quarter ended December 31, 2021. The 0.11% decrease was primarily driven by the decline in the cost of borrowed funds.

    The book value per share of Bancorp’s common stock was $5.60 on December 31, 2022, compared to $12.51 per share on December 31, 2021. The decline was primarily due to the unrealized losses on available for sale securities caused by the rapid increase in market interest rates.

    On December 31, 2022, the Bank remained above all “well-capitalized” regulatory requirement levels. The Bank’s tier 1 risk-based capital ratio was approximately 16.45% on December 31, 2022, compared to 15.32% on December 31, 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 $381.4 million on December 31, 2022, a decrease of $60.7 million or 13.71%, from $442.1 million on December 31, 2021. Investment securities decreased by $11.8 million or 7.56%, to $144.1 million as of December 31, 2022, compared to $155.9 million for the same period of 2021. Loans, net of deferred fees and costs, were $186.4 million on December 31, 2022, a decrease of $24.0 million or 11.38%, from $210.4 million on December 31, 2021. Cash and cash equivalents decreased $32.1 million or 51.61%, from $62.2 million on December 31, 2021, to $30.1 million on December 31, 2022. Deferred tax assets increased $7.9 million or 831.24%, from $956,000 on December 31, 2021, to $8.9 million on December 31, 2022, due to the tax effects of unrealized losses on available for sale securities.

    Total deposits were $362.9 million on December 31, 2022, a decrease of $20.3 million or 5.30%, from $383.2 million on December 31, 2021. Noninterest-bearing deposits were $143.3 million on December 31, 2022, a decrease of $12.4 million or 7.94%, from $155.6 million on December 31, 2021. Interest-bearing deposits were $219.7 million on December 31, 2022, a decrease of $7.9 million or 3.49%, from $227.6 million on December 31, 2021. Total borrowings were $0 on December 31, 2022, a decrease of $20.0 million from December 31, 2021.

    As of December 31, 2022, total stockholders’ equity was $16.1 million (4.21% of total assets), equivalent to a book value of $5.60 per common share. Total stockholders’ equity on December 31, 2021, was $35.7 million (8.08% of total assets), equivalent to a book value of $12.51 per common share. The reduction in the ratio of stockholders’ equity to total assets was primarily due to the $20.7 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, remains sound and reflected no pandemic-related impact on December 31, 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 0.13% of total assets on December 31, 2022, compared to 0.08% on December 31, 2021. The decrease in total assets from December 31, 2021, to December 31, 2022, and the increase in nonperforming assets primarily drove the change. The allowance for credit losses on loans was $2.2 million, or 1.16% of total loans, as of December 31, 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 $477,000 as of December 31, 2022, compared to $371,000 as of December 31, 2021.

    Review of Financial Results

    For the three-month periods ended December 31, 2022, and 2021

    Net income for the three-month period ended December 31, 2022, was $830,000, compared to $554,000 for the three-month period ended December 31, 2021.

    Net interest income for the three-month period ended December 31, 2022, totaled $3.3 million, an increase of $127,000 from the three-month period ended December 31, 2021. The increase in net interest income was primarily due to a $131,000 reduction in interest expense.

    Net interest margin for the three-month period ended December 31, 2022, was 3.27%, compared to 2.95% for the same period of 2021. Higher average yields and lower average balances on interest-earning assets combined with lower average interest-bearing funds, lower 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 decreased $26.9 million while the yield increased 0.21% from 3.17% to 3.38%, when comparing the three-month periods ending December 31, 2021, and 2022. The average balance on interest-bearing funds and noninterest-bearing funds decreased $15.7 million and $11.3 million, respectively, and the cost of funds declined 0.12%, when comparing the three-month periods ending December 31, 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 $0.9 million from $215.0 million to $215.9 million for the fourth quarter of 2022, compared to the same period of 2021 while the yield increased from 1.36% to 2.54% 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 federal funds rate.

    Average loan balances decreased $27.7 million to $189.6 million for the three-month period ended December 31, 2022, compared to $217.3 million for the same period of 2021, while the yield decreased from 4.99% to 4.37% during that same period. The decrease in loan yields for the fourth 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 December 31, 2022, was $65,000, compared to a release of $382,000 for the same period of 2021. The increase in the provision for the three-month period ended December 31, 2022, when compared to the three-month period ended December 31, 2021, primarily reflects a $241,000 increase in net charge offs, offset by a $22.5 million decrease in the reservable balance of the loan portfolio (excluding PPP loans) and a 0.01% decrease in the current expected credit loss percentage.

    Noninterest income for the three-month period ended December 31, 2022, was $522,000, compared to a loss of $259,000 for the three-month period ended December 31, 2021, an increase of $781,000 or 301.79%. The increase was driven primarily a by $590,000 loss on the sale of securities in 2021 and a $206,000 gain on the unwinding of derivative contracts in 2022.

    For the three-month period ended December 31, 2022, noninterest expense was $2.80 million, compared to $2.64 million for the three-month period ended December 31, 2021, an increase of $159,000 or 6.02%. The primary contributors to the $159,000 increase, when compared to the three-month period ended December 31, 2021, were increases in salary and employee benefits, occupancy and equipment expenses, data processing and item processing services and other expenses, offset by decreases in legal, accounting, and other professional fees.

    For the twelve-month periods ended December 31, 2022, and 2021

    Net income for the twelve-month period ended December 31, 2022, was $1.75 million, compared to $2.52 million for the twelve-month period ended December 31, 2021.

    Net interest income for the twelve-month period ended December 31, 2022, totaled $11.9 million, a decrease of $585,000 from $12.4 million for the twelve-month period ended December 31, 2021. The decrease in net interest income was primarily due to $805,000 lower interest income, offset by a $220,000 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 twelve-month period ended December 31, 2022, was 2.81%, compared to 3.00% 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 $7.3 million, while the yield decreased 0.24% from 3.25% to 3.01%, when comparing the twelve-month periods ending December 31, 2021, and 2022. The average balance on interest-bearing funds and noninterest-bearing funds increased $2.1 million and $4.4 million, respectively, and the cost of funds decreased 0.06%, when comparing the twelve-month periods ending December 31, 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 $42.3 million from $181.5 million to $223.8 million for the twelve-month period ending December 31, 2022, compared to the same period of 2021. The yield increased from 1.53% to 1.91% during that same period. The increase in yields for the twelve-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 federal funds rate.

    Average loan balances decreased $35.0 million to $198.9 million for the twelve-month period ended December 31, 2022, compared to $233.9 million for the same period of 2021. The yield decreased from 4.59% to 4.24% during that same period.

    The Company recorded a release of allowance for credit loss on loans of $112,000 for the twelve-month period ending December 31, 2022, compared to a release of $975,000 for the same period in 2021. The $863,000 decline in the release in 2022 compared to 2021, primarily reflects a $591,000 increase in net charge offs, offset by a $22.5 million decrease in the reservable balance of the loan portfolio (excluding PPP loans) and a 0.01% decrease in the current expected credit loss percentage. As a result, the allowance for credit loss on loans was $2.2 million on December 31, 2022, representing 1.16% of total loans, compared to $2.5 million, or 1.17% of total loans on December 31, 2021.

    Noninterest income for the twelve-month period ended December 31, 2022, was $1.35 million, compared to $627,000 for the twelve-month period ended December 31, 2021, an increase of $727,000 or 116.01%. The increase was driven primarily a by $590,000 loss on the sale of securities in 2021 and a $206,000 gain on the unwind of derivative contracts in 2022.

    For the twelve-month period ended December 31, 2022, noninterest expense was $11.34 million, compared to $10.95 million for the twelve-month period ended December 31, 2021. The primary contributors to the $388,000 increase when comparing to the twelve-month period ended December 31, 2021, were increases in legal, accounting, and other professional fees, other expenses, occupancy and equipment expenses and data processing and item processing services, 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)     
          
          
     December 31, September 30, December 31,
      2022   2022   2021 
     (unaudited) (unaudited) (audited)
    ASSETS     
    Cash and due from banks$2,035  $2,572  $2,111 
    Interest-bearing deposits in other financial institutions 28,057   51,597   60,070 
    Total Cash and Cash Equivalents 30,092   54,169   62,181 
          
    Investment securities available for sale, at fair value 144,133   144,980   155,927 
    Restricted equity securities, at cost 221   1,071   1,062 
          
    Loans, net of deferred fees and costs 186,440   194,080   210,392 
    Less: Allowance for credit losses(1) (2,162)  (2,275)  (2,470)
    Loans, net 184,278   191,805   207,922 
          
    Premises and equipment, net 3,277   3,366   3,564 
    Bank owned life insurance 8,493   8,454   8,338 
    Deferred tax assets, net 8,902   9,126   956 
    Accrued interest receivable 1,159   1,253   1,085 
    Accrued taxes receivable -   225   301 
    Prepaid expenses 493   517   347 
    Other assets 388   660   383 
    Total Assets$ 381,436  $ 415,626  $ 442,066 
          
    LIABILITIES     
    Noninterest-bearing deposits$143,262  $149,171  $155,624 
    Interest-bearing deposits 219,685   229,715   227,623 
    Total Deposits 362,947   378,886   383,247 
          
    Short-term borrowings -   20,000   10,000 
    Long-term borrowings -   -   10,000 
    Defined pension liability 317   315   304 
    Accrued expenses and other liabilities 2,118   2,085   2,799 
    Total Liabilities 365,382   401,286   406,350 
          
    STOCKHOLDERS' EQUITY     
    Common stock, par value $1, authorized 15,000,000 shares, issued and outstanding 2,865,046, 2,861,615 and 2,853,880 shares as of December 31, 2022, September 30, 2022, and December 31, 2021, respectively. 2,865   2,862   2,854 
    Additional paid-in capital 10,862   10,836   10,759 
    Retained earnings 23,579   23,035   22,977 
    Accumulated other comprehensive loss (21,252)  (22,393)  (874)
    Total Stockholders' Equity 16,054   14,340   35,716 
    Total Liabilities and Stockholders' Equity$ 381,436  $ 415,626  $ 442,066 
          
    (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
    December 31,    		 Twelve Months Ended
    December 31,
       2022  2021   2022   2021 
    Interest income        
    Interest and fees on loans $2,087 $2,733  $8,437  $10,738 
    Interest and dividends on securities  967  681   3,403   2,657 
    Interest on deposits with banks and federal funds sold  404  47   872   122 
    Total Interest Income  3,458  3,461   12,712   13,517 
             
    Interest expense        
    Interest on deposits  109  135   471   609 
    Interest on short-term borrowings  11  116   348   465 
    Interest on long-term borrowings  -  -   34   - 
    Total Interest Expense  120  251   853   1,074 
             
    Net Interest Income  3,337  3,210   11,859   12,443 
    Provision/release of credit loss allowance  65  (382)  (112)  (975)
    Net interest income after release of credit loss provision  3,272  3,592   11,971   13,418 
             
    Noninterest income        
    Service charges on deposit accounts  40  42   159   160 
    Other fees and commissions  236  249   831   884 
    Loss/gain on securities sold/redeemed  -  (590)  2   (588)
    Gain on sale of other real estate  206  -   206   14 
    Income on life insurance  40  40   156   157 
    Total Noninterest Income  522  (259)  1,354   627 
             
    Noninterest expenses        
    Salary and employee benefits  1,622  1,600   6,406   6,504 
    Occupancy and equipment expenses  334  315   1,272   1,227 
    Legal, accounting and other professional fees  160  184   1,044   701 
    Data processing and item processing services  294  223   997   933 
    FDIC insurance costs  29  39   112   169 
    Advertising and marketing related expenses  23  23   86   88 
    Loan collection costs  11  14   (39)  12 
    Telephone costs  40  36   159   209 
    Other expenses  287  207   1,303   1,109 
    Total Noninterest Expenses  2,800  2,641   11,340   10,952 
             
    Income before income taxes  994  692   1,985   3,093 
    Income tax expense  164  138   240   577 
             
    Net income $ 830 $ 554  $ 1,745  $ 2,516 
             
    Basic and diluted net income per common share  $ 0.29 $ 0.19  $ 0.61  $ 0.88 
             


    GLEN BURNIE BANCORP AND SUBSIDIARY      
    CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
    For the twelve months ended December 31, 2022 and 2021    
    (dollars in thousands)         
           Accumulated  
       Additional   Other Total
     Common  Paid-in Retained ComprehensiveStockholders'
    (audited)Stock Capital Earnings Income (Loss) Equity
    Balance, December 31, 2020$2,842 $10,640 $23,071  $540  $37,093 
              
    Net income -  -  2,516   -   2,516 
    Cash dividends, $0.40 per share -  -  (1,138)  -   (1,138)
    Dividends reinvested under dividend reinvestment plan 12  119  -   -   131 
    Transition adjustment pursuant to adoption of ASU 2016-3 to adoption of ASU 2016-3 0  -  (1,472)  -   (1,472)
    Other comprehensive loss -  -  -   (1,414)  (1,414)
    Balance, December 31, 2021$2,854 $10,759 $22,977  $(874) $35,716 
              
              
           Accumulated  
       Additional   Other Total
     Common  Paid-in Retained Comprehensive Stockholders'
    (unaudited)Stock Capital Earnings Loss Equity
    Balance, December 31, 2021$2,854 $10,759 $22,977  $(874) $35,716 
              
    Net income -  -  1,745   -   1,745 
    Cash dividends, $0.40 per share -  -  (1,143)  -   (1,143)
    Dividends reinvested under dividend reinvestment plan 11  103  -   -   114 
    Other comprehensive loss -  -  -   (20,378)  (20,378)
    Balance, December 31, 2022$2,865 $10,862 $23,579  $(21,252) $16,054 
              


    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 December 31, 2022:           
    Common Equity Tier 1 Capital $37,96316.45% $10,3834.50% $14,9986.50%
    Total Risk-Based Capital $39,86617.28% $18,4598.00% $23,07410.00%
    Tier 1 Risk-Based Capital $37,96316.45% $13,8456.00% $18,4598.00%
    Tier 1 Leverage $37,9639.53% $15,9384.00% $19,9225.00%
                
    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 $37,3918.78% $17,0394.00% $21,2995.00%
                
    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%
                

     

    GLEN BURNIE BANCORP AND SUBSIDIARY      
    SELECTED FINANCIAL DATA        
    (dollars in thousands, except per share amounts)    
               
      Three Months Ended Twelve Months Ended
      December 31September 30December 31December 31 December 31
       2022   2022   2021   2022   2021 
      (unaudited) (unaudited) (unaudited) (unaudited) (audited)
               
    Financial Data          
    Assets $381,436  $415,626  $442,066  $381,436  $442,066 
    Investment securities  144,133   144,980   155,927   144,133   155,927 
    Loans, (net of deferred fees & costs) 186,440   194,080   210,392   186,440   210,392 
    Allowance for loan losses  2,162   2,275   2,470   2,162   2,470 
    Deposits  362,947   378,886   383,247   362,947   383,247 
    Borrowings  -   20,000   20,000   -   20,000 
    Stockholders' equity  16,054   14,340   35,716   16,054   35,716 
    Net income  830   375   554   1,745   2,516 
               
    Average Balances          
    Assets $397,712  $425,871  $447,261  $424,358  $431,169 
    Investment securities  174,886   177,824   151,919   168,990   145,496 
    Loans, (net of deferred fees & costs) 189,585   197,199   217,347   198,934   233,956 
    Deposits  374,687   381,834   388,168   382,164   371,958 
    Borrowings  6,452   20,000   20,000   16,613   20,309 
    Stockholders' equity  15,144   22,001   36,254   24,042   36,010 
               
    Performance Ratios          
    Annualized return on average assets 0.83%  0.35%  0.49%  0.41%  0.58%
    Annualized return on average equity 21.74%  6.76%  6.07%  7.26%  6.99%
    Net interest margin  3.27%  2.83%  2.95%  2.81%  3.00%
    Dividend payout ratio  34%  76%  51%  65%  45%
    Book value per share $5.60  $5.01  $12.51  $5.60  $12.51 
    Basic and diluted net income per share  0.29   0.13   0.19   0.61   0.88 
    Cash dividends declared per share  0.10   0.10   0.10   0.40   0.40 
    Basic and diluted weighted average shares outstanding  2,863,629   2,860,352   2,852,689   2,859,239   2,848,465 
               
    Asset Quality Ratios          
    Allowance for loan losses to loans  1.16%  1.17%  1.17%  1.16%  1.17%
    Nonperforming loans to avg. loans  0.26%  0.10%  0.16%  0.25%  0.16%
    Allowance for loan losses to nonaccrual & 90+ past due loans  433.9%  1171.4%  703.7%  433.9%  703.7%
    Net charge-offs annualize to avg. loans  0.38%  0.00%  -0.11%  0.10%  -0.17%
               
    Capital Ratios          
    Common Equity Tier 1 Capital  16.45%  15.34%  15.32%  16.45%  15.32%
    Tier 1 Risk-based Capital Ratio  16.45%  15.34%  15.32%  16.45%  15.32%
    Leverage Ratio  9.53%  8.78%  8.40%  9.53%  8.40%
    Total Risk-Based Capital Ratio  17.28%  16.16%  16.03%  17.28%  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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