• Glen Burnie Bancorp Announces Fourth Quarter And Full Year 2023 Results

    Source: Nasdaq GlobeNewswire / 16 Feb 2024 09:08:02   America/Chicago

    GLEN BURNIE, Md., Feb. 16, 2024 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today net income of $167,000, or $0.06 per basic and diluted common share for the three-month period ended December 31, 2023, compared to net income of $830,000, or $0.29 per basic and diluted common share for the three-month period ended December 31, 2022.   Bancorp reported net income of $1.43 million, or $0.50 per basic and diluted common share for the twelve-month period ended December 31, 2023, compared to $1.75 million, or $0.61 per basic and diluted common share for the same period in 2022. On December 31, 2023, Bancorp had total assets of $351.8 million. Bancorp, the oldest independent commercial bank in Anne Arundel County, paid its 126th consecutive quarterly dividend on February 5, 2024.

    “While 2023 proved to be a challenging year for our industry, we are pleased with our 2023 operating results as we continue to benefit from the passion of our associates to offer our customers exceptional banking services,” said Mark C. Hanna, President and Chief Executive Officer. “Over the course of the year, rising interest rates and industry turmoil created a challenging and unpredictable market for banks. High interest rates continued to drive competition for loans and deposits. While these challenges will persist into 2024, we continue to focus our efforts on growing our core banking business. 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 have built a stable earnings stream that should continue to deliver solid financial outcomes for the Company and our shareholders. We plan to add resources to drive deposit growth, enhance our small business lending capabilities, and make strategic adjustments to our operating structure to provide more value to both business and retail customers. These actions will significantly enhance our infrastructure and allow us to better serve our communities.

    “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,” continued Mr. Hanna. “We expect 2024 to be another difficult operating environment for financial institutions, particularly ones with a heavy reliance on the spread business. We are focused on executing against our long-term strategic plan and realizing the value from expanded treasury management capabilities, a continued emphasis on providing premier relationship banking services and continued slowdown of organic growth in our indirect automobile loan portfolio. Accordingly, our measured approach to loan and deposit growth will persist throughout the year.”

    In closing, Mr. Hanna added, “Our financial performance during the fourth quarter demonstrates this ability, although performance was still heavily impacted by the continuation of an inverted yield curve and rigorous competition for core deposits. Higher interest rate levels will keep pressure on loan growth and deposit retention, which impact our net interest margin. While interest rates may decrease in the future, we believe that the competition for loans and deposits will remain strong as we navigate through this cycle. We continue our focus on maintaining our strong capital levels, which are above regulatory required levels, preserving our solid asset quality, and maintaining our strong liquidity levels.   I am proud of the results and profitability the team was able to achieve in 2023. I look forward to continued progress towards our strategic objectives in 2024. I want to thank all of the Glen Burnie Bancorp associates for their incredible contributions and unwavering customer support during this uncertain period."

    Highlights for the Quarter and Year ended December 31, 2023

    Total interest income increased $0.6 million to $13.3 million for the twelve-month period ending December 31, 2023, compared to the same period in 2022. This resulted from a $744,000 increase in interest income on securities and a $122,000 increase in interest and fees on loans, consistent with the rising interest rate environment. The increase in interest income was driven by the repricing impact on earning asset yields of the change in asset mix from loans to investment securities. Loan pricing pressure/competition will continue to place pressure on the Company’s net interest margin.

    The Company expects that its strong liquidity and capital positions, along with the Bank’s total regulatory capital to risk weighted assets of 18.40% on December 31, 2023, compared to 17.28% for the same period of 2022, will provide ample capacity for future growth.

    Return on average assets for the three-month period ended December 31, 2023, was 0.19%, compared to 0.83% for the three-month period ended December 31, 2022. Return on average equity for the three-month period ended December 31, 2023, was 4.65%, compared to 21.74% for the three-month period ended December 31, 2022.   Lower net income primarily drove the lower return on average assets and the lower return on average equity.

    The cost of funds was 0.64% for the quarter ended December 31, 2023, compared to 0.13% for the quarter ended December 31, 2022. The 0.51% increase was primarily driven by the increase in the cost of borrowed funds.  

    The book value per share of Bancorp’s common stock was $6.70 on December 31, 2023, compared to $5.60 per share on December 31, 2022. The increase was primarily due to the decline in unrealized losses on available for sale securities caused by higher market interest rates.

    On December 31, 2023, the Bank remained above all “well-capitalized” regulatory requirement levels. The Bank’s tier 1 risk-based capital ratio was approximately 17.37% on December 31, 2023, compared to 16.45% on December 31, 2022. 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 $351.8 million on December 31, 2023, a decrease of $29.6 million or 7.77%, from $381.4 million on December 31, 2022.   Investment securities decreased by $4.7 million or 3.27%, to $139.4 million as of December 31, 2023, compared to $144.1 million for the same period of 2022.   Loans, net of deferred fees and costs, were $176.3 million on December 31, 2023, a decrease of $10.1 million or 5.43%, from $186.4 million on December 31, 2022. Cash and cash equivalents decreased $14.9 million or 49.35%, from $30.1 million on December 31, 2022, to $15.2 million on December 31, 2023. Deferred tax assets decreased $1.0 million or 11.29%, from $8.9 million on December 31, 2022, to $7.9 million on December 31, 2023, due to the tax effects of unrealized losses on available for sale securities.

    Total deposits were $300.1 million on December 31, 2023, a decrease of $62.8 million or 17.32%, from $362.9 million on December 31, 2022. Noninterest-bearing deposits were $116.9 million on December 31, 2023, a decrease of $26.4 million or 18.39%, from $143.3 million on December 31, 2022.   Interest-bearing deposits were $183.1 million on December 31, 2023, a decrease of $36.6 million or 16.63%, from $219.7 million on December 31, 2022. Total borrowings were $30.0 million on December 31, 2023, an increase of $30.0 million from December 31, 2022.  

    As of December 31, 2023, total stockholders’ equity was $19.3 million (5.49% of total assets), equivalent to a book value of $6.70 per common share. Total stockholders’ equity on December 31, 2022, was $16.1 million (4.21% of total assets), equivalent to a book value of $5.60 per common share. The increase in the ratio of stockholders’ equity to total assets was primarily due to the $2.9 million after-tax increase in market value of the Company’s available-for-sale securities portfolio and a $29.6 million decrease in total assets. The decrease in unrealized losses primarily resulted from decreasing market interest rates year-over-year, which increased the fair value of the investment securities.

    Asset quality, which has trended within a narrow range over the past several years, remains sound on December 31, 2023. 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 0.15% of total assets on December 31, 2023, compared to 0.13% on December 31, 2022. The $29.6 million decrease in total assets from December 31, 2022, to December 31, 2023, and the $39,000 increase in nonperforming assets drove the change. The allowance for credit losses on loans was $2.2 million, or 1.22% of total loans, as of December 31, 2023, compared to $2.2 million, or 1.16% of total loans, as of December 31, 2022. The allowance for credit losses for unfunded commitments was $473,000 as of December 31, 2023, compared to $477,000 as of December 31, 2022.

    Review of Financial Results

    For the three-month periods ended December 31, 2023, and 2022

    Net income for the three-month period ended December 31, 2023, was $167,000, compared to $830,000 for the three-month period ended December 31, 2022.

    Net interest income for the three-month period ended December 31, 2023, totaled $2.9 million, a decrease of $447,000 from the three-month period ended December 31, 2022. The decrease in net interest income was primarily due to a $425,000 increase in interest expenses predominantly related to short-term borrowings.

    Net interest margin for the three-month period ended December 31, 2023, was 3.17%, compared to 3.27% for the same period of 2022.   Higher average yields and lower average balances on interest-earning assets combined with lower average interest-bearing funds, lower average noninterest-bearing funds, and higher cost of funds were the primary drivers of year-over-year results.

    The average balance of interest-earning assets decreased $44.1 million while the yield increased 0.39% from 3.38% to 3.77%, when comparing the three-month periods ending December 31, 2022, and 2023, respectively. The average balance of interest-bearing funds and noninterest-bearing funds decreased $23.0 million and $21.4 million, respectively, and the cost of funds increased 0.51%, when comparing the three-month periods ending December 31, 2022, and 2023. The increase in interest expense is related to a continuing shift in funding mix between low-cost deposits and higher costing borrowed funds.  

    The average balance of interest-bearing deposits in banks and investment securities decreased $30.0 million from $215.9 million to $185.9 million for the fourth quarter of 2023, compared to the same period of 2022 while the yield increased 0.14% from 2.54% to 2.68% 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 $14.1 million to $175.5 million for the three-month period ended December 31, 2023, compared to $189.6 million for the same period of 2022, while the yield increased from 4.37% to 4.96% during that same period. The increase in loan yields for the fourth quarter of 2023 reflected continued runoff of the low-yielding indirect automobile loan portfolio and new loan originations at higher yields.

    The provision of allowance for credit loss on loans for the three-month period ended December 31, 2023, was $103,000, compared to $65,000 for the same period of 2022. The increase in the provision for the three-month period ended December 31, 2023, when compared to the three-month period ended December 31, 2022, primarily reflects a 0.06% increase in the current expected credit loss percentage.

    Noninterest income for the three-month period ended December 31, 2023, was $299,000, compared to $522,000 for the three-month period ended December 31, 2022, a decrease of $223,000 or 42.66%. The decrease was primarily driven by a $206,000 gain on the unwinding of derivative contracts in 2022.

    For the three-month period ended December 31, 2023, noninterest expense was $2.9 million, compared to $2.8 million for the three-month period ended December 31, 2022, an increase of $148,000 or 5.29%. The primary contributors to the $148,000 increase, when compared to the three-month period ended December 31, 2022, were increases in legal, accounting and other professional fees, and other expenses, partially offset by decreases in data processing and item processing services.

    For the twelve-month periods ended December 31, 2023, and 2022

    Net income for the twelve-month period ended December 31, 2023, was $1.4 million, compared to $1.7 million for the twelve-month period ended December 31, 2022.

    Net interest income for the twelve-month period ended December 31, 2023, totaled $12.1 million, an increase of $276,000 from $11.8 million for the twelve-month period ended December 31, 2022. The increase in net interest income was primarily due to $625,000 higher interest income, partially offset by $350,000 higher costs of interest-bearing deposits and borrowings.

    Net interest margin for the twelve-month period ended December 31, 2023, was 3.31%, compared to 2.81% for the same period of 2022. Higher average yields and lower average balances of interest-earning assets combined with lower average interest-bearing funds, lower average noninterest-bearing funds, and higher cost of funds were the primary drivers of year-over-year results.

    The average balance of interest-earning assets decreased $55.6 million, while the yield increased 0.62% from 3.01% to 3.63%, when comparing the twelve-month periods ending December 31, 2022, and 2023. The average balance on interest-bearing funds and noninterest-bearing funds decreased $36.1 million and $20.0 million, respectively, and the cost of funds increased 0.14%, when comparing the twelve-month periods ending December 31, 2022, and 2023. The increase in interest expense is related to a continuing shift in funding mix between low-cost deposits and higher costing borrowed funds.

    The average balance of interest-bearing deposits in banks and investment securities decreased $36.5 million from $223.8 million to $187.3 million for the twelve-month period ending December 31, 2023, compared to the same period of 2022. The yield increased 0.64% from 1.91% to 2.55% 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 $19.1 million to $179.8 million for the twelve-month period ended December 31, 2023, compared to $198.9 million for the same period of 2022. The yield increased from 4.24% to 4.76% during that same period. The increase in loan yields for the twelve-month period ending December 31, 2023, reflected continued runoff of the low-yielding indirect automobile loan portfolio and new loan originations at higher yields.

    The Company recorded a provision of allowance for credit loss on loans of $96,000 for the twelve-month period ending December 31, 2023, compared to a release of $112,000 for the same period in 2022. The $208,000 increase in the provision in 2023 compared to 2022, primarily reflects a $86,000 increase in net charge offs, offset by a $9.7 million decrease in the reservable balance of the loan portfolio and a 0.06% increase in the current expected credit loss percentage.   As a result, the allowance for credit loss on loans was $2.2 million on December 31, 2023, representing 1.22% of total loans, compared to $2.2 million, or 1.16% of total loans on December 31, 2022.

    Noninterest income for the twelve-month period ended December 31, 2023, was $1.1 million, compared to $1.4 million for the twelve-month period ended December 31, 2022, a decrease of $255,000 or 18.79%. The decrease was driven primarily a by $206,000 gain on unwind of derivative swap contracts in 2022.

    For the twelve-month period ended December 31, 2023, noninterest expense was $11.6 million, compared to $11.3 million for the twelve-month period ended December 31, 2022. The primary contributors to the $299,000 increase when comparing to the twelve-month period ended December 31, 2022, were increases in salary and employee benefits costs, FDIC insurance costs, and loan collection costs, partially offset by decreases in legal, accounting, and other professional fees and other 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.

    GLEN BURNIE BANCORP AND SUBSIDIARY    
    CONSOLIDATED BALANCE SHEETS     
    (dollars in thousands)     
          
          
     December 31, September 30, December 31,
      2023   2023   2022 
     (unaudited) (unaudited) (audited)
    ASSETS     
    Cash and due from banks$1,940  $2,380  $2,035 
    Interest-bearing deposits in other financial institutions 13,301   12,142   28,057 
    Total Cash and Cash Equivalents 15,241   14,522   30,092 
          
    Investment securities available for sale, at fair value 139,427   142,705   144,133 
    Restricted equity securities, at cost 1,217   980   221 
          
    Loans, net of deferred fees and costs 176,307   174,796   186,440 
    Less: Allowance for credit losses(1) (2,157)  (2,094)  (2,162)
    Loans, net 174,150   172,702   184,278 
          
    Premises and equipment, net 3,046   3,177   3,277 
    Bank owned life insurance 8,657   8,614   8,493 
    Deferred tax assets, net 7,897   10,187   8,902 
    Accrued interest receivable 1,192   1,373   1,159 
    Accrued taxes receivable 121   189   - 
    Prepaid expenses 475   538   493 
    Other assets 390   377   388 
    Total Assets$351,813  $355,364  $381,436 
          
    LIABILITIES     
    Noninterest-bearing deposits$116,922  $126,898  $143,262 
    Interest-bearing deposits 183,145   187,943   219,685 
    Total Deposits 300,067   314,841   362,947 
          
    Short-term borrowings 30,000   25,000   - 
    Long-term borrowings -   -   - 
    Defined pension liability 324   322   317 
    Accrued expenses and other liabilities 2,097   2,040   2,118 
    Total Liabilities 332,488   342,203   365,382 
          
    STOCKHOLDERS' EQUITY     
          
    Common stock, par value $1, authorized 15,000,000 shares, issued and outstanding 2,882,627, 2,877,084 and 2,865,046 shares as of December 31, 2023, September 30, 2023, and December 31, 2022, respectively. 2,883   2,877   2,865 
    Additional paid-in capital 10,964   10,940   10,862 
    Retained earnings 23,859   23,980   23,579 
    Accumulated other comprehensive loss (18,381)  (24,636)  (21,252)
    Total Stockholders' Equity 19,325   13,161   16,054 
    Total Liabilities and Stockholders' Equity$351,813  $355,364  $381,436 
          


    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,
       2023   2022  2023  2022 
    Interest income        
    Interest and fees on loans $2,192  $2,087 $8,559 $8,437 
    Interest and dividends on securities  1,082   967  4,147  3,403 
    Interest on deposits with banks and federal funds sold  162   404  631  872 
    Total Interest Income  3,436   3,458  13,337  12,712 
             
    Interest expense        
    Interest on deposits  176   109  513  471 
    Interest on short-term borrowings  369   11  689  348 
    Interest on long-term borrowings  -   -  -  34 
    Total Interest Expense  545   120  1,202  853 
             
    Net Interest Income  2,891   3,337  12,135  11,859 
    Provision/release of credit loss allowance  103   65  96  (112)
    Net interest income after release of credit loss provision  2,788   3,272  12,039  11,971 
             
    Noninterest income        
    Service charges on deposit accounts  39   40  159  159 
    Other fees and commissions  217   236  777  831 
    Loss/gain on securities sold/redeemed  -   -  -  2 
    Gain on swap contract unwind  -   206  -  206 
    Income on life insurance  43   40  164  156 
    Total Noninterest Income  299   522  1,100  1,354 
             
    Noninterest expenses        
    Salary and employee benefits  1,621   1,622  6,710  6,406 
    Occupancy and equipment expenses  339   334  1,294  1,272 
    Legal, accounting and other professional fees  301   160  993  1,044 
    Data processing and item processing services  250   294  1,005  997 
    FDIC insurance costs  40   29  163  112 
    Advertising and marketing related expenses  25   23  97  86 
    Loan collection costs  8   11  22  (39)
    Telephone costs  39   40  151  159 
    Other expenses  324   287  1,203  1,303 
    Total Noninterest Expenses  2,947   2,800  11,638  11,340 
             
    Income before income taxes  140   994  1,501  1,985 
    Income tax expense  (27)  164  72  240 
             
    Net income $167  $830 $1,429 $1,745 
             
    Basic and diluted net income per common share $0.06  $0.29 $0.50 $0.61 
             


    GLEN BURNIE BANCORP AND SUBSIDIARY      
    CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
    For the twelve months ended December 31, 2023 and 2022    
    (dollars in thousands)         
               
               
            Accumulated  
        Additional   Other Total
      Common Paid-in Retained Comprehensive
    		 Stockholders'
    (audited)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 
               
               
            Accumulated  
        Additional   Other Total
      Common Paid-in Retained Comprehensive Stockholders'
    (unaudited)Stock Capital Earnings Income (Loss) Equity
    Balance, December 31, 2022$2,865 $10,862 $23,579  $(21,252) $16,054 
               
    Net income -  -  1,429   -   1,429 
    Cash dividends, $0.40 per share -  -  (1,149)  -   (1,149)
    Dividends reinvested under         
    dividend reinvestment plan 18  102  -   -   120 
    Other comprehensive loss -  -  -   2,871   2,871 
    Balance, December 31, 2023$2,883 $10,964 $23,859  $(18,381) $19,325 
               


    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  Ratio  Ratio
    As of December 31, 2023:         
    Common Equity Tier 1 Capital $37,97517.37% $9,8404.50% $14,2136.50%
    Total Risk-Based Capital $40,23718.40% $17,4938.00% $21,86710.00%
    Tier 1 Risk-Based Capital $37,97517.37% $13,1206.00% $17,4938.00%
    Tier 1 Leverage $37,97510.76% $14,1134.00% $17,6415.00%
              
    As of September 30, 2023:         
    Common Equity Tier 1 Capital $38,05317.12% $10,0044.50% $14,4506.50%
    Total Risk-Based Capital $40,22718.10% $17,7858.00% $22,23110.00%
    Tier 1 Risk-Based Capital $38,05317.12% $13,3386.00% $17,7858.00%
    Tier 1 Leverage $38,05310.56% $14,4204.00% $18,0265.00%
              
    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%
              


    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
       2023   2023   2022   2023   2022 
      (unaudited) (unaudited) (unaudited) (unaudited) (audited)
               
    Financial Data          
    Assets $351,813  $355,364  $381,436  $351,813  $381,436 
    Investment securities  139,427   142,706   144,133   139,427   144,133 
    Loans, (net of deferred fees & costs) 176,307   174,796   186,440   176,307   186,440 
    Allowance for loan losses  2,157   2,094   2,162   2,157   2,162 
    Deposits  300,067   314,841   362,947   300,067   362,947 
    Borrowings  30,000   25,000   -   30,000   - 
    Stockholders' equity  19,325   13,161   16,054   19,325   16,054 
    Net income  167   551   830   1,429   1,745 
               
    Average Balances          
    Assets $353,085  $360,767  $397,712  $361,731  $424,358 
    Investment securities  174,581   177,856   174,886   173,902   168,990 
    Loans, (net of deferred fees & costs) 175,456   177,223   189,585   179,790   198,934 
    Deposits  310,168   321,318   374,687   330,094   382,164 
    Borrowings  26,579   19,946   6,452   12,580   16,613 
    Stockholders' equity  14,253   17,547   15,144   17,105   24,042 
               
    Performance Ratios          
    Annualized return on average assets 0.19%  0.61%  0.83%  0.40%  0.41%
    Annualized return on average equity 4.65%  12.47%  21.74%  8.35%  7.26%
    Net interest margin  3.17%  3.21%  3.27%  3.31%  2.81%
    Dividend payout ratio  172%  52%  34%  80%  65%
    Book value per share $6.70  $4.57  $5.60  $6.70  $5.60 
    Basic and diluted net income per share  0.06   0.19   0.29   0.50   0.61 
    Cash dividends declared per share  0.10   0.10   0.10   0.40   0.40 
    Basic and diluted weighted average shares outstanding  2,880,398   2,875,329   2,863,629   2,873,500   2,859,239 
               
    Asset Quality Ratios          
    Allowance for loan losses to loans  1.22%  1.20%  1.16%  1.22%  1.16%
    Nonperforming loans to avg. loans  0.30%  0.33%  0.26%  0.29%  0.25%
    Allowance for loan losses to nonaccrual & 90+ past due loans  409.3%  359.4%  433.9%  409.3%  433.9%
    Net charge-offs annualize to avg. loans  0.08%  0.09%  0.38%  0.06%  0.10%
               
    Capital Ratios          
    Common Equity Tier 1 Capital  17.37%  17.12%  16.45%  17.37%  16.45%
    Tier 1 Risk-based Capital Ratio  17.37%  17.12%  16.45%  17.37%  16.45%
    Leverage Ratio  10.76%  10.56%  9.53%  10.76%  9.53%
    Total Risk-Based Capital Ratio  18.40%  18.10%  17.28%  18.40%  17.28%
               

     


    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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