GLBZ Glen Burnie Bancorp

Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today net income of $888,000, or $0.31 per basic and diluted common share for the three-month period ended September 30, 2021, as compared to $949,000, or $0.33 per basic and diluted common share for the three-month period ended September 30, 2020. Bancorp reported net income of $1,962,000, or $0.69 per basic and diluted common share for the nine-month period ended September 30, 2021, compared to $1,123,000, or $0.40 per basic and diluted common share for the same period in 2020. On September 30, 2021, Bancorp had total assets of $432.8 million. Bancorp, the oldest independent commercial bank in Anne Arundel County, will pay its 117th consecutive quarterly dividend on November 8, 2021. The Company recorded a net benefit of $122,000 from the release of allowance for credit losses loans (“ACL-loans”) for the third quarter of 2021 and $593,000 for the nine months ended September 30, 2021. This compares to a release of ACL-loans of $669,000 for the third quarter of 2020 and $263,000 for the nine months ended September 30, 2020. (The third quarter of 2020 results include the reversal of a previously recorded $509,000 ACL-loan provision related to the expected impact on credit losses due the COVID-19 pandemic, which reversal is reflected in the 2020 nine-month results, as well). This provision was recaptured in September 2020 when it was determined that the impact of COVID-19 would be less significant than previously anticipated.

“Our third quarter 2021 earnings continue to reflect the strength and quality of our balance sheet, disciplined loan pricing and the ability to manage our net interest margin in a very challenging market rate environment,” said John D. Long, President and Chief Executive Officer. “The main story for the first nine months of 2021, is the $593,000 release of ACL-loans. Our margin continues to be under pressure as deposit growth driven by government stimulus has far outpaced net loan decreases. Seizing more opportunities to safely deploy the excess funds entrusted to us by our customers remains our priority. We continue to make progress in improving the fundamentals of the Company, including an increase in interest-earning assets, a better deposit mix, and a continued reduction in our cost of funds, all of which are improving our financial metrics. Our challenge for the remainder of 2021, and into 2022, will be generating loan growth in the post-pandemic economy. We are encouraged by the improving economic factors in our local markets as the economy continues to recover.”

“The progress made during this time of public health and economic challenges reflects our team’s exceptional dedication and commitment to meeting our communities’ financial and banking needs while maintaining safe, secure and efficient operations. Conditions during the past year have challenged us to enhance our digital customer communication and service capabilities while maintaining the personalized community banking service that has long characterized Glen Burnie Bancorp. We believe our 2021 financial performance reflects success in providing superior service and operational strength. I continue to be very proud of our team as we navigate through these unprecedented times while always thinking of how to better address the needs of our customers.”

Highlights for the First Nine Months of 2021

The Company recorded an ACL-loans benefit of $122,000 in the third quarter of 2021 as compared to an ACL-loans benefit of $669,000 in the third quarter of 2020, and a year-to-date ACL-loans benefit of $593,000 in 2021 as compared to a $263,000 ACL-loans benefit for the same period in 2020. The $547,000 increase in provision for credit losses loans (“PCL-loans”) in the third quarter of 2021 as compared to the third quarter of 2020, and the $330,000 ACL-loans benefit for the first nine months of 2021 compared to the same period in 2020 is due primarily to lower average balances on loans, and net recoveries of previously charged-off loan balances.

Total interest income declined $0.1 million to $10.1 million for the nine-month period ending September 30, 2021, compared to the same period in 2020. This decline was driven primarily by a $970,000 decrease in interest income on loans consistent with the $42.3 million decline in the average balance of the loan portfolio. Beyond pricing pressure/competition and the absolute low level of rates, the current economic outlook and prospects of a sustained historic low interest rate environment will likely continue to place pressure on net interest margin. Exacerbating the above, the Company had a $4.4 million higher level of excess liquidity as of September 30, 2021 as compared to the same period in 2020.

Bancorp has strong liquidity and capital positions which, we believe, provide ample capacity for future growth, along with the Bank’s total regulatory capital to risk weighted assets of 14.86% on September 30, 2021, as compared to 12.66% for the same period in 2020.

Return on average assets for the three-month period ended September 30, 2021, was 0.81%, as compared to 0.92% for the three-month period ended September 30, 2020. Return on average equity for the three-month period ended September 30, 2021, was 9.56%, as compared to 10.18% for the three-month period ended September 30, 2020.  

The cost of funds decreased from 0.38% during the third quarter of 2020 to 0.27% during the third quarter of 2021. This decrease was primarily due to a change in funding mix, consisting of an increase in lower cost non-time deposits as a percentage of total funding sources, and lower rates on time deposits, reflecting the declining interest rate environment.

The book value per share of Bancorp’s common stock was $12.26 on September 30, 2021, as compared to $12.86 per share on September 30, 2020.

On September 30, 2021, the Bank remained above all “well-capitalized” regulatory requirement levels. The Bank’s tier 1 risk-based capital ratio was approximately 14.05% on September 30, 2021, as compared to 12.10% on September 30, 2020. 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 $432.8 million on September 30, 2021, an increase of $1.9 million or 0.44%, from $430.9 million on September 30, 2020. Investment securities increased by $48.3 million or 42.25% to $162.8 million as of September 30, 2021, as compared to $114.5 million for the same period of 2020. This increase is primarily due to changes in our balance sheet mix resulting from significant increases in deposits from government stimulus programs, deposit customers’ increased savings, and decreases in loan portfolio balances. Loans, net of deferred fees and costs, were $221.9 million on September 30, 2021, a decrease of $50.5 million or 18.55%, from $272.4 million on September 30, 2020. Net loans during the first nine months of 2021 and 2020 include loans funded under the Small Business Administration (SBA) Paycheck Protection Program (PPP), offset by forgiveness activity by the SBA. PPP loans carry a fixed interest rate of 1.0% with a two- or five-year contractual maturity depending on the origination date.

Total deposits were $374.5 million on September 30, 2021, an increase of $30.6 million or 8.89%, from $343.9 million on September 30, 2020. Noninterest-bearing deposits were $147.8 million on September 30, 2021, an increase of $18.1 million or 13.92%, from $129.7 million on September 30, 2020. The increase in deposits was primarily related to PPP and other government stimulus payments leading to historically high savings rates. Interest-bearing deposits were $226.7 million on September 30, 2021, an increase of $12.5 million or 5.84%, from $214.2 million on September 30, 2020. Total borrowings were $20.0 million on September 30, 2021, a decrease of $27.4 million or 57.78%, from $47.4 million on September 30, 2020. The Company participated in the Paycheck Protection Program Liquidity Facility (“PPPLF”) established by the Federal Reserve. On September 30, 2021, and 2020, the Company borrowed $0 and $17.4 million, respectively, under the PPPLF with a fixed rate of 0.35% and pledged PPP loans as collateral to secure the borrowings.

As of September 30, 2021, total stockholders’ equity was $35.0 million (8.09% of total assets), equivalent to a book value of $12.26 per common share. Total stockholders’ equity on September 30, 2020, was $36.5 million (8.47% of total assets), equivalent to a book value of $12.86 per common share. The reductions in the ratio of stockholders’ equity to total assets was due to higher asset balances from increased levels of cash equivalents and investment securities, along with decreases to equity from the decline in market value of the Company’s available-for-sale securities portfolio and the $1.5 million impact of the adoption of the CECL accounting standard for credit losses. Included in stockholders’ equity on September 30, 2021, and September 30, 2020, were unrealized losses (net of taxes) on the Company’s available-for-sale investment securities and derivative contracts totaling $1,325,000 and unrealized gains (net of taxes) of $246,000, respectively. This decrease in unrealized gains primarily resulted from decreasing market interest rates year-over-year, which decreased the fair value of the investment securities.

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 0.65% of total assets on September 30, 2021, as compared to 1.32% for the same period of 2020. The $705,000 decrease in OREO balance, a $1.9 million higher asset balance, and a $2.2 million decrease in nonaccrual loans drove the 0.67% decrease in nonperforming assets as percentage of total assets from September 30, 2020, to September 30, 2021.

Review of Financial Results

For the three-month periods ended September 30, 2021, and 2020

Net income for the three-month period ended September 30, 2021, was $888,000, as compared to $949,000 for the three-month period ended September 30, 2020.

Net interest income for the three-month period ended September 30, 2021, totaled $3.34 million, an increase of $344,000 from the three-month period ended September 30, 2020. The increase in net interest income was due to a $255,000 increase in interest income and a $89,000 reduction in the costs of interest-bearing deposits. Net interest margin expansion drove the higher interest income resulting from bond purchases in response to COVID-19 driven excess liquidity. Our securities holdings, which generally yield less than loans, increased as a percentage of our total assets reflecting deployment of increased deposit balances.

Net interest margin for the three-month period ended September 30, 2021, was 3.22%, as compared to 3.05% for the same period of 2020. Higher 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 $25.4 million while the yield increased 0.06% from 3.41% to 3.47%, when comparing the three-month periods ending September 30, 2020, and 2021. The average balance on interest-bearing funds and noninterest-bearing funds increased $8.3 million and $16.2 million, respectively. The cost of funds decreased 0.11%, when comparing the three-month periods ending September 30, 2020, and 2021. 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 $75.5 million from $110.9 million to $186.4 million for the third quarter of 2021, as compared to the same period of 2020, while the yield increased from 1.53% to 1.73% during that same period. Much of the increase in yields for the three-month period can be attributed to a significant increase in investment securities available for sale.

Average loan balances decreased $50.2 million or 17.94%, to $229.6 million for the three-month period ended September 30, 2021, as compared to $279.8 million for the same period of 2020 while the yield increased from 4.16% to 4.89% during that same period. The increase in loan yields for the third quarter of 2021 reflected the recognition of interest income and fees associated with the positive resolution of distressed loans.

The Company recorded an ACL-loan benefit of $122,000 in the third quarter of 2021 as compared to a benefit of $669,000 in the third quarter of 2020. The $547,000 increase in PCL-loans in the third quarter of 2021 as compared to the second quarter of 2020, is due primarily to lower average balances on loans, net recoveries of previously charged-off loan balances and strong credit discipline. The third quarter 2020 results include the reversal of a $509,000 provision recorded in the second quarter of 2020 related to the expected impact on credit losses due to the COVID-19 pandemic. This provision was recaptured in September 2020 when it was determined that the impact of COVID-19 would be less significant than previously anticipated. As a result, the ACL-loan was $2.8 million on September 30, 2021, representing 1.24% of total loans, as compared to the allowance for loan losses of $1.7 million, or 0.61% of total loans on September 30, 2020. The ratio of the ACL-loan to total loans increased 0.63% primarily due to the Company’s adoption of the CECL accounting standard effective January 1, 2021. The Company’s financial statements for periods prior to January 1, 2021, were prepared under the previous incurred loss accounting standard. No provision for loan losses on PPP loans was recognized as the SBA guarantees 100% of loans funded under the program.

Noninterest income for the three-month period ended September 30, 2021, was $359,000, as compared to $260,000 for the three-month period ended September 30, 2020, an increase of $99,000 or 38.03%, driven primarily by $97,000 higher other fees and commissions due to higher ATM interchange fees.

For the three-month period ended September 30, 2021, noninterest expense was $2.69 million, unchanged from the three-month period ended September 30, 2020. The primary changes comparing the three-month period ended September 30, 2021 to 2020, were decreases in legal, accounting, and other professional fees, loan collection costs and data processing and item processing services, offset by increases in salary and employee benefits, occupancy and equipment expenses, and other expenses.

For the nine-month periods ended September 30, 2021, and 2020

Net income for the nine-month period ended September 30, 2021, was $1,962,000, as compared to a $1,123,000 for the nine-month period ended September 30, 2020.

Net interest income for the nine-month period ended September 30, 2021, totaled $9.2 million, an increase of $251,000 from the nine-month period ended September 30, 2020. The increase in net interest income was due to a $379,000 reduction in the costs of interest-bearing deposits and borrowings, offset by $128,000 lower 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 bond purchases in response to COVID-19 driven excess liquidity. Our securities holdings, which generally yield less than loans, increased as a percentage of our total assets reflecting the deployment of increased deposit balances.

Net interest margin for the nine-month period ended September 30, 2021, was 3.01%, as compared to 3.17% for the same period of 2020. 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 $31.3 million while the yield decreased 0.31% from 3.59% to 3.28%, when comparing the nine-month periods ending September 30, 2020, and 2021. The average balance on interest-bearing funds and noninterest-bearing funds increased $7.8 million and $22.5 million, respectively, and the cost of funds decreased 0.17%, when comparing the nine-month periods ending September 30, 2020, and 2021. 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 $73.6 million from $96.7 million to $170.3 million for the nine-month period ending September 30, 2021, as compared to the same period of 2020, while the yield decreased from 1.66% to 1.61% during that same period. Much of the decrease in yields for the nine-month period can be attributed to a significant increase in cash held in interest-bearing deposits in banks during this low interest rate period.

Average loan balances decreased $42.3 million or 15.01% to $239.5 million for the nine-month period ended September 30, 2021, as compared to $281.8 million for the same period of 2020 while the yield increased from 4.25% to 4.47% during that same period. The increase in loan yields during 2021 reflected the recognition of interest income and fees associated with the positive resolution of distressed loans.

The Company recorded an ACL-loans benefit of $593,000 for the nine-month period ending September 30, 2021, as compared to a benefit of $263,000 for the same period in 2020. The $330,000 increase in ACL-loans benefit in 2021 as compared to 2020, is due primarily to lower average balances on loans, net recoveries of previously charged-off loan balances, and strong credit discipline. As a result, the ACL-loan was $2.8 million on September 30, 2021, representing 1.24% of total loans, as compared to the allowance for loan losses of $1.7 million, or 0.61% of total loans on September 30, 2020. The ratio of the ACL-loans and the allowance for loan losses to total loans increased 0.63% primarily due to the Company’s adoption of the CECL accounting standard effective January 1, 2021. The Company’s financial statements for periods prior to January 1, 2021, were prepared under the previous incurred loss accounting standard. No provision for loan losses on PPP loans was recognized as the SBA guarantees 100% of loans funded under the program.

Noninterest income for the nine-month period ended September 30, 2021, was $886,000, as compared to $743,000 for the nine-month period ended September 30, 2020, an increase of $143,000 or 19.25% driven primarily by a $146,000 increase in other fees and commissions due to higher ATM interchange fees and a $14,000 gain on sale of other real estate.

For the nine-month period ended September 30, 2021, noninterest expense was $8.3 million, as compared to $8.5 million for the nine-month period ended September 30, 2020, a decrease of $225,000 or 2.63%. The primary contributors to the $225,000 decrease, when compared to the nine-month period ended September 30, 2020, were decreases in legal, accounting, and other professional fees and loan collection costs, offset by increases in data processing and item processing services.

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,
		2021				2021				2020				2020
	(unaudited)				(unaudited)				(audited)				(unaudited)
ASSETS
Cash and due from banks	$	2,826			$	2,223			$	2,117			$	2,196
Interest bearing deposits in other financial institutions		28,638				24,545				34,976				24,857
Total Cash and Cash Equivalents		31,464				26,768				37,093				27,053
Investment securities available for sale, at fair value		162,827				157,591				114,049				114,461
Restricted equity securities, at cost		1,062				1,062				1,199				1,624
Loans, net of deferred fees and costs		224,674				234,871				253,772				274,082
Less: Allowance for credit losses(1)		(2,790	)			(2,887	)			(1,476	)			(1,663	)
Loans, net		221,884				231,984				252,296				272,419
Real estate acquired through foreclosure		-				-				575				705
Premises and equipment, net		3,654				3,716				3,853				3,878
Bank owned life insurance		8,298				8,258				8,181				8,141
Deferred tax assets, net		1,409				1,004				142				499
Accrued interest receivable		1,304				1,304				1,302				1,367
Accrued taxes receivable		91				258				116				-
Prepaid expenses		470				407				318				393
Other assets		352				422				362				382
Total Assets	$	432,815			$	432,774			$	419,486			$	430,922
LIABILITIES
Noninterest-bearing deposits	$	147,809			$	143,254			$	132,626			$	129,745
Interest-bearing deposits		226,700				225,630				216,994				214,195
Total Deposits		374,509				368,884				349,620				343,940
Short-term borrowings		20,000				25,237				29,912				37,367
Long-term borrowings		-				-				-				10,000
Defined pension liability		301				296				285				282
Accrued expenses and other liabilities		3,040				2,962				2,576				2,828
Total Liabilities		397,850				397,379				382,393				394,417
STOCKHOLDERS' EQUITY
Common stock, par value $1, authorized 15,000,000 shares, issued and outstanding 2,851,070, 2,848,170, 2,842,040 and 2,838,357 shares as of September 30, 2021, June 30, 2021, December 31, 2020, and September 30, 2020, respectively.		2,851				2,848				2,842				2,839
Additional paid-in capital		10,731				10,700				10,640				10,610
Retained earnings		22,708				22,104				23,071				22,810
Accumulated other comprehensive (loss) gain		(1,325	)			(257	)			540				246
Total Stockholders' Equity		34,965				35,395				37,093				36,505
Total Liabilities and Stockholders' Equity	$	432,815			$	432,774			$	419,486			$	430,922
(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 EndedSeptember 30,								Nine Months EndedSeptember 30,
		2021(unaudited)				2020(unaudited)				2021(unaudited)				2020(unaudited)
Interest income
Interest and fees on loans		$	2,799			$	2,924			$	8,005			$	8,974
Interest and dividends on securities			773				404				1,976				1,103
Interest on deposits with banks and federal funds sold			32				21				75				107
Total Interest Income			3,604				3,349				10,056				10,184
Interest expense
Interest on deposits			148				237				474				851
Interest on short-term borrowings			116				110				349				345
Interest on long-term borrowings			-				6				-				6
Total Interest Expense			264				353				823				1,202
Net Interest Income			3,340				2,996				9,233				8,982
Release of credit losses provision			(122	)			(669	)			(593	)			(263	)
Net interest income after credit loss release provision			3,462				3,665				9,826				9,245
Noninterest income
Service charges on deposit accounts			42				37				119				132
Other fees and commissions			276				179				635				489
Gain on securities sold/redeemed			1				4				1				4
Gain on sale of other real estate			-				-				14				-
Income on life insurance			40				40				117				118
Total Noninterest Income			359				260				886				743
Noninterest expenses
Salary and employee benefits			1,686				1,595				4,904				4,897
Occupancy and equipment expenses			306				283				912				909
Legal, accounting and other professional fees			121				233				516				737
Data processing and item processing services			206				234				710				651
FDIC insurance costs			47				41				130				141
Advertising and marketing related expenses			20				22				65				65
Loan collection costs			(30	)			5				(2	)			92
Telephone costs			42				56				173				146
Other expenses			293				224				903				901
Total Noninterest Expenses			2,691				2,693				8,311				8,539
Income before income taxes			1,130				1,232				2,401				1,449
Income tax expense			242				283				439				326
Net income		$	888			$	949			$	1,962			$	1,123
Basic and diluted net income per common share		$	0.31			$	0.33			$	0.69			$	0.40

 

GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
For the nine months ended September 30, 2021 and 2020
(dollars in thousands)
											Accumulated
				Additional							Other				Total
	Common			Paid-in			Retained				Comprehensive				Stockholders'
	Stock			Capital			Earnings				(Loss) Income				Equity
Balance, December 31, 2019	$	2,827		$	10,525		$	22,537			$	(209	)		$	35,680
Net income		-			-			1,123				-				1,123
Cash dividends, $0.30 per share		-			-			(850	)			-				(850	)
Dividends reinvested under
dividend reinvestment plan		12			85			-				-				97
Other comprehensive income		-			-			-				455				455
Balance, September 30, 2020	$	2,839		$	10,610		$	22,810			$	246			$	36,505
											Accumulated
				Additional							Other				Total
	Common			Paid-in			Retained				Comprehensive				Stockholders'
	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

 

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 September 30, 2021:
(unaudited)
Common Equity Tier 1 Capital	$	36,845	14.05	%		$	11,803	4.50	%		$	17,048	6.50	%
Total Risk-Based Capital	$	38,987	14.86	%		$	20,983	8.00	%		$	26,228	10.00	%
Tier 1 Risk-Based Capital	$	36,845	14.05	%		$	15,737	6.00	%		$	20,983	8.00	%
Tier 1 Leverage	$	36,845	8.50	%		$	17,331	4.00	%		$	21,664	5.00	%
As of June 30, 2021:
(unaudited)
Common Equity Tier 1 Capital	$	36,160	13.45	%		$	12,100	4.50	%		$	17,478	6.50	%
Total Risk-Based Capital	$	38,419	14.29	%		$	21,511	8.00	%		$	26,889	10.00	%
Tier 1 Risk-Based Capital	$	36,160	13.45	%		$	16,133	6.00	%		$	21,511	8.00	%
Tier 1 Leverage	$	36,160	8.58	%		$	16,865	4.00	%		$	21,082	5.00	%
As of December 31, 2020:
(unaudited)
Common Equity Tier 1 Capital	$	36,442	13.09	%		$	12,532	4.50	%		$	18,101	6.50	%
Total Risk-Based Capital	$	37,951	13.63	%		$	22,278	8.00	%		$	27,848	10.00	%
Tier 1 Risk-Based Capital	$	36,442	13.09	%		$	16,709	6.00	%		$	22,278	8.00	%
Tier 1 Leverage	$	36,442	9.12	%		$	15,980	4.00	%		$	19,975	5.00	%
As of September 30, 2020:
(unaudited)
Common Equity Tier 1 Capital	$	35,993	12.10	%		$	13,391	4.50	%		$	19,343	6.50	%
Total Risk-Based Capital	$	37,685	12.66	%		$	23,807	8.00	%		$	29,758	10.00	%
Tier 1 Risk-Based Capital	$	35,993	12.10	%		$	17,855	6.00	%		$	23,807	8.00	%
Tier 1 Leverage	$	35,993	9.23	%		$	15,600	4.00	%		$	19,500	5.00	%

 

GLEN BURNIE BANCORP AND SUBSIDIARY
SELECTED FINANCIAL DATA
(dollars in thousands, except per share amounts)
		Three Months Ended												Nine Months Ended								Year Ended
		September 30,				June 30,				September 30,				September 30,				September 30,				December 31,
			2021				2021				2020				2021				2020				2020
		(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)
Financial Data
Assets		$	432,815			$	432,774			$	430,922			$	432,815			$	430,922			$	419,486
Investment securities			162,827				157,591				114,461				162,827				114,461				114,049
Loans, (net of deferred fees & costs)			224,674				234,871				274,082				224,674				274,082				253,772
Allowance for loan losses			2,790				2,887				1,663				2,790				1,663				1,476
Deposits			374,509				368,884				343,940				374,509				343,940				349,620
Borrowings			20,000				25,237				47,367				20,000				47,367				29,912
Stockholders' equity			34,965				35,395				36,505				34,965				36,505				37,093
Net income			888				480				949				1,962				1,123				1,668
Average Balances
Assets		$	432,812			$	429,499			$	408,450			$	425,750			$	396,258			$	400,462
Investment securities			160,903				150,556				96,635				143,355				79,048				88,088
Loans, (net of deferred fees & costs)			229,645				239,912				279,817				239,492				281,773				277,074
Deposits			373,011				371,115				344,132				366,555				333,689				336,394
Borrowings			20,056				20,617				24,487				20,412				23,043				24,317
Stockholders' equity			36,857				34,926				37,089				35,931				36,919				37,067
Performance Ratios
Annualized return on average assets			0.81	%			0.45	%			0.92	%			0.62	%			0.38	%			0.42	%
Annualized return on average equity			9.56	%			5.51	%			10.18	%			7.30	%			4.06	%			4.49	%
Net interest margin			3.22	%			2.92	%			3.05	%			3.01	%			3.17	%			3.18	%
Dividend payout ratio			32	%			59	%			30	%			44	%			76	%			68	%
Book value per share		$	12.26			$	12.43			$	12.86			$	12.26			$	12.86			$	13.05
Basic and diluted net income per share			0.31				0.17				0.33				0.69				0.40				0.59
Cash dividends declared per share			0.10				0.10				0.10				0.30				0.30				0.40
Basic and diluted weighted average shares outstanding			2,850,124				2,847,191				2,836,998				2,847,042				2,833,130				2,835,037
Asset Quality Ratios
Allowance for loan losses to loans			1.24	%			1.23	%			0.61	%			1.24	%			0.61	%			0.58	%
Nonperforming loans to avg. loans			1.22	%			1.72	%			1.78	%			1.17	%			1.77	%			1.63	%
Allowance for loan losses to nonaccrual & 90+ past due loans			99.6	%			69.9	%			33.4	%			99.6	%			33.4	%			32.6	%
Net charge-offs annualize to avg. loans			-0.04	%			-0.06	%			0.09	%			-0.19	%			0.07	%			-0.04	%
Capital Ratios
Common Equity Tier 1 Capital			14.05	%			13.45	%			12.10	%			14.05	%			12.10	%			13.09	%
Tier 1 Risk-based Capital Ratio			13.05	%			13.45	%			12.10	%			13.05	%			12.10	%			13.09	%
Leverage Ratio			8.50	%			8.58	%			9.23	%			8.50	%			9.23	%			9.12	%
Total Risk-Based Capital Ratio			14.86	%			14.29	%			12.66	%			14.86	%			12.66	%			13.63	%

For further information contact:

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