EX-99.1 2 tm2427167d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1 

 

 

Press Release

For Immediate Release

Date: October 31, 2024

 

 

GLEN BURNIE BANCORP ANNOUNCES

THIRD QUARTER 2024 RESULTS

 

GLEN BURNIE, MD (October 31, 2024) – Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today net income of $129,000, or $0.04 per basic and diluted common share for the three-month period ended September 30, 2024, compared to net income of $551,000, or $0.19 per basic and diluted common share for the three-month period ended September 30, 2023. Bancorp reported a net loss of $72,000, or $0.02 per basic and diluted common share for the nine-month period ended September 30, 2024, compared to net income of $1.3 million, or $0.44 per basic and diluted common share for the same period in 2023. On September 30, 2024, Bancorp had total assets of $368.4 million. Bancorp is the oldest independent commercial bank in Anne Arundel County.

 

“The Company’s positive earnings results for the third quarter 2024 reflect efficient and productive operations, a focus on disciplined loan growth, and balance sheet management. However, our financial performance for the year 2024 is disappointing and represents the challenges inherent in navigating the interest rate environment of the last several years. The Company is focused on generating additional interest earning assets at higher current market and rebuilding our base of core, low-cost deposits,” said Mark C. Hanna, President, and Chief Executive Officer. “Despite the challenges of declining net interest income, the Company’s financial strength is reflected in a strong capital position, available liquidity and prudent expense management. Although interest expense increased significantly in year over year comparisons, prompt adjustments to rates on loans contributed to expanded interest income and higher yields on earning assets that partially offset higher interest expense and helped mitigate margin compression.”

 

In closing, Mr. Hanna added, “To invest in strategic opportunities that will benefit the long-term performance of the Bank, the difficult decision was made to change the longstanding practice of approving quarterly cash dividends for shareholders. As the Bank evaluates our next 75 years, we are committed to our business model and the economic strength of the communities we serve. To better serve the evolving needs of our clients, there is a need to reinvest in our people, technology, products and facilities. Based on our capital levels, conservative underwriting policies, on-and off-balance sheet liquidity, strong loan diversification, and current economic conditions within the markets we serve, management expects to navigate the uncertainties and remain well-capitalized. We will continue to execute on our strategic priorities to generate organic loan and deposit growth.”

 

 

 

 

Highlights for the First Nine Months of 2024

 

Despite growth in loans and deposits in the first nine months of the year, net interest income decreased $1.1 million, or 11.54% to $8.2 million through September 30, 2024, as compared to $9.2 million during the same period of 2023. The decrease resulted primarily from a $2.4 million increase in interest expense. The increase in interest on deposits was driven by the higher cost of money market deposit balances. The increase in interest on borrowings was driven by a $25.6 million increase in the average balance of borrowed funds due to the elevated level of deposit runoff that occurred in 2023.

 

Due to growth of $30.7 million in the loan portfolio and a 0.11% increase in the current expected credit loss (“CECL”) percentage, the Company added $591,000 to its allowance for credit losses on loans in the first nine months of 2024, as compared to a $68,000 release of allowance for credit losses in the first nine months of 2023. While this provision negatively impacted earnings in the first half of the year, the growth in loan balances should generate additional interest revenue in future periods. The Company expects that its strong liquidity and capital positions, along with the Bank’s total regulatory capital to risk weighted assets of 16.72% on September 30, 2024, as compared to 18.10% for the same period of 2023, will provide ample capacity for future growth.

 

Return on average assets for the three-month period ended September 30, 2024, was 0.14%, as compared to 0.61% for the three-month period ended September 30, 2023. Return on average equity for the three-month period ended September 30, 2024, was 2.63%, as compared to 12.47% for the three-month period ended September 30, 2023. Lower net income and a higher average asset balance primarily drove the lower return on average assets, while lower net income and a higher average equity balance primarily drove the lower return on average equity.

 

The cost of funds increased 0.86% when comparing September 30, 2024, to the same period in 2023, rising from 0.46% to 1.32%. This 0.86% increase was primarily due to the change in the funding mix between lower cost interest-bearing and noninterest-bearing deposit balances and higher cost borrowed funds and money market deposit balances.

 

On September 30, 2024, the Bank remained above all “well-capitalized” regulatory requirement levels. The Bank’s tier 1 risk-based capital ratio was approximately 15.47% on September 30, 2024, as compared to 17.37% on December 31, 2023. 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 $368.4 million on September 30, 2024, an increase of $13.0 million or 3.66%, from $355.4 million on September 30, 2023. Investment securities decreased by $22.7 million or 15.94% to $120.0 million as of September 30, 2024, compared to $142.7 million for the same period of 2023. Loans, net of deferred fees and costs, were $207.0 million on September 30, 2024, an increase of $32.2 million or 18.41%, from $174.8 million on September 30, 2023. Cash and cash equivalents increased $7.9 million or 54.68%, from September 30, 2023 to September 30, 2024.

 

Total deposits were $314.2 million on September 30, 2024, a decrease of $600,000 or 0.18%, from $314.8 million on September 30, 2023. Despite the year-over-year decline, deposit balances have increased $14.2 million or 4.73% from December 31, 2023. Noninterest-bearing deposits were $115.9 million on September 30, 2024, a decrease of $11.0 million or 8.64%, from $126.9 million on September 30, 2023. Interest-bearing deposits were $198.3 million on September 30, 2024, an increase of $10.4 million or 5.53%, from $187.9 million on September 30, 2023. Total borrowings were $30.0 million on September 30, 2024, an increase of $5.0 million or 20.00%, from $25.0 million on September 30, 2023.

 

 

 

 

As of September 30, 2024, total stockholders’ equity was $21.2 million (5.74% of total assets), equivalent to a book value of $7.29 per common share. Total stockholders’ equity on September 30, 2023, was $13.2 million (3.70% of total assets), equivalent to a book value of $4.57 per common share.

 

Asset quality, which has trended within a narrow range over the past several years, has remained sound as of September 30, 2024. Nonperforming assets, which consist of nonaccrual loans, restructured loans to borrowers with financial difficulty, accruing loans past due 90 days or more, and other real estate owned (“OREO”), represented 0.08% of total assets on September 30, 2024, compared to 0.15% on December 31, 2023, demonstrating positive asset quality trends across the portfolio. The allowance for credit losses on loans was $2.75 million, or 1.33% of total loans, as of September 30, 2024, compared to $2.16 million, or 1.22% of total loans, as of December 31, 2023. The allowance for credit losses for unfunded commitments was $597,000 as of September 30, 2024, compared to $473,000 as of December 31, 2023.

 

Review of Financial Results

 

For the three-month periods ended September 30, 2024, and 2023

 

Net income for the three-month period ended September 30, 2024, was $129,000, as compared to net income of $551,000 for the three-month period ended September 30, 2023. The decrease is primarily the result of a $614,000 increase in interest expense on deposits and a $126,000 increase in interest expense on short-term borrowings, a $287,000 decrease in interest and dividends on securities, a $170,000 increase in the provision for credit losses on loans and a $197,000 increase in noninterest expenses. These decreases were partially offset by an increase of $763,000 in loan interest income and fees, and a $133,000 increase in interest on deposits with banks. The Company’s need to defend its deposit base as well as grow interest-earning asset balances necessitated a strategic change in direction that resulted in the increased interest expense.

 

Net interest income for the three-month period ended September 30, 2024, totaled $2.8 million, a decrease of $131,000 from the three-month period ended September 30, 2023. The decrease in net interest income was due to a $740,000 increase in the cost of interest-bearing deposits and borrowings driven by a $17.3 million increase in the average balance of interest-bearing funds and a $16.6 million decrease in the average balance of noninterest-bearing deposits. The higher expenses were partially offset by a $609,000 increase in total interest income due to a 0.66% increase in the yield of interest earning assets.

 

Net interest margin for the three-month period ended September 30, 2024, was 3.06%, compared to 3.21% for the same period of 2023. Higher average interest-bearing funds, lower average noninterest-bearing funds, and higher cost of funds, partially offset by higher average yields and balances on interest-earning assets were the primary drivers of year-over-year results. The average balance of interest-bearing funds and noninterest-bearing funds increased $17.3 million and decreased $16.6 million, respectively, and the cost of funds increased 0.86%, when comparing the three-month periods ending September 30, 2023, and 2024. The average balance of interest-earning assets increased $0.8 million while the yield increased 0.66% from 3.64% to 4.30%, when comparing the three-month periods ending September 30, 2023, and 2024, respectively.

 

The average balance of interest-bearing deposits in banks and investment securities decreased $25.3 million from $188.2 million to $162.9 million for the third quarter of 2024, compared to the same period of 2023, while the yield remained unchanged during that same period.

 

Average loan balances increased $26.1 million to $203.3 million for the three-month period ended September 30, 2024, compared to $177.2 million for the same period of 2023, while the yield increased 0.89% from 4.80% to 5.69% during that same period. The increase in loan yields for the third quarter of 2024 reflected the runoff of the lower yielding loans and the origination of higher yielding loans in the current higher rate environment.

 

 

 

 

The provision of allowance for credit loss on loans for the three-month period ended September 30, 2024, was $78,000, compared to a release of allowance for credit loss of $92,000 for the same period of 2023. The $170,000 increase in the provision for the three-month period ended September 30, 2024, when compared to the three-month period ended September 30, 2023, primarily reflects a $32.0 million increase in the reservable balance of the loan portfolio and a 0.13% increase in the current expected credit loss percentage.

 

For the three-month period ended September 30, 2024, noninterest expense was $3.0 million, compared to $2.8 million for the three-month period ended September 30, 2023, an increase of $200,000. The primary contributors to the $200,000 increase, when compared to the three-month period ended September 30, 2023, were increases in legal, accounting, and other professional fees, data processing and item processing services, advertising and marketing related expenses, and other expenses (primarily allowance for unfunded commitments), offset by decreases in salary and employee benefits.

 

For the nine-month periods ended September 30, 2024, and 2023

 

Net loss for the nine-month period ended September 30, 2024, was $72,000, as compared to net income of $1.3 million for the nine-month period ended September 30, 2023. The decrease is primarily the result of a $460,000 decrease in interest and dividends on securities, a $1.0 million increase in interest expense on short-term borrowings, a $1.4 million increase in interest expense on deposits and a $780,000 increase in the provision for credit losses on loans, partially offset by an increase of $1.3 million in loan interest income and fees, a $535,000 increase in interest on deposits with banks and a $569,000 decrease in the provision for income taxes.

 

Net interest income for the nine-month period ended September 30, 2024, totaled $8.2 million, a decrease of $1.1 million from the nine-month period ended September 30, 2023. The decrease in net interest income was due to a $2.4 million increase in the cost of interest-bearing deposits and borrowings driven by a $17.3 million increase in the average balance of interest-bearing funds and a $20.0 million decrease in the average balance of noninterest-bearing deposits. The higher expenses were partially offset by a $1.3 million increase in total interest income due to a 0.51% increase in the yield of interest earning assets.

 

Net interest margin for the nine-month period ended September 30, 2024, was 2.98%, compared to 3.35% for the same period of 2023. Higher average interest-bearing funds, lower average noninterest-bearing funds, and higher cost of funds, partially offset by higher average yields on interest-earning assets, were the primary drivers of year-over-year results. The average balance of interest-bearing funds and noninterest-bearing funds increased $17.3 million and decreased $20.0 million, respectively, and the cost of funds increased 0.94%, when comparing the nine-month periods ending September 30, 2023, and 2024. The average balance of interest-earning assets decreased $2.7 million, while the yield increased 0.51% from 3.59% to 4.10%, when comparing the nine-month periods ending September 30, 2023, and 2024, respectively.

 

The average balance of interest-bearing deposits in banks and investment securities decreased $10.1 million from $187.9 million to $177.8 million for the first nine months of 2024, compared to the same period of 2023, while the yield increased 0.20% from 2.51% to 2.71% during that same period. The increase in yields is attributed to the higher interest rate environment and its positive impact on cash balances and investment yields.

 

Average loan balances increased $7.4 million to $188.6 million for the nine-month period ended September 30, 2024, compared to $181.2 million for the same period of 2023, while the yield increased 0.72% from 4.70% to 5.42% during that same period. The increase in loan yields for the first nine months of 2024 reflected the runoff of the lower yielding loans and origination of higher yielding loans in the current higher rate environment.

 

 

 

 

The Company recorded a provision of allowance for credit loss on loans of $773,000 for the nine-month period ending September 30, 2024, compared to a release of allowance for credit loss of $7,000 for the same period in 2023. The $780,000 increase in the provision in 2024, compared to 2023, primarily reflects a $32.0 million increase in the reservable balance of the loan portfolio and a 0.13% increase in the current expected credit loss percentage. As a result, the allowance for credit loss on loans was $2.75 million on September 30, 2024, representing 1.33% of total loans, compared to $2.09 million, or 1.20% of total loans on September 30, 2023.

 

For the nine-month period ended September 30, 2024, noninterest expense was $8.8 million, compared to $8.7 million for the nine-month period ended September 30, 2023. The primary contributors when comparing to the nine-month period ended September 30, 2023, were increases in occupancy and equipment expenses, legal, accounting, and other professional fees, advertising and marketing related expenses, and other expenses (primarily allowance for unfunded commitments), offset by decreases in salary and employee benefits 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.

 

For further information contact:

 

Jeffrey D. Harris, Chief Financial Officer

410-768-8883

jdharris@bogb.net

106 Padfield Blvd

Glen Burnie, MD 21061

 

 

 

 

 

 

GLEN BURNIE BANCORP AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

 

   September 30,   June 30,   December 31,   September 30, 
   2024   2024   2023   2023 
   (unaudited)   (unaudited)   (audited)   (unaudited) 
ASSETS                    
Cash and due from banks  $2,255   $1,804   $1,940    2,380 
Interest-bearing deposits in other financial institutions   20,207    14,982    13,301    12,142 
   Total Cash and Cash Equivalents   22,462    16,786    15,241    14,522 
                     
Investment securities available for sale, at fair value   119,958    117,180    139,427    142,705 
Restricted equity securities, at cost   246    246    1,217    980 
                     
Loans, net of deferred fees and costs   206,975    201,500    176,307    174,796 
   Less:  Allowance for credit losses(1)   (2,748)   (2,625)   (2,157)   (2,094)
   Loans, net   204,227    198,875    174,150    172,702 
                     
Premises and equipment, net   2,723    2,833    3,046    3,177 
Bank owned life insurance   8,789    8,744    8,657    8,614 
Deferred tax assets, net   6,879    8,329    7,897    10,187 
Accrued interest receivable   1,478    1,358    1,192    1,373 
Accrued taxes receivable   497    552    121    189 
Prepaid expenses   486    355    475    538 
Other assets   614    458    390    377 
    Total Assets  $368,359   $355,716   $351,813    355,364 
                     
LIABILITIES                    
Noninterest-bearing deposits  $115,938   $109,631   $116,922    126,898 
Interest-bearing deposits   198,335    196,235    183,145    187,943 
   Total Deposits   314,273    305,866    300,067    314,841 
                     
Short-term borrowings   30,000    30,000    30,000    25,000 
Defined pension liability   329    328    324    322 
Accrued expenses and other liabilities   2,597    2,051    2,097    2,040 
   Total Liabilities   347,199    338,245    332,488    342,203 
                     
STOCKHOLDERS' EQUITY                    
Common stock, par value $1, authorized 15,000,000 shares,  issued and outstanding 2,900,681; 2,893,648; 2,882,627; 2,877,084 shares as of September 30, 2024, June 30, 2024, December 31, 2023, and September 30,2023 respectively.   2,901    2,894    2,883    2,877 
Additional paid-in capital   11,037    11,014    10,964    10,940 
Retained earnings   22,921    23,081    23,859    23,980 
Accumulated other comprehensive loss   (15,699)   (19,518)   (18,381)   (24,636)
   Total Stockholders' Equity   21,160    17,471    19,325    13,161 
   Total Liabilities and Stockholders' Equity  $368,359   $355,716   $351,813    355,364 

 

 

 

 

 

GLEN BURNIE BANCORP AND SUBSIDIARY 

CONSOLIDATED STATEMENTS OF INCOME 

(dollars in thousands, except per share amounts) 

(unaudited) 

 

   Three Months Ended
September 30,		   Nine Months Ended
September 30,		 
   2024   2023   2024   2023 
Interest income                    
Interest and fees on loans  $2,908   $2,145   $7,648   $6,368 
Interest and dividends on securities   814    1,101    2,605    3,065 
Interest on deposits with banks and federal funds sold   237    104    1,004    469 
   Total Interest Income   3,959    3,350    11,257    9,902 
                     
Interest expense                    
Interest on deposits   730    116    1,716    337 
Interest on short-term borrowings   408    282    1,363    320 
   Total Interest Expense   1,138    398    3,079    657 
                     
   Net Interest Income   2,821    2,952    8,178    9,245 
Provision (release) of credit loss allowance   78    (92)   773    (7)
   Net interest income after provision of credit loss provision   2,743    3,044    7,405    9,252 
                     
Noninterest income                    
Service charges on deposit accounts   36    40    109    120 
Other fees and commissions   273    233    584    560 
Income on life insurance   45    42    132    120 
   Total Noninterest Income   354    315    825    800 
                     
Noninterest expenses                    
Salary and employee benefits   1,654    1,691    4,872    5,089 
Occupancy and equipment expenses   327    329    996    955 
Legal, accounting and other professional fees   267    194    769    692 
Data processing and item processing services   263    206    755    755 
FDIC insurance costs   41    40    119    122 
Advertising and marketing related expenses   40    26    88    72 
Loan collection costs   5    10    11    13 
Telephone costs   41    38    110    113 
Other expenses   380    287    1,052    880 
   Total Noninterest Expenses   3,018    2,821    8,772    8,691 
                     
Income (loss) before income taxes   79    538    (542)   1,361 
Income tax (benefit) expense   (50)   (13)   (470)   99 
                     
   Net income (loss)  $129   $551   $(72)  $1,262 
                     
Basic and diluted net income (loss) per common share  $0.04   $0.19   $(0.02)  $0.44 

 

 

 

 

GLEN BURNIE BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY 

For the nine months ended September 30, 2024 and 2023 

(dollars in thousands) 

(unaudited) 

 

               Accumulated     
       Additional       Other   Total 
   Common   Paid-in   Retained   Comprehensive   Stockholders' 
   Stock   Capital   Earnings   Loss   Equity 
Balance, December 31, 2022  $2,865   $10,862   $23,579   $(21,252)  $16,054 
                          
Net income   -    -    1,262    -    1,262 
Cash dividends, $0.30 per share   -    -    (861)   -    (861)
Dividends reinvested under                         
   dividend reinvestment plan   12    78    -    -    90 
Other comprehensive loss   -    -    -    (3,384)   (3,384)
Balance, September 30, 2023  $2,877   $10,940   $23,980   $(24,636)  $13,161 

 

 

               Accumulated     
       Additional       Other   Total 
   Common   Paid-in   Retained   Comprehensive   Stockholders' 
   Stock   Capital   Earnings   (Loss) Income   Equity 
Balance, December 31, 2023  $2,883   $10,964   $23,859   $(18,381)  $19,325 
                          
Net loss   -    -    (72)   -    (72)
Cash dividends, $0.30 per share   -    -    (866)   -    (866)
Dividends reinvested under                         
   dividend reinvestment plan   18    73    -    -    91 
Other comprehensive income   -    -    -    2,682    2,682 
Balance, September 30, 2024  $2,901   $11,037   $22,921   $(15,699)  $21,160 

 

 

 

 

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 
   Amount   Ratio   Amount   Ratio   Amount   Ratio 
As of September 30, 2024:                        
Common Equity Tier 1 Capital  $36,755    15.47%  $10,691    4.50%  $15,443    6.50%
Total Risk-Based Capital  $39,729    16.72%  $19,006    8.00%  $23,758    10.00%
Tier 1 Risk-Based Capital  $36,755    15.47%  $14,255    6.00%  $19,006    8.00%
Tier 1 Leverage  $36,755    10.11%  $14,539    4.00%  $18,173    5.00%
                               
As of June 30, 2024:                              
Common Equity Tier 1 Capital  $36,896    15.59%  $10,652    4.50%  $15,386    6.50%
Total Risk-Based Capital  $39,857    16.84%  $18,937    8.00%  $23,671    10.00%
Tier 1 Risk-Based Capital  $36,896    15.59%  $14,202    6.00%  $18,937    8.00%
Tier 1 Leverage  $36,896    10.10%  $14,617    4.00%  $18,271    5.00%
                               
As of December 31, 2023:                              
Common Equity Tier 1 Capital  $37,975    17.37%  $9,840    4.50%  $14,213    6.50%
Total Risk-Based Capital  $40,237    18.40%  $17,493    8.00%  $21,867    10.00%
Tier 1 Risk-Based Capital  $37,975    17.37%  $13,120    6.00%  $17,493    8.00%
Tier 1 Leverage  $37,975    10.76%  $14,113    4.00%  $17,641    5.00%
                               
As of September 30, 2023:                              
Common Equity Tier 1 Capital  $38,053    17.12%  $10,004    4.50%  $14,450    6.50%
Total Risk-Based Capital  $40,227    18.10%  $17,785    8.00%  $22,231    10.00%
Tier 1 Risk-Based Capital  $38,053    17.12%  $13,338    6.00%  $17,785    8.00%
Tier 1 Leverage  $38,053    10.56%  $14,420    4.00%  $18,026    5.00%

 

 

 

 

GLEN BURNIE BANCORP AND SUBSIDIARY

SELECTED FINANCIAL DATA

(dollars in thousands, except per share amounts)

 

   Three Months Ended   Year Ended 
   September 30,   June 30,   September 30,   December 31, 
   2024   2024   2023   2023 
   (unaudited)   (unaudited)   (unaudited)   (unaudited) 
Financial Data                    
Assets  $368,359   $355,716   $355,364   $351,813 
Investment securities   119,958    117,180    142,705    139,427 
Loans, (net of deferred fees & costs)   206,975    201,500    174,796    176,307 
Allowance for loan losses   2,748    2,625    2,094    2,157 
Deposits   314,273    305,866    314,841    300,067 
Borrowings   30,000    30,000    25,000    30,000 
Stockholders' equity   21,160    17,471    13,161    19,325 
Net income (loss)   129    (204)   551    1,429 
                     
Average Balances                    
Assets  $364,127   $366,071   $360,767   $361,731 
Investment securities   142,972    148,690    177,856    173,902 
Loans, (net of deferred fees & costs)   203,316    186,650    177,223    179,790 
Deposits   312,019    307,427    321,318    330,095 
Borrowings   30,001    38,891    19,946    12,580 
Stockholders' equity   19,559    17,369    17,548    17,105 
                     
Performance Ratios                    
Annualized return on average assets   0.14%   -0.22%   0.61%   0.40%
Annualized return on average equity   2.63%   -4.72%   12.47%   8.35%
Net interest margin   3.06%   3.02%   3.21%   3.31%
Dividend payout ratio   224%   -142%   52%   80%
Book value per share  $7.29   $6.04   $4.57   $6.70 
Basic and diluted net income per share   0.04    (0.07)   0.19    0.50 
Cash dividends declared per share   0.10    0.10    0.10    0.40 
Basic and diluted weighted average shares outstanding   2,897,929    2,891,203    2,875,329    2,873,500 
                     
Asset Quality Ratios                    
Allowance for loan losses to loans   1.33%   1.30%   1.20%   1.22%
Nonperforming loans to avg. loans   0.14%   0.17%   0.33%   0.29%
Allowance for loan losses to nonaccrual & 90+ past due loans   937.5%   827.1%   359.4%   409.3%
Net charge-offs annualize to avg. loans   -0.09%   -0.14%   0.09%   0.06%
                     
Capital Ratios                    
Common Equity Tier 1 Capital   15.47%   15.59%   17.12%   17.37%
Tier 1 Risk-based Capital Ratio   15.47%   15.59%   17.12%   17.37%
Leverage Ratio   10.11%   10.10%   10.56%   10.76%
Total Risk-Based Capital Ratio   16.72%   16.84%   18.10%   18.40%