EX-99.1 2 tv515671_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

 

 

 

 

Press Release For Immediate Release
  Date:   March 6, 2019

 

  

 

 

GLEN BURNIE BANCORP ANNOUNCES

FOURTH QUARTER and FULL YEAR 2018 RESULTS

 

GLEN BURNIE, MD (March 6, 2019) – Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today net income of $0.31 million, or $0.11 per basic and diluted common share for the three-month period ended December 31, 2018, as compared to a net loss of $153,000, or $0.05 per basic and diluted common share for the three-month period ended December 31, 2017.

 

Bancorp reported net income of $1.58 million, or $0.56 per basic and diluted common share for the year ended December 31, 2018, compared to $0.91 million, or $0.33 per basic and diluted common share for the same period in 2017. Net loans grew by $27.6 million, or 10.24% during the twelve-month period ended December 31, 2018, compared to $6.4 million, or 2.46% growth during the same period of 2017. At December 31, 2018, Bancorp had total assets of $413.0 million. Bancorp, the oldest independent commercial bank in Anne Arundel County, paid its 106th consecutive quarterly dividend on February 1, 2019.

 

During 2018, the Company conducted a periodic review of the estimated direct cost to originate loans resulting in a change to the estimated materiality of these costs. Prior to January 1, 2018, the Company expensed direct costs to originate loans in the period incurred based on management’s judgement that the costs were immaterial. This yearlong project resulted in a change in the estimated materiality of these costs. Effective January 1, 2018, the Company increased its estimates for these costs and changed its accounting method from expense as incurred to defer and amortize in accordance with accounting standard 310-20 Receivables – Nonrefundable Fees and Other Costs. This preferred method recognizes loan interest income and costs incurred to generate the revenue in the same period. The effect of this change in accounting method was inseparable from the effect of the change in accounting estimate, and therefore, accounted for as a change in estimate. As a result, the Company began recognizing certain direct loan origination costs over the life of the related loan as a reduction of the loan’s yield by the interest method based on the contractual term of the loan. In the fourth quarter of 2018, the Company recorded a reduction of noninterest expense and an increase in loan balances of $375,000, and reduced loan balances and loan interest income by $51,000 due to the amortization of deferred costs. The effect of these adjustments increased income before taxes for the three- and twelve-months periods ended December 31, 2018 by $324,000 and increased net income by $300,000 or $0.11 per basic and diluted common share for the twelve-month period ended December 31, 2018.

 

 

 

  

“Consistent with the first three quarters of 2018, we continued to show positive momentum during the fourth quarter even when considering the impact of the change in estimate noted above. We expanded our net interest margin and net interest income reflects outstanding credit quality, disciplined loan pricing and a beneficial balance sheet structure,” stated John D. Long, President and CEO. “We continue to invest in technology systems that allow us to remain competitive in the rapidly changing technology environment. As such, our strong fundamental performance was somewhat offset by the significant technology and infrastructure investments made across the Company. We are encouraged by the progress of the past year and remain confident that these investments have built a foundation for sustainable growth in 2019 and beyond.”

 

“Tax law changes in the fourth quarter of 2017 impacted the comparability of our quarterly and year-over-year income metrics,” continued Mr. Long. “However, I am pleased about 2018 results, with net income of $0.31 million for the fourth quarter of 2018, an increase of 301% from the fourth quarter of 2017. In addition, net income of $1.58 million for the year ended December 31, 2018 increased $0.67 million, or 74%, over the $0.91 million for the year ended December 31, 2017. Headquartered in the dynamic Northern Anne Arundel County market, we believe the Bank is well positioned with sound asset growth, asset quality and capital levels, a widening net interest margin, and an experienced and seasoned executive team. We remain deeply committed to serving the financial needs of the community through the development of new loan and deposit products.”

 

 

Highlights for the Quarter and Year ended December 31, 2018

 

Bancorp continued to grow organically in the fourth quarter of 2018 driven primarily by favorable net loan growth. Bancorp has strong liquidity and capital positions that provide ample capacity for future growth, along with the Bank’s total regulatory capital to risk weighted assets of 13.18% at December 31, 2018, as compared to 13.84% for the same period of 2017.

 

Return on average assets for the three-month period ended December 31, 2018 was 0.30%, as compared to -0.16% for the three-month period ended December 31, 2017. Return on average equity for the three-month period ended December 31, 2018 was 3.74%, as compared to -1.75% for the three-month period ended December 31, 2017. Return on average assets for the year ended December 31, 2018 was 0.39%, as compared to 0.23% for the year ended December 31, 2017. Return on average equity for the year ended December 31, 2018 was 4.74%, as compared to 2.65% for the year ended December 31, 2017.

 

The Tax Cuts and Jobs Act (the Tax Act), signed into law on December 22, 2017, reduced the US federal corporate tax rate from 34% to 21%. At December 31, 2018, we completed our accounting for the tax effects of enactment of the Tax Act. We re-measured all deferred tax assets (“DTA”) and liabilities (“DTL”) based on the rates at which they are expected to reverse in the future. We recognized an income tax expense of $0.6 million for the year ended December 31, 2017 related to adjusting our net deferred tax asset balance to reflect the new corporate tax rate. In addition, DTAs/DTLs related to available for sale (“AFS”) securities unrealized losses that were revalued as of December 31, 2017 noted above created a “stranded tax effects” in Accumulated Other Comprehensive Income (“AOCI”) due enactment of the Tax Act. The issue arose due to the nature of generally accepted accounting principles recognition of tax rate change-effects on the AFS DTA/DTL revaluation as an adjustment to income tax provision. In February 2018, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2018-02 - Income Statement – Reporting Comprehensive Income (Topic 220). The Company early adopted the provisions of ASU 2018-02 and recorded a reclassification adjustment of $104,000 from AOCI to retained earnings for stranded tax effects related to AFS securities as a result of the newly enacted corporate tax rate. The amount of the reclassification was the difference between the 34% historical corporate tax rate and the newly enacted 21% corporate tax rate.

 

 

 

 

The book value per share of Bancorp’s common stock was $12.10 at December 31, 2018, as compared to $12.15 per share at December 31, 2017.

 

At December 31, 2018, the Bank remained above all “well-capitalized” regulatory requirement levels. The Bank’s tier 1 risk-based capital ratio was approximately 12.27% at December 31, 2018, as compared to 12.83% at December 31, 2017. Liquidity remained strong due to managed cash and cash equivalents, borrowing lines with the FHLB of Atlanta, the Federal Reserve and correspondent banks, and the size and composition of the bond portfolio.

 

 

Balance Sheet Review

 

Total assets were $413.0 million at December 31, 2018, an increase of $23.5 million or 6.03%, from $389.5 million at December 31, 2017. Investment securities were $81.6 million at December 31, 2018, a decrease of $7.7 million or 8.62%, from $89.3 million at December 31, 2017. Loans, net of deferred fees and costs, were $299.1 million at December 31, 2018, an increase of $27.5 million or 10.13%, from $271.6 million at December 31, 2017. Bank owned life insurance (BOLI) decreased $0.9 million or 9.80% from December 31, 2017 to December 31, 2018 primarily due to the redemption of BOLI policies. Net deferred tax assets decreased $1.0 million and accrued taxes receivable increased $0.7 million from December 31, 2017 to December 31, 2018 primarily due to the elimination of the alternative minimum tax under the Tax Act.

 

Total deposits were $322.5 million at December 31, 2018, a decrease of $11.7 million or 3.50%, from $334.2 million at December 31, 2017. Noninterest-bearing deposits were $101.4 million at December 31, 2018, a decrease of $2.5 million or 2.55%, from $104.0 million at December 31, 2017. Interest-bearing deposits were $221.1 million at December 31, 2018, a decrease of $9.1 million or 3.95%, from $230.2 million at December 31, 2017. Total borrowings were $55.0 million at December 31, 2018, an increase of $35.0 million or 175.00%, from $20.0 million at December 31, 2017.

 

Stockholders’ equity was $34.1 million at December 31, 2018, an increase of $9,000 from $34.0 million at December 31, 2017. The unrealized gains on interest rate swap contracts, 2018 retained earnings and stock issuances under the dividend reinvestment program, offset by $0.8 million decrease in accumulated other comprehensive loss associated with net unrealized losses on the available for sale bond portfolio drove the increase in stockholders’ equity.

 

Nonperforming assets, which consist of nonaccrual loans, troubled debt restructurings, accruing loans past due 90 days or more, and other real estate owned, represented 0.70% of total assets at December 31, 2018, as compared to 0.94% for the same period of 2017.

 

 

Review of Financial Results

 

For the three-month periods ended December 31, 2018 and 2017

 

Net income for the three-month period ended December 31, 2018 was $0.31 million, as compared to a net loss of $0.15 million for the three-month period ended December 31, 2017.

 

Net interest income for the three-month period ended December 31, 2018 totaled $3.24 million, as compared to $3.01 million for the three-month period ended December 31, 2017. Average loan balances increased to $298 million for the three-month period ended December 31, 2018, as compared to $270 million for the same period of 2017.

 

 

 

 

 

Net interest margin for the three-month period ended December 31, 2018 was 3.26%, as compared to 3.20% for the same period of 2017. Higher average balances and yields on interest-earning assets were the primary driver of year-over-year results, as the average balance increased $22 million and the yield on interest-earning assets increased 0.17% from 3.69% to 3.86%, offset by the cost of funds which increased 0.12% from 0.51% to 0.63% for the three-month periods ending December 31, 2017 and 2018, respectively.

 

The provision for loan losses for the three-month period ended December 31, 2018 was $255,000, as compared to $93,000 for the same period of 2017. The increase for the three-month period ended December 31, 2018 primarily reflects loan growth, increased net charge offs, and change in product mix. As a result, the allowance for loan losses was $2.54 million at December 31, 2018, representing 0.85% of total loans, as compared to $2.59 million, or 0.95% of total loans at December 31, 2017.

 

Noninterest income for the three-month period ended December 31, 2018 was $313,000, as compared to $349,000 for the three-month period ended December 31, 2017.

 

For the three-month period ended December 31, 2018, noninterest expense was $2.94 million, as compared to $2.70 million for the three-month period ended December 31, 2017. The primary contributors to the $0.24 million increase, when compared to the three-month period ended December 31, 2017 were increases in FDIC insurance costs, other insurance costs and other loan expense.

 

 

For the twelve-month periods ended December 31, 2018 and 2017

 

Net income for the twelve-month period ended December 31, 2018 was $1.58 million, as compared to net income of $0.91 million for the twelve-month period ended December 31, 2017.

 

Net interest income for the twelve-month period ended December 31, 2018 totaled $12.6 million, as compared to $11.7 million for the twelve-month period ended December 31, 2017. Average earning loan balances increased to $287 million for the twelve-month period ended December 31, 2018, as compared to $270 million for the same period of 2017.

 

Net interest margin for the twelve-month period ended December 31, 2018 was 3.26%, as compared to 3.12% for the same period of 2017. Higher average balances and yields on interest-earning assets were the primary driver of year-over-year results, as the average balance increased $12 million and the yield on interest-earning assets increased 0.17% from 3.64% to 3.81%, offset by the cost of funds which increased 0.03% from 0.54% to 0.57% for the three-month periods ending December 31, 2017 and 2018, respectively.

 

The provision for loan losses for the twelve-month period ended December 31, 2018 was $856,000, as compared to $336,000 for the same period of 2017. The increase for the twelve-month period ended December 31, 2018 was primarily driven by $700,000 increase in net loan charge offs year-over-year. As a result, the allowance for loan losses was $2.54 million at December 31, 2018, representing 0.85% of total loans, as compared to $2.59 million, or 0.95% of total loans for the same period of 2017.

 

Noninterest income for the twelve-month period ended December 31, 2018 was $1.52 million, as compared to $1.29 million for the twelve-month period ended December 31, 2017. The increase for the twelve-month period ended December 31, 2018 was primarily driven by $308,000 gain on redemptions of BOLI policies.

 

For the twelve-month period ended December 31, 2018, noninterest expense was $11.5 million, as compared to $10.8 million for the twelve-month period ended December 31, 2017. The primary contributors to the $0.7 million increase, when compared to the twelve-month period ended December 31, 2017 were increases in salary and employee benefits, legal, accounting and other professional fees, FDIC insurance costs, and loan collection costs, partially offset by decreases in advertising and marketing related expenses.

 

# # #

 

 

 

 

Glen Burnie Bancorp Information

 

Glen Burnie Bancorp is a bank holding company headquartered in Glen Burnie, Maryland. Founded in 1949, The Bank of Glen Burnie® is a locally-owned community bank with 8 branch offices serving Anne Arundel County. The Bank is engaged in the commercial and retail banking business including the acceptance of demand and time deposits, and the origination of loans to individuals, associations, partnerships and corporations. The Bank’s real estate financing consists of residential first and second mortgage loans, home equity lines of credit and commercial mortgage loans. The Bank also originates automobile loans through arrangements with local automobile dealers. Additional information is available at www.thebankofglenburnie.com.

 

Forward-Looking Statements

 

The statements contained herein that are not historical financial information, may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, which could cause the company’s actual results in the future to differ materially from its historical results and those presently anticipated or projected. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. For a more complete discussion of these and other risk factors, please see the company’s reports filed with the Securities and Exchange Commission.

 

For further information contact:

 

Jeffrey D. Harris, Chief Financial Officer

410-768-8883

jdharris@bogb.net

106 Padfield Blvd

Glen Burnie, MD 21061

 

 

 

  

 

 

 

 

 

GLEN BURNIE BANCORP AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(dollars in thousands)

 

   December 31,   September 30,   December 31, 
   2018   2018   2017 
   (unaudited)   (unaudited)   (audited) 
ASSETS               
Cash and due from banks  $2,605   $5,282   $2,610 
Interest bearing deposits with banks and federal funds sold   13,349    10,208    9,995 
Total Cash and Cash Equivalents   15,954    15,490    12,605 
                
Investment securities available for sale, at fair value   81,572    84,029    89,349 
Restricted equity securities, at cost   2,481    2,073    1,232 
                
Loans, net of deferred fees and costs   299,120    294,981    271,612 
Less:  Allowance for loan losses   (2,541)   (2,455)   (2,589)
Loans, net   296,579    292,526    269,023 
                
Real estate acquired through foreclosure   705    705    114 
Premises and equipment, net   3,106    3,154    3,371 
Bank owned life insurance   7,860    7,818    8,713 
Deferred tax assets, net   1,392    2,863    2,429 
Accrued interest receivable   1,198    1,233    1,133 
Accrued taxes receivable   1,177    -    465 
Prepaid expenses   466    516    433 
Other assets   556    958    583 
Total Assets  $413,046   $411,365   $389,450 
                
LIABILITIES               
Noninterest-bearing deposits  $101,369   $107,921   $104,017 
Interest-bearing deposits   221,084    228,926    230,221 
Total Deposits   322,453    336,847    334,238 
                
Short-term borrowings   55,000    40,000    20,000 
Defined pension liability   285    323    335 
Accrued Taxes Payable   -    102    - 
Accrued expenses and other liabilities   1,257    749    835 
Total Liabilities   378,995    378,021    355,408 
                
STOCKHOLDERS' EQUITY               
Common stock, par value $1, authorized 15,000,000 shares,  issued and outstanding 2,814,157, 2,810,961, and 2,801,149, shares as of December 31, 2018, September 30, 2018, and December 31, 2017, respectively.   2,814    2,811    2,801 
Additional paid-in capital   10,401    10,368    10,267 
Retained earnings   22,066    21,936    21,605 
Accumulated other comprehensive loss   (1,230)   (1,771)   (631)
Total Stockholders' Equity   34,051    33,344    34,042 
Total Liabilities and Stockholders' Equity  $413,046   $411,365   $389,450 

 

 

 

 

GLEN BURNIE BANCORP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands, except per share amounts) 

 

   Three Months Ended
December 31,		   Twelve Months Ended
December 31,		 
   2018 (unaudited)   2017 (unaudited)   2018 (unaudited)   2017 (audited) 
INTEREST INCOME                    
Interest and fees on loans  $3,249   $2,918   $12,348   $11,421 
Interest and dividends on securities   515    484    2,100    2,007 
Interest on deposits with banks and federal funds sold   80    64    245    179 
   Total Interest Income   3,844    3,466    14,693    13,607 
                     
INTEREST EXPENSE                    
Interest on deposits   352    316    1,348    1,300 
Interest on short-term borrowings   247    143    754    452 
Interest on long-term borrowings   -    -    -    185 
   Total Interest Expense   599    459    2,102    1,937 
                     
   Net Interest Income   3,245    3,007    12,591    11,670 
Provision for loan losses   255    93    856    336 
   Net interest income after provision for loan losses   2,990    2,914    11,735    11,334 
                     
NONINTEREST INCOME                    
Service charges on deposit accounts   61    73    248    281 
Other fees and commissions   210    228    774    802 
Gains on redemption of BOLI policies   -    -    308    - 
Gain on securities sold   -    -    -    1 
Income on life insurance   42    48    172    199 
Gains on sale of OREO   -    -    15    - 
Other income   -    -    -    2 
   Total Noninterest Income   313    349    1,517    1,285 
                     
NONINTEREST EXPENSE                    
Salary and employee benefits   1,513    1,550    6,593    6,165 
Occupancy and equipment expenses   320    315    1,170    1,180 
Legal, accounting and other professional fees   196    220    917    780 
Data processing and item processing services   160    132    614    574 
FDIC insurance costs   127    63    314    251 
Advertising and marketing related expenses   39    52    104    162 
Loan collection costs   (8)   5    145    78 
Telephone costs   73    64    253    276 
Other expenses   518    296    1,429    1,329 
   Total Noninterest Expenses   2,938    2,697    11,539    10,795 
                     
Income before income taxes   365    566    1,713    1,824 
Income tax expense   58    719    130    913 
                     
   NET INCOME (LOSS)  $307   $(153)  $1,583   $911 
                     
Basic and diluted net income (loss) per share of common stock  $0.11   $(0.05)  $0.56   $0.33 

 

 

 

 

GLEN BURNIE BANCORP AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

For the year ended December, 2018 (unaudited) and 2017

(dollars in thousands)

 

               Accumulated     
               Other     
       Additional       Comprehensive   Total 
   Common   Paid-in   Retained   (Loss)   Stockholders' 
   Stock   Capital   Earnings   Income   Equity 
Balance, December 31, 2016  $2,787   $10,130   $21,707   $(810)  $33,814 
                          
Net income   -    -    911    -    911 
Cash dividends, $0.30 per share   -    -    (1,117)   -    (1,117)
Dividends reinvested under dividend reinvestment plan   14    137    -    -    151 
Reclassification adjustment for stranded income tax effects in accumulated other comprehensive income stranded income tax effects in accumulated other comprehensive income             104    (104)     
Other comprehensive income   -    -    -    283    283 
Balance, December 31, 2017  $2,801   $10,267   $21,605   $(631)  $34,042 

 

               Accumulated     
       Additional       Other   Total 
   Common   Paid-in   Retained   Comprehensive   Stockholders' 
   Stock   Capital   Earnings   (Loss)   Equity 
Balance, December 31, 2017  $2,801   $10,267   $21,605   $(631)  $34,042 
                          
Net income   -    -    1,583    -    1,583 
Cash dividends, $0.40 per share   -    -    (1,122)   -    (1,122)
Dividends reinvested under dividend reinvestment plan   13    134    -    -    147 
Other comprehensive loss   -    -    -    (599)   (599)
Balance, December 31, 2018  $2,814   $10,401   $22,066   $(1,230)  $34,051 

 


 

 

  

THE BANK OF GLEN BURNIE

CAPITAL RATIOS 

(dollars in thousands)

  

          

 

To Be Considered

Adequately Capitalized

  

To Be Well

Capitalized Under

Prompt Corrective

Action Provisions

 
   Amount   Ratio   Amount   Ratio   Amount   Ratio 
As of December 31, 2018:                              
(unaudited)                              
Common Equity Tier 1 Capital  $34,778    12.27%  $12,757    4.50%  $18,427    6.50%
Total Risk-Based Capital  $37,354    13.18%  $22,679    8.00%  $28,349    10.00%
Tier 1 Risk-Based Capital  $34,778    12.27%  $17,009    6.00%  $22,679    8.00%
Tier 1 Leverage  $34,778    8.52%  $16,330    4.00%  $20,413    5.00%
                               
As of September 30, 2018:                              
(unaudited)                              
Common Equity Tier 1 Capital  $32,781    11.75%  $12,551    4.50%  $18,130    6.50%
Total Risk-Based Capital  $35,260    12.64%  $22,313    8.00%  $27,892    10.00%
Tier 1 Risk-Based Capital  $32,781    11.75%  $16,735    6.00%  $22,313    8.00%
Tier 1 Leverage  $32,781    8.08%  $16,230    4.00%  $20,287    5.00%
                               
As of December 31, 2017:                              
(audited)                              
Common Equity Tier 1 Capital  $32,944    12.83%  $11,552    4.50%  $16,686    6.50%
Total Risk-Based Capital  $35,541    13.84%  $20,537    8.00%  $25,671    10.00%
Tier 1 Risk-Based Capital  $32,944    12.83%  $15,403    6.00%  $20,537    8.00%
Tier 1 Leverage  $32,928    8.43%  $15,617    4.00%  $19,521    5.00%

 

 

 

 

 

 

GLEN BURNIE BANCORP AND SUBSIDIARIES

SELECTED FINANCIAL DATA

(dollars in thousands, except per share amounts)

 

   Three Months Ended   Year Ended 
   December 31,   September 30,   December 31,   December 31,   December 31, 
   2018   2018   2017   2018   2017 
   (unaudited)   (unaudited)   (unaudited)   (unaudited)   (audited) 
                     
Financial Data                         
Assets  $413,046   $411,365   $389,450   $413,046   $389,450 
Investment securities   81,572    84,029    89,349    81,572    89,349 
Loans, (net of deferred fees & costs)   299,120    294,981    271,612    299,120    271,612 
Allowance for loan losses   2,541    2,455    2,589    2,541    2,589 
Deposits   322,453    336,847    334,238    322,453    334,238 
Borrowings   55,000    40,000    20,000    55,000    20,000 
Stockholders' equity   34,051    33,344    34,042    34,051    34,042 
Net income   307    542    (153)   1,583    911 
                          
Average Balances                         
Assets  $408,958   $407,660   $391,254   $400,930   $392,363 
Investment securities   85,055    88,611    90,084    89,351    91,634 
Loans, (net of deferred fees & costs)   297,791    293,949    270,402    286,702    269,600 
Deposits   332,284    338,412    335,312    335,167    335,805 
Borrowings   42,748    34,487    20,501    31,595    21,458 
Stockholders' equity   32,580    33,831    34,638    33,392    34,322 
                          
Performance Ratios                         
Annualized return on average assets   0.30%   0.54%   -0.16%   0.39%   0.23%
Annualized return on average equity   3.74%   6.50%   -1.75%   4.74%   2.65%
Net interest margin   3.26%   3.34%   3.20%   3.26%   3.12%
Dividend payout ratio   91%   52%   -183%   71%   123%
Book value per share  $12.10   $11.86   $12.15   $12.10   $12.15 
Basic and diluted net income per share   0.11    0.19    (0.05)   0.56    0.33 
Cash dividends declared per share   0.10    0.10    0.10    0.40    0.40 
Basic and diluted weighted average shares outstanding   2,813,045    2,809,834    2,799,832    2,808,031    2,794,381 
                          
Asset Quality Ratios                         
Allowance for loan losses to loans   0.85%   0.83%   0.95%   0.85%   0.95%
Nonperforming loans to avg. loans   0.73%   0.82%   1.32%   0.76%   1.32%
Allowance for loan losses tos nonaccrual & 90+ past due loans   128.7%   112.1%   77.7%   128.7%   77.7%
Net charge-offs annualize to avg. loans   0.23%   0.10%   0.19%   0.32%   0.09%
                          
Capital Ratios                         
Common Equity Tier 1 Capital   12.27%   11.75%   12.83%   12.27%   12.83%
Tier 1 Risk-based Capital Ratio   12.27%   11.75%   12.83%   12.27%   12.83%
Leverage Ratio   8.52%   8.08%   8.43%   8.52%   8.43%
Total Risk-Based Capital Ratio   13.18%   12.64%   13.84%   13.18%   13.84%