• Glen Burnie Bancorp Announces Third Quarter 2024 Results

    ソース: Nasdaq GlobeNewswire / 31 10 2024 09:00:20   America/Chicago

    GLEN BURNIE, Md., Oct. 31, 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 $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 CapitalizedAction Provisions
     AmountRatio AmountRatio AmountRatio
    As of September 30, 2024:        
    Common Equity Tier 1 Capital$36,75515.47% $10,6914.50% $15,4436.50%
    Total Risk-Based Capital$39,72916.72% $19,0068.00% $23,75810.00%
    Tier 1 Risk-Based Capital$36,75515.47% $14,2556.00% $19,0068.00%
    Tier 1 Leverage$36,75510.11% $14,5394.00% $18,1735.00%
             
    As of June 30, 2024:        
    Common Equity Tier 1 Capital$36,89615.59% $10,6524.50% $15,3866.50%
    Total Risk-Based Capital$39,85716.84% $18,9378.00% $23,67110.00%
    Tier 1 Risk-Based Capital$36,89615.59% $14,2026.00% $18,9378.00%
    Tier 1 Leverage$36,89610.10% $14,6174.00% $18,2715.00%
             
    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%
             


    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%

    Primary Logo

シェアする