• Glen Burnie Bancorp Announces Third Quarter 2023 Results

    ソース: Nasdaq GlobeNewswire / 31 10 2023 08:46:42   America/Chicago

    GLEN BURNIE, Md., Oct. 31, 2023 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today net income of $551,000, or $0.19 per basic and diluted common share for the three-month period ended September 30, 2023, compared to net income of $375,000, or $0.13 per basic and diluted common share for the three-month period ended September 30, 2022. Bancorp reported net income of $1.3 million, or $0.44 per basic and diluted common share for the nine-month period ended September 30, 2023, compared to $915,000, or $0.32 per basic and diluted common share for the same period in 2022. On September 30, 2023, Bancorp had total assets of $355.4 million. Bancorp, the oldest independent commercial bank in Anne Arundel County, will pay its 125th consecutive quarterly dividend on November 6, 2023.

    “Our strong quarterly performance in the wake of the industry-wide turbulence characterized by rapidly increasing interest rates, demonstrates the resilience of our operating model and the adaptability of our bank,” said Mark C. Hanna, President and Chief Executive Officer. Strong customer relationships built over the years, have allowed us to retain deposits while maintaining discipline on interest expense. Strengthening and growing our core client relationships and strategically positioning the Bank for future growth remains our primary focus while we navigate through this uncertain economic landscape. This includes efforts to optimize the balance sheet and business mix. Despite declining loan balances in a volatile market environment, we have built a stable earnings stream that should continue to deliver solid financial outcomes for the Company and our shareholders, even as interest rates continue to rise, and fears of an economic downturn continue to develop. Anne Arundel County, our primary operating area, remains a vibrant market and should withstand this period of economic uncertainty. Non-performing assets remain low, and we maintain our conservative approach to credit underwriting. Historically, the Company has navigated both rising rate and recessionary cycles with good outcomes, and we believe that the Company and the Bank are well positioned to weather the current economic environment.”

    In closing, Mr. Hanna added, “Our financial performance during the third quarter demonstrates our ability to navigate the current economic environment. As we enter the final quarter of the year with positive momentum, we recognize the backdrop of economic uncertainty that persists. Inflation levels remain elevated and market expectations suggest that interest rates will remain elevated for some time, which will likely impact future economic growth and activity. As such, we are intently focused on targeted balance sheet growth that optimizes capital, prudently managing spreads, and maintaining disciplined loan and deposit pricing strategies. We believe our conservative credit culture and emphasis on effective risk management has served, and will continue to serve, us well during periods of economic unrest.”

    Highlights for the First Nine Months of 2023

    Total interest income increased $0.6 million to $9.9 million for the nine-month period ending September 30, 2023, compared to the same period in 2022. This resulted from a $630,000 increase in interest income on securities and a $17,000 increase in interest and fees on loans, consistent with the rising interest rate environment. The increase in interest income was driven by the repricing impact on earning asset yields of the change in asset mix from loans to investment securities. Loan pricing pressure/competition will continue to place pressure on the Company’s net interest margin.

    The Company recaptured a portion of its allowance for credit losses on loans in the first three quarters of 2023 due to changes in the mix of the loan categories in the loan portfolio, primarily consisting of runoff in the indirect automobile portfolio, and a 0.03% increase in the current expected credit loss (“CECL”) percentage. The Company expects that its strong liquidity and capital positions, along with the Bank’s total regulatory capital to risk weighted assets of 18.10% on September 30, 2023, compared to 16.16% for the same period of 2022, will provide ample capacity for future growth.

    Return on average assets for the three-month period ended September 30, 2023, was 0.61%, compared to 0.35% for the three-month period ended September 30, 2022. Return on average equity for the three-month period ended September 30, 2023, was 12.47%, compared to 6.76% for the three-month period ended September 30, 2022. Higher net income and a lower average asset balance primarily drove the higher return on average assets, while higher net income and a lower average equity balance primarily drove the higher return on average equity.

    The cost of funds decreased by 0.01% from 0.27% for the third quarter 2022 to 0.26% for the third quarter 2023.  

    The book value per share of Bancorp’s common stock was $4.57 on September 30, 2023, compared to $5.01 per share on September 30, 2022. The decline was primarily due to the unrealized losses on available for sale securities, caused by the rapid increase in market interest rates.

    On September 30, 2023, the Bank remained above all “well-capitalized” regulatory requirement levels. The Bank’s tier 1 risk-based capital ratio was approximately 17.12% on September 30, 2023, compared to 15.34% on September 30, 2022. Liquidity remained strong due to managed cash and cash equivalents, borrowing lines with the FHLB of Atlanta, the Federal Reserve and correspondent banks, and the size and composition of the bond portfolio.

    Balance Sheet Review

    Total assets were $355.4 million on September 30, 2023, a decrease of $60.3 million or 14.50%, from $415.6 million on September 30, 2022. Investment securities decreased by $2.3 million or 1.57% to $142.7 million as of September 30, 2023, compared to $145.0 million for the same period of 2022. Loans, net of deferred fees and costs, were $174.8 million on September 30, 2023, a decrease of $19.3 million or 9.94%, from $194.1 million on September 30, 2022. Cash and cash equivalents decreased $39.6 million or 73.19%, from September 30, 2022, to September 30, 2023. Deferred tax assets increased $1.1 million or 11.63%, from September 30, 2022, to September 30, 2023, due to the tax effects of unrealized losses on available for sale securities.

    Total deposits were $314.8 million on September 30, 2023, a decrease of $64.0 million or 16.9%, from $378.9 million on September 30, 2022. Noninterest-bearing deposits were $126.9 million on September 30, 2023, a decrease of $22.3 million or 14.93%, from $149.2 million on September 30, 2022. Interest-bearing deposits were $187.9 million on September 30, 2023, a decrease of $41.8 million or 18.18%, from $229.7 million on September 30, 2022. Total borrowings were $25.0 million on September 30, 2023, an increase of $5.0 million or 25.00%, from $20.0 million on September 30, 2022.  

    As of September 30, 2023, total stockholders’ equity was $13.2 million (3.70% of total assets), equivalent to a book value of $4.57 per common share. Total stockholders’ equity on September 30, 2022, was $14.3 million (3.45% of total assets), equivalent to a book value of $5.01 per common share. The decrease in the ratio of stockholders’ equity to total assets was primarily due to the $2.2 million after-tax decline in market value of the Company’s available-for-sale securities portfolio. These increases in unrealized losses primarily resulted from increasing market interest rates year-over-year, which decreased the fair value of the investment securities.

    Asset quality, which has trended within a narrow range over the past several years, has remained sound. 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 0.16% of total assets on September 30, 2023, compared to 0.13% on December 31, 2022, demonstrating positive asset quality trends across the portfolio. The allowance for credit losses on loans was $2.10 million, or 1.20% of total loans, as of September 30, 2023, compared to $2.16 million, or 1.16% of total loans, as of December 31, 2022. The allowance for credit losses for unfunded commitments was $448,000 as of September 30, 2023, compared to $477,000 as of December 31, 2022.  

    Review of Financial Results

    For the three-month periods ended September 30, 2023, and 2022

    Net income for the three-month period ended September 30, 2023, was $551,000, compared to $375,000 for the three-month period ended September 30, 2022.

    Net interest income for the three-month period ended September 30, 2023, totaled $3.0 million, a decrease of $85,000 from the three-month period ended September 30, 2022. While interest income increased by $42,000, the decrease in net interest income was primarily due to a $127,000 increase in interest expense. The rising interest rate environment and change in asset and funding mix drove the higher net interest margin despite declines in asset and funding balances.

    Net interest margin for the three-month period ended September 30, 2023, was 3.21%, compared to 2.83% for the same period of 2022. Higher average yields and lower average balances on interest-earning assets combined with lower average interest-bearing funds, and lower average noninterest-bearing funds were the primary drivers of year-over-year results. The average balance on interest-earning assets decreased $59.8 million while the yield increased 0.55% from 3.09% to 3.64%, when comparing the three-month periods ending September 30, 2022, and 2023. The average balance on interest-bearing funds and noninterest-bearing funds decreased $39.4 million and $21.2 million, respectively, and the cost of funds increased 0.19%, when comparing the three-month periods ending September 30, 2022, and 2023. Higher interest rates drove the increased interest expense on borrowed funds.

    The average balance of interest-bearing deposits in banks and investment securities decreased $39.8 million from $228.0 million to $188.2 million for the third quarter of 2023, compared to the same period of 2022, while the yield increased from 2.13% to 2.56% during that same period. The increase in yields for the three-month period can be attributed to the rising interest rate environment and its positive impact on cash and investment yields.

    Average loan balances decreased $20.0 million to $177.2 million for the three-month period ended September 30, 2023, compared to $197.2 million for the same period of 2022, while the yield increased from 4.21% to 4.80% during that same period. The increase in loan yields for the third quarter of 2023 reflected the accelerated runoff of the lower yielding indirect automobile loan portfolio and new loan originations in a rising rate environment.

    The provision of allowance for credit loss on loans for the three-month period ended September 30, 2023, was an allowance release of $92,000, compared to a $39,000 provision for the same period of 2022. The decrease in the provision for the three-month period ended September 30, 2023, when compared to the three-month period ended September 30, 2022, primarily reflects a $18.2 million decrease in the reservable balance of the loan portfolio and a 0.03% increase in the current expected credit loss percentage.

    Noninterest income for the three-month period ended September 30, 2023, was $315,000, compared to $317,000 for the three-month period ended September 30, 2022, a decrease of $2,000 or 0.73%. The decrease was driven primarily by $7,000 of lower other fees and commissions.

    For the three-month period ended September 30, 2023, noninterest expense was $2.82 million, compared to $2.92 million for the three-month period ended September 30, 2022, a decrease of $99,000. The primary contributors to the $99,000 decrease, when compared to the three-month period ended September 30, 2022, were decreases in legal, accounting, and other professional fees, data processing and other expenses, offset by increases in salary and employee benefits, occupancy and equipment expenses, and FDIC insurance.

    For the nine-month periods ended September 30, 2023, and 2022

    Net income for the nine-month period ended September 30, 2023, was $1.3 million, compared to $915,000 for the nine-month period ended September 30, 2022.

    Net interest income for the nine-month period ended September 30, 2023, totaled $9.2 million, an increase of $724,000 from the nine-month period ended September 30, 2022. The increase in net interest income was due to a $648,000 increase in interest income, and a $76,000 decrease in interest expense on interest-bearing deposits and borrowings. The rising interest rate environment and change in asset and funding mix drove the higher net interest margin even though asset and funding balances declined.

    Net interest margin for the nine-month period ended September 30, 2023, was 3.35%, compared to 2.66% for the same period of 2022. Higher average yields and lower average balances on interest-earning assets combined with lower average interest-bearing funds, and lower average noninterest-bearing funds were the primary drivers of year-over-year results. The average balance on interest-earning assets decreased $59.5 million, while the yield increased 0.70% from 2.89% to 3.59%, when comparing the nine-month periods ending September 30, 2022, and 2023. The average balance on interest-bearing funds and noninterest-bearing funds decreased $40.5 million and $19.5 million, respectively, and the cost of funds increased 0.01%, when comparing the nine-month periods ending September 30, 2022, and 2023.

    The average balance of interest-bearing deposits in banks and investment securities decreased $38.6 million from $226.5 million to $187.9 million for the nine-month period ending September 30, 2023, while the yield increased 4.22% during that same period. The increase in yields for the nine-month period can be attributed to the rising interest rate environment and its positive impact on cash and investment yields.  

    Average loan balances decreased $20.8 million to $181.2 million for the nine-month period ended September 30, 2023, compared to $202.0 million for the nine-month period ending September 30, 2023, while the yield increased by 0.50% during that same period. The increase in loan yields for the first nine months of 2023 reflected the accelerated runoff of the lower yielding indirect automobile loan portfolio and new loan originations in a rising rate environment.

    The Company recorded a release of provision of allowance for credit loss on loans of $7,000 for the nine-month period ending September 30, 2023, compared to a release of $178,000 for the same period in 2022. The $171,000 increase in the provision in 2023, compared to 2022, primarily reflects a $18.2 million decrease in the reservable balance of the loan portfolio and a 0.03% increase in the current expected credit loss percentage. As a result, the allowance for credit loss on loans was $2.09 million on September 30, 2023, representing 1.20% of total loans, compared to $2.28 million, or 1.17% of total loans on September 30, 2022.

    Noninterest income for the nine-month period ended September 30, 2023, was $800,000, compared to $832,000 for the nine-month period ended September 30, 2022, a decrease of $32,000 or 3.86%. The decrease was driven primarily by $36,000 of lower other fees and commissions.

    For the nine-month period ended September 30, 2023, noninterest expense was $8.7 million, compared to $8.5 million for the nine-month period ended September 30, 2022. The primary contributors when compared to the nine-month period ended September 30, 2022, were increases in salary and employee benefits costs, data processing and item processing services, FDIC insurance costs, and loan collection costs, offset by decreases in legal, accounting, and other professional fees, and other expenses.

    Glen Burnie Bancorp Information

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

    Forward-Looking Statements

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

    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,
     2023   2023   2022   2022 
     (unaudited) (unaudited) (audited) (unaudited)
    ASSETS       
    Cash and due from banks2,380  $1,965  $2,035  $2,572 
    Interest-bearing deposits in other financial institutions12,142   9,783   28,057   51,597 
       Total Cash and Cash Equivalents14,522   11,748   30,092   54,169 
            
    Investment securities available for sale, at fair value142,705   150,820   144,133   144,980 
    Restricted equity securities, at cost980   403   221   1,071 
            
    Loans, net of deferred fees and costs174,796   180,551   186,440   194,080 
    Less: Allowance for credit losses(1)(2,094)  (2,222)  (2,162)  (2,275)
       Loans, net172,702   178,329   184,278   191,805 
            
    Premises and equipment, net3,177   3,276   3,277   3,366 
    Bank owned life insurance8,614   8,572   8,493   8,454 
    Deferred tax assets, net10,187   8,520   8,902   9,126 
    Accrued interest receivable1,373   1,139   1,159   1,253 
    Accrued taxes receivable189   70   -   225 
    Prepaid expenses538   382   493   517 
    Other assets377   348   388   660 
       Total Assets355,364  $ 363,607  $ 381,436  $ 415,626 
            
    LIABILITIES       
    Noninterest-bearing deposits126,898  $130,430  $143,262  $149,171 
    Interest-bearing deposits187,943   198,794   219,685   229,715 
    Total Deposits314,841   329,224   362,947   378,886 
            
    Short-term borrowings25,000   15,000   -   20,000 
    Long-term borrowings-   -   -   - 
    Defined pension liability322   320   317   315 
    Accrued Taxes Payable-   -   -   - 
    Accrued expenses and other liabilities2,040   1,804   2,118   2,085 
       Total Liabilities342,203   346,348   365,382   401,286 
            
    STOCKHOLDERS' EQUITY       
    Common stock, par value $1, authorized 15,000,000 shares, issued and outstanding 2,877,084; 2,872,834; 2,865,046; 2,861,615 shares as of September 30, 2023, June 30, 2023, December 31, 2022, and September 30,2022 respectively.2,877   2,873   2,865   2,862 
    Additional paid-in capital10,940   10,914   10,862   10,836 
    Retained earnings23,980   23,716   23,579   23,035 
    Accumulated other comprehensive loss(24,636)  (20,244)  (21,252)  (22,393)
       Total Stockholders' Equity13,161   17,259   16,054   14,340 
       Total Liabilities and Stockholders' Equity355,364  $ 363,607  $ 381,436  $ 415,626 
            


    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,
       2023   2022  2023   2022 
    Interest income        
    Interest and fees on loans $2,145  $2,094 $6,368  $6,351 
    Interest and dividends on securities  1,101   943  3,065   2,435 
    Interest on deposits with banks and federal funds sold  104   271  469   468 
    Total Interest Income  3,350   3,308  9,902   9,254 
             
    Interest expense        
    Interest on deposits  116   116  337   361 
    Interest on short-term borrowings  282   147  320   338 
    Interest on long-term borrowings  -   8  -   34 
    Total Interest Expense  398   271  657   733 
             
    Net Interest Income  2,952   3,037  9,245   8,521 
    (Release)/provision of credit loss allowance  (92)  39  (7)  (178)
    Net interest income after release of credit loss provision  3,044   2,998  9,252   8,699 
             
    Noninterest income        
    Service charges on deposit accounts  40   37  120   119 
    Other fees and commissions  233   240  560   596 
    Loss/gain on securities sold/redeemed  -   -  -   1 
    Income on life insurance  42   40  120   116 
    Total Noninterest Income  315   317  800   832 
             
    Noninterest expenses        
    Salary and employee benefits  1,691   1,647  5,089   4,783 
    Occupancy and equipment expenses  329   291  955   939 
    Legal, accounting and other professional fees  194   299  692   884 
    Data processing and item processing services  206   242  755   703 
    FDIC insurance costs  40   28  122   83 
    Advertising and marketing related expenses  26   21  72   64 
    Loan collection costs  10   4  13   (51)
    Telephone costs  38   35  113   119 
    Other expenses  287   353  880   1,016 
    Total Noninterest Expenses  2,821   2,920  8,691   8,540 
             
    Income before income taxes  538   395  1,361   991 
    Income tax (benefit) expense  (13)  20  99   76 
             
       Net income $ 551  $ 375 $ 1,262  $ 915 
             
    Basic and diluted net income per common share  $ 0.19  $ 0.13 $ 0.44  $ 0.32 
             

     

    GLEN BURNIE BANCORP AND SUBSIDIARY
    CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
    For the nine months ended September 30, 2023 and 2022
    (dollars in thousands)         
            Accumulated  
        Additional   Other Total
      Common  Paid-in Retained Comprehensive Stockholders'
    (unaudited)Stock Capital Earnings Loss Equity
    Balance, December 31, 2021$2,854 $10,759 $22,977  $(874) $35,716 
               
    Net income -  -  915   -  $915 
    Cash dividends, $0.30 per share -  -  (857)  -  $(857)
    Dividends reinvested under dividend reinvestment plan 8  77  -   -  $85 
    Other comprehensive loss -  -  -   (21,519) $(21,519)
    Balance, September 30, 2022$2,862 $10,836 $23,035  $(22,393) $14,340 
               
               
            Accumulated  
        Additional   Other Total
      Common  Paid-in Retained Comprehensive Stockholders'
    (unaudited)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 income -  -  -   (3,384)  (3,384)
    Balance, September 30, 2023$2,877 $10,940 $23,980  $(24,636) $13,161 
               

     

    THE BANK OF GLEN BURNIE
    		      
    CAPITAL RATIOS      
    (dollars in thousands)      
    (unaudited)         
         To Be Considered
    Adequately Capitalized     		 To Be Well
    Capitalized Under
    Prompt Corrective
    Action Provisions
     AmountRatio  Ratio  Ratio
    As of September 30, 2023:         
    Common Equity Tier 1 Capital $38,05317.12% $10,0044.50% $14,4506.50%
    Total Risk-Based Capital $40,22718.10% $17,7858.00% $22,23110.00%
    Tier 1 Risk-Based Capital $38,05317.12% $13,3386.00% $17,7858.00%
    Tier 1 Leverage $38,05310.56% $14,4204.00% $18,0265.00%
              
    As of June 30, 2023:         
    Common Equity Tier 1 Capital $37,75516.83% $10,0934.50% $14,5796.50%
    Total Risk-Based Capital $40,10517.88% $17,9448.00% $22,43010.00%
    Tier 1 Risk-Based Capital $37,75516.83% $13,4586.00% $17,9448.00%
    Tier 1 Leverage $37,75510.51% $14,3694.00% $17,9615.00%
              
    As of December 31, 2022:         
    Common Equity Tier 1 Capital $37,96316.45% $10,3834.50% $14,9986.50%
    Total Risk-Based Capital $39,86617.28% $18,4598.00% $23,07410.00%
    Tier 1 Risk-Based Capital $37,96316.45% $13,8456.00% $18,4598.00%
    Tier 1 Leverage $37,9639.53% $15,9384.00% $19,9225.00%
              
    As of September 30, 2022:         
    Common Equity Tier 1 Capital $37,39115.34% $10,9724.50% $15,8486.50%
    Total Risk-Based Capital $39,40016.16% $19,5068.00% $24,38210.00%
    Tier 1 Risk-Based Capital $37,39115.34% $14,6296.00% $19,5068.00%
    Tier 1 Leverage $37,3918.78% $17,0394.00% $21,2995.00%
              

     

    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,
       2023   2023   2022   2023   2022   2022 
      (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
                 
    Financial Data            
    Assets $355,364  $363,607  $415,626  $355,364  $415,626  $381,436 
    Investment securities  142,706   150,820   144,980   142,706   144,980   144,133 
    Loans, (net of deferred fees & costs) 174,796   180,551   194,080   174,796   194,080   186,440 
    Allowance for loan losses  2,094   2,222   2,275   2,094   2,275   2,162 
    Deposits  314,841   329,224   378,886   314,841   378,886   362,947 
    Borrowings  25,000   15,000   20,000   25,000   20,000   - 
    Stockholders' equity  13,161   17,259   14,340   13,161   14,340   16,054 
    Net income  551   276   375   1,262   915   1,745 
                 
    Average Balances            
    Assets $360,767  $359,482  $425,871  $364,613  $433,882  $424,992 
    Investment securities  177,856   170,653   177,824   173,676   167,025   168,990 
    Loans, (net of deferred fees & costs) 177,223   181,693   197,199   181,234   202,051   198,934 
    Deposits  321,318   335,031   381,834   336,737   384,656   382,164 
    Borrowings  19,946   3,793   20,000   7,914   20,001   16,613 
    Stockholders' equity  17,547   18,797   22,001   18,055   27,004   24,042 
                 
    Performance Ratios            
    Annualized return on average assets 0.61%   0.31%   0.35%   0.46%   0.28%   0.41% 
    Annualized return on average equity 12.47%   5.88%   6.76%   9.34%   4.53%   7.26% 
    Net interest margin  3.21%   3.44%   2.83%   3.35%   2.66%   2.81% 
    Dividend payout ratio  52%   104%   76%   68%   94%   65% 
    Book value per share $4.57  $6.01  $5.01  $4.57  $5.01  $5.60 
    Basic and diluted net income per share  0.19   0.10   0.13   0.44   0.32   0.61 
    Cash dividends declared per share  0.10   0.10   0.10   0.30   0.30   0.40 
    Basic and diluted weighted average shares outstanding  2,875,329   2,871,026   2,860,352   2,869,631   2,857,759   2,859,239 
                 
    Asset Quality Ratios            
    Allowance for loan losses to loans  1.20%   1.23%   1.17%   1.20%   1.17%   1.16% 
    Nonperforming loans to avg. loans  0.33%   0.32%   0.10%   0.32%   0.10%   0.25% 
    Allowance for loan losses to nonaccrual & 90+ past due loans  359.4%   385.8%   1171.4%   359.4%   1171.4%   433.9% 
    Net charge-offs annualize to avg. loans  0.09%   0.15%   0.00%   0.05%   0.00%   0.10% 
                 
    Capital Ratios            
    Common Equity Tier 1 Capital  17.12%   16.83%   15.34%   17.12%   15.34%   16.45% 
    Tier 1 Risk-based Capital Ratio  17.12%   16.83%   15.34%   17.12%   15.34%   16.45% 
    Leverage Ratio  10.56%   10.51%   8.78%   10.56%   8.78%   9.53% 
    Total Risk-Based Capital Ratio  18.10%   17.88%   16.16%   18.10%   16.16%   17.28% 
                 

     


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