Glen Burnie Bancorp Announces Second Quarter 2023 Results

GLEN BURNIE, Md., Aug. 01, 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 $276,000, or $0.10 per basic and diluted common share for the three-month period ended June 30, 2023, compared to net income of $309,000, or $0.11 per basic and diluted common share for the three-month period ended June 30, 2022.   Bancorp reported net income of $710,000, or $0.25 per basic and diluted common share for the six-month period ended June 30, 2023, compared to $540,000, or $0.19 per basic and diluted common share for the same period in 2022. On June 30, 2023, Bancorp had total assets of $363.6 million. Bancorp, the oldest independent commercial bank in Anne Arundel County, will pay its 124^th consecutive quarterly dividend on August 7, 2023.

“The decrease in earnings during the second quarter of 2023, compared to the same period of 2022, was primarily due to increases in our provision for credit loss allowance on loans, which partially offset the positive impact of rising interest rates on our interest earning assets,” said John D. Long, President and Chief Executive Officer. “We mitigated the increased credit loss allowance on loans through the repricing of new and existing loans at higher yields and by deploying excess liquidity into higher yielding assets during the first half of 2023. Despite declining loan balances in a volatile market environment, we have built a solid 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 weather this period of economic uncertainty. Non-performing assets remain low, and we maintain our conservative approach to credit underwriting. As with most companies, inflation pressure and increased wages due to a tight labor market caused increases in our non-interest expenses, which we are closely monitoring and managing. 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. Long added, “We remain very positive about the Company’s performance during the second half of 2023. We see strong pipelines for business growth across our markets. We also have a high-quality balance sheet and business mix that we believe will support strong performance regardless of future economic conditions.”

Highlights for the First Six Months of 2023

Total interest income increased $0.6 million to $6.6 million for the six-month period ending June 30, 2023, compared to the same period in 2022. This resulted from a $471,000 increase in interest income on securities and a $169,000 increase in interest on deposits with banks and federal funds sold, 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.

Due to changes in the mix of the loan categories in the loan portfolio, primarily due to runoff of the indirect automobile portfolio, and a 0.12% increase in the current expected credit loss (“CECL”) percentage, the Company added to its allowance for credit losses on loans in the first half of 2023, as compared to the release of allowance for credit losses that occurred on loans in the first half of 2022. The Company expects that its strong liquidity and capital positions, along with the Bank’s total regulatory capital to risk weighted assets of 17.88% on June 30, 2023, compared to 15.90% for the same period of 2022, will provide ample capacity for future growth.

Return on average assets for the three-month period ended June 30, 2023, was 0.31%, compared to 0.29% for the three-month period ended June 30, 2022. Return on average equity for the three-month period ended June 30, 2023, was 5.88%, compared to 4.99% for the three-month period ended June 30, 2022.   Lower net income and a lower average asset balance primarily drove the higher return on average assets, while lower net income and a lower average equity balance primarily drove the higher return on average equity.

The cost of funds decreased from 0.22% during the second quarter of 2022 to 0.18% during the second quarter of 2023. This 0.04% decrease 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, even though the cost of borrowed funds increased between these periods.

The book value per share of Bancorp’s common stock was $6.01 on June 30, 2023, compared to $7.44 per share on June 30, 2022. The decline was primarily due to the unrealized losses on available for sale securities, which was caused by the rapid increase in market interest rates.

On June 30, 2023, the Bank remained above all “well-capitalized” regulatory requirement levels. The Bank’s tier 1 risk-based capital ratio was approximately 16.83% on June 30, 2023, compared to 15.13% on June 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 $363.6 million on June 30, 2023, a decrease of $65.8 million or 18.10%, from $429.4 million on June 30, 2022.   Investment securities decreased by $7.0 million or 4.84% to $150.8 million as of June 30, 2023, compared to $157.8 million for the same period of 2022.   Loans, net of deferred fees and costs, were $180.6 million on June 30, 2023, a decrease of $20.1 million or 10.94%, from $200.7 million on June 30, 2022. Cash and cash equivalents decreased $39.6 million or 271.5%, from June 30, 2022, to June 30, 2023. Deferred tax assets increased $2.1 million or 25.39%, from June 30, 2022, to June 30, 2023, due to the tax effects of unrealized losses on available for sale securities.

Total deposits were $329.2 million on June 30, 2023, a decrease of $56.6 million or 16.48%, from $385.8 million on June 30, 2022. Noninterest-bearing deposits were $130.4 million on June 30, 2023, a decrease of $21.2 million or 15.59%, from $151.7 million on June 30, 2022.   Interest-bearing deposits were $198.8 million on June 30, 2023, a decrease of $35.3 million or 17.07%, from $234.1 million on June 30, 2022. Total borrowings were $15.0 million on June 30, 2023, a decrease of $5.0 million or 25.00%, from $20.0 million on June 30, 2022.  

As of June 30, 2023, total stockholders’ equity was $17.3 million (4.75% of total assets), equivalent to a book value of $6.01 per common share. Total stockholders’ equity on June 30, 2022, was $21.3 million (4.95% of total assets), equivalent to a book value of $7.44 per common share. The decrease in the ratio of stockholders’ equity to total assets was primarily due to the $4.9 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 and reflected no pandemic-related impact on June 30, 2023. 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 June 30, 2023, compared to 0.13% on December 31, 2022, demonstrating positive asset quality trends across the portfolio. The decrease in total assets from December 31, 2022, to June 30, 2023, drove the change. The allowance for credit losses on loans was $2.22 million, or 1.23% of total loans, as of June 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 $496,000 as of June 30, 2023, compared to $477,000 as of December 31, 2022.

Review of Financial Results

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

Net income for the three-month period ended June 30, 2023, was $276,000, compared to $309,000 for the three-month period ended June 30, 2022.

Net interest income for the three-month period ended June 30, 2023, totaled $3.1 million, an increase of $311,000 from the three-month period ended June 30, 2022. The increase in net interest income was due to a $236,000 increase in interest income, and by a $75,000 decrease in the cost of interest-bearing deposits and borrowings. The rising interest rate environment and changes in asset and funding mix drove the higher net interest margin despite a decline in asset and funding balances.

Net interest margin for the three-month period ended June 30, 2023, was 3.44%, compared to 2.61% for the same period of 2022. Higher average yields and lower average balances on interest-earning assets combined with lower average interest-bearing funds, lower average noninterest-bearing funds, and lower cost of funds were the primary drivers of year-over-year results. The average balance on interest-earning assets decreased $67.9 million while the yield increased 0.78% from 2.82% to 3.60%, when comparing the three-month periods ending June 30, 2022, and 2023. The average balance on interest-bearing funds and noninterest-bearing funds decreased $46.3 million and $22.1 million, respectively, and the cost of funds decreased 0.04%, when comparing the three-month periods ending June 30, 2022, and 2023. The decrease in interest expense is related to a $16.2 million decrease in the average balance of borrowed funds and the resulting positive impact on the Company’s funding mix.

The average balance of interest-bearing deposits in banks and investment securities decreased $48.0 million from $229.9 million to $181.9 million for the second quarter of 2023, compared to the same period of 2022 while the yield increased from 1.64% to 2.49% 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 $19.9 million to $181.7 million for the three-month period ended June 30, 2023, compared to $201.6 million for the same period of 2022, while the yield increased from 4.16% to 4.71% during that same period. The increase in loan yields for the second 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 June 30, 2023, was $127,000, compared to a release of $116,000 for the same period of 2022. The increase in the provision for the three-month period ended June 30, 2023, when compared to the three-month period ended June 30, 2022, primarily reflects a $19.4 million decrease in the reservable balance of the loan portfolio (excluding PPP loans) and a 0.12% increase in the current expected credit loss percentage.

Noninterest income for the three-month period ended June 30, 2023, was $239,000, compared to $260,000 for the three-month period ended June 30, 2022, a decrease of $21,000 or 8.31%. The decrease was driven primarily by a $19,000 reduction in other fees and commissions.

For the three-month period ended June 30, 2023, noninterest expense was $2.92 million, compared to $2.83 million for the three-month period ended June 30, 2022, an increase of $90,000. The primary contributors to the $90,000 increase, when compared to the three-month period ended June 30, 2022, were increases in salary and employee benefits, and data processing and item processing services, offset by decreases in occupancy and equipment expenses, legal, accounting, and other professional fees, loan collection costs and other expenses.

For the six-month periods ended June 30, 2023, and 2022

Net income for the six-month period ended June 30, 2023, was $710,000, compared to $540,000 for the six-month period ended June 30, 2022.

Net interest income for the six-month period ended June 30, 2023, totaled $6.3 million, an increase of $807,000 from the six-month period ended June 30, 2022. The increase in net interest income was due to $606,000 higher interest income, and $201,000 lower 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 six-month period ended June 30, 2023, was 3.42%, compared to 2.57% for the same period of 2022. Higher average yields and lower average balances on interest-earning assets combined with lower average interest-bearing funds, lower average noninterest-bearing funds, and lower cost of funds were the primary drivers of year-over-year results. The average balance on interest-earning assets decreased $59.3 million, while the yield increased 0.77% from 2.79% to 3.56%, when comparing the six-month periods ending June 30, 2022, and 2023. The average balance on interest-bearing funds and noninterest-bearing funds decreased $41.0 million and $18.7 million, respectively, and the cost of funds decreased 0.08%, when comparing the six-month periods ending June 30, 2022, and 2023. The decrease in interest expense is related to a $18.1 million decrease in the average balance of borrowed funds and the resulting positive impact on the Company’s funding mix.

The average balance of interest-bearing deposits in banks and investment securities decreased $38.0 million from $225.7 million to $187.7 million for the six-month period ending June 30, 2023, compared to the same period of 2022 while the yield increased from 1.50% to 2.48% during that same period. The increase in yields for the six-month period can be attributed to the rising interest rate environment and its positive impact on cash and investment yields.  

Average loan balances decreased $21.3 million to $183.2 million for the six-month period ended June 30, 2023, compared to $204.5 million for the same period of 2022 while the yield increased from 4.20% to 4.65% during that same period. The increase in loan yields for the first half 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 provision of allowance for credit loss on loans of $85,000 for the six-month period ending June 30, 2023, compared to a release of $217,000 for the same period in 2022. The $302,000 increase in the provision in 2023, compared to 2022, primarily reflects a $19.4 million decrease in the reservable balance of the loan portfolio (excluding PPP loans) and a 0.11% increase in the current expected credit loss percentage.   As a result, the allowance for credit loss on loans was $2.22 million on June 30, 2023, representing 1.23% of total loans, compared to $2.24 million, or 1.12% of total loans on June 30, 2022.

Noninterest income for the six-month period ended June 30, 2023, was $485,000, compared to $514,000 for the six-month period ended June 30, 2022, a decrease of $29,000 or 5.60%. The decrease was driven primarily by $29,000 of lower other fees and commissions.

For the six-month period ended June 30, 2023, noninterest expense was $5.9 million, compared to $5.6 million for the six-month period ended June 30, 2022. The primary contributors when comparing to the six-month period ended June 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 occupancy and equipment expenses, 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.

GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
	June 30,				March 31,				December 31,				June 30,
		2023				2023				2022				2022
	(unaudited)				(unaudited)				(audited)				(unaudited)
ASSETS
Cash and due from banks	$	1,965			$	1,959			$	2,035			$	2,140
Interest-bearing deposits in other financial institutions		9,783				12,633				28,057				49,226
Total Cash and Cash Equivalents		11,748				14,592				30,092				51,366
Investment securities available for sale, at fair value		150,820				144,726				144,133				157,823
Restricted equity securities, at cost		403				191				221				1,071
Loans, net of deferred fees and costs		180,551				184,141				186,440				200,698
Less: Allowance for credit losses(1)		(2,222	)			(2,161	)			(2,162	)			(2,238	)
Loans, net		178,329				181,980				184,278				198,460
Premises and equipment, net		3,276				3,171				3,277				3,446
Bank owned life insurance		8,572				8,532				8,493				8,414
Deferred tax assets, net		8,520				8,142				8,902				6,452
Accrued interest receivable		1,139				1,259				1,159				1,145
Accrued taxes receivable		70				8				-				245
Prepaid expenses		382				479				493				448
Other assets		348				333				388				523
Total Assets	$	363,607			$	363,413			$	381,436			$	429,393
LIABILITIES
Noninterest-bearing deposits	$	130,430			$	136,324			$	143,262			$	151,679
Interest-bearing deposits		198,794				206,690				219,685				234,086
Total Deposits		329,224				343,014				362,947				385,765
Short-term borrowings		15,000				-				-				10,000
Long-term borrowings		-				-				-				10,000
Defined pension liability		320				318				317				313
Accrued expenses and other liabilities		1,804				1,846				2,118				2,050
Total Liabilities		346,348				345,178				365,382				408,128
STOCKHOLDERS' EQUITY
Common stock, par value $1, authorized 15,000,000 shares, issued and outstanding 2,872,834; 2,868,504; 2,865,046; 2,858,635 shares as of June 30, 2023, March 31, 2023, December 31, 2022, and June 30,2022 respectively.		2,873				2,869				2,865				2,859
Additional paid-in capital		10,914				10,888				10,862				10,810
Retained earnings		23,716				23,727				23,579				22,946
Accumulated other comprehensive loss		(20,244	)			(19,249	)			(21,252	)			(15,350	)
Total Stockholders' Equity		17,259				18,235				16,054				21,265
Total Liabilities and Stockholders' Equity	$	363,607			$	363,413			$	381,436			$	429,393

 

GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share amounts)
(unaudited)
		Three Months Ended June 30,							Six Months Ended June 30,
		2023			2022				2023			2022
Interest income
Interest and fees on loans		$	2,135		$	2,089			$	4,223		$	4,256
Interest and dividends on securities			999			794				1,964			1,492
Interest on deposits with banks and federal funds sold			133			147				365			197
Total Interest Income			3,267			3,030				6,552			5,945
Interest expense
Interest on deposits			115			120				222			244
Interest on short-term borrowings			38			88				38			191
Interest on long-term borrowings			-			19				-			26
Total Interest Expense			153			227				260			461
Net Interest Income			3,114			2,803				6,292			5,484
Provision/release of credit loss allowance			127			(116	)			85			(217	)
Net interest income after release of credit loss provision			2,987			2,919				6,207			5,701
Noninterest income
Service charges on deposit accounts			38			40				80			82
Other fees and commissions			161			180				326			355
Loss/gain on securities sold/redeemed			-			1				-			1
Income on life insurance			40			39				79			76
Total Noninterest Income			239			260				485			514
Noninterest expenses
Salary and employee benefits			1,701			1,516				3,398			3,136
Occupancy and equipment expenses			299			316				627			647
Legal, accounting and other professional fees			235			260				498			585
Data processing and item processing services			281			235				549			461
FDIC insurance costs			37			29				82			54
Advertising and marketing related expenses			23			21				45			43
Loan collection costs			2			20				3			(55	)
Telephone costs			34			41				75			85
Other expenses			313			397				593			663
Total Noninterest Expenses			2,925			2,835				5,870			5,619
Income before income taxes			301			344				822			596
Income tax expense			25			35				112			56
Net income		$	276		$	309			$	710		$	540
Basic and diluted net income per common share		$	0.10		$	0.11			$	0.25		$	0.19

GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
For the six months ended June 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			-			-			540				-			$	540
Cash dividends, $0.20 per share			-			-			(571	)			-			$	(571	)
Dividends reinvested under dividend reinvestment plan			5			51			-				-			$	56
Other comprehensive loss			-			-			-				(14,476	)		$	(14,476	)
Balance, June 30, 2022		$	2,859		$	10,810		$	22,946			$	(15,350	)		$	21,265
												Accumulated
					Additional							Other				Total
		Common			Paid-in			Retained				Comprehensive				Stockholders'
(unaudited)		Stock			Capital			Earnings				(Loss) Income				Equity
Balance, December 31, 2022		$	2,865		$	10,862		$	23,579			$	(21,252	)		$	16,054
Net income			-			-			710				-				710
Cash dividends, $0.20 per share			-			-			(573	)			-				(573	)
Dividends reinvested under dividend reinvestment plan			8			52			-				-				60
Other comprehensive income			-			-			-				1,008				1,008
Balance, June 30, 2023		$	2,873		$	10,914		$	23,716			$	(20,244	)		$	17,259

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					Ratio					Ratio
As of June 30, 2023:
Common Equity Tier 1 Capital		$	37,755	16.83	%		$	10,093	4.50	%		$	14,579	6.50	%
Total Risk-Based Capital		$	40,105	17.88	%		$	17,944	8.00	%		$	22,430	10.00	%
Tier 1 Risk-Based Capital		$	37,755	16.83	%		$	13,458	6.00	%		$	17,944	8.00	%
Tier 1 Leverage		$	37,755	10.51	%		$	14,369	4.00	%		$	17,961	5.00	%
As of March 31, 2023:
Common Equity Tier 1 Capital		$	37,777	16.57	%		$	10,257	4.50	%		$	14,816	6.50	%
Total Risk-Based Capital		$	40,052	17.57	%		$	18,234	8.00	%		$	22,793	10.00	%
Tier 1 Risk-Based Capital		$	37,777	16.57	%		$	13,676	6.00	%		$	18,234	8.00	%
Tier 1 Leverage		$	37,777	10.12	%		$	14,933	4.00	%		$	18,666	5.00	%
As of December 31, 2022:
Common Equity Tier 1 Capital		$	37,963	16.45	%		$	10,383	4.50	%		$	14,998	6.50	%
Total Risk-Based Capital		$	39,866	17.28	%		$	18,459	8.00	%		$	23,074	10.00	%
Tier 1 Risk-Based Capital		$	37,963	16.45	%		$	13,845	6.00	%		$	18,459	8.00	%
Tier 1 Leverage		$	37,963	9.53	%		$	15,938	4.00	%		$	19,922	5.00	%
As of June 30, 2022:
Common Equity Tier 1 Capital		$	37,267	15.13	%		$	11,087	4.50	%		$	16,015	6.50	%
Total Risk-Based Capital		$	39,183	15.90	%		$	19,711	8.00	%		$	24,639	10.00	%
Tier 1 Risk-Based Capital		$	37,267	15.13	%		$	14,783	6.00	%		$	19,711	8.00	%
Tier 1 Leverage		$	37,267	8.58	%		$	17,383	4.00	%		$	21,728	5.00	%

GLEN BURNIE BANCORP AND SUBSIDIARY
SELECTED FINANCIAL DATA
(dollars in thousands, except per share amounts)
		Three Months Ended												Six Months Ended								Year Ended
		June 30,				March 31,				June 30				June 30,				June 30,				December 31,
		2023				2023				2022				2023				2022				2022
		(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)
Financial Data
Assets		$	363,607			$	363,413			$	429,393			$	363,607			$	429,393			$	381,436
Investment securities			150,820				144,726				157,823				150,820				157,823				144,133
Loans, (net of deferred fees & costs)			180,551				184,141				200,698				180,551				200,698				186,440
Allowance for loan losses			2,222				2,161				2,238				2,222				2,238				2,162
Deposits			329,224				343,014				385,765				329,224				385,765				362,947
Borrowings			15,000				-				20,000				15,000				20,000				-
Stockholders' equity			17,259				18,235				21,265				17,259				21,265				16,054
Net income			276				435				309				710				540				1,745
Average Balances
Assets		$	359,482			$	372,955			$	434,297			$	366,536			$	437,884			$	424,992
Investment securities			170,653				172,519				167,651				171,586				161,625				168,990
Loans, (net of deferred fees & costs)			181,693				184,786				201,633				183,240				204,477				198,934
Deposits			335,031				353,861				387,358				344,446				386,066				382,164
Borrowings			3,793				2				20,000				1,898				20,001				16,613
Stockholders' equity			18,797				17,127				24,903				18,309				29,511				24,042
Performance Ratios
Annualized return on average assets			0.31	%			0.47	%			0.29	%			0.39	%			0.25	%			0.41	%
Annualized return on average equity			5.88	%			9.90	%			4.99	%			7.82	%			3.69	%			7.26	%
Net interest margin			3.44	%			3.41	%			2.61	%			3.42	%			2.57	%			2.81	%
Dividend payout ratio			104	%			66	%			92	%			81	%			106	%			65	%
Book value per share		$	6.01			$	6.36			$	7.44			$	6.01			$	7.44			$	5.60
Basic and diluted net income per share			0.10				0.15				0.11				0.25				0.19				0.61
Cash dividends declared per share			0.10				0.10				0.10				0.20				0.20				0.40
Basic and diluted weighted average shares outstanding			2,871,026				2,867,082				2,857,616				2,867,039				2,856,441				2,859,239
Asset Quality Ratios
Allowance for loan losses to loans			1.23	%			1.17	%			1.12	%			1.23	%			1.12	%			1.16	%
Nonperforming loans to avg. loans			0.32	%			0.26	%			0.12	%			0.31	%			0.11	%			0.25	%
Allowance for loan losses to nonaccrual & 90+ past due loans			385.8	%			451.6	%			964.4	%			385.8	%			964.4	%			433.9	%
Net charge-offs annualize to avg. loans			0.15	%			-0.09	%			0.05	%			0.03	%			0.01	%			0.10	%
Capital Ratios
Common Equity Tier 1 Capital			16.83	%			16.57	%			15.13	%			16.83	%			15.13	%			16.45	%
Tier 1 Risk-based Capital Ratio			16.83	%			16.57	%			15.13	%			16.83	%			15.13	%			16.45	%
Leverage Ratio			10.51	%			10.12	%			8.58	%			10.51	%			8.58	%			9.53	%
Total Risk-Based Capital Ratio			17.88	%			17.57	%			15.90	%			17.88	%			15.90	%			17.28	%