GLEN BURNIE, Md., Feb. 14, 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 $830,000, or $0.29 per basic and diluted common share for the three-month period ended December 31, 2022, compared to net income of $554,000, or $0.19 per basic and diluted common share for the three-month period ended December 31, 2021. Bancorp reported net income of $1.75 million, or $0.61 per basic and diluted common share for the twelve-month period ended December 31, 2022, compared to $2.52 million, or $0.88 per basic and diluted common share for the same period in 2021. On December 31, 2022, Bancorp had total assets of $381.4 million. Bancorp, the oldest independent commercial bank in Anne Arundel County, paid its 122^nd consecutive quarterly dividend on February 6, 2023.

"The increase in earnings during the fourth quarter of 2022, as compared to the same period of 2021, was primarily due to gains from nonrecurring items recognized in noninterest income, although we began to see the positive impact of rising interest rates and lower interest expense from the repayment of borrowed funds," said John D. Long, President and Chief Executive Officer. "We partially mitigated our declining net interest margin through the repricing of new and existing loans at higher yields and the deployment of excess liquidity into higher yielding federal funds. Despite declining loan balances in a volatile market environment, we've 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 fear of an economic downturn continues 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. Long added, "Our financial performance during the fourth quarter demonstrates our ability to navigate the current economic environment. We enter 2023 with positive momentum and recognize the backdrop of economic uncertainty that persists. Inflation levels remain elevated and market expectations suggest interest rates will continue to rise, likely impacting 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 will continue to serve us well during periods of economic unrest."

Highlights for the Quarter and Year ended December 31, 2022

Total interest income declined $0.8 million to $12.7 million for the twelve-month period ending December 31, 2022, compared to the same period in 2021. This resulted primarily from a $2.3 million decrease in interest income on loans consistent with the $35.0 million decline in the average balance of the loan portfolio, offset by a $1.5 million increase in income on interest-bearing deposits with banks and investment securities. Loan pricing pressure/competition will likely continue to place pressure on the Company's net interest margin.

Due to minimal charge-offs, recoveries on previously charged off loans, a decline in the loan portfolio balances, and strong credit discipline, the Company continued to release portions of its allowance for credit losses on loans for the year ended December 31, 2022. The Company expects that its strong liquidity and capital positions, along with the Bank's total regulatory capital to risk weighted assets of 17.28% on December 31, 2022, compared to 16.03% for the same period of 2021, will provide ample capacity for future growth.

Return on average assets for the three-month period ended December 31, 2022, was 0.83%, compared to 0.49% for the three-month period ended December 31, 2021. Return on average equity for the three-month period ended December 31, 2022, was 21.7%, compared to 6.07% for the three-month period ended December 31, 2021. Higher net income and lower average asset balances primarily drove the higher return on average assets. Higher net income and a lower average equity balance, primarily drove the higher return on average equity.

The cost of funds was 0.13% for the quarter ended December 31, 2022, compared to 0.24% for the quarter ended December 31, 2021. The 0.11% decrease was primarily driven by the decline in the cost of borrowed funds.

The book value per share of Bancorp's common stock was $5.60 on December 31, 2022, compared to $12.51 per share on December 31, 2021. The decline was primarily due to the unrealized losses on available for sale securities caused by the rapid increase in market interest rates.

On December 31, 2022, the Bank remained above all "well-capitalized" regulatory requirement levels. The Bank's tier 1 risk-based capital ratio was approximately 16.45% on December 31, 2022, compared to 15.32% on December 31, 2021. 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 $381.4 million on December 31, 2022, a decrease of $60.7 million or 13.71%, from $442.1 million on December 31, 2021. Investment securities decreased by $11.8 million or 7.56%, to $144.1 million as of December 31, 2022, compared to $155.9 million for the same period of 2021. Loans, net of deferred fees and costs, were $186.4 million on December 31, 2022, a decrease of $24.0 million or 11.38%, from $210.4 million on December 31, 2021. Cash and cash equivalents decreased $32.1 million or 51.61%, from $62.2 million on December 31, 2021, to $30.1 million on December 31, 2022. Deferred tax assets increased $7.9 million or 831.24%, from $956,000 on December 31, 2021, to $8.9 million on December 31, 2022, due to the tax effects of unrealized losses on available for sale securities.

Total deposits were $362.9 million on December 31, 2022, a decrease of $20.3 million or 5.30%, from $383.2 million on December 31, 2021. Noninterest-bearing deposits were $143.3 million on December 31, 2022, a decrease of $12.4 million or 7.94%, from $155.6 million on December 31, 2021. Interest-bearing deposits were $219.7 million on December 31, 2022, a decrease of $7.9 million or 3.49%, from $227.6 million on December 31, 2021. Total borrowings were $0 on December 31, 2022, a decrease of $20.0 million from December 31, 2021.

As of December 31, 2022, total stockholders' equity was $16.1 million (4.21% of total assets), equivalent to a book value of $5.60 per common share. Total stockholders' equity on December 31, 2021, was $35.7 million (8.08% of total assets), equivalent to a book value of $12.51 per common share. The reduction in the ratio of stockholders' equity to total assets was primarily due to the $20.7 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, remains sound and reflected no pandemic-related impact on December 31, 2022. 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 0.13% of total assets on December 31, 2022, compared to 0.08% on December 31, 2021. The decrease in total assets from December 31, 2021, to December 31, 2022, and the increase in nonperforming assets primarily drove the change. The allowance for credit losses on loans was $2.2 million, or 1.16% of total loans, as of December 31, 2022, compared to $2.5 million, or 1.17% of total loans, as of December 31, 2021. The allowance for credit losses for unfunded commitments was $477,000 as of December 31, 2022, compared to $371,000 as of December 31, 2021.

Review of Financial Results

For the three-month periods ended December 31, 2022, and 2021

Net income for the three-month period ended December 31, 2022, was $830,000, compared to $554,000 for the three-month period ended December 31, 2021.

Net interest income for the three-month period ended December 31, 2022, totaled $3.3 million, an increase of $127,000 from the three-month period ended December 31, 2021. The increase in net interest income was primarily due to a $131,000 reduction in interest expense.

Net interest margin for the three-month period ended December 31, 2022, was 3.27%, compared to 2.95% for the same period of 2021. 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 $26.9 million while the yield increased 0.21% from 3.17% to 3.38%, when comparing the three-month periods ending December 31, 2021, and 2022. The average balance on interest-bearing funds and noninterest-bearing funds decreased $15.7 million and $11.3 million, respectively, and the cost of funds declined 0.12%, when comparing the three-month periods ending December 31, 2021, and 2022. The decrease in interest expense is related to a continuing shift in deposit mix and the ongoing downward repricing of interest-bearing deposits. As time deposits matured, they renewed at lower market rates, or they exited the Company and were replaced by lower cost checking and money market accounts.

The average balance of interest-bearing deposits in banks and investment securities increased $0.9 million from $215.0 million to $215.9 million for the fourth quarter of 2022, compared to the same period of 2021 while the yield increased from 1.36% to 2.54% during that same period. The increase in yields for the three-month period can be attributed to the change in mix of cash held in interest-bearing deposits in banks and investment securities available for sale and increases in the overnight federal funds rate.

Average loan balances decreased $27.7 million to $189.6 million for the three-month period ended December 31, 2022, compared to $217.3 million for the same period of 2021, while the yield decreased from 4.99% to 4.37% during that same period. The decrease in loan yields for the fourth quarter of 2022 reflected continued runoff of the indirect automobile loan portfolio.

The provision of allowance for credit loss on loans for the three-month period ended December 31, 2022, was $65,000, compared to a release of $382,000 for the same period of 2021. The increase in the provision for the three-month period ended December 31, 2022, when compared to the three-month period ended December 31, 2021, primarily reflects a $241,000 increase in net charge offs, offset by a $22.5 million decrease in the reservable balance of the loan portfolio (excluding PPP loans) and a 0.01% decrease in the current expected credit loss percentage.

Noninterest income for the three-month period ended December 31, 2022, was $522,000, compared to a loss of $259,000 for the three-month period ended December 31, 2021, an increase of $781,000 or 301.79%. The increase was driven primarily a by $590,000 loss on the sale of securities in 2021 and a $206,000 gain on the unwinding of derivative contracts in 2022.

For the three-month period ended December 31, 2022, noninterest expense was $2.80 million, compared to $2.64 million for the three-month period ended December 31, 2021, an increase of $159,000 or 6.02%. The primary contributors to the $159,000 increase, when compared to the three-month period ended December 31, 2021, were increases in salary and employee benefits, occupancy and equipment expenses, data processing and item processing services and other expenses, offset by decreases in legal, accounting, and other professional fees.

For the twelve-month periods ended December 31, 2022, and 2021

Net income for the twelve-month period ended December 31, 2022, was $1.75 million, compared to $2.52 million for the twelve-month period ended December 31, 2021.

Net interest income for the twelve-month period ended December 31, 2022, totaled $11.9 million, a decrease of $585,000 from $12.4 million for the twelve-month period ended December 31, 2021. The decrease in net interest income was primarily due to $805,000 lower interest income, offset by a $220,000 reduction in the costs of interest-bearing deposits and borrowings. Net interest margin compression drove the lower interest income resulting from declining loan balances, increases in cash held in interest-bearing deposits in banks, and security purchases. Our cash balances and securities holdings, excluding unrealized market value losses, generally yield less than loans and increased as a percentage of our total assets reflecting increased deployment of excess liquidity.

Net interest margin for the twelve-month period ended December 31, 2022, was 2.81%, compared to 3.00% for the same period of 2021. Lower average yields and higher average balances on interest-earning assets combined with higher average interest-bearing funds, higher 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 increased $7.3 million, while the yield decreased 0.24% from 3.25% to 3.01%, when comparing the twelve-month periods ending December 31, 2021, and 2022. The average balance on interest-bearing funds and noninterest-bearing funds increased $2.1 million and $4.4 million, respectively, and the cost of funds decreased 0.06%, when comparing the twelve-month periods ending December 31, 2021, and 2022. The decrease in interest expense is related to a continuing shift in deposit mix and the downward repricing of interest-bearing deposits. As time deposits matured, they renewed at lower market rates, or they exited the Company and were replaced by lower cost checking and money market accounts.

The average balance of interest-bearing deposits in banks and investment securities increased $42.3 million from $181.5 million to $223.8 million for the twelve-month period ending December 31, 2022, compared to the same period of 2021. The yield increased from 1.53% to 1.91% during that same period. The increase in yields for the twelve-month period can be attributed to the change in mix of cash held in interest-bearing deposits in banks and investment securities available for sale and increases in the overnight federal funds rate.

Average loan balances decreased $35.0 million to $198.9 million for the twelve-month period ended December 31, 2022, compared to $233.9 million for the same period of 2021. The yield decreased from 4.59% to 4.24% during that same period.

The Company recorded a release of allowance for credit loss on loans of $112,000 for the twelve-month period ending December 31, 2022, compared to a release of $975,000 for the same period in 2021. The $863,000 decline in the release in 2022 compared to 2021, primarily reflects a $591,000 increase in net charge offs, offset by a $22.5 million decrease in the reservable balance of the loan portfolio (excluding PPP loans) and a 0.01% decrease in the current expected credit loss percentage. As a result, the allowance for credit loss on loans was $2.2 million on December 31, 2022, representing 1.16% of total loans, compared to $2.5 million, or 1.17% of total loans on December 31, 2021.

Noninterest income for the twelve-month period ended December 31, 2022, was $1.35 million, compared to $627,000 for the twelve-month period ended December 31, 2021, an increase of $727,000 or 116.01%. The increase was driven primarily a by $590,000 loss on the sale of securities in 2021 and a $206,000 gain on the unwind of derivative contracts in 2022.

For the twelve-month period ended December 31, 2022, noninterest expense was $11.34 million, compared to $10.95 million for the twelve-month period ended December 31, 2021. The primary contributors to the $388,000 increase when comparing to the twelve-month period ended December 31, 2021, were increases in legal, accounting, and other professional fees, other expenses, occupancy and equipment expenses and data processing and item processing services, offset by decreases in salary and employee benefits costs, FDIC insurance costs, loan collection costs and telephone 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.

GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)


	December 31,			September 30,			December 31,
		2022			2022			2021
	(unaudited)			(unaudited)			(audited)
ASSETS
Cash and due from banks	$	2,035		$	2,572		$	2,111
Interest-bearing deposits in other financial institutions		28,057			51,597			60,070
Total Cash and Cash Equivalents		30,092			54,169			62,181

Investment securities available for sale, at fair value		144,133			144,980			155,927
Restricted equity securities, at cost		221			1,071			1,062

Loans, net of deferred fees and costs		186,440			194,080			210,392
Less: Allowance for credit losses(1)		(2,162	)		(2,275	)		(2,470	)
Loans, net		184,278			191,805			207,922

Premises and equipment, net		3,277			3,366			3,564
Bank owned life insurance		8,493			8,454			8,338
Deferred tax assets, net		8,902			9,126			956
Accrued interest receivable		1,159			1,253			1,085
Accrued taxes receivable		-			225			301
Prepaid expenses		493			517			347
Other assets		388			660			383
Total Assets	$	381,436		$	415,626		$	442,066

LIABILITIES
Noninterest-bearing deposits	$	143,262		$	149,171		$	155,624
Interest-bearing deposits		219,685			229,715			227,623
Total Deposits		362,947			378,886			383,247

Short-term borrowings		-			20,000			10,000
Long-term borrowings		-			-			10,000
Defined pension liability		317			315			304
Accrued expenses and other liabilities		2,118			2,085			2,799
Total Liabilities		365,382			401,286			406,350

STOCKHOLDERS' EQUITY
Common stock, par value $1, authorized 15,000,000 shares, issued and outstanding 2,865,046, 2,861,615 and 2,853,880 shares as of December 31, 2022, September 30, 2022, and December 31, 2021, respectively.		2,865			2,862			2,854
Additional paid-in capital		10,862			10,836			10,759
Retained earnings		23,579			23,035			22,977
Accumulated other comprehensive loss		(21,252	)		(22,393	)		(874	)
Total Stockholders' Equity		16,054			14,340			35,716
Total Liabilities and Stockholders' Equity	$	381,436		$	415,626		$	442,066

(1) Effective January 1, 2021, the Company applied ASU 2016-13, Financial Instruments – Credit Losses ("ASC 326"), such that the allowance calculation is based on current expected credit loss methodology ("CECL"). Prior to January 1, 2021, the calculation was based on incurred loss methodology.

GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share amounts)
(unaudited)

	Three Months Ended December 31,					Twelve Months Ended December 31,
		2022		2021			2022			2021
Interest income
Interest and fees on loans	$	2,087	$	2,733		$	8,437		$	10,738
Interest and dividends on securities		967		681			3,403			2,657
Interest on deposits with banks and federal funds sold		404		47			872			122
Total Interest Income		3,458		3,461			12,712			13,517

Interest expense
Interest on deposits		109		135			471			609
Interest on short-term borrowings		11		116			348			465
Interest on long-term borrowings		-		-			34			-
Total Interest Expense		120		251			853			1,074

Net Interest Income		3,337		3,210			11,859			12,443
Provision/release of credit loss allowance		65		(382	)		(112	)		(975	)
Net interest income after release of credit loss provision		3,272		3,592			11,971			13,418

Noninterest income
Service charges on deposit accounts		40		42			159			160
Other fees and commissions		236		249			831			884
Loss/gain on securities sold/redeemed		-		(590	)		2			(588	)
Gain on sale of other real estate		206		-			206			14
Income on life insurance		40		40			156			157
Total Noninterest Income		522		(259	)		1,354			627

Noninterest expenses
Salary and employee benefits		1,622		1,600			6,406			6,504
Occupancy and equipment expenses		334		315			1,272			1,227
Legal, accounting and other professional fees		160		184			1,044			701
Data processing and item processing services		294		223			997			933
FDIC insurance costs		29		39			112			169
Advertising and marketing related expenses		23		23			86			88
Loan collection costs		11		14			(39	)		12
Telephone costs		40		36			159			209
Other expenses		287		207			1,303			1,109
Total Noninterest Expenses		2,800		2,641			11,340			10,952

Income before income taxes		994		692			1,985			3,093
Income tax expense		164		138			240			577

Net income	$	830	$	554		$	1,745		$	2,516

Basic and diluted net income per common share	$	0.29	$	0.19		$	0.61		$	0.88

GLEN BURNIE BANCORP AND SUBSIDIARY
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
For the twelve months ended December 31, 2022 and 2021
(dollars in thousands)
								Accumulated
			Additional					Other			Total
	Common		Paid-in		Retained			Comprehensive			Stockholders'
(audited)	Stock		Capital		Earnings			Income (Loss)			Equity
Balance, December 31, 2020	$	2,842	$	10,640	$	23,071		$	540		$	37,093

Net income		-		-		2,516			-			2,516
Cash dividends, $0.40 per share		-		-		(1,138	)		-			(1,138	)
Dividends reinvested under dividend reinvestment plan		12		119		-			-			131
Transition adjustment pursuant to adoption of ASU 2016-3 to adoption of ASU 2016-3		0		-		(1,472	)		-			(1,472	)
Other comprehensive loss		-		-		-			(1,414	)		(1,414	)
Balance, December 31, 2021	$	2,854	$	10,759	$	22,977		$	(874	)	$	35,716


								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		-		-		1,745			-			1,745
Cash dividends, $0.40 per share		-		-		(1,143	)		-			(1,143	)
Dividends reinvested under dividend reinvestment plan		11		103		-			-			114
Other comprehensive loss		-		-		-			(20,378	)		(20,378	)
Balance, December 31, 2022	$	2,865	$	10,862	$	23,579		$	(21,252	)	$	16,054

THE BANK OF GLEN BURNIE
CAPITAL RATIOS
(dollars in thousands)
(unaudited)
											To Be Well
											Capitalized Under
							To Be Considered				Prompt Corrective
							Adequately Capitalized				Action Provisions
	Amount			Ratio		Amount		Ratio		Amount		Ratio
As of 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 September 30, 2022:
Common Equity Tier 1 Capital		$	37,391	15.34	%	$	10,972	4.50	%	$	15,848	6.50	%
Total Risk-Based Capital		$	39,400	16.16	%	$	19,506	8.00	%	$	24,382	10.00	%
Tier 1 Risk-Based Capital		$	37,391	15.34	%	$	14,629	6.00	%	$	19,506	8.00	%
Tier 1 Leverage		$	37,391	8.78	%	$	17,039	4.00	%	$	21,299	5.00	%

As of December 31, 2021:
Common Equity Tier 1 Capital		$	37,592	15.32	%	$	11,044	4.50	%	$	15,952	6.50	%
Total Risk-Based Capital		$	39,329	16.03	%	$	19,634	8.00	%	$	24,542	10.00	%
Tier 1 Risk-Based Capital		$	37,592	15.32	%	$	14,725	6.00	%	$	19,634	8.00	%
Tier 1 Leverage		$	37,592	8.40	%	$	17,910	4.00	%	$	22,388	5.00	%

GLEN BURNIE BANCORP AND SUBSIDIARY
SELECTED FINANCIAL DATA
(dollars in thousands, except per share amounts)

	Three Months Ended									Twelve Months Ended
	December 31			September 30			December 31			December 31			December 31
		2022			2022			2021			2022			2021
	(unaudited)			(unaudited)			(unaudited)			(unaudited)			(audited)

Financial Data
Assets	$	381,436		$	415,626		$	442,066		$	381,436		$	442,066
Investment securities		144,133			144,980			155,927			144,133			155,927
Loans, (net of deferred fees & costs)		186,440			194,080			210,392			186,440			210,392
Allowance for loan losses		2,162			2,275			2,470			2,162			2,470
Deposits		362,947			378,886			383,247			362,947			383,247
Borrowings		-			20,000			20,000			-			20,000
Stockholders' equity		16,054			14,340			35,716			16,054			35,716
Net income		830			375			554			1,745			2,516

Average Balances
Assets	$	397,712		$	425,871		$	447,261		$	424,358		$	431,169
Investment securities		174,886			177,824			151,919			168,990			145,496
Loans, (net of deferred fees & costs)		189,585			197,199			217,347			198,934			233,956
Deposits		374,687			381,834			388,168			382,164			371,958
Borrowings		6,452			20,000			20,000			16,613			20,309
Stockholders' equity		15,144			22,001			36,254			24,042			36,010

Performance Ratios
Annualized return on average assets		0.83	%		0.35	%		0.49	%		0.41	%		0.58	%
Annualized return on average equity		21.74	%		6.76	%		6.07	%		7.26	%		6.99	%
Net interest margin		3.27	%		2.83	%		2.95	%		2.81	%		3.00	%
Dividend payout ratio		34	%		76	%		51	%		65	%		45	%
Book value per share	$	5.60		$	5.01		$	12.51		$	5.60		$	12.51
Basic and diluted net income per share		0.29			0.13			0.19			0.61			0.88
Cash dividends declared per share		0.10			0.10			0.10			0.40			0.40
Basic and diluted weighted average shares outstanding		2,863,629			2,860,352			2,852,689			2,859,239			2,848,465

Asset Quality Ratios
Allowance for loan losses to loans		1.16	%		1.17	%		1.17	%		1.16	%		1.17	%
Nonperforming loans to avg. loans		0.26	%		0.10	%		0.16	%		0.25	%		0.16	%
Allowance for loan losses to nonaccrual & 90+ past due loans		433.9	%		1171.4	%		703.7	%		433.9	%		703.7	%
Net charge-offs annualize to avg. loans		0.38	%		0.00	%		-0.11	%		0.10	%		-0.17	%

Capital Ratios
Common Equity Tier 1 Capital		16.45	%		15.34	%		15.32	%		16.45	%		15.32	%
Tier 1 Risk-based Capital Ratio		16.45	%		15.34	%		15.32	%		16.45	%		15.32	%
Leverage Ratio		9.53	%		8.78	%		8.40	%		9.53	%		8.40	%
Total Risk-Based Capital Ratio		17.28	%		16.16	%		16.03	%		17.28	%		16.03	%

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 Announces Fourth Quarter and Full Year 2022 Results