Exhibit 99.1

Press Release For Immediate Release

Date: November 4, 2022

GLEN BURNIE BANCORP ANNOUNCES

THIRD QUARTER 2022 RESULTS

GLEN BURNIE, MD (November 4, 2022) – Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), announced today net income of $375,000, or $0.13 per basic and diluted common share for the three-month period ended September 30, 2022, compared to net income of $888,000, or $0.31 per basic and diluted common share for the three-month period ended September 30, 2021. Bancorp reported net income of $915,000, or $0.32 per basic and diluted common share for the nine-month period ended September 30, 2022, compared to $1,962,000, or $0.69 per basic and diluted common share for the same period in 2021. On September 30, 2022, Bancorp had total assets of $415.6 million. Bancorp, the oldest independent commercial bank in Anne Arundel County, will pay its 121^st consecutive quarterly dividend on November 7, 2022.

“The decrease in earnings during the third quarter of 2022, as compared to the same period of 2021, was primarily due to decreases in our net interest income, although we began to see the positive impact of rising interest rates,” 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 held in fed funds into higher yielding securities during the first nine months of 2022. 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 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. Long 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 continue to rise, 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 2022

Total interest income declined $0.8 million to $9.3 million for the nine-month period ending September 30, 2022, compared to the same period in 2021. This resulted from a $1,654,000 decrease in interest income on loans consistent with the $37.4 million decline in the average balance of the loan portfolio. The decline in interest income was driven by the repricing impact on earning asset yields of the change in asset mix from higher yielding loans into lower yielding investment securities, and the investment of excess liquidity derived from deposit growth in investment securities. Loan pricing pressure/competition will likely continue to place pressure on the Company’s net interest margin.

Due to minimal charge-offs, lower 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 in the first nine months 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 16.16% on September 30, 2022, compared to 14.86% for the same period of 2021, will provide ample capacity for future growth.

Return on average assets for the three-month period ended September 30, 2022, was 0.35%, compared to 0.81% for the three-month period ended September 30, 2021. Return on average equity for the three-month period ended September 30, 2022, was 6.76%, compared to 9.56% for the three-month period ended September 30, 2021. Lower net income and lower average asset balances primarily drove the lower return on average assets, while lower net income and a lower average equity balance, primarily drove the lower return on average equity.

The cost of funds remained unchanged at 0.27% when comparing the third quarter of 2021 to the third quarter of 2022.

The book value per share of Bancorp’s common stock was $5.01 on September 30, 2022, compared to $12.26 per share on September 30, 2021. 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 September 30, 2022, the Bank remained above all “well-capitalized” regulatory requirement levels. The Bank’s tier 1 risk-based capital ratio was approximately 15.34% on September 30, 2022, compared to 14.05% on September 30, 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 $415.6 million on September 30, 2022, a decrease of $17.2 million or 3.89%, from $432.8 million on September 30, 2021. Investment securities decreased by $17.8 million or 11.45% to $145.0 million as of September 30, 2022, compared to $162.8 million for the same period of 2021. Loans, net of deferred fees and costs, were $194.1 million on September 30, 2022, a decrease of $30.6 million or 14.54%, from $224.7 million on September 30, 2021. Cash and cash equivalents increased $22.7 million or 36.51%, from $31.5 million on September 30, 2021, to $54.2 million on September 30, 2022. Deferred tax assets increased $7.7 million or 807.24%, from September 30, 2021, to September 30, 2022, due to the tax effects of unrealized losses on available for sale securities.

Total deposits were $378.9 million on September 30, 2022, an increase of $4.4 million or 1.14%, from $374.5 million on September 30, 2021. Noninterest-bearing deposits were $149.2 million on September 30, 2022, an increase of $1.4 million or 0.88%, from $147.8 million on September 30, 2021. Interest-bearing deposits were $229.7 million on September 30, 2022, an increase of $3.0 million or 1.32%, from $226.7 million on September 30, 2021. Total borrowings were $20.0 million on September 30, 2022, unchanged from September 30, 2021.

As of September 30, 2022, total stockholders’ equity was $14.3 million (3.45% of total assets), equivalent to a book value of $5.01 per common share. Total stockholders’ equity on September 30, 2021, was $35.0 million (8.08% of total assets), equivalent to a book value of $12.26 per common share. The reduction in the ratio of stockholders’ equity to total assets was primarily due to the $21.7 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, has remained sound and reflected no pandemic-related impact on September 30, 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 0.05% of total assets on September 30, 2022, compared to 0.02% on December 31, 2021, demonstrating positive asset quality trends across the portfolio. The decrease in total assets from December 31, 2021, to September 30, 2022, and the decline in nonperforming assets primarily drove the change. The allowance for credit losses on loans was $2.3 million, or 1.17% of total loans, as of September 30, 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 $469,000 as of September 30, 2022, compared to $371,000 as of December 31, 2021.

Review of Financial Results

For the three-month periods ended September 30, 2022, and 2021

Net income for the three-month period ended September 30, 2022, was $375,000, compared to $888,000 for the three-month period ended September 30, 2021.

Net interest income for the three-month period ended September 30, 2022, totaled $3.0 million, a decrease of $302,000 from the three-month period ended September 30, 2021. The decrease in net interest income was primarily due to a $296,000 reduction in interest income. 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 three-month period ended September 30, 2022, was 2.83%, compared to 3.22% 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 $9.2 million while the yield decreased 0.38% from 3.47% to 3.09%, when comparing the three-month periods ending September 30, 2021, and 2022. The average balance on interest-bearing funds and noninterest-bearing funds increased $4.9 million and $3.8 million, respectively, and the cost of funds remained unchanged at 0.27%, when comparing the three-month periods ending September 30, 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 $41.7 million from $186.4 million to $228.1 million for the third quarter of 2022, compared to the same period of 2021 while the yield increased from 1.73% to 2.13% 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 fed funds rate.

Average loan balances decreased $32.4 million to $197.2 million for the three-month period ended September 30, 2022, compared to $229.6 million for the same period of 2021, while the yield decreased from 4.89% to 4.21% during that same period. The decrease in loan yields for the third 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 September 30, 2022, was $39,000, compared to a release of $122,000 for the same period of 2021. The increase in the provision for the three-month period ended September 30, 2022, when compared to the three-month period ended September 30, 2021, primarily reflects a $350,000 increase in net charge offs, offset by a $29.4 million decrease in the reservable balance of the loan portfolio (excluding PPP loans) and a 0.07% decrease in the current expected credit loss percentage.

Noninterest income for the three-month period ended September 30, 2022, was $317,000, compared to $359,000 for the three-month period ended September 30, 2021, a decrease of $42,000 or 11.59%. The decrease was driven primarily a by $35,000 reduction in other fees and commissions.

For the three-month period ended September 30, 2022, noninterest expense was $2.92 million, compared to $2.69 million for the three-month period ended September 30, 2021, an increase of $231,000. The primary contributors to the $231,000 increase, when compared to the three-month period ended September 30, 2021, were increases in legal, accounting, and other professional fees, data processing and item processing services, loan collection costs, and other expenses, offset by decreases in salary and employee benefits, occupancy and equipment expenses, and FDIC insurance costs.

For the nine-month periods ended September 30, 2022, and 2021

Net income for the nine-month period ended September 30, 2022, was $0.92 million, compared to $1.96 million for the nine-month period ended September 30, 2021.

Net interest income for the nine-month period ended September 30, 2022, totaled $8.5 million, a decrease of $713,000 from the nine-month period ended September 30, 2021. The decrease in net interest income was primarily due to $802,000 lower interest income, offset by an $89,000 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 nine-month period ended September 30, 2022, was 2.66%, compared to 3.01% 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 $18.7 million, while the yield decreased 0.39% from 3.28% to 2.89%, when comparing the nine-month periods ending September 30, 2021, and 2022. The average balance on interest-bearing funds and noninterest-bearing funds increased $8.0 million and $9.7 million, respectively, and the cost of funds decreased 0.04%, when comparing the nine-month periods ending September 30, 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 $56.1 million from $170.3 million to $226.4 million for the nine-month period ending September 30, 2022, compared to the same period of 2021. The yield increased from 1.61% to 1.71% 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 fed funds rate.

Average loan balances decreased $37.4 million to $202.1 million for the nine-month period ended September 30, 2022, compared to $239.5 million for the same period of 2021. The yield decreased from 4.47% to 4.20% during that same period.

The Company recorded a release of allowance for credit loss on loans of $178,000 for the nine-month period ending September 30, 2022, compared to a release of $593,000 for the same period in 2021. The $415,000 decline in the release in 2022, compared to 2021, primarily reflects a $350,000 increase in net charge offs, offset by a $27.8 million decrease in the reservable balance of the loan portfolio (excluding PPP loans) and an 0.07% decrease in the current expected credit loss percentage. As a result, the allowance for credit loss on loans was $2.3 million on September 30, 2022, representing 1.17% of total loans, compared to $2.8 million, or 1.24% of total loans on September 30, 2021.

Noninterest income for the nine-month period ended September 30, 2022, was $832,000, compared to $886,000 for the nine-month period ended September 30, 2021, a decrease of $54,000 or 6.11%. The decrease was driven primarily by a $39,000 lower other fees and commissions, and $14,000 lower gain on sale of other real estate.

For the nine-month period ended September 30, 2022, noninterest expense was $8.5 million, compared to $8.3 million for the nine-month period ended September 30, 2021. The primary contributors to the $228,000 increase when comparing to the nine-month period ended September 30, 2021, were increases in legal, accounting, and other professional fees, and other expenses, 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.

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,
	2022			2022			2021			2021
	(unaudited)			(unaudited)			(audited)			(unaudited)
ASSETS
Cash and due from banks	$	2,572		$	2,140		$	2,111		$	2,826
Interest-bearing deposits in other financial institutions		51,597			49,226			60,070			28,638
Total Cash and Cash Equivalents		54,169			51,366			62,181			31,464
Investment securities available for sale, at fair value		144,980			157,823			155,927			162,827
Restricted equity securities, at cost		1,071			1,071			1,062			1,062
Loans, net of deferred fees and costs		194,080			200,698			210,392			224,674
Less:  Allowance for credit losses(1)		(2,275	)		(2,238	)		(2,470	)		(2,790	)
Loans, net		191,805			198,460			207,922			221,884
Premises and equipment, net		3,366			3,446			3,564			3,654
Bank owned life insurance		8,454			8,414			8,338			8,298
Deferred tax assets, net		9,126			6,452			956			1,409
Accrued interest receivable		1,253			1,145			1,085			1,304
Accrued taxes receivable		225			245			301			91
Prepaid expenses		517			448			347			470
Other assets		660			523			383			352
Total Assets	$	415,626		$	429,393		$	442,066		$	432,815
LIABILITIES
Noninterest-bearing deposits	$	149,171		$	151,679		$	155,624		$	147,809
Interest-bearing deposits		229,715			234,086			227,623			226,700
Total Deposits		378,886			385,765			383,247			374,509
Short-term borrowings		20,000			10,000			10,000			20,000
Long-term borrowings		-			10,000			10,000			-
Defined pension liability		315			313			304			301
Accrued expenses and other liabilities		2,085			2,050			2,799			3,040
Total Liabilities		401,286			408,128			406,350			397,850
STOCKHOLDERS' EQUITY
Common stock, par value $1, authorized 15,000,000 shares,  issued and outstanding 2,861,615, 2,858,635, 2,853,880 and 2,851,070 shares as of September 30, 2022,  June 20, 2022,  December 31, 2021, and September 30, 2021, respectively.		2,862			2,859			2,854			2,851
Additional paid-in capital		10,836			10,810			10,759			10,731
Retained earnings		23,035			22,946			22,977			22,708
Accumulated other comprehensive loss		(22,393	)		(15,350	)		(874	)		(1,325	)
Total Stockholders' Equity		14,340			21,265			35,716			34,965
Total Liabilities and Stockholders' Equity	$	415,626		$	429,393		$	442,066		$	432,815

(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 September 30,					Nine Months Ended September 30,
	2022		2021			2022			2021
Interest income
Interest and fees on loans	$	2,094	$	2,799		$	6,351		$	8,005
Interest and dividends on securities		943		773			2,435			1,976
Interest on deposits with banks and federal funds sold		271		32			468			75
Total Interest Income		3,308		3,604			9,254			10,056
Interest expense
Interest on deposits		116		148			361			474
Interest on short-term borrowings		147		116			338			349
Interest on long-term borrowings		8		-			34			-
Total Interest Expense		271		264			733			823
Net Interest Income		3,037		3,340			8,521			9,233
Release of credit loss provision		39		(122	)		(178	)		(593	)
Net interest income after release of credit loss provision		2,998		3,462			8,699			9,826
Noninterest income
Service charges on deposit accounts		37		42			119			119
Other fees and commissions		240		276			596			635
Loss/gain on securities sold/redeemed		-		1			1			1
Gain on sale of other real estate		-		-			-			14
Income on life insurance		40		40			116			117
Total Noninterest Income		317		359			832			886
Noninterest expenses
Salary and employee benefits		1,647		1,686			4,783			4,904
Occupancy and equipment expenses		291		306			939			912
Legal, accounting and other professional fees		299		121			884			516
Data processing and item processing services		242		206			703			710
FDIC insurance costs		28		47			83			130
Advertising and marketing related expenses		21		20			64			65
Loan collection costs		4		(30	)		(51	)		(2	)
Telephone costs		35		42			119			173
Other expenses		353		293			1,016			903
Total Noninterest Expenses		2,920		2,691			8,540			8,311
Income before income taxes		395		1,130			991			2,401
Income tax expense		20		242			76			439
Net income	$	375	$	888		$	915		$	1,962
Basic and diluted net income per common share	$	0.13	$	0.31		$	0.32		$	0.69

GLEN BURNIE BANCORP AND SUBSIDIARY

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

For the nine months ended September 30, 2022 and 2021

(dollars in thousands)

(unaudited)

								Accumulated
			Additional					Other			Total
	Common		Paid-in		Retained			Comprehensive			Stockholders'
	Stock		Capital		Earnings			Income (Loss)			Equity
Balance, December 31, 2020	$	2,842	$	10,640	$	23,071		$	540		$	37,093
Net income		-		-		1,962			-			1,962
Cash dividends, $0.30 per share		-		-		(853	)		-			(853	)
Dividends reinvested under dividend reinvestment plan		9		91					-			100
Transition adjustment pursuant to adoption of ASU 2016-3						(1,472	)					(1,472	)
Other comprehensive loss		-		-		-			(1,865	)		(1,865	)
Balance, September 30, 2021	$	2,851	$	10,731	$	22,708		$	(1,325	)	$	34,965

								Accumulated
			Additional					Other			Total
	Common		Paid-in		Retained			Comprehensive			Stockholders'
	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

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 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		8.60	%	$	17,383		4.00	%	$	21,728		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	%
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	%
As of September 30, 2021:
Common Equity Tier 1 Capital	$	36,845		14.05	%	$	11,803		4.50	%	$	17,048		6.50	%
Total Risk-Based Capital	$	38,987		14.86	%	$	20,983		8.00	%	$	26,228		10.00	%
Tier 1 Risk-Based Capital	$	36,845		14.05	%	$	15,737		6.00	%	$	20,983		8.00	%
Tier 1 Leverage	$	36,845		8.50	%	$	17,331		4.00	%	$	21,664		5.00	%

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,
	2022			2022			2021			2022			2021			2021
	(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(audited)
Financial Data
Assets	$	415,626		$	429,393		$	432,815		$	415,626		$	432,815		$	442,066
Investment securities		144,980			157,823			162,827			144,980			162,827			155,927
Loans, (net of deferred fees & costs)		194,080			200,698			224,674			194,080			224,674			210,392
Allowance for loan losses		2,275			2,238			2,790			2,275			2,790			2,470
Deposits		378,886			385,765			374,509			378,886			374,509			383,247
Borrowings		20,000			20,000			20,000			20,000			20,000			20,000
Stockholders' equity		14,340			21,265			34,965			14,340			34,965			35,716
Net income		375			309			888			915			1,962			2,516
Average Balances
Assets	$	425,871		$	434,297		$	432,812		$	433,882		$	425,750		$	431,169
Investment securities		177,824			167,651			160,903			167,025			143,355			145,496
Loans, (net of deferred fees & costs)		197,199			201,633			229,645			202,051			239,492			233,956
Deposits		381,834			387,358			373,011			384,656			366,555			371,958
Borrowings		20,000			20,000			20,056			20,001			20,412			20,309
Stockholders' equity		22,001			24,902			36,857			27,004			35,931			36,010
Performance Ratios
Annualized return on average assets		0.35	%		0.29	%		0.81	%		0.28	%		0.62	%		0.58	%
Annualized return on average equity		6.76	%		4.99	%		9.56	%		4.53	%		7.30	%		6.99	%
Net interest margin		2.83	%		2.61	%		3.22	%		2.66	%		3.01	%		3.00	%
Dividend payout ratio		76	%		92	%		32	%		94	%		44	%		45	%
Book value per share	$	5.01		$	7.44		$	12.26		$	5.01		$	12.26		$	12.51
Basic and diluted net income per share		0.13			0.11			0.31			0.32			0.69			0.88
Cash dividends declared per share		0.10			0.10			0.10			0.30			0.30			0.40
Basic and diluted weighted average shares outstanding		2,860,352			2,857,616			2,850,124			2,857,759			2,847,042			2,848,465
Asset Quality Ratios
Allowance for loan losses to loans		1.17	%		1.12	%		1.24	%		1.17	%		1.24	%		1.17	%
Nonperforming loans to avg. loans		0.10	%		0.12	%		1.22	%		0.10	%		1.17	%		0.16	%
Allowance for loan losses to nonaccrual & 90+ past due loans		1171.4	%		964.4	%		99.6	%		1171.4	%		99.6	%		703.7	%
Net charge-offs annualize to avg. loans		0.00	%		0.05	%		-0.04	%		0.01	%		-0.19	%		-0.17	%
Capital Ratios
Common Equity Tier 1 Capital		15.34	%		15.13	%		14.05	%		15.34	%		14.05	%		15.32	%
Tier 1 Risk-based Capital Ratio		15.34	%		15.13	%		14.05	%		15.34	%		14.05	%		15.32	%
Leverage Ratio		8.60	%		8.58	%		8.50	%		8.60	%		8.50	%		8.40	%
Total Risk-Based Capital Ratio		16.16	%		15.90	%		14.86	%		16.16	%		14.86	%		16.03	%