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Delmar Bancorp

Delmar Bancorp (DBCP)

6.39
0.00
(0.00%)
마감 24 11월 6:00AM
0.00
0.00
(0.00%)
시간외 거래: -

포트폴리오 강화: 실시간 토론 및 실행 가능한 거래 아이디어.

주요 통계 및 세부정보

가격
6.39
매수가
6.39
매도가
6.75
거래량
-
0.00 일간 변동폭 0.00
0.00 52주 범위 0.00
전일 종가
6.39
개장가
-
최근 거래 시간
마지막 거래 시간
평균 볼륨(3m)
-
재정 규모
-
VWAP
-

DBCP 최신 뉴스

Delmar Bancorp to Change Name to Partners Bancorp

SALISBURY, Md., Aug. 04, 2020 (GLOBE NEWSWIRE) -- Delmar Bancorp (NASDAQ: DBCP) (the “Company”), the parent company of The Bank of Delmarva (“Delmarva”), Seaford, Delaware, and Virginia Partners...

Delmar Bancorp Reports Results of Operations for the Second Quarter 2020

SALISBURY, Md., July 28, 2020 (GLOBE NEWSWIRE) -- Delmar Bancorp (NASDAQ: DBCP) (the “Company” or “Delmar”), the parent company of The Bank of Delmarva (“Delmarva”), Seaford, Delaware, and...

Delmar Bancorp Announces Completion of $17.8 Million Subordinated Notes Offering

SALISBURY, Md., June 25, 2020 (GLOBE NEWSWIRE) -- Delmar Bancorp (the “Company”) (NASDAQ: DBCP), a multi-bank holding company, today announced that it has completed a private placement of $17.8...

Delmar Bancorp Announces Listing on The NASDAQ Capital Market

SALISBURY, Md., May 06, 2020 (GLOBE NEWSWIRE) -- Delmar Bancorp (NASDAQ: DBCP), a multi-bank holding company, today announced its common stock has been approved for listing on the NASDAQ Capital...

기간변동변동 %시가고가저가평균 일일 거래량VWAP
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40000000CS
120000000CS
260000000CS
520000000CS
1560000000CS
2600000000CS

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DBCP Discussion

게시물 보기
Renee Renee 5 년 전
DBCP moved to the Nasdaq from the OTC:

https://otce.finra.org/otce/dailyList?viewType=Deletions
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norweger1979 norweger1979 5 년 전
Delmar Bancorp Reports Continued Profitability for the Second Quarter of 2019

SALISBURY, MD., August 1, 2019 -- Delmar Bancorp (OTCQX:DBCP), the parent company of The Bank of Delmarva, Seaford, Delaware, announced net income of $3.2 million for Delmar Bancorp, the holding company for The Bank of Delmarva, for the first six months of 2019. This is an increase of 52.9% over 2018 earnings for the same period.

Net interest income before the provision for credit losses increased from June 30, 2018 to June 30, 2019 by $1.5 million or 11.3%, and the provision for credit losses increased by $75,000. Operating overhead decreased by $91,000 for the same period.

Earnings in the first half of 2018 were significantly impacted by the merger with Liberty Bell Bank. During the first half of 2018 the Bank expensed approximately $1.2 million related to the merger in other operating expenses.

During December of 2018 the Bank announced a share exchange with Virginia Partners Bank, located in Fredericksburg, Virginia. Costs related to the share exchange included in other operating expenses at June 30, 2019 were approximately $371,000.

In addition to an increase in income, Delmar’s assets grew by $30.8 million or 4.2% in the first six months of 2019. The Bank’s loan portfolio, net of the allowance, grew by $14.1 million or 2.3% from the end of December through June. Loan growth over the 12 month period ending June 30, 2019 was $41.1 million or 6.9%. Loan growth was funded by an increase in deposits of $24.6 million or 4.0% during the first two quarters of 2019 and $20.8 million or 3.4% over the prior year second quarter balances. Most of this growth was in certificate of deposits and interest bearing demand accounts.
Tangible book value per share increased from $5.57 to $6.38 or 14.5% over the twelve month period from June 30, 2018 to June 30, 2019.
The Company paid a cash dividend to common stockholders of $.025 per share for the first and second quarters of 2019. The Board Directors of Delmar Bancorp is committed to returning capital to shareholders in the form of cash dividends with the expectation that the cash dividend will increase as earnings continue to grow.

For further information contact John W. Breda, President and Chief Executive Officer, 410-548-1100 extension 18112 or Betsy Holland, Chief Financial Officer, CPA, 410-548-1722 extension 18305.

-tables deleted-

https://www.bankofdelmarvahb.com/home/about-us/investor-relations
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norweger1979 norweger1979 5 년 전
Delmar Bancorp Reports Continued Profitability for the First Quarter of 2019

John W. Breda, President and CEO, announced net income of $1.4 million for Delmar Bancorp, the holding company for The Bank of Delmarva, for the first three months of 2019. This is an increase of 7.9% over 2018 first quarter earnings.

Net interest income before the provision for credit losses increased from March 31, 2018 to March 31, 2019 by $1.2 million or 20.5%, and the provision for credit losses increased by $50,000. Operating overhead increased by $935,000 for the same period.

During December of 2018 the Bank announced a share exchange with Virginia Partners Bank, located in Fredericksburg, Virginia. Costs related to the share exchange included in other operating expenses were approximately $270,000 for the first quarter of 2019.

In addition to an increase in income, Delmar’s assets grew by $20.1 million or 2.7% in the first quarter of 2019. The Bank’s loan portfolio, net of the allowance, grew by $16.8 million or 2.7% from the end of December through March. Loan growth over the 12 month period ending March 31, 2019 was $38.0 million or 6.3%. Loan growth was partially funded by an increase in deposits of $15.7 million or 2.6% during the first quarter and $14.0 million or 2.3% over the prior year first quarter balances. Most of this growth was in certificate of deposits and interest bearing demand accounts.
Tangible book value per share increased from $5.52 to $6.16 or 11.7% over the twelve month period from March 31, 2018 to March 31, 2019.
The Company paid a cash dividend to common stockholders of $.025 per share for the first quarter of 2019. The Board Directors of Delmar Bancorp is committed to returning capital to shareholders in the form of cash dividends with the expectation that the cash dividend will increase as earnings continue to grow.

For further information contact John W. Breda, 410-548-1100 extension 18112 or Betsy Holland, CPA, 410-548-1722 extension 18305.

-tables deleted-

https://www.bankofdelmarvahb.com/home/about-us/investor-relations

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malodious malodious 6 년 전
Virginia Partners Bank, Delmar Bancorp announce merger

https://www.fredericksburg.com/business/local_business/virginia-partners-bank-delmar-bancorp-announce-merger/article_c2e81e6f-5baf-5fec-8951-046dc1798eeb.html

Another Kenneth Lehman merger-

A bank that got its start in a trailer in downtown Fredericksburg a decade ago has agreed to join the parent company of a bank that celebrated its 100th anniversary in 1997.

Virginia Partners Bank is expected to become an independent, wholly owned subsidiary of Salisbury, Md.-based Delmar Bancorp through an exchange of shares in an all-stock transaction in the second quarter of 2019.

Delmar Bancorp is the holding company for The Bank of Delmarva, which a group of businessmen and farmers opened on May 4, 1897, in the then-thriving railroad town of Delmar, Md. Today its main office is in Seaford, Del., and it has 11 branch locations in Maryland and three operating under the name Liberty Bell Bank in the South Jersey/Philadelphia metro market.

Both Delmar’s and Partners’s boards of directors have unanimously approved the merger. It is still subject to approval by Partners’ shareholders and bank regulatory authorities.

The transaction will create a partnership between Delmarva and Partners. The banks will maintain their existing names, executive management teams and boards of directors. The consolidated holding company will have, on a pro forma basis at Sept. 30, 2018, approximately $1.2 billion of assets, $947.7 million in loans and $966.6 million in deposits; and a franchise that serves markets from Philadelphia to Newport News.

Company officials said the strategic partnership will allow each bank to leverage the strength of its local community banking franchise and expand the breadth of products and services offered to its existing customer base. Additionally, the creation of a $1.2 billion asset bank holding company provides opportunities for both banks to expand their customer base and lending, and to better address community banking needs in their current and contiguous markets.

“The proposed merger of equals and multi-bank holding company structure will allow us to maintain our identity, while permitting increased efficiencies, greater visibility for our stock, a quarterly dividend for Partners shareholders, and a heightened ability to access the capital markets,” Partners President and CEO Lloyd B. Harrison III said in a news release. “This partnership will serve our shareholders, our employees, our customers and our community well.”

He said that it also sets the stage for other community banks to join a multi-bank holding company that is committed to maintaining separately chartered affiliate banks.

“This affiliate bank model preserves what is best about community banking—the identities and leadership that make them successful—while achieving scale in a rapidly consolidating industry,” Harrison said.

Harrison was one of the founders of Partners, which opened in August of 2008 out of a trailer in what was then a parking lot at 425 William St. It opened a branch a few months later in Westwood Shopping Center, which has since closed, before building its current headquarters at 410 William St.

Harrison will continue in his positions with Partners and also become chief executive officer of Delmar once the transaction is completed.

As of Sept. 30, Partners had approximately $420.1 million in assets, $325.1 million in loans and $344.5 million in deposits. Partners currently has three branches in Fredericksburg and, trading under the name Maryland Partners Bank, a branch in La Plata, Md., and a loan production office in Annapolis. Partners is also a 51 percent owner of Johnson Mortgage Co. in Newport News.

As of Sept. 30, Delmar had approximately $737.9 million in assets, $622.5 million in loans and $622.0 million in deposits. Delmarva has 11 branches located in Wicomico and Worcester counties, Maryland and Sussex County, Delaware, three branches in the South Jersey/Philadelphia metro market doing business under the name of Liberty Bell Bank, and a loan production office in Rehoboth Beach, Del.

Based on the closing price of Delmar common stock on Wednesday of $7.80 per share, the transaction would have a value of $13.40 per share of Partners common stock, and an aggregate value of approximately $55.1 million, or approximately 135 percent of Partners’ tangible common equity as of Sept. 30.

Holders of Partners common stock would own an aggregate of approximately 44 percent of the outstanding shares of Delmar following completion of the share exchange.

Kenneth R. Lehman currently serves on the Board of Directors of both Partners and Delmar. Following the completion of the transaction, Board of Directors of Delmar will consist of Lehman, five current members of Delmar’s board of directors and four current members of Virginia Partners’ board of directors.
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norweger1979 norweger1979 7 년 전
12/31/2017 call report

net income $3,580,000

vs.

12/31/2016 call report

net income $4,096,000


This includes one time income tax adjustment for net deferred tax assets re-evaluation due to the new corporate tax rate of 21% vs. the old 35%.

Net INCOME BEFORE TAXES (compare apples to apples) $6,820,000 in 2017 vs. $6,581,000 in 2016.
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norweger1979 norweger1979 7 년 전
Delmar Bancorp Reports Continued Growth for Third Quarter of 2017

John W. Breda, President and CEO, reported that Delmar Bancorp had significant asset growth in the twelve months ended September 30, 2017. The Bank’s loan portfolio, net of the allowance, grew by $30.7 million or 7.5%. Loan growth was partially funded by an increase in deposits of $21.1 million or 4.9%. Of note was an increase in non-interest bearing demand deposits of $23.2 million or 15.9%. Total assets and stockholder’s equity grew by 7.4%. Book value per share increased from $5.66 to $5.96 or 5.3% over the 12 month period from September 30, 2016 to September 30, 2017.

For the first nine months of 2017, Delmar Bancorp had net income of $3.1 million compared to net income of $2.9 million for the first nine months of 2016, an increase of $120,000 or 4.1%. Net interest income increased from September 30, 2016 to September 30, 2017 by $1.7 million, and the provision for credit losses increased by $83,000. Operating overhead increased by $1.5 million for the same period. Income before taxes increased by $263,000 or 5.7%.

Earnings per share increased 4.1% over the twelve month period from September 30, 2016 to 2017. The Company paid a cash dividend to common stockholders of $.02 per share in January, April, July, and October of 2017. The Board Directors of Delmar Bancorp is committed to returning capital to shareholders in the form of cash dividends with the expectation that the cash dividend will increase as earnings continue to grow.

For further information contact John W. Breda, 410-548-1100 extension 1012 or Betsy Holland, CPA, 410-548-1722 extension 105.
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norweger1979 norweger1979 7 년 전
9/30/2017 call report

net income 3,155,000

vs.

9/30/2016 call report

net income 3,034,000
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Enterprising Investor Enterprising Investor 7 년 전
DBCP hits new 52-week high (7/24/17)

DELMAR BANCORP (DBCP)
Last Trade [tick] 7.7500 [-]
Volume 3,952
Net Change 0.4100
Net Change % 5.59%
52 Week High 7.8000 on 07/24/2017
52 Week Low 5.2500 on 11/23/2016
Day High 7.8000
Day Low 7.7300
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Enterprising Investor Enterprising Investor 7 년 전
DBCP hits new 52-week high (7/21/17)

DELMAR BANCORP (DBCP)
Last Trade [tick] 7.3400[+]
Volume 787
Net Change 0.3400
Net Change % 4.86%
52 Week High 7.3400 on 07/21/2017
52 Week Low 5.2500 on 11/23/2016
Day High 7.3400
Day Low 7.3300
👍️0
Enterprising Investor Enterprising Investor 7 년 전
Brilliant!

Never would have expected a merger between LBBB and DBCP.

Despite both banks being on my short watch list, the proceeds from the sale of FOFN did not find their way into either one of these banks.
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norweger1979 norweger1979 7 년 전
Delmar Bancorp and Liberty Bell Bank Announce Merger Agreement

SALISBURY, MD and MARLTON, NJ--(Marketwired - Jul 21, 2017) - On July 20, 2017, Delmar Bancorp ("Delmar") (OTCQB: DBCP), the parent company of The Bank of Delmarva, Seaford, Delaware ("Delmarva"), and Liberty Bell Bank, Marlton, New Jersey ("Liberty") (OTCQB: LBBB) entered into a definitive agreement (the "Agreement") pursuant to which Liberty will be acquired by Delmar through the merger of Liberty into Delmarva, with Delmarva being the surviving institution.

Under the Agreement, each Liberty shareholder will be entitled to elect to receive either 0.2857 shares of Delmar common stock, or $1.70 in cash, for each share of Liberty common stock they own, provided that in the aggregate 70% of the shares of Liberty common stock must be converted into Delmar common stock and 30% of the shares of Liberty common stock must be converted into cash. Options and other warrants to acquire Liberty common stock will be assumed by Delmar and converted into options and rights to acquire shares of Delmar common stock.

Based on the average closing price of Delmar common stock during the 90 days ended July 14, 2017 of $6.58, the aggregate value of the transaction would be approximately $16 million, or approximately 162% of Liberty's tangible book value per common share as of March 31, 2017 and 54 times Liberty's projected 2017 earnings available to common shareholders, each as of March 31, 2017. Delmar expects to recover at closing of the transaction $6.1 million of Liberty's $6.8 million valuation reserve on its deferred tax asset, due to the significant common ownership of Delmar and Liberty (they share the same largest shareholder), providing a unique opportunity for Delmar and Liberty shareholders. With this valuation reserve recovery, the aggregate value of the transaction represents approximately 100% of Liberty's tangible book value. Approximately $4.5 million of the aggregate consideration will be payable in cash. Delmar expects that the transaction will be accretive to Delmar's earnings within twelve months following the closing of the merger, and will result in modest dilution to tangible book value, which is expected to be earned back in approximately three years.

The acquisition of Liberty, with three branches in Burlington and Camden Counties, will be Delmar's initial entry into the Southern New Jersey/Suburban Philadelphia market. The merger will enable Delmar to enhance its growth opportunities by leveraging its larger capital base and legal lending limit with Liberty's customer base.

At March 31, 2017, Liberty had approximately $149.9 million in assets, $121.2 million in loans and $136.5 million in deposits. On a pro forma basis at March 31, 2017, the combined company would have $668.6 million of assets, $556.1 million in loans and $575.0 million in deposits.

Kenneth R. Lehman currently serves on the Board of Directors of both Liberty and Delmar. In connection with the merger, two additional members of the Board of Directors of Liberty will join the Board of Directors of Delmar and Delmarva. Liberty will continue to operate under the name "Liberty Bell Bank, a division of The Bank of Delmarva".

The merger is expected to close in the fourth quarter of 2017 or first quarter of 2018. The Agreement has been unanimously approved by the boards of directors of both Delmar and Liberty and is subject to the approval by the shareholders of Liberty, the approval of the applicable bank regulatory authorities, and the satisfaction or waiver of the conditions to closing and covenants of each party contained in the Agreement.

John W. Breda, President and CEO of Delmar and Delmarva said, "We are extremely excited about the proposed acquisition of Liberty and the transformative opportunities the combination creates for us. We are familiar with the market and believe that it provides substantial opportunities for growth of the combined bank. We look forward to serving Liberty's customers with our portfolio of deposit, cash management, and loan products for businesses and consumers. We plan to work very closely with the Liberty team to provide a seamless transition, and make Liberty's customers feel that nothing has changed, except our capacity to serve them. Having just assumed the role of President and CEO of Delmar, I am very proud and eager to lead it into a new market and new opportunities."

Benjamin F. Watts, President and CEO of Liberty said, "We are thrilled to have found such a strong and high caliber institution as Delmar Bancorp to merge with. This partnership will serve our shareholders, our employees, our customers and our community well."

Liberty was advised by FIG Partners, L.P. as financial advisor, and Stevens & Lee as legal counsel. RP Financial LC. served as financial advisor, and Buckley Sandler LLP served as legal counsel, to Delmar.

About the Companies: Delmar Bancorp is the holding company for The Bank of Delmarva, which commenced operations in 1896. Delmarva's main office is in Seaford, Delaware, and it conducts full service commercial banking through 10 offices, soon to be 11, located in Wicomico and Worcester Counties in Maryland, and Sussex County in Delaware. Delmarva focuses on serving its local communities, knowing its customers and providing superior customer service.

Liberty Bell Bank is headquartered in Marlton, New Jersey, and has two additional full service offices in Moorestown and Cherry Hill, New Jersey.

Additional Information About the Merger and Where to Find It

In connection with the proposed transaction, Delmar intends to file with the Securities and Exchange Commission (the "SEC") an Offering Statement on Form 1-A (the "Offering Statement") to qualify the shares of Delmar common stock to be issued to shareholders of Liberty in connection with the transaction. The Offering Statement will include a Proxy Statement of Liberty (the "Proxy Statement") and an Offering Circular of Delmar, as well as other relevant materials regarding the proposed transaction involving Delmar and Liberty. A definitive Proxy Statement/Offering Circular will be mailed to shareholders of Liberty. SECURITY HOLDERS OF LIBERTY ARE ADVISED TO READ THE PROXY STATEMENT/OFFERING CIRCULAR WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS INCORPORATED BY REFERENCE IN THE PROXY STATEMENT/OFFERING CIRCULAR BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING DELMAR AND LIBERTY AND THE PROPOSED TRANSACTION. Security holders may obtain free copies of these documents, once they are filed, and other documents filed with the SEC on the SEC's website at http://www.sec.gov. This release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or proxy in favor of the merger, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Any such solicitations or offers will be made through the Proxy Statement/Offering Circular following the qualification of the Offering Statement with the SEC and under any state securities law requirement. Any proxy or offer to sell or buy any securities provided in response to this release will not be accepted.

Forward-looking Statements: This press release contains forward-looking statements within the meaning of the Securities and Exchange Act of 1934, as amended, including statements of goals, intentions, and expectations as to future trends, plans, events or results of Delmar's operations and policies and regarding general economic conditions. These forward-looking statements include, but are not limited to, statements about (i) the benefits of the merger between Delmarva and Liberty and (ii) Delmar's and Liberty's plans, obligations, expectations and intentions. In some cases, forward-looking statements can be identified by use of words such as "may," "will," "anticipates," "believe," "expects," "plan," "estimates," "potential," "continue," "should," and similar words or phrases. These statements are based upon the beliefs of the respective managements of Delmar and Liberty as to the expected outcome of future events, current and anticipated economic conditions, nationally and in the parties' market, and their impact on the operations and assets of the parties, interest rates and interest rate policy, competitive factors, judgments about the ability of the parties to successfully consummate the merger and to integrate the operations of the two companies, the expected growth opportunities or cost savings resulting from the merger, which may not be fully realized or take longer than expected to realize; the ability of the two companies to avoid customer dislocation or runoff, and employee attrition, during the period leading up to and following the merger, the timing of and any conditions to required regulatory approvals, the ability of Delmar to recover Liberty's valuation reserve on its deferred tax asset, and other conditions which by their nature, are not susceptible to accurate forecast and are subject to significant uncertainty. Factors that could cause results and outcomes to differ materially include, among others, the ability to obtain required regulatory and shareholder approvals; the ability to complete the merger as expected and within the expected timeframe; and the possibility that one or more of the conditions to the completion of the merger may not be satisfied. Because of these uncertainties and the assumptions on which this discussion and the forward-looking statements are based, actual future operations and results in the future may differ materially from those indicated herein. Readers are cautioned against placing undue reliance on such forward-looking statements. Past results are not necessarily indicative of future performance. Delmar and Liberty assume no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this release.

CONTACTS:

DELMAR BANCORP

John W. Breda

(MORE TO FOLLOW) Dow Jones Newswires

July 21, 2017 09:00 ET (13:00 GMT)

Delmar Bancorp and Liberty Bell Bank Announce -2-


President and CEO

410-548-1100

Liberty Bell Bank

Benjamin F. Watts

President and CEO

856-830-1135

(MORE TO FOLLOW) Dow Jones Newswires

July 21, 2017 09:00 ET (13:00 GMT)

­« Back to Stocks News
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norweger1979 norweger1979 7 년 전
new 52week high $7.00

Delmar Bancorp (QB) (DBCP)
7.0 ? 0.29 (4.32%)
Volume: 2,980 @ 2:16:40 PM ET

price followed high volume trading day yesterday of 40,000+ shares.
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norweger1979 norweger1979 7 년 전
DBCP $6.69

interesting buying volume soaking up supply from the offer, trading close to new 52week highs....

100D avg volume around 2,ooo, already trading above 23,000 shares today

probably breakout to new highs coming :)
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norweger1979 norweger1979 7 년 전
Kenneth R. Lehman ownership stake 12/31/2015

Annual Report of Bank Holding Companies - FR Y -6

Report Item 3: Shareholders

Part 1:
The following persons were known by the Bank to own beneficially, directly or indirectly, more than 5% of the common stock of Delmar Bancorp.

Kenneth R. Lehman Arlington, Virginia, USA
3,315,700 shares 41%
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norweger1979 norweger1979 7 년 전
March 2017 Dividend

On March 14, 2017 the Board of Directors of Delmar Bancorp declared a common stock dividend of $.02 per share for stockholders of record as of March 24, 2017 payable on April 3, 2017.

http://www.bankofdelmarvahb.com/home/about-us/investor-relations
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norweger1979 norweger1979 7 년 전
2016 year end report

March 20, 2017

Dear Shareholders:

Delmar Bancorp and its primary subsidiary, The Bank of Delmarva, concluded another successful year in 2016. Delmar Bancorp had net income of $4.0 million compared to income of $3.9 million the prior year. Asset growth was $28.9 million or 6.0%. Asset growth was centered in both the securities and loan portfolios. The securities portfolio grew by $16.6 million and the loan portfolio grew by $30.9 million. The growth was funded by a reduction in cash and overnight investments as well as an increase in deposit account balances of $20.9 million. The Bank’s tax equivalent net interest margin remained in the 4% range throughout the year. Credit quality of the Bank’s loan portfolio was stable. Cash dividends totaling $573,771 were paid to common stock shareholders of Delmar Bancorp in 2016.

Long serving Holding Company and Bank Board member, Paul H. Mylander, retired from both of our Boards at year end 2016. Paul had a long and distinguished career in banking and he joined our Boards after he retired from Delaware National Bank. Paul lives in Lewes, Delaware and he helped us establish a banking presence in eastern Sussex County, which is the most dynamic market in which we do business. Paul’s leadership and local knowledge will be missed on our Boards and we are grateful for his years of service.

Another dynamic market for us is eastern Worcester County, including Ocean City, Ocean Pines and West Ocean City. I am pleased to report that we will open the Bank’s eleventh branch office in West Ocean City in May of this year. The new branch is designed to have more self-service options compared to our existing locations but it will also be fully staffed with capable bankers with whom customers can meet face-toface for their depositing and lending needs. We will also provide a unique service for resort area merchants who have significant cash and coin pick-up needs at this new branch.

Late in 2016 our Bank opened a new Loan Production Office (LPO) in Rehoboth Beach, Delaware. That office is headed by veteran banker, Jim Barr. Jim came on board with several other seasoned bankers who collectively have years of experience lending to small and mid-sized businesses in our resort markets of Sussex and Worcester counties. We expect that a significant amount of the Bank’s loan and deposit growth will come from these vibrant markets and that our new hires will be instrumental in that growth.

There seems to be a greater sense of optimism since the Presidential election. At least our stock markets are indicating that something positive is going to happen. The current administration is focused upon economic growth which is a welcome change from the last eight years. A combination of reduced regulation, lower corporate tax rates and a resolution of the imploding ACA are all very positive for business and are welcomed by community banks across the country.

This country’s stock markets have been on a tear since the election. I have heard that $3 trillion in new wealth has been created by the increased value of equities since early November. The stock price of many large and regional banks have increased by 15% or more during this time period. However, the price of DBCP, like many small community banks, has not followed the market. Despite three relatively strong years in a row, our stock is traded at about $6 per share or 1.1 times book value, which is a 25% or so discount to larger banks. I believe that in due time the market will figure out that DBCP is undervalued and a good buy.

On a personal note, I am retiring as President and CEO effective June 30, 2017. I will remain on the Board of Directors and I have agreed to consult to assist in the management transition. Our Chief Credit Officer, John Breda, will succeed me. John and I have worked together for nearly five years and he is prepared and ready to provide new leadership to the Bank. I have been President and CEO since 1990. Community banking has been a rewarding and challenging career. When I started twenty six years ago, The Bank of Delmar, as it was then known, had four branches, forty employees and about $40 million in assets. The Bank of Delmarva has grown to ten branches (soon to be eleven), an LPO, one hundred and twenty three employees and about $515 million in assets. Stockholders equity has increased from about $4 million in 1990 to more than $46 million now. Cash dividends to common stockholders have been paid through most of this period. It has been a good run for me and I am confident that the Bank will continue to be in good hands with the management change.

Our Annual Stockholders Meeting is scheduled for 3:00 p.m., May 16th at Green Hill Yacht and Country Club near Salisbury. I look forward to seeing many of you there.

Very truly yours,



Edward M. Thomas President and Chief Executive Officer

2245 Northwood Drive Salisbury, Maryland 21801



http://www.bankofdelmarvahb.com/home/about/investorrelations
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norweger1979 norweger1979 9 년 전
Dear Shareholders:
After writing these letters since the 1990 annual report, I can unequivocally say I am the most pleased to write this one. The reason I say that is the bottom line of the Company in 2014. We finally have returned to an acceptable level of profitability for the first year since 2008. I am also pleased to report that the problem asset resolution plan we put into place late in 2013 played out the way we had expected. Simply put, that plan was to use additional capital available to us in late 2013 to accelerate the write-down and write-off of legacy loans and other problem assets with the expectation that 2014 would be a rebound year, which is what happened. We also had fairly ambitious growth goals for 2014, which, for the most part, we achieved or exceeded. Our lending teams were very busy resulting in loan growth of $40.0 million, net of the allowance. This loan growth was the fuel of our improved net interest income, which increased by more than $1.1 million to $16.3 million. We also took advantage of the valuation increase of four TRUPs bonds to sell them at a significant gain early in the year. We used a large portion of the gain to further reduce our problem loan exposure. Our net income in 2014 was $3.5 million or $.325 per share, which is a significant turnaround from 2013. Also highlighted in this financial statement, our capital levels remain strong and our credit quality improved in 2014. Despite a regional economy which has not yet recovered (aside from the resort areas), the Bank has maintained solid capital and has worked through many of our credit issues. During the year we added two directors who provide additional knowledge and experience to the Boards of both the Holding Company and the Bank. Heidi Gilmore is an attorney from the Rehoboth area. Heidi’s legal expertise is real estate law and working with non-profits and along with her legal background she brings to us an extensive knowledge of businesses in Sussex County. Ken Lehman is a private bank investor who made a significant investment in Delmar Bancorp in 2013. Ken has extensive experience dealing with capital structures and needs of financial institutions. We are fortunate to have both Heidi and Ken as part of our team. As far as 2015 is concerned, our plan is to build on the momentum from last year. We project another year of solid loan and asset growth. Funding that growth will likely be a greater challenge than in the recent past. We expect to continue to chip away at our classified assets and to maintain capital levels well in excess of regulatory requirements. We also project another profitable year. The Holding Company still has about $4.5 million of preferred stock on the books as well as deferred dividends owed. Our intention this year is to catch up on the dividends in arrears and then replace the preferred shares with debt. Once those steps are accomplished, we will be able to consider reestablishing a common stock dividend. This has been a long journey since the depths of the recession of 2008. However, we are not nai¨ve and we know there will be unexpected challenges this year still. We look forward to a prosperous and successful 2015.
Very truly yours,
Edward M. Thomas President and Chief Executive Officer


http://www.bankofdelmarvahb.com/home/fiFiles/static/documents/2015_Annual_Report.pdf
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Enterprising Investor Enterprising Investor 9 년 전
Delmar Bancorp Announces $11 Million Common Equity Increase (8/13/13)

BuckleySandler represented The Bank of Delmarva on the transaction.

August 13, 2013, Salisbury, Maryland – Delmar Bancorp (OTCQB: DBCP) (the “Company”), today announced that it had entered into a Securities Purchase and Exchange Agreement (the “Agreement”) with Kenneth R. Lehman pursuant to which Mr. Lehman will acquire 3,250,000 newly issued shares of the Company’s common stock for aggregate consideration consisting of $6,000,000 in cash, the cancellation of his 5,000 shares of the Company’s Fixed Rate Cumulative Perpetual Preferred Stock, Series A, having an aggregate liquidation amount of $5,000,000 (the “Series A Preferred Stock”), and the waiver of unpaid dividends on the Series A Preferred Stock and interest on unpaid dividends, in an amount expected to equal approximately $600,000 at closing. The per share consideration, including the effect of the dividend and interest waiver, is approximately $3.57 per share. While this represents a discount of 6.33% of the closing price on August 13, 2013, the last day on which there was a reported trade in the common stock, the per share consideration represents a premium of 1.24% over the average closing price for the 10 days on which trades were reported between June 1, 2013 and August 13, 2013.

The transaction will result in an increase of $11,000,000 in the Company’s common stockholders’ equity, and a reduction of $5,000,000 in the preferred stock account.

Edward M. Thomas, President and Chief Executive Officer of the Company, stated that “I am very pleased Ken Lehman has agreed to deepen his relationship with the Company by exchanging his Series A Preferred Stock for common stock and making a substantial additional cash investment. The additional $6,000,000 of tier 1 capital will enable us to accelerate our efforts to resolve or dispose of problem assets, and to take the additional charge-offs and provisions for such accelerated plans as called for by the Agreement, and to focus our efforts on making new loans and serving our communities. Mr. Lehman is an experienced investor in, and advisor to, community banks, and understands and supports the values and dynamics of community banks. The Board and I look forward to working with him.”

Mr. Lehman stated “I am excited to be a stockholder in a company with such an earnings-focused culture. I believe this transaction will allow the Company to quickly address legacy credit issues, and return to the usual profitability that characterized its operating history prior to the great recession of 2008.”

The transaction, which is subject to regulatory approval, is expected to close in the fourth quarter of 2013.

Delmar Bancorp is the holding company for The Bank of Delmarva. The Bank of Delmarva was organized in 1897 and as of June 30, 2013, was the fourth-largest independent community bank headquartered on the Delmarva Peninsula, with 10 branches and $432 million in assets.

Visit www.bankofdelmarvahb.com for more information.

http://www.buckleysandler.com/news-detail/delmar-bancorp-announces-11-million-common-equity-increase
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bella99 bella99 15 년 전
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