Glen Burnie Bancorp Releases 2Q Earnings

GLEN BURNIE, Md.--()--Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie, today announced results for the second quarter.

For the three month period ended June 30, 2014, Glen Burnie Bancorp realized net income of $435,000 or $0.16 basic earnings per share. The company reported net income of $640,000 or $0.24 basic earnings per share for the same three month period in 2013. Net interest income after provisions for credit losses was $2,820,000 for the three month period ended June 30, 2014. The company reported net interest income after provisions for credit losses of $3,009,000 for the same period in 2013.

Net income for the six months ended June 30, 2014 was $908,000 or $0.33 basic earnings per share as compared to $1,169,000 or $0.43 basic earnings per share for the same period in 2013. Net interest income after provisions for credit losses for the six months ended June 30, 2014 was $5,869,000 as compared to $5,922,000 for the same period in 2013.

On July 9, 2014, Glen Burnie Bancorp paid its 88th consecutive dividend to shareholders of record at the close of business on June 27, 2014. The company had 2,754,304 common shares outstanding with approximately 403 shareholders of record on June 12, 2014.

“While loans grew this quarter, we experienced a decline in yields as a result of the lingering effects of the recession. In addition, our loan growth required us to increase funding to the loan loss reserve. We are pleased that the Bank continues to be profitable and recently paid our 88th consecutive quarterly dividend.” said Michael G. Livingston, President and CEO.

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie®, currently maintains consolidated assets totaling more than $400 million. Founded in 1949, The Bank of Glen Burnie® is a locally-owned community bank with eight branch offices serving Anne Arundel County. (thebankofglenburnie.com)

Certain information contained in this news release, which does not relate to 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. 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 Subsidiaries
Condensed Consolidated Balance Sheets
(dollars in thousands)
 
(unaudited) (audited)
June December
30, 2014   31, 2013
Assets
 
Cash and due from banks $ 9,499 $ 9,214
Interest bearing deposits 4,651 1,636
Federal funds sold 2,415 103
Investment securities 83,760 74,314
Loans, net of allowance 281,282 270,684
Premises and equipment at cost, net of accumulated depreciation 3,736 3,697
Other real estate owned 163 1,171
Other assets     15,056     16,375  
Total assets   $ 400,562   $ 377,194  
 
 
Liabilities and Stockholders' Equity
 
 
Liabilities:
Deposits $ 345,087 $ 323,803
Long-term borrowings 20,000 20,000
Other liabilities     1,626     1,807  
Total liabilities     366,713     345,610  
 
 
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares;
issued and outstanding June 30, 2014 2,754,305;
December 31, 2013 2,747,370 shares 2,754 2,747
Surplus 9,786 9,714
Retained earnings 20,658 20,301
Accumulated other comprehensive loss, net of tax benefits     651     (1,178 )
Total stockholders' equity     33,849     31,584  
 
Total liabilities and stockholders' equity   $ 400,562   $ 377,194  
 
 
Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)
 
Three Months Ended Six Months Ended
June 30, June 30,
(unaudited) (unaudited)
2014   2013 2014   2013
 
Interest income on
Loans, including fees $ 3,023 $ 3,048 $ 6,129 $ 6,051
U.S. Government agency securities 175 215 391 402
State and municipal securities 339 426 669 844
Other     23     19     46     41
Total interest income     3,560     3,708     7,235     7,338
 
Interest expense on
Deposits 468 539 898 1,098
Long-term borrowings     160     160     318     318
Total interest expense     628     699     1,216     1,416
 
Net interest income 2,932 3,009 6,019 5,922
 
Provision for credit losses 112 - 150 -
               
Net interest income after provision for credit losses     2,820     3,009     5,869     5,922
 
Other income
Service charges on deposit accounts 113 132 237 270
Other fees and commissions 190 186 361 361
Other non-interest income 10 4 14 10
Income on life insurance 56 58 111 116
Gains on investment securities     141     122     220     124
Total other income     510     502     943     881
 
Other expenses
Salaries and employee benefits 1,669 1,673 3,346 3,328
Occupancy 205 195 427 397
Other expenses     958     855     1,974     1,683
Total other expenses     2,832     2,723     5,747     5,408
 
Income before income taxes 498 788 1,065 1,395
 
Income tax expense     63     148     157     226
 
Net income   $ 435   $ 640   $ 908   $ 1,169
 
Net income per share of common stock   $ 0.16   $ 0.24   $ 0.33   $ 0.43
 
Weighted-average shares of common stock outstanding     2,754,079     2,740,132     2,753,943     2,740,132

Contacts

Glen Burnie Bancorp
Yvonne “Rie” Atkinson
410-768-8857 (office)
ratkinson@bogb.net

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Contacts

Glen Burnie Bancorp
Yvonne “Rie” Atkinson
410-768-8857 (office)
ratkinson@bogb.net