Glen Burnie Bancorp Releases 2Q 2015 Earnings

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

The company realized net income of $518,000 or $0.19 basic earnings per share in the quarter ended June 30, 2015 as compared to net income of $435,000 or $0.16 basic earnings per share for the same period in 2014.

Net interest income after provision for credit losses was $2,617,000 as compared to $2,820,000 in 2014. Total assets were $403,571,000 as of June 30, 2015 compared to $394,630,000 at December 31, 2014. Deposits were $348,603,000 as of June 30, 2015 compared to $338,877,000 at December 31, 2014. Loans, net of allowance, were $265,796,000 as of March 31, 2015 compared to $273,986,000 at December 31, 2014.

“Despite the slowly recovering economy and increasing regulatory burdens, we continue to be profitable,” said Michael G. Livingston, President and Chief Executive Officer. “The low interest rates have negatively impacted core earnings; however, the Bank was able to take security gains as the investment portfolio was repositioned in anticipation of rising rates.”

On June 12, 2015 Glen Burnie Bancorp paid a regular dividend of ten cents ($0.10) per share of common stock to shareholders of record at the close of business on June 29, 2015 marking the company’s 92nd consecutive dividend.

Glen Burnie Bancorp is the parent company of The Bank of Glen Burnie®. 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, 2015   31, 2014
Assets
 
Cash and due from banks $ 8,155 $ 7,101
Interest bearing deposits 1,890 2,155
Federal funds sold 334 4,024
Investment securities 107,509 87,993
Loans, net of allowance 265,796 273,986
Premises and equipment at cost, net of accumulated depreciation 3,584 3,671
Other real estate owned 45 45
Other assets     16,258       15,655
Total assets   $ 403,571     $ 394,630
 
 
Liabilities and Stockholders' Equity
 
 
Liabilities:
Deposits $ 348,603 $ 338,877
Long-term borrowings 20,000 20,000
Other liabilities     1,430       1,922
Total liabilities     370,033       360,799
 
 

Stockholders' equity:

Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding June 30, 2015 2,767,798; December 31, 2014 2,760,964 shares

2,768 2,761
Surplus 9,926 9,854
Retained earnings 21,458 21,113
Accumulated other comprehensive loss, net of tax benefits     (614 )     103
Total stockholders' equity     33,538       33,831
 
Total liabilities and stockholders' equity   $ 403,571     $ 394,630
 
 
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)
2015   2014 2015   2014
 
Interest income on
Loans, including fees $ 2,864 $ 3,023 $ 5,807 $ 6,129
U.S. Treasury securities 24 - 51 -
U.S. Government agency securities 191 175 374 391
State and municipal securities 274 339 576 669
Other     21     23   46     46
Total interest income     3,374     3,560   6,854     7,235
 
Interest expense on
Deposits 447 468 909 898
Long-term borrowings     160     160   318     318
Total interest expense     607     628   1,227     1,216
 
Net interest income 2,767 2,932 5,627 6,019
 
Provision for credit losses 150 112 300 150
               
Net interest income after provision for credit losses     2,617     2,820   5,327     5,869
 
Other income
Service charges on deposit accounts 102 113 207 237
Other fees and commissions 181 190 351 361
Other non-interest income 430 10 440 14
Income on life insurance 55 56 109 111
Gains on investment securities     270     141   469     220
Total other income     1,038     510   1,576     943
 
Other expenses
Salaries and employee benefits 1,675 1,669 3,343 3,346
Occupancy 191 205 405 427
Other expenses     1,003     958   1,940     1,974
Total other expenses     2,869     2,832   5,688     5,747
 
Income before income taxes 786 498 1,215 1,065
 
Income tax expense     268     63   317     157
 
Net income   $ 518   $ 435 $ 898   $ 908
 
Net income per share of common stock   $ 0.19   $ 0.16 $ 0.32   $ 0.33
 
Weighted-average shares of common stock outstanding     2,767,521     2,754,079   2,767,331     2,753,943
 

Contacts

Glen Burnie Bancorp
Michael Livingston, President & CEO
410-768-8858
MGLivingston@bogb.net

Contacts

Glen Burnie Bancorp
Michael Livingston, President & CEO
410-768-8858
MGLivingston@bogb.net