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Glen Burnie Bancorp Announces 2015 4Q Earnings and Year End Earnings

February 25, 2016 1:49 PM EST

GLEN BURNIE, Md., Feb. 25, 2016 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie®, today reported fourth quarter and year-end earnings for 2015.

For the quarter ended December 31, 2015, the company realized net income of $447,000 or $0.16 basic and diluted earnings per share as compared to net income of $480,000 or $0.17 basic and diluted earnings per share for the same period in 2014. Net interest income after pro- visions for credit losses for the fourth quarter of 2015 was $2,370,000 compared to $2,229,000 for the same three-month period in 2014.

Net income for the year ended December 31, 2015 was $1,353,000 or $0.49 basic and diluted earnings per share as compared to net income of $1,914,000 or $0.69 basic and diluted earnings per share in 2014. Net interest income after provisions for credit losses for the year ended December 31, 2015 was $9,520,000 as compared to $10,695,000 in 2014. Assets as of December 31, 2015 were $390,580,000 as compared to $394,630,000 as of December 31, 2014.

Michael G. Livingston, President and Chief Executive Officer, stated, “The Bank and, as a result, the Company, along with the rest of the financial services industry, have been impacted by the downward pressure on net interest margins caused by the lower interest rates due to steps taken by the Federal Reserve in managing the recovery. We believe we are a sound, conservatively run financial institution, and we have remained profitable and well capitalized through this difficult time without governmental assistance.  We have continued to be actively engaged with the communities we serve, providing loans to meet their needs.”

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie®, currently maintains consolidated assets totaling more than $390 million.  Founded in 1949, The Bank of Glen Burnie® is a community bank with eight branch offices serving Anne Arundel County. www.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)    
 DecemberDecember    
  31, 2015  31, 2014     
  Assets      
       
Cash and due from banks$  7,493 $  7,101     
Interest bearing deposits 2,308  2,155     
Federal funds sold 2,570  4,024     
Investment securities 98,790  87,993     
Loans, net of allowance 259,637  273,986     
Premises and equipment at cost, net of accumulated depreciation 3,369  3,671     
Other real estate owned   74  45     
Other assets 16,339  15,654     
  Total assets$  390,580 $  394,629     
       
       
  Liabilities and Stockholders' Equity      
       
       
Liabilities:      
Deposits$  335,191 $  338,877     
Long-term borrowings 20,000  20,000     
Other liabilities 1,213  1,922     
Total liabilities 356,404  360,799     
       
       
Stockholders' equity:      
Common stock, par value $1, authorized 15,000,000 shares;      
  issued and outstanding December 31, 2015  2,773,361;       
  December 31, 2014  2,760,964 shares 2,773  2,761     
Surplus 9,986  9,854     
Retained earnings 21,718  21,112     
Accumulated other comprehensive loss, net of tax benefits (301) 103     
Total stockholders' equity 34,176  33,830     
       
Total liabilities and stockholders' equity$  390,580 $  394,629     
       
       
       
       
  Glen Burnie Bancorp and Subsidiaries  
  Condensed Consolidated Statements of Income  
  (dollars in thousands, except per share amounts)  
       
   Three Months Ended   Twelve Months Ended 
 December 31, December 31, 
   (unaudited)   (unaudited) 
  2015  2014   2015  2014  
       
Interest income on      
  Loans, including fees$  2,876 $  3,081  $  11,577 $  12,318  
  U.S. Treasury securities   10    28   80    28  
  U.S. Government agency securities   179  161   745  723  
  State and municipal securities   245  331   1,081  1,357  
  Other   46  26   123  94  
  Total interest income 3,356  3,627   13,606  14,520  
       
Interest expense on      
  Deposits   414  490   1,750  1,893  
  Long-term borrowings   162  162   641  641  
  Total interest expense 576  652   2,391  2,534  
       
  Net interest income 2,780  2,975   11,215  11,986  
       
Provision for credit losses   410    746     1,695    1,021  
       
  Net interest income after provision for credit losses 2,370  2,229   9,520  10,965  
       
Other income       
  Service charges on deposit accounts   123  115   443  464  
  Other fees and commissions   210  205   795  807  
  Other non-interest income    12  10     513    19  
  Income on life insurance   55  57   219  224  
  Gains on investment securities   369  575   1,038  1,156  
  Total other income 769  962   3,008  2,670  
       
Other expenses      
  Salaries and employee benefits   1,596  1,629   6,491  6,632  
  Occupancy   183  189   778  807  
  Other expenses   808  852   3,661  3,973  
  Total other expenses 2,587  2,670   10,930  11,412  
       
Income before income taxes 552  521   1,598  2,223  
       
Income tax expense   105  41   245  309  
       
Net income $  447 $  480  $  1,353 $  1,914  
       
Net income per share of common stock$  0.16 $  0.17  $  0.49 $  0.69  
       
Weighted-average shares of common stock outstanding 2,773,151  2,760,662   2,768,966  2,755,671  
       

Contact: Michael G. Livingston, President & CEO
Phone: 410-768-8858
Email: [email protected]

Source: Glen Burnie Bancorp


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