Form 8-K GLEN BURNIE BANCORP For: Aug 07

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

  

FORM 8-K

 

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported): August 7, 2015

 

GLEN BURNIE BANCORP

 

(Exact name of registrant as specified in its charter)

 

Maryland	0-24047	52-1782444
(State or Other Jurisdiction	(Commission File Number)	(IRS Employer
of Incorporation)		Identification No.)

101 Crain Highway, S.E., Glen Burnie, Maryland 21061
(Address of Principal Executive Offices)

 

Registrant’s telephone number, including area code: (410) 766-3300

 

Inapplicable
(Former Name or Former Address if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

INFORMATION TO BE INCLUDED IN THE REPORT

 

Item 2.02.          Results of Operations and Financial Condition.

  

On August 7, 2015, Glen Burnie Bancorp (the “Company”) announced its results of operations for its fiscal quarter ended June 30, 2015. A copy of the Company’s press release announcing such results dated August 7, 2015 is attached hereto as Exhibit 99.1. This Form 8-K and the attached exhibit are furnished to, but not filed with, the Securities and Exchange Commission (“SEC”) and shall not be deemed to be incorporated by reference into any of the Company’s filings with the SEC under the Securities Act of 1933.

 

Item 9.01.          Financial Statements and Exhibits.

 

(c)          Exhibits

 

The following exhibits are filed herewith:

 

Exhibit No.

99.1               Press Release dated August 7, 2015

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

		GLEN BURNIE BANCORP
		(Registrant)
Date: August 10, 2014	By:	/s/ Michael G. Livingston
		Michael G. Livingston
		Chief Executive Officer

 

 Exhibit 99.1

 

 

 

GLEN BURNIE BANCORP
RELEASES 2Q 2015 EARNINGS

 

GLEN BURNIE, MD (August 7, 2015) – 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.

 

Contact: Michael Livingston, President & CEO 

Email: [email protected] 

Phone: 410-768-8858

 

 

Glen Burnie	Crownsville	Linthicum	Odenton	Riviera Beach	Severn	Severna Park	New Cut
410-766-3300	410-923-2200	410-487-8500	410-674-2200	410-437-2070	410-551-2100	410-544-0270	410-766-5343

 

 

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

 

 

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• 420 with CNW — Study Enumerates Therapeutic Effects, Quality of Life Benefits of Medical Cannabis
• Middlesex Water Company Declares Quarterly Cash Dividend
• Blackwell 3D Acquires Operating Dubai LLC, Inches Closer to Project Readiness