Form 8-K GLEN BURNIE BANCORP For: Feb 25

 

 

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): February 25, 2016

 

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 February 25, 2016, Glen Burnie Bancorp (the “Company”) announced its results of operations for its fiscal quarter and fiscal year ended December 31, 2015. A copy of the Company’s press release announcing such results dated February 25, 2016 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 February 25, 2016

 

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: February 25, 2016		By:	/s/ Michael G. Livingston
			Michael G. Livingston
			Chief Executive Officer

 

 

Exhibit 99.1

 

 

GLEN BURNIE BANCORP ANNOUNCES

2015 4Q EARNINGS AND YEAR END EARNINGS

 

GLEN BURNIE, MD (February 25, 2016) – 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.

 

Contact: Michael G. Livingston, President & CEO

Phone: 410-768-8858

Email: [email protected]

 

   

Glen Burnie Bancorp and Subsidiaries

Condensed Consolidated Balance Sheets

(dollars in thousands)

 

		(unaudited)				(audited)
		December				December
		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

 

 

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