Form 8-K GLEN BURNIE BANCORP For: Jul 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): July 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 July 25, 2016, Glen Burnie Bancorp (the “Company”) announced its results of operations for its fiscal quarter ended June 30, 2016. A copy of the Company’s press release announcing such results dated July 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 July 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: July 25, 2016		By:	/s/ John D. Long
			John D. Long
			Chief Executive Officer

 

 

Exhibit 99.1

 

 

GLEN BURNIE BANCORP

RELEASES 2Q 2016 EARNINGS

 

GLEN BURNIE, MD (July 25, 2016) – 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 $308,000 or $0.11 basic earnings per share in the quarter ended June 30, 2016 as compared to net income of $518,000 or $0.19 basic earnings per share for the same period in 2015.

 

Net interest income after provision for credit losses was $2,733,000 as compared to $2,617,000 in 2015. Total assets were $395,794,000 as of June 30, 2016 compared to $390,580,000 at December 31, 2015. Loans, net of allowance, were $253,490,000 as of June 30, 2016 compared to $259,637,000 at December 31, 2015. Deposits were $339,295,000 as of June 30, 2016 compared to $335,191,000 at December 31, 2015.

 

“Despite net interest income after provision for credit losses being better in the current year and lowering total operating expenses, net income declined in the current year because non-interest income, mostly non-recurring (including gains on investment securities and non-recurring gains on the redemption of insurance policies), was much greater in the 2015 comparable period,” said John D. Long, President and Chief Executive Officer. “The Company had a solid second quarter as we look to future measures to improve our efficiency and competitive position in our lucrative and growing Northern Anne Arundel County marketplace.”

 

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: John Wright, Executive Vice President & CFO Email: [email protected] Phone: 410-768-8883

 

 

 

Glen Burnie Bancorp and Subsidiaries

Condensed Consolidated Balance Sheets

(dollars in thousands)

 

		(unaudited)				(audited)
		June				December
		30, 2016				31, 2015
Assets
Cash and due from banks		$	6,481			$	7,493
Interest bearing deposits			2,671				2,308
Federal funds sold			11,352				2,570
Investment securities			102,681				98,790
Loans, net of allowance			253,490				259,637
Premises and equipment at cost, net of accumulated depreciation			3,292				3,369
Other real estate owned			201				74
Other assets			15,626				16,339
Total assets		$	395,794			$	390,580
Liabilities and Stockholders' Equity
Liabilities:
Deposits		$	339,295			$	335,191
Long-term borrowings			20,000				20,000
Other liabilities			1,103				1,213
Total liabilities			360,398				356,404
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding June 30, 2016 2,780,025; December 31, 2015  2,773,361 shares			2,780				2,773
Surplus			10,069				9,986
Retained earnings			21,754				21,718
Accumulated other comprehensive loss, net of tax benefits			793				(301	)
Total stockholders' equity			35,396				34,176
Total liabilities and stockholders' equity		$	395,794			$	390,580

 

 

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)
		2016				2015				2016				2015
Interest income on
Loans, including fees		$	2,750			$	2,864			$	5,585			$	5,807
U.S. Treasury securities			12				24				18				51
U.S. Government agency securities			249				191				518				374
State and municipal securities			226				274				439				576
Other			32				21				60				46
Total interest income			3,269				3,374				6,620				6,854
Interest expense on
Deposits			377				447				769				909
Long-term borrowings			159				160				319				318
Total interest expense			536				607				1,088				1,227
Net interest income			2,733				2,767				5,532				5,627
Provision for credit losses			-				150				117				300
Net interest income after provision for credit losses			2,733				2,617				5,415				5,327
Other income
Service charges on deposit accounts			81				102				164				207
Other fees and commissions			171				181				330				351
Other non-interest income			12				430				23				440
Income on life insurance			53				55				107				109
Gains on investment securities			-				270				1				469
Total other income			317				1,038				625				1,576
Other expenses
Salaries and employee benefits			1,534				1,675				3,039				3,343
Occupancy			180				191				378				405
Other expenses			984				1,003				1,954				1,940
Total other expenses			2,698				2,869				5,371				5,688
Income before income taxes			352				786				669				1,215
Income tax expense			44				268				78				317
Net income		$	308			$	518			$	591			$	898
Net income per share of common stock		$	0.11			$	0.19			$	0.21			$	0.32
Weighted-average shares of common stock outstanding			2,776,546				2,767,521				2,776,053				2,767,331

 

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