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Form 8-K GLEN BURNIE BANCORP For: Mar 06

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March 6, 2015 3:51 PM EST

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):  March 6, 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 March 6, 2015, Glen Burnie Bancorp (the “Company”) announced its results of operations for its fiscal quarter and fiscal year ended December 31, 2014.  A copy of the Company’s press release announcing such results dated March 6, 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 March 6, 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: March 6, 2015 
By:
  /s/ Michael G. Livingston  
       
Michael G. Livingston
  
       
Chief Executive Officer
  
           
 
 

 

Exhibit 99.1
 
(LOGO)
 
GLEN BURNIE BANCORP ANNOUNCES
2014 4Q EARNINGS AND END YEAR
EARNINGS
 
GLEN BURNIE, MD (March 6, 2015) – Glen Burnie Bancorp (NASDAQ: GLBZ), parent com- pany of The Bank of Glen Burnie®, today reported fourth quarter and year end earnings for 2014.
 
For the quarter ended December 31, 2014, the company realized net income of $480,000 or $0.17 basic and diluted earnings per share as compared to net income of $650,000 or $0.23 basic and diluted earnings per share for the same period in 2013. Net interest income after pro- visions for credit losses for the fourth quarter of 2014 was $2,229,000 compared to $3,173,000 for the same three-month period in 2013.
 
Net income for the year ended December 31, 2014 was $1,914,000 or $0.69 basic and diluted earnings per share as compared to net income of $2,614,000 or $0.95 basic and diluted earn- ings per share in 2013. Net interest income after provisions for credit losses for the year ended December 31, 2014 was $10,965,000 as compared to $12,360,000 in 2013. Assets as of De- cember 31, 2014 were $394,629,000 as compared to $377,194,000 as of December 31, 2013.
 
2014 Performance Highlights:
 
●
1.22 % increase in loans, net of allowance
 
●
33.43 % increase in other income
 
●
4.65 % increase in total deposits
 
Michael G. Livingston, President and Chief Executive Officer, stated “We continue to operate in an environment of a weak economic recovery and low interest rates, and despite these chal- lenges the bank maintained profitability and was able to sustain dividend levels.”
 
On January 8, 2015, Glen Burnie Bancorp paid its 90th consecutive dividend to shareholders of record at the close of business on December 29, 2014.
 
 
Glen Burnie Bancorp, parent company to The Bank of Glen Burnie®, currently maintains consolidated assets totaling more than $394 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
 
 
 
 
 

 


Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Balance Sheets
(dollars in thousands)

   
(audited)
    
(audited)
  
   
December
    
December
  
     31, 2014      31, 2013  
Assets
                
                 
Cash and due from banks
   $ 7,101     $ 9,215  
Interest bearing deposits
     2,155       1,636  
Federal funds sold
     4,024       103  
Investment securities
     87,993       74,314  
Loans, net of allowance
     273,986       270,684  
Premises and equipment at cost, net of accumulated depreciation
     3,671       3,697  
Other real estate owned
     45       1,171  
Other assets
     15,654       16,374  
          Total assets
   $ 394,629     $ 377,194  
                 
Liabilities and Stockholders’ Equity
                
                 
          Liabilities:
                
Deposits
   $ 338,877     $ 323,803  
Long-term borrowings
     20,000       20,000  
Other liabilities
     1,922       1,807  
          Total liabilities
     360,799       345,610  
                 
          Stockholders’ equity:
                
Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding December 31, 2014 2,760,964; December 31, 2013  2,747,370 shares
     2,761       2,747  
Surplus
     9,854       9,714  
Retained earnings
     21,112       20,301  
Accumulated other comprehensive loss, net of tax benefits
     103       (1,178 )
          Total stockholders’ equity
     33,830       31,584  
                 
          Total liabilities and stockholders’ equity
   $ 394,629     $ 377,194  

 
 

 

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)
    
(audited)
  
   
2014
    
2013
    
2014
    
2013
  
                         
Interest income on
                        
   Loans, including fees
   $ 12,318     $ 3,371     $ 12,318     $ 12,673  
   U.S. Treasury securities
     28       -       28       -  
   U.S. Government agency securities
     723       228       723       871  
   State and municipal securities
     1,357       384       1,357       1,657  
   Other
     94       21       94       81  
          Total interest income
     14,520       4,004       14,520       15,282  
                                 
Interest expense on
                                
   Deposits
     1,893       405       1,893       2,014  
   Short-term borrowings
     -       4       -       7  
   Long-term borrowings
     641       162       641       641  
          Total interest expense
     2,534       571       2,534       2,662  
                                 
          Net interest income
     11,986       3,433       11,986       12,620  
                                 
Provision for credit losses
     1,021       260       1,021       260  
 
                                
          Net interest income after provision for credit losses
     10,965       3,173       10,965       12,360  
                                 
Other income
                                
   Service charges on deposit accounts
     464       163       464       596  
   Other fees and commissions
     807       214       807       826  
   Other non-interest income
     19       1       19       -  
   Income on life insurance
     224       59       224       234  
   Gains on investment securities
     1,156       71       1,156       345  
          Total other income
     2,670       508       2,670       2,001  
                                 
Other expenses
                                
   Salaries and employee benefits
     6,632       1,705       6,632       6,753  
   Occupancy
     807       197       807       786  
   Impairment of securities and stocks
     -       -       -       15  
   Other expenses
     3,973       965       3,973       3,559  
          Total other expenses
     11,412       2,867       11,412       11,113  
                                 
Income before income taxes
     2,223       814       2,223       3,248  
                                 
Income tax expense
     309       164       309       634  
                                 
Net income
   $ 1,914     $ 650     $ 1,914     $ 2,614  
                                 
Net income per share of common stock
   $ 0.69     $ 0.23     $ 0.69     $ 0.95  
                                 
Weighted-average shares of common stock outstanding
     2,760,662       2,747,098       2,755,671       2,742,003  

 

 


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