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Form 8-K/A GLEN BURNIE BANCORP For: Mar 06

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March 9, 2015 11:53 AM EDT

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
 
 
FORM 8-K/A
(Amendment No. 1) 
 
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
 
Introductory Note 
 

Glen Burnie Bancorp (the “Company”) previously filed a Current Report on Form 8-K (the “Current Report”) with the Securities and Exchange Commission on March 6, 2015 to report the issuance of a press release announcing its results of operations for its fiscal quarter and fiscal year ended December 31, 2014. The Current Report as filed included the wrong financial tables. The purpose of this amendment to the Current Report is to include the correct financial tables to the press release. Except for the foregoing, this Form 8-K/A effects no other changes to the Current Report. This Form 8-K/A 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 9, 2015 
By:
  /s/ Michael G. Livingston  
       
Michael G. Livingston
  
       
Chief Executive Officer
  
           
 
 

 

Exhibit 99.1
 
Press Release For Immediate Release
Date: March 6, 2015
 

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 provisions 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 earnings 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 December 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 challenges 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

Email: [email protected]

 

 

 
 
 
 

 


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  $3,081   $3,371   $12,318   $12,673 
   U.S. Treasury securities   28    —      28    —   
   U.S. Government agency securities   161    228    723    871 
   State and municipal securities   331    384    1,357    1,657 
   Other   26    21    94    81 
          Total interest income   3,627    4,004    14,520    15,282 
                     
Interest expense on                    
   Deposits   490    405    1,893    2,014 
   Short-term borrowings   —      4    —      7 
   Long-term borrowings   162    162    641    641 
          Total interest expense   652    571    2,534    2,662 
                     
          Net interest income   2,975    3,433    11,986    12,620 
                     
Provision for credit losses   746    260    1,021    260 
          Net interest income after provision for credit losses   2,229    3,173    10,965    12,360 
                     
Other income                    
   Service charges on deposit accounts   115    163    464    596 
   Other fees and commissions   205    214    807    826 
   Other non-interest income   10    1    19    —   
   Income on life insurance   57    59    224    234 
   Gains on investment securities   575    71    1,156    345 
          Total other income   962    508    2,670    2,001 
                     
Other expenses                    
   Salaries and employee benefits   1,629    1,705    6,632    6,753 
   Occupancy   189    197    807    786 
   Impairment of securities and stocks   —      —      —      15 
   Other expenses   852    965    3,973    3,559 
          Total other expenses   2,670    2,867    11,412    11,113 
                     
Income before income taxes   521    814    2,223    3,248 
                     
Income tax expense   41    164    309    634 
                     
Net income  $480   $650   $1,914   $2,614 
                     
Net income per share of common stock  $0.17   $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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