Glen Burnie Bancorp Releases 2Q 2015 Earnings

GLEN BURNIE, Md.--(BUSINESS WIRE)-- 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.

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

View source version on businesswire.com: http://www.businesswire.com/news/home/20150807005708/en/

Glen Burnie Bancorp
Michael Livingston, President & CEO
410-768-8858
[email protected]

Source: Glen Burnie Bancorp

---

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

---

You May Also Be Interested In

• Wolfe remains "broadly bullish on AI semis stocks", names Top Pick
• QTREX Quantum prices $10 million registered direct offering
• Callan JMB unit to acquire Reger Oil's Williston Basin assets