Glen Burnie Bancorp Releases 3Q 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 third quarter.

The company realized net income of $8,000 or $0.00 basic earnings per share in the quarter ended September 30, 2015 as compared to net income of $526,000 or $0.19 basic earnings per share for the same period in 2014.

Net interest income after provision for credit losses was $1,823,000 as compared to $2,867,000 in 2014. Total assets were $395,752,000 as of September 30, 2015 compared to $394,630,000 at December 31, 2014. Deposits were $340,307,000 as of September 30, 2015 compared to $338,877,000 at December 31, 2014. Loans, net of allowance, were $265,305,000 as of September 30, 2015 compared to $273,986,000 at December 31, 2014.

“The earnings for the third quarter were impacted by a weakness in asset quality of several borrowing relationships that involved real estate investment properties,” stated Michael Livingston, President and CEO. “The Bank proactively made substantial funding to the allowance for loan loss reserves to recognize the deterioration of collateral values in these investment real estate projects. The Bank remained profitable and paid a third quarter dividend while operating in a low interest rate environment and in a slow recovering economy.”

“As a community bank we are committed to meet the needs of the businesses and customers in our neighborhoods. We continue to pursue commercial loans, including SBA guaranteed loans, and continue to seek ways to more efficiently deliver our services, such as through our new online mortgage applications. Please visit our website, www.thebankofglenburnie.com to discover the benefits of Craft Banking with The Bank of Glen Burnie.”

On October 9, 2015 Glen Burnie Bancorp paid a regular dividend of seven cents ($0.07) per share of common stock to shareholders of record at the close of business on September 28, 2015 marking the company’s 93rd 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)
		September				December
		30, 2015				31, 2014
Assets
Cash and due from banks		$	7,845			$	7,101
Interest bearing deposits			1,842				2,155
Federal funds sold			6,870				4,024
Investment securities			93,990				87,993
Loans, net of allowance			265,305				273,986
Premises and equipment at cost, net of accumulated depreciation			3,477				3,671
Other real estate owned			-				45
Other assets			16,423				15,655
Total assets		$	395,752			$	394,630
Liabilities and Stockholders' Equity
Liabilities:
Deposits		$	340,307			$	338,877
Long-term borrowings			20,000				20,000
Other liabilities			1,520				1,922
Total liabilities			361,827				360,799
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding September 30, 2015 2,771,174; December 31, 2014 2,760,964 shares			2,771				2,761
Surplus			9,962				9,854
Retained earnings			21,271				21,113
Accumulated other comprehensive loss, net of tax benefits			(79	)			103
Total stockholders' equity			33,925				33,831
Total liabilities and stockholders' equity		$	395,752			$	394,630

Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		(unaudited)								(unaudited)
		2015				2014				2015			2014
Interest income on
Loans, including fees		$	2,894			$	3,108			$	8,701		$	9,237
U.S. Treasury securities			19				7				70			7
U.S. Government agency securities			192				164				566			555
State and municipal securities			260				357				836			1,026
Other			31				22				77			68
Total interest income			3,396				3,658				10,250			10,893
Interest expense on
Deposits			427				505				1,336			1,403
Long-term borrowings			161				161				479			479
Total interest expense			588				666				1,815			1,882
Net interest income			2,808				2,992				8,435			9,011
Provision for credit losses			985				125				1,285			275
Net interest income after provision for credit losses			1,823				2,867				7,150			8,736
Other income
Service charges on deposit accounts			113				112				320			349
Other fees and commissions			234				241				585			602
Other non-interest income			61				(5	)			501			9
Income on life insurance			55				56				164			167
Gains on investment securities			200				361				669			581
Total other income			663				765				2,239			1,708
Other expenses
Salaries and employee benefits			1,552				1,657				4,895			5,003
Occupancy			190				191				595			618
Other expenses			913				1,147				2,853			3,121
Total other expenses			2,655				2,995				8,343			8,742
Income before income taxes			(169	)			637				1,046			1,702
Income tax expense			(177	)			111				140			268
Net income		$	8			$	526			$	906		$	1,434
Net income per share of common stock		$	0.00			$	0.19			$	0.33		$	0.52
Weighted-average shares of common stock outstanding			2,770,897				2,757,213				2,770,644			2,757,011

View source version on businesswire.com: http://www.businesswire.com/news/home/20151110007016/en/

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

Source: Glen Burnie Bancorp

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