Company News »

Glen Burnie Bancorp Releases 3Q Earnings

Business Wire
Share on StockTwits
Published on

Glen Burnie Bancorp (NASDAQ:GLBZ) , parent company of The Bank of Glen Burnie, today announced results for the third quarter.

The Company realized a net income of $526,000 or $0.19 basic earnings per share in the quarter ended September 30, 2014 compared to net income of $795,000 or $0.29 basic earnings per share for the same three month period in 2013. For the nine months ending September 30, 2014, net income was $1,434,000 or $0.52 basic earnings per share as compared to net income of $1,964,000 or $0.72 basic earnings per share for the same period in 2013.

Total interest income for the quarter ending September 30, 2014 was $3,658,000 as compared to $3,940,000 for the same period in 2013. Total interest income was $10,893,000 for the nine months ending September 30, 2014 as compared to $11,278,000 for the same period in 2013. For the three month period ending September 30, 2014, net interest income after provision for credit losses was $2,867,000 as compared to $3,265,000 for the same period in 2013. For the nine months ending September 30, 2014 net interest income after provision for credit losses was $8,736,000 as compared to $9,187,000 for the same period in 2013.

“The Bank has continued to maintain profitability but faces challenges in maintaining net interest margins in a low interest rate environment,” commented Michael G. Livingston, President and Chief Executive Officer. “We are pleased that our financial results enabled the company to maintain the dividend levels for the third quarter.”

On October 9, 2014, Glen Burnie Bancorp paid its 89th consecutive dividend to shareholders of record at the close of business on September 29, 2014.

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie, currently maintains consolidated assets totaling more than $400 million. Founded in 1949, The Bank of Glen Burnie(R) is a locally-owned 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.

Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Balance Sheets
(dollars in thousands)
(unaudited) (audited)
September December
30, 2014 31, 2013
Assets
Cash and due from banks $ 7,112 $ 9,214
Interest bearing deposits 5,702 1,636
Federal funds sold 6,512 103
Investment securities 86,678 74,314
Loans, net of allowance 280,235 270,684
Premises and equipment at cost, net of accumulated depreciation 3,753 3,697
Other real estate owned 163 1,171
Other assets 15,089 16,375
Total assets $ 405,244 $ 377,194
Liabilities and Stockholders’ Equity
Liabilities:
Deposits $ 349,449 $ 323,803
Long-term borrowings 20,000 20,000
Other liabilities 1,793 1,807
Total liabilities 371,242 345,610
Stockholders’ equity:

Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding September 30, 2014 2,754,305; December 31, 2013 2,747,370 shares

2,757 2,747
Surplus 9,820 9,714
Retained earnings 20,908 20,301
Accumulated other comprehensive loss, net of tax benefits 517 (1,178 )
Total stockholders’ equity 34,002 31,584
Total liabilities and stockholders’ equity $ 405,244 $ 377,194
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)
2014 2013 2014 2013
Interest income on
Loans, including fees $ 3,108 $ 3,251 $ 9,237 $ 9,302
U.S. Government agency securities 171 241 562 643
State and municipal securities 357 429 1,026 1,273
Other 22 19 68 60
Total interest income 3,658 3,940 10,893 11,278
Interest expense on
Deposits 505 511 1,403 1,609
Short-term borrowings 3 3
Long-term borrowings 161 161 479 479
Total interest expense 666 675 1,882 2,091
Net interest income 2,992 3,265 9,011 9,187
Provision for credit losses 125 275
Net interest income after provision for credit losses 2,867 3,265 8,736 9,187
Other income
Service charges on deposit accounts 112 163 349 433
Other fees and commissions 241 251 602 612
Other non-interest income (5 ) (11 ) 9 (1 )
Income on life insurance 56 59 167 175
Gains on investment securities 361 150 581 274
Total other income 765 612 1,708 1,493
Other expenses
Salaries and employee benefits 1,657 1,720 5,003 5,048
Occupancy 191 192 618 589
Impairment of securities and stocks 15 15
Other expenses 1,147 911 3,121 2,594
Total other expenses 2,995 2,838 8,742 8,246
Income before income taxes 637 1,039 1,702 2,434
Income tax expense 111 244 268 470
Net income $ 526 $ 795 $ 1,434 $ 1,964
Net income per share of common stock $ 0.19 $ 0.29 $ 0.52 $ 0.72
Weighted-average shares of common stock outstanding 2,757,213 2,743,679 2,757,011 2,741,388

Share on StockTwits

What others are reading on Finances

Sorry. No data so far.


Iron FX 1.11156/1.11128 2.8
XM Markets 1.09948/1.09928 2
FxPro 1.10184/1.10171 1.3
FXCM 1.13943/1.13912 3.1