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Glen Burnie Bancorp Announces 2014 4Q Earnings and Year End Earnings

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Glen Burnie Bancorp (NASDAQ:GLBZ) , parent company of The Bank of Glen Burnie(R), 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 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(R), currently maintains consolidated assets totaling more than $394 million. Founded in 1949, The Bank of Glen Burnie(R) 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.

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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