Company News »

Glen Burnie Bancorp Releases 1Q 2015 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 first quarter.

The company realized net income of $380,000 or $0.14 basic earnings per share in the quarter ended March 31, 2015 as compared to net income of $473,000 or $0.17 basic earnings per share for the same period in 2014.

Net interest income after provision for credit losses in the first quarter was $2,710,000 as compared to $3,049,000 in 2014. Total assets were $402,077,000 as of March 31, 2015 compared to $394,630,000 at December 31, 2014. Deposits were $346,571,000 as of March 31, 2015 compared to $338,877,000 at December 31, 2014. Loans, net of allowance, were $268,233,000 as of March 31, 2015 compared to $273,986,000 at December 31, 2014.

“The first quarter financials continue to reflect the low interest rate environment and slow recovering economy,” said Michael G. Livingston, President and Chief Executive Officer. “To improve the Bank’s financial performance we have added SBA solutions to our business loan products. Also, we plan to expand our mortgage products and are teaming with an experienced third party vendor to meet the needs of our customers and the community. We will continue to update technology to increase delivery channels to our customers and increase efficiency of our internal processes. We also have hired TMH Agency to expand and improve marketing and strengthen the branding of our Bank.”

On April 8, 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 March 27, 2015 marking the company’s 91st consecutive dividend.

Glen Burnie Bancorp will host its Annual Meeting of Stockholders May 14, 2015 at the Bank’s Glen Burnie Branch in Glen Burnie, Maryland. Registration opens at 1:30 p.m. and the meeting will begin at 2:00 p.m.

Glen Burnie Bancorp is the parent company of The Bank of Glen Burnie(R). Founded in 1949, The Bank of Glen Burnie(R) 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)
March December
31, 2015 31, 2014
Assets
Cash and due from banks $ 6,247 $ 7,101
Interest bearing deposits 6,136 2,155
Federal funds sold 5,058 4,024
Investment securities 97,316 87,993
Loans, net of allowance 268,233 273,986
Premises and equipment at cost, net of accumulated depreciation 3,632 3,671
Other real estate owned 45 45
Other assets 15,410 15,655
Total assets $ 402,077 $ 394,630
Liabilities and Stockholders’ Equity
Liabilities:
Deposits $ 346,571 $ 338,877
Long-term borrowings 20,000 20,000
Other liabilities 1,367 1,922
Total liabilities 367,938 360,799
Stockholders’ equity:

Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding March 31, 2015 2,764,458; December 31, 2014 2,760,964 shares

2,764 2,761
Surplus 9,890 9,854
Retained earnings 21,216 21,113
Accumulated other comprehensive loss, net of tax benefits 269 103
Total stockholders’ equity 34,139 33,831
Total liabilities and stockholders’ equity $ 402,077 $ 394,630
Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)
Three Months Ended
March 31,
(unaudited)
2015 2014
Interest income on
Loans, including fees $ 2,943 $ 3,106
U.S. Treasury securities 27
U.S. Government agency securities 183 216
State and municipal securities 302 330
Other 25 23
Total interest income 3,480 3,675
Interest expense on
Deposits 462 430
Long-term borrowings 158 158
Total interest expense 620 588
Net interest income 2,860 3,087
Provision for credit losses 150 38
Net interest income after provision for credit losses 2,710 3,049
Other income
Service charges on deposit accounts 105 124
Other fees and commissions 170 171
Other non-interest income 10 4
Income on life insurance 54 55
Gains on investment securities 199 79
Total other income 538 433
Other expenses
Salaries and employee benefits 1,668 1,677
Occupancy 214 222
Other expenses 937 1,016
Total other expenses 2,819 2,915
Income before income taxes 429 567
Income tax expense 49 94
Net income $ 380 $ 473
Net income per share of common stock $ 0.14 $ 0.17
Weighted-average shares of common stock outstanding 2,764,129 2,750,603

Share on StockTwits


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