Glen Burnie Bancorp Releases 2Q 2016 Earnings GLEN

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News Desk 2018

Jul 25, 2016 at 11:45 AM

Glen Burnie Bancorp Releases 2Q 2016 Earnings

GLEN BURNIE, Md., July 25, 2016 (GLOBE NEWSWIRE) -- 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 $308,000 or $0.11 basic earnings per share in the quarter ended June 30, 2016 as compared to net income of $518,000 or $0.19 basic earnings per share for the same period in 2015.

Net interest income after provision for credit losses was $2,733,000 as compared to $2,617,000 in 2015. Total assets were $395,794,000 as of June 30, 2016 compared to $390,580,000 at December 31, 2015. Loans, net of allowance, were $253,490,000 as of June 30, 2016 compared to $259,637,000 at December 31, 2015. Deposits were $339,295,000 as of June 30, 2016 compared to $335,191,000 at December 31, 2015.

“Despite net interest income after provision for credit losses being better in the current year and lowering total operating expenses, net income declined in the current year because non-interest income, mostly non-recurring (including gains on investment securities and non-recurring gains on the redemption of insurance policies), was much greater in the 2015 comparable period,” said John D. Long, President and Chief Executive Officer. “The Company had a solid second quarter as we look to future measures to improve our efficiency and competitive position in our lucrative and growing Northern Anne Arundel County marketplace.”

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, 2016		31, 2015
Assets

Cash and due from banks	$	6,481	$	7,493
Interest bearing deposits		2,671		2,308
Federal funds sold		11,352		2,570
Investment securities		102,681		98,790
Loans, net of allowance		253,490		259,637
Premises and equipment at cost, net of accumulated depreciation		3,292		3,369
Other real estate owned		201		74
Other assets		15,626		16,339
Total assets	$	395,794	$	390,580


Liabilities and Stockholders' Equity


Liabilities:
Deposits	$	339,295	$	335,191
Long-term borrowings		20,000		20,000
Other liabilities		1,103		1,213
Total liabilities		360,398		356,404


Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares;
issued and outstanding June 30, 2016 2,780,025;
December 31, 2015 2,773,361 shares		2,780		2,773
Surplus		10,069		9,986
Retained earnings		21,754		21,718
Accumulated other comprehensive loss, net of tax benefits		793		(301	)
Total stockholders' equity		35,396		34,176

Total liabilities and stockholders' equity	$	395,794	$	390,580





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)
		2016		2015			2016		2015

Interest income on
Loans, including fees	$	2,750	$	2,864		$	5,585	$	5,807
U.S. Treasury securities		12		24			18		51
U.S. Government agency securities		249		191			518		374
State and municipal securities		226		274			439		576
Other		32		21			60		46
Total interest income		3,269		3,374			6,620		6,854

Interest expense on
Deposits		377		447			769		909
Long-term borrowings		159		160			319		318
Total interest expense		536		607			1,088		1,227

Net interest income		2,733		2,767			5,532		5,627

Provision for credit losses		-		150			117		300

Net interest income after provision for credit losses		2,733		2,617			5,415		5,327

Other income
Service charges on deposit accounts		81		102			164		207
Other fees and commissions		171		181			330		351
Other non-interest income		12		430			23		440
Income on life insurance		53		55			107		109
Gains on investment securities		-		270			1		469
Total other income		317		1,038			625		1,576

Other expenses
Salaries and employee benefits		1,534		1,675			3,039		3,343
Occupancy		180		191			378		405
Other expenses		984		1,003			1,954		1,940
Total other expenses		2,698		2,869			5,371		5,688

Income before income taxes		352		786			669		1,215

Income tax expense		44		268			78		317

Net income	$	308	$	518		$	591	$	898

Net income per share of common stock	$	0.11	$	0.19		$	0.21	$	0.32

Weighted-average shares of common stock outstanding		2,776,546		2,767,521			2,776,053		2,767,331

Contact: John Wright, Executive Vice President & CFO Email: jwright@bogb.net Phone: 410-768-8883

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