Attached files
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| 8-K - GLEN BURNIE BANCORP | v211049_8k.htm |
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NEWS RELEASE
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FOR
IMMEDIATE RELEASE
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Contact: Yvonne
“Rie” Atkinson
410-768-8857
(office)
ratkinson@bogb.net
Glen
Burnie Bancorp Announces 2010 4Q and Year End Earnings
GLEN
BURNIE, MD (February 10, 2011) – Glen Burnie Bancorp (NASDAQ: GLBZ), parent
company of The Bank of Glen BurnieÒ,
today reported fourth quarter and year end earnings for 2010.
For the
quarter ended December 31, 2010, the company realized net earnings of $655,000
or $0.24 per basic and diluted earnings per share as compared to a net loss of
$210,000 or $0.08 basic and diluted loss per share for the same period in
2009. Included in the 2009 results are higher provisions for loan
loss reserve while the 2010 results include improved net interest
income. Net interest income after provisions for credit losses for
the fourth quarter of 2010 was $3,394,000 compared to $1,356,000 for the same
three-month period in 2009.
Net
income for the year ended December 31, 2010 was $2,064,785 or $0.76 per basic
and diluted earnings per share as compared to net income of $1,262,462 or $0.46
per basic and diluted earnings per share in 2009. Net interest income after
provisions for credit losses for the year ended December 31, 2010 was
$11,830,012 as compared to $9,658,811 in 2009. Assets as of December
31, 2010 were $347,067,276 as compared to $353,396,697 as of December 31,
2009.
2010 Performance
Highlights:
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·
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63.5% increase in net
income
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·
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22.5% increase in net interest
income after provisions for credit
losses
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·
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26.0% decrease in long term
borrowings
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Michael
G. Livingston, President and Chief Executive Officer, stated “The Bank is
pleased with the financial results being reported. The reduction of
debt and the payoff of junior subordinated debentures had a positive effect on
the 4th quarter
and year end numbers.” Mr. Livingston added “We have stayed committed to the
traditional banking model and we thank the community for their
support.”
Glen
Burnie Bancorp declared four regular dividends in 2010, totaling forty cents
($0.40) per common share.
-more-
Glen
Burnie Bancorp – page 2
2011 4Q and Year End
Earnings
The Bank of Glen BurnieÒ
was voted Best Bank in the Maryland Gazette Readers Choice in 2010 and Business
of the Year by the Northern Anne Arundel County Chamber of Commerce in January
of 2011.
Glen
Burnie Bancorp, parent company to The Bank of Glen BurnieÒ,
currently maintains consolidated assets totaling more than $340
million. Founded in 1949, The Bank of Glen BurnieÒ is a
community bank with eight branch offices serving Anne Arundel County. www.thebankofglenburnie.com
# # # #
Certain
information contained in this news release, which does not relate to historical
financial information, may be deemed to constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. Such statements are subject to certain risks and uncertainties,
which could cause the company’s actual results in the future to differ
materially from its historical results and those presently anticipated or
projected. For a more complete discussion of these and other risk
factors, please see the company’s reports filed with the Securities and Exchange
Commission.
Glen
Burnie Bancorp and Subsidiaries
Condensed
Consolidated Balance Sheets
(dollars
in thousands)
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(unaudited)
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(audited)
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|||||||
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December
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December
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|||||||
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31,
2010
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31,
2009
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Assets
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Cash
and due from banks
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$ | 6,492 | $ | 6,994 | ||||
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Interest
bearing deposits
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1,568 | 3,748 | ||||||
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Federal
funds sold
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940 | 691 | ||||||
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Investment
securities
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87,268 | 84,463 | ||||||
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Common
Stock in the Glen Burnie Statutory Trust I
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- | 155 | ||||||
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Loans,
net of allowance
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229,851 | 235,883 | ||||||
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Premises
and equipment at cost, net of accumulated depreciation
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4,124 | 4,121 | ||||||
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Other
real estate owned
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215 | 25 | ||||||
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Other
assets
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16,609 | 17,317 | ||||||
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Total
assets
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$ | 347,067 | $ | 353,397 | ||||
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Liabilities
and Stockholders' Equity
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Liabilities:
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Deposits
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$ | 294,445 | $ | 294,358 | ||||
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Short-term
borrowings
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4,274 | 81 | ||||||
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Long-term
borrowings
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20,000 | 27,034 | ||||||
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Junior
subordinated debentures owed to unconsolidated subsidiary
trust
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- | 5,155 | ||||||
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Other
liabilities
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2,015 | 1,619 | ||||||
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Total
liabilities
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320,734 | 328,247 | ||||||
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Stockholders'
equity:
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||||||||
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Common
stock, par value $1, authorized 15,000,000 shares; issued and outstanding
December 31, 2010 2,702,091;
December 31, 2008 2,683,015 shares
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2,702 | 2,683 | ||||||
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Surplus
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9,335 | 9,191 | ||||||
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Retained
earnings
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15,301 | 14,312 | ||||||
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Accumulated
other comprehensive loss, net of tax benefits
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(1,005 | ) | (1,036 | ) | ||||
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Total
stockholders' equity
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26,333 | 25,150 | ||||||
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Total
liabilities and stockholders' equity
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$ | 347,067 | $ | 353,397 | ||||
Glen
Burnie Bancorp and Subsidiaries
Condensed
Consolidated Statements of Income
(dollars
in thousands, except per share amounts)
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Three
Months Ended
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Twelve
Months Ended
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(unaudited)
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(audited)
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(unaudited)
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(audited)
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December
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December
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December
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December
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|||||||||||||
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31, 2010
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31, 2009
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31, 2010
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31, 2009
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Interest
income on
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Loans,
including fees
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$ | 3,555 | $ | 3,819 | $ | 14,646 | $ | 15,249 | ||||||||
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U.S.
Government agency securities
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421 | 473 | 1,916 | 1,854 | ||||||||||||
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State
and municipal securities
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378 | 329 | 1,401 | 1,308 | ||||||||||||
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Other
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33 | 52 | 216 | 233 | ||||||||||||
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Total
interest income
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4,387 | 4,673 | 18,179 | 18,644 | ||||||||||||
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Interest
expense on
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Deposits
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830 | 1,168 | 3,697 | 4,937 | ||||||||||||
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Junior
subordinated debentures
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0 | 137 | 648 | 547 | ||||||||||||
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Long-term
borrowings
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162 | 265 | 953 | 1,058 | ||||||||||||
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Short-term
borrowings
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1 | - | 1 | - | ||||||||||||
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Total
interest expense
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993 | 1,570 | 5,299 | 6,542 | ||||||||||||
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Net
interest income
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3,394 | 3,103 | 12,880 | 12,102 | ||||||||||||
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Provision
for credit losses
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0 | 1,747 | 1,050 | 2,443 | ||||||||||||
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Net
interest income after provision for credit losses
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3,394 | 1,356 | 11,830 | 9,659 | ||||||||||||
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Other
income
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Service
charges on deposit accounts
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168 | 177 | 648 | 694 | ||||||||||||
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Other
fees and commissions
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251 | 218 | 869 | 827 | ||||||||||||
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Other
non-interest income
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(135 | ) | 1 | (45 | ) | (10 | ) | |||||||||
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Income
on life insurance
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50 | 63 | 251 | 268 | ||||||||||||
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Gains
on investment securities
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(1 | ) | 402 | 175 | 586 | |||||||||||
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Total
other income
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333 | 861 | 1,898 | 2,365 | ||||||||||||
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Other
expenses
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Salaries
and employee benefits
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1,672 | 1,563 | 6,681 | 6,296 | ||||||||||||
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Impairment
of securities
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196 | 47 | 262 | 77 | ||||||||||||
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Occupancy
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203 | 198 | 830 | 871 | ||||||||||||
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Other
expenses
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775 | 1,108 | 3,405 | 3,751 | ||||||||||||
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Total
other expenses
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2,846 | 2,916 | 11,178 | 10,995 | ||||||||||||
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(Loss)
income before income taxes
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881 | (699 | ) | 2,550 | 1,029 | |||||||||||
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Income
tax (benefit)
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226 | (489 | ) | 485 | (233 | ) | ||||||||||
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Net
(loss) income
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$ | 655 | $ | (210 | ) | $ | 2,065 | $ | 1,262 | |||||||
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Net
(loss) income per share of common stock
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$ | 0.24 | $ | (0.08 | ) | $ | 0.76 | $ | 0.46 | |||||||
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Weighted-average
shares of common stock outstanding
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2,697,619 | 2,678,560 | 2,690,218 | 2,734,524 | ||||||||||||