Attached files
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| EXCEL - IDEA: XBRL DOCUMENT - GLEN BURNIE BANCORP | Financial_Report.xls |
| EX-31.2 - EXHIBIT 31.2 - GLEN BURNIE BANCORP | t82277_ex31-2.htm |
| EX-31.1 - EXHIBIT 31.1 - GLEN BURNIE BANCORP | t82277_ex31-1.htm |
| EX-32.1 - EXHIBIT 32.1 - GLEN BURNIE BANCORP | t82277_ex32-1.htm |
| 10-Q - FORM 10-Q - GLEN BURNIE BANCORP | t82277_10q.htm |
| Press Release | For Immediate Release |
| Date: May 11, 2015 |
GLEN BURNIE BANCORP
RELEASES 1Q 2015 EARNINGS
GLEN BURNIE, MD (May 11, 2015) – 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®. 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.
Contact: Michael G. Livingston, President & CEO
Phone: 410-768-8858
Email: MGLivingston@bogb.net
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Glen Burnie Bancorp and Subsidiaries
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Condensed Consolidated Balance Sheets
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(dollars in thousands)
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(unaudited)
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(audited)
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March
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December
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| 31, 2015 | 31, 2014 | |||||||
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Assets
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Cash and due from banks
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$ | 6,247 | $ | 7,101 | ||||
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Interest bearing deposits
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6,136 | 2,155 | ||||||
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Federal funds sold
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5,058 | 4,024 | ||||||
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Investment securities
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97,316 | 87,993 | ||||||
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Loans, net of allowance
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268,233 | 273,986 | ||||||
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Premises and equipment at cost, net of accumulated depreciation
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3,632 | 3,671 | ||||||
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Other real estate owned
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45 | 45 | ||||||
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Other assets
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15,410 | 15,655 | ||||||
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Total assets
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$ | 402,077 | $ | 394,630 | ||||
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Liabilities and Stockholders’ Equity
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Liabilities:
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Deposits
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$ | 346,571 | $ | 338,877 | ||||
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Long-term borrowings
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20,000 | 20,000 | ||||||
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Other liabilities
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1,367 | 1,922 | ||||||
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Total liabilities
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367,938 | 360,799 | ||||||
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Stockholders’ equity:
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Common stock, par value $1, authorized 15,000,000 shares;
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issued and outstanding March 31, 2015 2,764,458;
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December 31, 2014 2,760,964 shares
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2,764 | 2,761 | ||||||
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Surplus
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9,890 | 9,854 | ||||||
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Retained earnings
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21,216 | 21,113 | ||||||
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Accumulated other comprehensive loss, net of tax benefits
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269 | 103 | ||||||
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Total stockholders’ equity
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34,139 | 33,831 | ||||||
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Total liabilities and stockholders’ equity
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$ | 402,077 | $ | 394,630 | ||||
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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March 31,
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(unaudited)
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2015
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2014
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Interest income on
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Loans, including fees
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$ | 2,943 | $ | 3,106 | ||||
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U.S. Treasury securities
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27 | - | ||||||
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U.S. Government agency securities
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183 | 216 | ||||||
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State and municipal securities
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302 | 330 | ||||||
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Other
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25 | 23 | ||||||
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Total interest income
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3,480 | 3,675 | ||||||
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Interest expense on
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Deposits
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462 | 430 | ||||||
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Long-term borrowings
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158 | 158 | ||||||
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Total interest expense
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620 | 588 | ||||||
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Net interest income
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2,860 | 3,087 | ||||||
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Provision for credit losses
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150 | 38 | ||||||
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Net interest income after provision for credit losses
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2,710 | 3,049 | ||||||
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Other income
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Service charges on deposit accounts
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105 | 124 | ||||||
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Other fees and commissions
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170 | 171 | ||||||
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Other non-interest income
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10 | 4 | ||||||
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Income on life insurance
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54 | 55 | ||||||
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Gains on investment securities
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199 | 79 | ||||||
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Total other income
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538 | 433 | ||||||
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Other expenses
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Salaries and employee benefits
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1,668 | 1,677 | ||||||
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Occupancy
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214 | 222 | ||||||
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Other expenses
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937 | 1,016 | ||||||
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Total other expenses
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2,819 | 2,915 | ||||||
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Income before income taxes
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429 | 567 | ||||||
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Income tax expense
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49 | 94 | ||||||
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Net income
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$ | 380 | $ | 473 | ||||
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Net income per share of common stock
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$ | 0.14 | $ | 0.17 | ||||
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Weighted-average shares of common stock outstanding
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2,764,129 | 2,750,603 | ||||||