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Glen Burnie Bancorp Announces 2015 4Q Earnings and Year End Earnings

GLEN BURNIE, Md., Feb. 25, 2016 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp (NASDAQ:GLBZ), parent company of The Bank of Glen Burnie®, today reported fourth quarter and year-end earnings for 2015.

For the quarter ended December 31, 2015, the company realized net income of $447,000 or $0.16 basic and diluted earnings per share as compared to net income of $480,000 or $0.17 basic and diluted earnings per share for the same period in 2014. Net interest income after pro- visions for credit losses for the fourth quarter of 2015 was $2,370,000 compared to $2,229,000 for the same three-month period in 2014.

Net income for the year ended December 31, 2015 was $1,353,000 or $0.49 basic and diluted earnings per share as compared to net income of $1,914,000 or $0.69 basic and diluted earnings per share in 2014. Net interest income after provisions for credit losses for the year ended December 31, 2015 was $9,520,000 as compared to $10,695,000 in 2014. Assets as of December 31, 2015 were $390,580,000 as compared to $394,630,000 as of December 31, 2014.

Michael G. Livingston, President and Chief Executive Officer, stated, “The Bank and, as a result, the Company, along with the rest of the financial services industry, have been impacted by the downward pressure on net interest margins caused by the lower interest rates due to steps taken by the Federal Reserve in managing the recovery. We believe we are a sound, conservatively run financial institution, and we have remained profitable and well capitalized through this difficult time without governmental assistance. We have continued to be actively engaged with the communities we serve, providing loans to meet their needs.”

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie®, currently maintains consolidated assets totaling more than $390 million. Founded in 1949, The Bank of Glen Burnie® 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)
(unaudited)(audited)
DecemberDecember
31, 2015 31, 2014
Assets
Cash and due from banks$ 7,493 $ 7,101
Interest bearing deposits 2,308 2,155
Federal funds sold 2,570 4,024
Investment securities 98,790 87,993
Loans, net of allowance 259,637 273,986
Premises and equipment at cost, net of accumulated depreciation 3,369 3,671
Other real estate owned 74 45
Other assets 16,339 15,654
Total assets$ 390,580 $ 394,629
Liabilities and Stockholders' Equity
Liabilities:
Deposits$ 335,191 $ 338,877
Long-term borrowings 20,000 20,000
Other liabilities 1,213 1,922
Total liabilities 356,404 360,799
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares;
issued and outstanding December 31, 2015 2,773,361;
December 31, 2014 2,760,964 shares 2,773 2,761
Surplus 9,986 9,854
Retained earnings 21,718 21,112
Accumulated other comprehensive loss, net of tax benefits (301) 103
Total stockholders' equity 34,176 33,830
Total liabilities and stockholders' equity$ 390,580 $ 394,629
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) (unaudited)
2015 2014 2015 2014
Interest income on
Loans, including fees$ 2,876 $ 3,081 $ 11,577 $ 12,318
U.S. Treasury securities 10 28 80 28
U.S. Government agency securities 179 161 745 723
State and municipal securities 245 331 1,081 1,357
Other 46 26 123 94
Total interest income 3,356 3,627 13,606 14,520
Interest expense on
Deposits 414 490 1,750 1,893
Long-term borrowings 162 162 641 641
Total interest expense 576 652 2,391 2,534
Net interest income 2,780 2,975 11,215 11,986
Provision for credit losses 410 746 1,695 1,021
Net interest income after provision for credit losses 2,370 2,229 9,520 10,965
Other income
Service charges on deposit accounts 123 115 443 464
Other fees and commissions 210 205 795 807
Other non-interest income 12 10 513 19
Income on life insurance 55 57 219 224
Gains on investment securities 369 575 1,038 1,156
Total other income 769 962 3,008 2,670
Other expenses
Salaries and employee benefits 1,596 1,629 6,491 6,632
Occupancy 183 189 778 807
Other expenses 808 852 3,661 3,973
Total other expenses 2,587 2,670 10,930 11,412
Income before income taxes 552 521 1,598 2,223
Income tax expense 105 41 245 309
Net income $ 447 $ 480 $ 1,353 $ 1,914
Net income per share of common stock$ 0.16 $ 0.17 $ 0.49 $ 0.69
Weighted-average shares of common stock outstanding 2,773,151 2,760,662 2,768,966 2,755,671


Contact: Michael G. Livingston, President & CEO Phone: 410-768-8858 Email: MGLivingston@bogb.net

Source:Glen Burnie Bancorp