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Glen Burnie Bancorp Releases 1Q 2016 Earnings

GLEN BURNIE, Md., May 04, 2016 (GLOBE NEWSWIRE) -- 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 $283,000 or $0.10 basic earnings per share in the quarter ended March 31, 2016 as compared to net income of $380,000 or $0.14 basic earnings per share for the same period in 2015.

Net interest income after provision for credit losses in the first quarter was $2,682,000 as compared to $2,710,000 in 2015. Total assets were $394,466,000 as of March 31, 2016 compared to $390,580,000 at December 31, 2015. Deposits were $339,055,000 as of March 31, 2016 compared to $335,191,000 at December 31, 2015. Loans, net of allowance, were $254,791,000 as of March 31, 2016 compared to $259,637,000 at December 31, 2015.

“Management is focused on increasing earning assets as well as fee income and believe that we are experiencing an increase in business activity,” said John D. Long, President and Chief Executive Officer. “We are pleased that we remain profitable and are paying our regular quarterly dividend.”

Glen Burnie Bancorp will host its Annual Meeting of Stockholders May 12, 2016 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.

Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Balance Sheets
(dollars in thousands)
(unaudited)(audited)
MarchDecember
31, 2016 31, 2015
Assets
Cash and due from banks$6,124 $7,493
Interest bearing deposits 6,069 2,308
Federal funds sold 8,425 2,570
Investment securities 99,476 98,790
Loans, net of allowance 254,791 259,637
Premises and equipment at cost, net of accumulated depreciation 3,302 3,369
Other real estate owned 201 74
Other assets 16,078 16,339
Total assets$394,466 $390,580
Liabilities and Stockholders' Equity
Liabilities:
Deposits$339,055 $335,191
Long-term borrowings 20,000 20,000
Other liabilities 744 1,213
Total liabilities 359,799 356,404
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares;
issued and outstanding March 31, 2016 2,776,566;
December 31, 2015 2,773,361 shares 2,777 2,773
Surplus 10,036 9,986
Retained earnings 21,723 21,718
Accumulated other comprehensive loss, net of tax benefits 131 (301)
Total stockholders' equity 34,667 34,176
Total liabilities and stockholders' equity$394,466 $390,580
Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)
Three Months Ended
March 31,
(unaudited)
2016 2015
Interest income on
Loans, including fees$2,835 $2,943
U.S. Treasury securities 6 27
U.S. Government agency securities 269 183
State and municipal securities 213 302
Other 28 25
Total interest income 3,351 3,480
Interest expense on
Deposits 392 462
Long-term borrowings 160 158
Total interest expense 552 620
Net interest income 2,799 2,860
Provision for credit losses 117 150
Net interest income after provision for credit losses 2,682 2,710
Other income
Service charges on deposit accounts 83 105
Other fees and commissions 159 170
Other non-interest income 11 10
Income on life insurance 54 54
Gains on investment securities 1 199
Total other income 308 538
Other expenses
Salaries and employee benefits 1,505 1,668
Occupancy 198 214
Other expenses 970 937
Total other expenses 2,673 2,819
Income before income taxes 317 429
Income tax expense 34 49
Net income$283 $380
Net income per share of common stock$0.10 $0.14
Weighted-average shares of common stock outstanding 2,775,560 2,764,129


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

Source:Glen Burnie Bancorp