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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)
JuneDecember
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

Source:Glen Burnie Bancorp