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Glen Burnie Bancorp Releases 3Q 2016 Earnings

GLEN BURNIE, Md., Oct. 26, 2016 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp (NASDAQ:GLBZ), parent company of The Bank of Glen Burnie, today announced results for the third quarter.

The company realized net income of $115,000 or $0.04 basic earnings per share in the quarter ended September 30, 2016 as compared to net income of $8,000 or $0.00 basic earnings per share for the same period in 2015.

Net interest income after provision for credit losses was $2,676,000 as compared to $1,823,000 in 2015. Total assets were $392,152,000 as of September 30, 2016 compared to $390,580,000 at December 31, 2015. Loans, net of allowance, were $257,779,000 as of September 30, 2016 compared to $259,637,000 at December 31, 2015. Deposits were $335,669,000 as of September 30, 2016 compared to $335,191,000 at December 31, 2015.

“As we continue to focus on increasing our net interest income after provision for credit losses and improve our efficiencies; the third quarter had mixed results, mostly due to non-recurring costs, including the severance cost related to the elimination of the COO position,” said John D. Long, President and Chief Executive Officer. “The Company had a solid third quarter as we continued to improve our credit quality and experienced increased loan origination volumes during the quarter. We remain committed to serving the needs of the community and have instituted a new, competitively priced home equity loan program designed to meet the financial needs our community.”

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)
SeptemberDecember
30, 2016 31, 2015
Assets
Cash and due from banks$9,003 $7,493
Interest bearing deposits 825 2,308
Federal funds sold 6,848 2,570
Investment securities 98,532 98,790
Loans, net of allowance 257,779 259,637
Premises and equipment at cost, net of accumulated depreciation 3,291 3,369
Other real estate owned 0 74
Other assets 15,874 16,339
Total assets$392,152 $390,580
Liabilities and Stockholders' Equity
Liabilities:
Deposits$335,669 $335,191
Long-term borrowings 20,000 20,000
Other liabilities 1,522 1,213
Total liabilities 357,191 356,404
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding September 30, 2016 2,783,111; December 31, 2015 2,773,361 shares 2,783 2,773
Surplus 10,097 9,986
Retained earnings 21,591 21,718
Accumulated other comprehensive loss, net of tax benefits 490 (301)
Total stockholders' equity 34,961 34,176
Total liabilities and stockholders' equity$392,152 $390,580
Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
(unaudited) (unaudited)
2016 2015 2016 2015
Interest income on
Loans, including fees$2,795 $2,894 $8,380 $8,701
U.S. Treasury securities 9 19 27 70
U.S. Government agency securities 247 192 765 566
State and municipal securities 236 260 675 836
Other 31 31 91 77
Total interest income 3,318 3,396 9,938 10,250
Interest expense on
Deposits 364 427 1,133 1,336
Long-term borrowings 162 161 481 479
Total interest expense 526 588 1,614 1,815
Net interest income 2,792 2,808 8,324 8,435
Provision for credit losses 116 985 233 1,285
Net interest income after provision for credit losses 2,676 1,823 8,091 7,150
Other income
Service charges on deposit accounts 83 113 247 320
Other fees and commissions 191 234 521 585
Other non-interest income 21 61 44 501
Income on life insurance 54 55 161 164
Gains on investment securities - 200 1 669
Total other income 349 663 974 2,239
Other expenses
Salaries and employee benefits 1,743 1,552 4,782 4,895
Occupancy 184 190 562 595
Other expenses 1,038 913 2,992 2,853
Total other expenses 2,965 2,655 8,336 8,343
Income before income taxes 60 (169) 729 1,046
Income tax expense (55) (177) 23 140
Net income$115 $8 $706 $906
Net income per share of common stock$0.04 $0.00 $0.25 $0.33
Weighted-average shares of common stock outstanding 2,782,923 2,770,897 2,781,371 2,770,644



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

Source:Glen Burnie Bancorp