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Glen Burnie Bancorp Announces 2016 4Q Earnings and Year End Earnings

GLEN BURNIE, Md., March 06, 2017 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp (NASDAQ:GLBZ), parent company of The Bank of Glen Burnie®, today reported fourth quarter and year-end earnings for 2016.

For the quarter ended December 31, 2016, the company realized net income of $395,000 or $0.15 basic and diluted earnings per share as compared to net income of $447,000 or $0.16 basic and diluted earnings per share for the same period in 2015. Net interest income after provision for credit losses for the fourth quarter of 2016 was $2,199,000 compared to $2,370,000 for the same three-month period in 2015.

Net income for the year ended December 31, 2016 was $1,101,000 or $0.40 basic and diluted earnings per share as compared to net income of $1,353,000 or $0.49 basic and diluted earnings per share in 2015. Net interest income after provision for credit losses for the year ended December 31, 2016 was $10,290,000 as compared to $9,520,000 in 2015. Assets at December 31, 2016 were $388,432,000 as compared to $390,580,000 at December 31, 2015. Net loans were $262,574,000 at December 31, 2016, up from net loans of $ 259,637,000 at December 31, 2015.

John D. Long, President and Chief Executive Officer, stated, “As we continue to focus on increasing our net interest income after provision for credit losses and improve our efficiencies, the fourth quarter 2016 had mixed results in this area. This is mostly due to an added provision for losses totaling $236,000 on one residential loan. Despite this added provision, the Company had a solid fourth quarter as we continued to grow loans, improve our credit quality and experience increased loan origination volumes during the quarter.”

“Our December 31, 2015 net income included net gains from sales of securities of $1,038,000, as compared to only $2,000 from the sales of securities for the year ended December 31, 2016,” continued Mr. Long. “Therefore, on an operating basis, we show improved results. During the year ended December 31, 2016, we made several strategic cost savings moves that negatively affected the results for the year but we anticipate we will improve our operational efficiencies in the years going forward. We believe that we continue to be a sound, conservatively run financial institution, and we remain profitable and well-capitalized. We continue to be actively engaged with the communities we serve, providing loans and banking services to meet their financial needs.”

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie®, currently maintains consolidated assets totaling more than $388 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)
(audited)(audited)
DecemberDecember
31, 2016 31, 2015
Assets
Cash and due from banks$6,946 $7,493
Interest bearing deposits 479 2,308
Federal funds sold 3,197 2,570
Investment securities 94,607 98,790
Loans, net of allowance 262,574 259,637
Premises and equipment at cost, net of accumulated depreciation 3,323 3,369
Other real estate owned 114 74
Other assets 17,192 16,339
Total assets$388,432 $390,580
Liabilities and Stockholders' Equity
Liabilities:
Deposits$333,237 $335,191
Long-term borrowings 20,000 20,000
Other liabilities 1,381 1,213
Total liabilities 354,618 356,404
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares;
issued and outstanding December 31, 2016 2,786,855;
December 31, 2015 2,773,361 shares 2,787 2,773
Surplus 10,130 9,986
Retained earnings 21,707 21,718
Accumulated other comprehensive loss, net of tax benefits (810) (301)
Total stockholders' equity 33,814 34,176
Total liabilities and stockholders' equity$388,432 $390,580
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) (audited)
2016 2015 2016 2015
Interest income on
Loans, including fees$2,810 $2,876 $11,190 $11,577
U.S. Treasury securities 6 10 33 80
U.S. Government agency securities 261 179 1,026 745
State and municipal securities 238 245 913 1,081
Other 28 46 119 123
Total interest income 3,343 3,356 13,281 13,606
Interest expense on
Deposits 348 414 1,481 1,750
Long-term borrowings 161 162 642 641
Total interest expense 509 576 2,123 2,391
Net interest income 2,834 2,780 11,158 11,215
Provision for credit losses 635 410 868 1,695
Net interest income after provision for credit losses 2,199 2,370 10,290 9,520
Other income
Service charges on deposit accounts 76 123 323 443
Other fees and commissions 284 210 805 795
Other non-interest income 241 12 285 513
Income on life insurance 54 55 215 219
Gains on investment securities 1 369 2 1,038
Total other income 656 769 1,630 3,008
Other expenses
Salaries and employee benefits 1,430 1,596 6,212 6,491
Occupancy 183 183 745 778
Other expenses 953 808 3,945 3,661
Total other expenses 2,566 2,587 10,902 10,930
Income before income taxes 289 552 1,018 1,598
Income tax expense (106) 105 (83) 245
Net income$395 $447 $1,101 $1,353
Net income per share of common stock$0.15 $0.16 $0.40 $0.49
Weighted-average shares of common stock outstanding 2,786,713 2,773,151 2,780,477 2,768,966


Contact: John D. Long, President & CEO Phone: 410-768-8871 Email: JLong@bogb.net

Source:Glen Burnie Bancorp