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Glen Burnie Bancorp Announces First Quarter 2017 Results

GLEN BURNIE, Md., May 08, 2017 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp (NASDAQ:GLBZ), the bank holding company for The Bank of Glen Burnie, announced today net income of $0.32 million, or $0.11 per basic and diluted common share for the quarter ended March 31, 2017 compared to net income of $0.28 million, or $0.10 per basic and diluted common share for the quarter ended March 31, 2016. The Bank now has total assets of over $395 million and 8 branch locations in Anne Arundel County Maryland. The Bank of Glen Burnie is the oldest independent commercial bank in Anne Arundel County.

“We are pleased with the Bank’s performance in the first quarter of 2017,” said John D. Long, President and Chief Executive Officer. “Management sees organic loan growth, attractive low-cost core deposit funding and improved operational efficiencies and cost savings. Our income before taxes of $0.35 million represents a $0.03 million increase over the $0.32 million reported for the first quarter in 2016 and a $0.06 million increase over the $0.29 million recorded for the quarter ended December 31, 2016. We remain strongly committed to serving the needs of the community through the development of new loan and deposit products designed to meet the financial needs our community.”

Specific highlights for the quarter include:

  • Total assets were $395 million at March 31, 2017 compared to $394 million at March 31, 2016 and $388 million at December 31, 2016.
  • Net loans were $267 million at March 31, 2017, an increase of 5% from $255 million at March 31, 2016, and an increase of 2% from $263 million at December 31, 2016.
  • Total deposits were $341 million at March 31, 2017, an increase of 1% from $339 million at March 31, 2016, and an increase of 2% from $333 million at December 31, 2016.
  • Net interest income for the three-month period ended March 31, 2017 totaled $2.8 million, unchanged from the $2.8 million for the same period in 2016.
  • Net interest margin for the three-month period ended March 31, 2017 was 3.07%, compared to 3.22% for the same period in 2016. The decline of the net interest margin is primarily driven by declining yields on earning assets, as the balances of lower yielding investment securities have continued to increase within the portfolio.
  • The provision for loan losses for the three-month period ended March 31, 2017 was $0.2 million, compared to $0.1 million for the same period of 2016. The increases for the 2017 period were primarily the result of increases in loan originations. As a result, the allowance for loan losses was $2.60 million at March 31, 2017, representing 0.96% of loans, compared to $2.31 million, or 0.90% of loans, at March 31, 2016 and $2.48 million, or 0.94% of total loans, at December 31, 2016.

Glen Burnie Bancorp Information

Glen Burnie Bancorp is a bank holding company headquartered in Glen Burnie, Maryland. Founded in 1949, The Bank of Glen Burnie® is a locally-owned community bank with 8 branch offices serving Anne Arundel County. The Bank is engaged in the commercial and retail banking business including the acceptance of demand and time deposits, and the origination of loans to individuals, associations, partnerships and corporations. The Bank’s real estate financing consists of residential first and second mortgage loans, home equity lines of credit and commercial mortgage loans. The Bank also originates automobile loans through arrangements with local automobile dealers. Additional information is available at www.thebankofglenburnie.com.

Forward-Looking Statements

The statements contained herein that are not 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. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. 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)
March March
31, 2017
December 31, 2016 December
(unaudited) 31, 2016
(unaudited) 31, 2015
ASSETS
Cash and due from banks$6,600 $6,946 $6,124 $7,494
Interest bearing deposits 6,139 479 6,069 2,308
Federal funds sold 4,591 3,197 8,425 2,570
Cash and cash equivalents 17,330 10,622 20,618 12,372
Investment securities 91,097 94,607 99,476 98,790
Federal Home Loan Bank stock, at cost 1,198 1,200 1,200 1,203
Maryland Financial Bank stock 30 30 30 30
Loans, net of allowance for loan losses 267,105 262,574 254,791 259,637
Premises and equipment, net 3,320 3,323 3,302 3,369
Other real estate owned 114 114 201 74
Cash value of life insurance 9,377 9,328 9,411 9,358
Other assets 5,944 6,634 5,437 5,747
Total Assets $395,515 $388,432 $394,466 $390,580
LIABILITIES
Deposits$340,574 $333,237 $339,055 $335,191
Long-term borrowings 20,000 20,000 20,000 20,000
Other liabilities 1,010 1,381 744 1,213
Total Liabilities 361,584 354,618 359,799 356,404
STOCKHOLDERS' EQUITY
Common stock, par value $1, authorized 15,000,000 shares;
issued and outstanding March 31, 2017 2,790,260;
December 31, 2016 2,786,855 shares; 2,790 2,787 2,777 2,773
March 31, 2006 2,776,566 and
December 31, 2015 2,773,361 shares.
Additional paid-in capital 10,164 10,130 10,036 9,986
Retained earnings 21,745 21,707 21,723 21,718
Accumulated other comprehensive (loss) income (768) (810) 131 (302)
Total Stockholders' Equity 33,931 33,814 34,667 34,175
Total Liabilities and Stockholders' Equity$395,515 $388,432 $394,466 $390,579

GLEN BURNIE BANCORP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
2017 2016
Interest income:
Loans, including fees$2,774 $2,835
U.S. Treasury and U.S. Government agency securities 278 275
State and municipal securities 241 213
Other 31 28
Total Interest Income 3,324 3,351
Interest expense:
Deposits 332 392
Short-term borrowings 1 -
Long-term borrowings 158 160
Total Interest Expense 491 552
Net Interest Income 2,833 2,799
Provision for credit losses 195 117
Net interest income after provision for loan losses 2,638 2,682
Noninterest income:
Service charges on deposit accounts 67 83
Other fees and commissions 161 159
Other non-interest income 18 12
Income on life insurance 49 53
Gains on investment securities 1 1
Total noninterest income 296 308
Noninterest expenses:
Salaries and employee benefits 1,422 1,505
Occupancy 206 198
Other expenses 960 970
Total noninterest expenses 2,588 2,673
Income before income taxes 346 317
Income tax expense 30 34
Net income $316 $283
Basic and diluted net income per common share$0.11 $0.10


For further information contact: Jeffrey D. Harris, Chief Financial Officer 410-768-8883 jdharris@bogb.net 106 Padfield Blvd Glen Burnie, MD 21061

Source:Glen Burnie Bancorp