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 $2.48 million, or 0.94% of total loans, at December 31, 2016.
Glen Burnie Bancorp Information
Glen Burnie Bancorp is a bank holding company headquartered in Glen Burnie, Maryland. Founded in 1949, The Bank of Glen Burnie® is a locally-owned community bank with 8 branch offices serving Anne Arundel County. The Bank is engaged in the commercial and retail banking business including the acceptance of demand and time deposits, and the origination of loans to individuals, associations, partnerships and corporations. The Bank’s real estate financing consists of residential first and second mortgage loans, home equity lines of credit and commercial mortgage loans. The Bank also originates automobile loans through arrangements with local automobile dealers. Additional information is available at www.thebankofglenburnie.com.
The statements contained herein that are not historical financial information, may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, which could cause the company’s actual results in the future to differ materially from its historical results and those presently anticipated or projected. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. For a more complete discussion of these and other risk factors, please see the company’s reports filed with the Securities and Exchange Commission.
|GLEN BURNIE BANCORP AND SUBSIDIARIES|
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|(dollars in thousands)|
|31, 2017||December||31, 2016||December|
|(unaudited)||31, 2016||(unaudited)||31, 2015|
|Cash and due from banks||$||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|
|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|
|Common stock, par value $1, authorized 15,000,000 shares;|
|issued and outstanding March 31, 2017 2,790,260;|
|December 31, 2016 2,786,855 shares;||2,790||2,787||2,777||2,773|
|March 31, 2006 2,776,566 and|
|December 31, 2015 2,773,361 shares.|
|Additional paid-in capital||10,164||10,130||10,036||9,986|
|Accumulated other comprehensive (loss) income||(768||)||(810||)||131||(302||)|
|Total Stockholders' Equity||33,931||33,814||34,667||34,175|
|Total Liabilities and Stockholders' Equity||$||395,515||$||388,432||$||394,466||$||390,579|
|GLEN BURNIE BANCORP AND SUBSIDIARIES|
|CONDENSED CONSOLIDATED STATEMENTS OF INCOME|
|(dollars in thousands, except per share amounts)|
|Three Months Ended|
|Loans, including fees||$||2,774||$||2,835|
|U.S. Treasury and U.S. Government agency securities||278||275|
|State and municipal securities||241||213|
|Total Interest Income||3,324||3,351|
|Total Interest Expense||491||552|
|Net Interest Income||2,833||2,799|
|Provision for credit losses||195||117|
|Net interest income after provision for loan losses||2,638||2,682|
|Service charges on deposit accounts||67||83|
|Other fees and commissions||161||159|
|Other non-interest income||18||12|
|Income on life insurance||49||53|
|Gains on investment securities||1||1|
|Total noninterest income||296||308|
|Salaries and employee benefits||1,422||1,505|
|Total noninterest expenses||2,588||2,673|
|Income before income taxes||346||317|
|Income tax expense||30||34|
|Basic and diluted net income per common share||$||0.11||$||0.10|
For further information contact: Jeffrey D. Harris, Chief Financial Officer 410-768-8883 firstname.lastname@example.org 106 Padfield Blvd Glen Burnie, MD 21061
Source:Glen Burnie Bancorp