Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie, today announced results for the third quarter.
The company realized a net income of $795,000 or $0.29 basic earnings per share in the quarter ended September 30, 2013 compared to net income of $670,000 or $0.24 basic earnings per share for the same three month period in 2012. For the nine months ending September 30, 2013, net income was $1,964,000 or $0.72 basic earnings per share as compared to net income of $2,056,000 or $0.75 basic earnings per share for the same period in 2012.
Total interest income for the quarter ending September 30, 2013 was $3,940,000 as compared to $4,005,000 for the same period in 2012. Total interest income was $11,278,000 for the nine months ending September 30, 2013 as compared to $11,989,000 for the same period in 2012. For the three month period ending September 30, 2013, net interest income after provision for credit losses was $3,265,000 as compared to $3,045,000 for the same period in 2012. For the nine months ending September 30, 2013 net interest income after provision for credit losses was $9,187,000 as compared to $9,351,000 for the same period in 2012.
“The Bank has stayed true to the traditional banking model and as a result we have had consistent earnings and dividends,” commented Michael G. Livingston, President and Chief Executive Officer.
On October 8, 2013, Glen Burnie Bancorp paid its 85th consecutive dividend to shareholders of record at the close of business on September 27, 2013.
Glen Burnie Bancorp, parent company to The Bank of Glen Burnie, currently maintains consolidated assets totaling more than $379 million. Founded in 1949, The Bank of Glen Burnie® is a locally-owned 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) | ||||||
| (unaudited) | (audited) | |||||
| September | December | |||||
| 30, 2013 | 31, 2012 | |||||
| Assets | ||||||
| Cash and due from banks | $8,568 | $9,332 | ||||
| Interest bearing deposits | 42 | 6,627 | ||||
| Federal funds sold | 65 | 2,669 | ||||
| Investment securities | 88,282 | 100,490 | ||||
| Loans, net of allowance | 261,492 | 249,632 | ||||
| Premises and equipment at cost, net of accumulated depreciation | 3,739 | 3,873 | ||||
| Other real estate owned | 1,013 | 478 | ||||
| Other assets | 16,207 | 14,337 | ||||
| Total assets | $379,408 | $387,438 | ||||
| Liabilities and Stockholders' Equity | ||||||
| Liabilities: | ||||||
| Deposits | $323,025 | $332,289 | ||||
| Short-term borrowings | 3,100 | - | ||||
| Long-term borrowings | 20,000 | 20,000 | ||||
| Other liabilities | 1,914 | 1,561 | ||||
| Total liabilities | 348,039 | 353,850 | ||||
| Stockholders' equity: | ||||||
| Common stock, par value $1, authorized 15,000,000 shares; | ||||||
| issued and outstanding September 30, 2013 2,743,835; | ||||||
| December 31, 2012 2,736,978 shares | 2,744 | 2,737 | ||||
| Surplus | 9,677 | 9,605 | ||||
| Retained earnings | 19,925 | 18,783 | ||||
| Accumulated other comprehensive gain, net of tax benefits | (977) | 2,463 | ||||
| Total stockholders' equity | 31,369 | 33,588 | ||||
| Total liabilities and stockholders' equity | $379,408 | $387,438 | ||||
| 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) | |||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||
| Interest income on | ||||||||||||
| Loans, including fees | $ 3,251 | $ 3,313 | $9,302 | $9,932 | ||||||||
| U.S. Government agency securities | 241 | 240 | 643 | 705 | ||||||||
| State and municipal securities | 429 | 428 | 1,273 | 1,283 | ||||||||
| Other | 19 | 24 | 60 | 69 | ||||||||
| Total interest income | 3,940 | 4,005 | 11,278 | 11,989 | ||||||||
| Interest expense on | ||||||||||||
| Deposits | 511 | 647 | 1,609 | 2,005 | ||||||||
| Short-term borrowings | 3 | 1 | 3 | 2 | ||||||||
| Long-term borrowings | 161 | 162 | 479 | 481 | ||||||||
| Total interest expense | 675 | 810 | 2,091 | 2,488 | ||||||||
| Net interest income | 3,265 | 3,195 | 9,187 | 9,501 | ||||||||
| Provision for credit losses | - | 150 | - | 150 | ||||||||
| Net interest income after provision for credit losses | 3,265 | 3,045 | 9,187 | 9,351 | ||||||||
| Other income | ||||||||||||
| Service charges on deposit accounts | 163 | 141 | 433 | 416 | ||||||||
| Other fees and commissions | 251 | 225 | 612 | 603 | ||||||||
| Other non-interest income | (11) | 5 | (1) | 14 | ||||||||
| Income on life insurance | 59 | 63 | 175 | 185 | ||||||||
| Gains on investment securities | 150 | 62 | 274 | 118 | ||||||||
| Total other income | 612 | 496 | 1,493 | 1,336 | ||||||||
| Other expenses | ||||||||||||
| Salaries and employee benefits | 1,720 | 1,660 | 5,048 | 5,118 | ||||||||
| Occupancy | 192 | 193 | 589 | 590 | ||||||||
| Impairment of securities and stocks | 15 | - | 15 | - | ||||||||
| Other expenses | 911 | 855 | 2,594 | 2,401 | ||||||||
| Total other expenses | 2,838 | 2,708 | 8,246 | 8,109 | ||||||||
| Income before income taxes | 1,039 | 833 | 2,434 | 2,578 | ||||||||
| Income tax expense | 244 | 163 | 470 | 522 | ||||||||
| Net income | $795 | $670 | $1,964 | $2,056 | ||||||||
| Net income per share of common stock | $0.29 | $0.24 | $0.72 | $0.75 | ||||||||
| Weighted-average shares of common stock outstanding | 2,743,679 | 2,729,928 | 2,741,388 | 2,726,258 | ||||||||
Contacts:
Yvonne “Rie” Atkinson, 410-768-8857
ratkinson@bogb.net
