Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie®, today reported fourth quarter and year end earnings for 2014.
For the quarter ended December 31, 2014, the company realized net income of $480,000 or $0.17 basic and diluted earnings per share as compared to net income of $650,000 or $0.23 basic and diluted earnings per share for the same period in 2013. Net interest income after pro- visions for credit losses for the fourth quarter of 2014 was $2,229,000 compared to $3,173,000 for the same three-month period in 2013.
Net income for the year ended December 31, 2014 was $1,914,000 or $0.69 basic and diluted earnings per share as compared to net income of $2,614,000 or $0.95 basic and diluted earnings per share in 2013. Net interest income after provisions for credit losses for the year ended December 31, 2014 was $10,965,000 as compared to $12,360,000 in 2013. Assets as of December 31, 2014 were $394,629,000 as compared to $377,194,000 as of December 31, 2013.
2014 Performance Highlights:
- 1.22 % increase in loans, net of allowance
- 33.43 % increase in other income
- 4.65 % increase in total deposits
Michael G. Livingston, President and Chief Executive Officer, stated, “We continue to operate in an environment of a weak economic recovery and low interest rates, and despite these challenges the bank maintained profitability and was able to sustain dividend levels.”
On January 8, 2015, Glen Burnie Bancorp paid its 90th consecutive dividend to shareholders of record at the close of business on December 29, 2014.
Glen Burnie Bancorp, parent company to The Bank of Glen Burnie®, currently maintains consolidated assets totaling more than $394 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) | ||||||
| December | December | ||||||
| 31, 2014 | 31, 2013 | ||||||
| Assets | |||||||
| Cash and due from banks | $ | 7,101 | $ | 9,215 | |||
| Interest bearing deposits | 2,155 | 1,636 | |||||
| Federal funds sold | 4,024 | 103 | |||||
| Investment securities | 87,993 | 74,314 | |||||
| Loans, net of allowance | 273,986 | 270,684 | |||||
| Premises and equipment at cost, net of accumulated depreciation | 3,671 | 3,697 | |||||
| Other real estate owned | 45 | 1,171 | |||||
| Other assets | 15,654 | 16,374 | |||||
| Total assets | $ | 394,629 | $ | 377,194 | |||
| Liabilities and Stockholders' Equity | |||||||
| Liabilities: | |||||||
| Deposits | $ | 338,877 | $ | 323,803 | |||
| Long-term borrowings | 20,000 | 20,000 | |||||
| Other liabilities | 1,922 | 1,807 | |||||
| Total liabilities | 360,799 | 345,610 | |||||
| Stockholders' equity: | |||||||
Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding December 31, 2014 2,760,964; December 31, 2013 2,747,370 shares | 2,761 | 2,747 | |||||
| Surplus | 9,854 | 9,714 | |||||
| Retained earnings | 21,112 | 20,301 | |||||
| Accumulated other comprehensive loss, net of tax benefits | 103 | (1,178 | ) | ||||
| Total stockholders' equity | 33,830 | 31,584 | |||||
| Total liabilities and stockholders' equity | $ | 394,629 | $ | 377,194 | |||
| 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) | |||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||
| Interest income on | ||||||||||||
| Loans, including fees | $ | 3,081 | $ | 3,371 | $ | 12,318 | $ | 12,673 | ||||
| U.S. Treasury securities | 28 | - | 28 | - | ||||||||
| U.S. Government agency securities | 161 | 228 | 723 | 871 | ||||||||
| State and municipal securities | 331 | 384 | 1,357 | 1,657 | ||||||||
| Other | 26 | 21 | 94 | 81 | ||||||||
| Total interest income | 3,627 | 4,004 | 14,520 | 15,282 | ||||||||
| Interest expense on | ||||||||||||
| Deposits | 490 | 405 | 1,893 | 2,014 | ||||||||
| Short-term borrowings | - | 4 | - | 7 | ||||||||
| Long-term borrowings | 162 | 162 | 641 | 641 | ||||||||
| Total interest expense | 652 | 571 | 2,534 | 2,662 | ||||||||
| Net interest income | 2,975 | 3,433 | 11,986 | 12,620 | ||||||||
| Provision for credit losses | 746 | 260 | 1,021 | 260 | ||||||||
| Net interest income after provision for credit losses | 2,229 | 3,173 | 10,965 | 12,360 | ||||||||
| Other income | ||||||||||||
| Service charges on deposit accounts | 115 | 163 | 464 | 596 | ||||||||
| Other fees and commissions | 205 | 214 | 807 | 826 | ||||||||
| Other non-interest income | 10 | 1 | 19 | - | ||||||||
| Income on life insurance | 57 | 59 | 224 | 234 | ||||||||
| Gains on investment securities | 575 | 71 | 1,156 | 345 | ||||||||
| Total other income | 962 | 508 | 2,670 | 2,001 | ||||||||
| Other expenses | ||||||||||||
| Salaries and employee benefits | 1,629 | 1,705 | 6,632 | 6,753 | ||||||||
| Occupancy | 189 | 197 | 807 | 786 | ||||||||
| Impairment of securities and stocks | - | - | - | 15 | ||||||||
| Other expenses | 852 | 965 | 3,973 | 3,559 | ||||||||
| Total other expenses | 2,670 | 2,867 | 11,412 | 11,113 | ||||||||
| Income before income taxes | 521 | 814 | 2,223 | 3,248 | ||||||||
| Income tax expense | 41 | 164 | 309 | 634 | ||||||||
| Net income | $ | 480 | $ | 650 | $ | 1,914 | $ | 2,614 | ||||
| Net income per share of common stock | $ | 0.17 | $ | 0.23 | $ | 0.69 | $ | 0.95 | ||||
| Weighted-average shares of common stock outstanding | 2,760,662 | 2,747,098 | 2,755,671 | 2,742,003 | ||||||||
Contacts:
Michael G. Livingston, President & CEO
410-768-8858
MGLivingston@bogb.net
