Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie®, today announced results for the third quarter.
The company realized net income of $8,000 or $0.00 basic earnings per share in the quarter ended September 30, 2015 as compared to net income of $526,000 or $0.19 basic earnings per share for the same period in 2014.
Net interest income after provision for credit losses was $1,823,000 as compared to $2,867,000 in 2014. Total assets were $395,752,000 as of September 30, 2015 compared to $394,630,000 at December 31, 2014. Deposits were $340,307,000 as of September 30, 2015 compared to $338,877,000 at December 31, 2014. Loans, net of allowance, were $265,305,000 as of September 30, 2015 compared to $273,986,000 at December 31, 2014.
“The earnings for the third quarter were impacted by a weakness in asset quality of several borrowing relationships that involved real estate investment properties,” stated Michael Livingston, President and CEO. “The Bank proactively made substantial funding to the allowance for loan loss reserves to recognize the deterioration of collateral values in these investment real estate projects. The Bank remained profitable and paid a third quarter dividend while operating in a low interest rate environment and in a slow recovering economy.”
“As a community bank we are committed to meet the needs of the businesses and customers in our neighborhoods. We continue to pursue commercial loans, including SBA guaranteed loans, and continue to seek ways to more efficiently deliver our services, such as through our new online mortgage applications. Please visit our website, www.thebankofglenburnie.com to discover the benefits of Craft Banking with The Bank of Glen Burnie.”
On October 9, 2015 Glen Burnie Bancorp paid a regular dividend of seven cents ($0.07) per share of common stock to shareholders of record at the close of business on September 28, 2015 marking the company’s 93rd consecutive dividend.
Glen Burnie Bancorp is the parent company of The Bank of Glen Burnie. Founded in 1949, The Bank of Glen Burnie is a locally-owned community bank with eight branch offices serving Anne Arundel County (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, 2015 | 31, 2014 | ||||||
| Assets | |||||||
| Cash and due from banks | $ | 7,845 | $ | 7,101 | |||
| Interest bearing deposits | 1,842 | 2,155 | |||||
| Federal funds sold | 6,870 | 4,024 | |||||
| Investment securities | 93,990 | 87,993 | |||||
| Loans, net of allowance | 265,305 | 273,986 | |||||
| Premises and equipment at cost, net of accumulated depreciation | 3,477 | 3,671 | |||||
| Other real estate owned | - | 45 | |||||
| Other assets | 16,423 | 15,655 | |||||
| Total assets | $ | 395,752 | $ | 394,630 | |||
| Liabilities and Stockholders' Equity | |||||||
| Liabilities: | |||||||
| Deposits | $ | 340,307 | $ | 338,877 | |||
| Long-term borrowings | 20,000 | 20,000 | |||||
| Other liabilities | 1,520 | 1,922 | |||||
| Total liabilities | 361,827 | 360,799 | |||||
| Stockholders' equity: | |||||||
Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding September 30, 2015 2,771,174; December 31, 2014 2,760,964 shares | 2,771 | 2,761 | |||||
| Surplus | 9,962 | 9,854 | |||||
| Retained earnings | 21,271 | 21,113 | |||||
| Accumulated other comprehensive loss, net of tax benefits | (79 | ) | 103 | ||||
| Total stockholders' equity | 33,925 | 33,831 | |||||
| Total liabilities and stockholders' equity | $ | 395,752 | $ | 394,630 | |||
| 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) | |||||||||||||
| 2015 | 2014 | 2015 | 2014 | |||||||||||
| Interest income on | ||||||||||||||
| Loans, including fees | $ | 2,894 | $ | 3,108 | $ | 8,701 | $ | 9,237 | ||||||
| U.S. Treasury securities | 19 | 7 | 70 | 7 | ||||||||||
| U.S. Government agency securities | 192 | 164 | 566 | 555 | ||||||||||
| State and municipal securities | 260 | 357 | 836 | 1,026 | ||||||||||
| Other | 31 | 22 | 77 | 68 | ||||||||||
| Total interest income | 3,396 | 3,658 | 10,250 | 10,893 | ||||||||||
| Interest expense on | ||||||||||||||
| Deposits | 427 | 505 | 1,336 | 1,403 | ||||||||||
| Long-term borrowings | 161 | 161 | 479 | 479 | ||||||||||
| Total interest expense | 588 | 666 | 1,815 | 1,882 | ||||||||||
| Net interest income | 2,808 | 2,992 | 8,435 | 9,011 | ||||||||||
| Provision for credit losses | 985 | 125 | 1,285 | 275 | ||||||||||
| Net interest income after provision for credit losses | 1,823 | 2,867 | 7,150 | 8,736 | ||||||||||
| Other income | ||||||||||||||
| Service charges on deposit accounts | 113 | 112 | 320 | 349 | ||||||||||
| Other fees and commissions | 234 | 241 | 585 | 602 | ||||||||||
| Other non-interest income | 61 | (5 | ) | 501 | 9 | |||||||||
| Income on life insurance | 55 | 56 | 164 | 167 | ||||||||||
| Gains on investment securities | 200 | 361 | 669 | 581 | ||||||||||
| Total other income | 663 | 765 | 2,239 | 1,708 | ||||||||||
| Other expenses | ||||||||||||||
| Salaries and employee benefits | 1,552 | 1,657 | 4,895 | 5,003 | ||||||||||
| Occupancy | 190 | 191 | 595 | 618 | ||||||||||
| Other expenses | 913 | 1,147 | 2,853 | 3,121 | ||||||||||
| Total other expenses | 2,655 | 2,995 | 8,343 | 8,742 | ||||||||||
| Income before income taxes | (169 | ) | 637 | 1,046 | 1,702 | |||||||||
| Income tax expense | (177 | ) | 111 | 140 | 268 | |||||||||
| Net income | $ | 8 | $ | 526 | $ | 906 | $ | 1,434 | ||||||
| Net income per share of common stock | $ | 0.00 | $ | 0.19 | $ | 0.33 | $ | 0.52 | ||||||
| Weighted-average shares of common stock outstanding | 2,770,897 | 2,757,213 | 2,770,644 | 2,757,011 | ||||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20151110007016/en/
Contacts:
Michael Livingston, President and CEO
410-768-8858
MGLivingston@bogb.net
