Glen Burnie Bancorp Releases 1Q 2016 Earnings


GLEN BURNIE, Md., May 04, 2016 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp (NASDAQ:GLBZ), parent company of The Bank of Glen Burnie, today announced results for the first quarter.

The company realized net income of $283,000 or $0.10 basic earnings per share in the quarter ended March 31, 2016 as compared to net income of $380,000 or $0.14 basic earnings per share for the same period in 2015.

Net interest income after provision for credit losses in the first quarter was $2,682,000 as compared to $2,710,000 in 2015. Total assets were $394,466,000 as of March 31, 2016 compared to $390,580,000 at December 31, 2015. Deposits were $339,055,000 as of March 31, 2016 compared to $335,191,000 at December 31, 2015.  Loans, net of allowance, were $254,791,000 as of March 31, 2016 compared to $259,637,000 at December 31, 2015.

“Management is focused on increasing earning assets as well as fee income and believe that we are experiencing an increase in business activity,” said John D. Long, President and Chief Executive Officer. “We are pleased that we remain profitable and are paying our regular quarterly dividend.”

Glen Burnie Bancorp will host its Annual Meeting of Stockholders May 12, 2016 at the Bank’s Glen Burnie Branch in Glen Burnie, Maryland.  Registration opens at 1:30 p.m. and the meeting will begin at 2:00 p.m.

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)
 MarchDecember
  31, 2016  31, 2015 
Assets  
   
Cash and due from banks$6,124 $7,493 
Interest bearing deposits 6,069  2,308 
Federal funds sold 8,425  2,570 
Investment securities 99,476  98,790 
Loans, net of allowance 254,791  259,637 
Premises and equipment at cost, net of accumulated depreciation 3,302  3,369 
Other real estate owned 201  74 
Other assets 16,078  16,339 
Total assets$394,466 $390,580 
   
   
Liabilities and Stockholders' Equity  
   
   
Liabilities:  
Deposits$339,055 $335,191 
Long-term borrowings 20,000  20,000 
Other liabilities 744  1,213 
Total liabilities 359,799  356,404 
   
   
Stockholders' equity:  
Common stock, par value $1, authorized 15,000,000 shares;  
issued and outstanding March 31, 2016 2,776,566;  
December 31, 2015  2,773,361 shares 2,777  2,773 
Surplus 10,036  9,986 
Retained earnings 21,723  21,718 
Accumulated other comprehensive loss, net of tax benefits 131  (301)
Total stockholders' equity 34,667  34,176 
   
Total liabilities and stockholders' equity$394,466 $390,580 
   
   
Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)
   
 Three Months Ended
 March 31,
 (unaudited)
  2016  2015 
   
Interest income on  
Loans, including fees$2,835 $2,943 
U.S. Treasury securities 6  27 
U.S. Government agency securities 269  183 
State and municipal securities 213  302 
Other 28  25 
Total interest income 3,351  3,480 
   
Interest expense on  
Deposits 392  462 
Long-term borrowings 160  158 
Total interest expense 552  620 
   
Net interest income 2,799  2,860 
   
Provision for credit losses 117  150 
   
Net interest income after provision for credit losses 2,682  2,710 
   
Other income  
Service charges on deposit accounts 83  105 
Other fees and commissions 159  170 
Other non-interest income 11  10 
Income on life insurance 54  54 
Gains on investment securities 1  199 
Total other income 308  538 
   
Other expenses  
Salaries and employee benefits 1,505  1,668 
Occupancy 198  214 
Other expenses 970  937 
Total other expenses 2,673  2,819 
   
Income before income taxes 317  429 
   
Income tax expense 34  49 
   
Net income$283 $380 
   
Net income per share of common stock$0.10 $0.14 
   
Weighted-average shares of common stock outstanding 2,775,560  2,764,129 
   



            

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