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Glen Burnie Bancorp Releases 2Q Earnings

Stocks in this article: GLBZ

Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie, today announced results for the second quarter.

For the three month period ended June 30, 2013, Glen Burnie Bancorp realized net income of $640,000 or $0.24 basic earnings per share. The company reported net income of $656,000 or $0.24 basic earnings per share for the same three month period in 2012. Net interest income after provisions for credit losses was $3,009,000 for the three month period ended June 30, 2013. The company reported net interest income after provisions for credit losses of $3,098,000 for the same period in 2012.

Net income for the six months ended June 30, 2013 was $1,169,000 or $0.43 basic earnings per share as compared to $1,386,000 or $0.51 basic earnings per share for the same period in 2012. Net interest income after provisions for credit losses for the six months ended June 30, 2013 was $5,922,000 as compared to $6,306,000 for the same period in 2012.

On July 8, 2013, Glen Burnie Bancorp paid its 84 th consecutive dividend to shareholders of record at the close of business on June 27, 2013. The company had 2,740,319 common shares outstanding with approximately 410 shareholders of record on June 13, 2013.

“We continue to show a profit in this challenging low rate environment by continuing to make loans and controlling expenses.” said Michael G. Livingston, President and CEO.

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie ®, currently maintains consolidated assets totaling more than $383 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)
June December
30, 2013   31, 2012
Assets
 
Cash and due from banks $ 7,618 $ 9,332
Interest bearing deposits 62 6,627
Federal funds sold 312 2,669
Investment securities 100,192 100,490
Loans, net of allowance 254,185 249,632
Premises and equipment at cost, net of accumulated depreciation 3,776 3,873
Other real estate owned 328 478
Other assets     15,712       14,337
Total assets   $ 382,185     $ 387,438
 
 
Liabilities and Stockholders' Equity
 
 
Liabilities:
Deposits $ 329,080 $ 332,289
Long-term borrowings 20,000 20,000
Other liabilities     1,467       1,561
Total liabilities     350,547       353,850
 
 
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares;
issued and outstanding June 30, 2013 2,740,319;
December 31, 2012 2,736,978 shares 2,740 2,737
Surplus 9,640 9,605
Retained earnings 19,404 18,783
Accumulated other comprehensive gain, net of tax benefits     (146 )     2,463
Total stockholders' equity     31,638       33,588
 
Total liabilities and stockholders' equity   $ 382,185     $ 387,438
     
Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)
 
Three Months Ended Six Months Ended
June 30, June 30,
(unaudited) (unaudited)
2013   2012 2013   2012
 
Interest income on
Loans, including fees $ 3,048 $ 3,255 $ 6,051 $ 6,619
U.S. Government agency securities 215 211 402 465
State and municipal securities 426 438 844 855
Other     19     24   41     45
Total interest income     3,708     3,928   7,338     7,984
 
Interest expense on
Deposits 539 670 1,098 1,358
Short-term borrowings - 1 - 1
Long-term borrowings     160     159   318     319
Total interest expense     699     830   1,416     1,678
 
Net interest income 3,009 3,098 5,922 6,306
 
Provision for credit losses - - - -
               
Net interest income after provision for credit losses     3,009     3,098   5,922     6,306
 
Other income
Service charges on deposit accounts 132 132 270 275
Other fees and commissions 186 191 361 378
Other non-interest income 4 4 10 9
Income on life insurance 58 62 116 122
Gains on investment securities     122     33   124     56
Total other income     502     422   881     840
 
Other expenses
Salaries and employee benefits 1,673 1,726 3,328 3,458
Occupancy 195 200 397 397
Other expenses     855     789   1,683     1,546
Total other expenses     2,723     2,715   5,408     5,401
 
Income before income taxes 788 805 1,395 1,745
 
Income tax expense     148     149   226     359
 
Net income   $ 640   $

656

$ 1,169   $ 1,386
 
Net income per share of common stock   $ 0.24   $ 0.24 $ 0.43   $ 0.51
 
Weighted-average shares of common stock outstanding     2,740,132     2,726,428   2,740,132     2,724,423
 




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