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Glen Burnie Bancorp Announces 2013 4Q And Year End Earnings

Stock quotes in this article: GLBZ

Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie ®, today reported fourth quarter and year end earnings for 2013.

For the quarter ended December 31, 2013, the company realized net income of $650,000 or $0.23 basic and diluted earnings per share as compared to net income of $609,000 or $0.23 basic and diluted earnings per share for the same period in 2012. Net interest income after provisions for credit losses for the fourth quarter of 2013 was $3,173,000 compared to $2,961,000 for the same three-month period in 2012.

Net income for the year ended December 31, 2013 was $2,614,000 or $0.95 basic and diluted earnings per share as compared to net income of $2,665,000 or $0.98 basic and diluted earnings per share in 2012. Net interest income after provisions for credit losses for the year ended December 31, 2013 was $12,360,000 as compared to $12,312,000 in 2012. Assets as of December 31, 2013 were $377,194,000 as compared to $387,438,000 as of December 31, 2012.

2013 Performance Highlights:

  • 8.43 % increase in loans, net of allowance
  • 9.82 % increase in other income

Michael G. Livingston, President and Chief Executive Officer, stated, “The Bancorp earnings for the year are a result of our commitment to traditional banking, and serving the needs of our community.” Mr. Livingston added, “Our shareholders have been rewarded with consistent earnings over the past several years by staying with the community banking model.”

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie ®, currently maintains consolidated assets totaling more than $377 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)December31, 2013

(audited)December31, 2012

 
Assets
 
Cash and due from banks $ 9,215 $ 9,332
Interest bearing deposits 1,636 6,627
Federal funds sold 103 2,669
Investment securities 74,314 100,490
Loans, net of allowance 270,684 249,632
Premises and equipment at cost, net of accumulated depreciation 3,697 3,873
Other real estate owned 1,171 478
Other assets     16,374       14,337
Total assets   $ 377,194     $ 387,438
 
 
Liabilities and Stockholders' Equity
 
 
Liabilities:
Deposits $ 323,803 $ 332,289
Long-term borrowings 20,000 20,000
Other liabilities     1,807       1,562
Total liabilities     345,610       353,851
 
 
Stockholders' equity:

Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding December 31, 2013 2,747,370; December 31, 2012 2,736,978 shares

2,747 2,737
Surplus 9,714 9,605
Retained earnings 20,301 18,783
Accumulated other comprehensive (loss) gain, net of tax benefits     (1,178 )     2,462
Total stockholders' equity     31,584       33,587
 
Total liabilities and stockholders' equity   $ 377,194     $ 387,438
 
 
Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)
       

Three Months EndedDecember 31,(unaudited)

Twelve Months EndedDecember 31,(audited)

2013   2012 2013   2012
 
Interest income on
Loans, including fees $ 3,371 $ 3,191 $ 12,673 $ 13,123
U.S. Government agency securities 228 189 871 894
State and municipal securities 384 423 1,657 1,706
Other     21     25   81     94
Total interest income     4,004     3,828   15,282     15,817
 
Interest expense on
Deposits 405 606 2,014 2,611
Short-term borrowings 4 - 7 2
Long-term borrowings     162     161   641     642
Total interest expense     571     767   2,662     3,255
 
Net interest income 3,433 3,061 12,620 12,562
 
Provision for credit losses 260 100 260 250
               
Net interest income after provision for credit losses     3,173     2,961   12,360     12,312
 
Other income
Service charges on deposit accounts 163 159 596 575
Other fees and commissions 214 214 826 817
Other non-interest income 1 6 - 20
Income on life insurance 59 62 234 247
Gains on investment securities     71     45   345     163
Total other income     508     486   2,001     1,822
 
Other expenses
Salaries and employee benefits 1,705 1,694 6,753 6,812
Impairment of securities - - 15 -
Occupancy 197 214 786 804
Other expenses     965     778   3,559     3,179
Total other expenses     2,867     2,686   11,113     10,795
 
Income before income taxes 814 761 3,248 3,339
 
Income tax expense     164     152   634     674
 
Net income   $ 650   $ 609 $ 2,614   $ 2,665
 
Net income per share of common stock   $ 0.23   $ 0.23 $ 0.95   $ 0.98
 
Weighted-average shares of common stock outstanding     2,747,098     2,733,533   2,742,003     2,728,072
 




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