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Glen Burnie Bancorp Releases 1Q 2014 Earnings

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 $437,000 or $0.17 basic earnings per share in the quarter ended March 31, 2014 as compared to net income of $529,000 or $0.19 basic earnings per share for the same period in 2013.

Net interest income after provision for credit losses in the first quarter was $3,049,000 as compared to $2,913,000 in 2013. Total assets were $391,385,000 as of March 31, 2014 compared to $377,194,000 at December 31, 2013. Deposits were $336,923,000 as of March 31, 2014 compared to $323,803,000 at December 31, 2013. Loans, net of allowance, were $278,548,000 as of March 31, 2014 compared to $270,684,000 at December 31, 2013.

“The Bank has continued to experience loan demand which resulted in asset growth and we have also seen for the quarter a very positive trend in deposit growth,” said Michael G. Livingston, President and Chief Executive Officer. “The Bank continues to be profitable in this environment of low interest rates, which allowed us to pay our 87 th consecutive dividend.”

On April 7, 2014 Glen Burnie Bancorp paid a regular dividend of ten cents ($0.10) per share of common stock to shareholders of record at the close of business on March 28, 2014 marking the company’s 87 th consecutive dividend.

Glen Burnie Bancorp will host its Annual Meeting of Stockholders today 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)
March December
31, 2014     31, 2013
Assets
 
Cash and due from banks $8,237 $9,214
Interest bearing deposits 6,948 1,636
Federal funds sold 4,194 103
Investment securities 73,464 74,314
Loans, net of allowance 278,548 270,684
Premises and equipment at cost, net of accumulated depreciation 3,723 3,697
Other real estate owned 863 1,171
Other assets     15,408       16,375  
Total assets     $391,385       $377,194  
 
 
Liabilities and Stockholders' Equity
 
 
Liabilities:
Deposits $336,923 $323,803
Long-term borrowings 20,000 20,000
Other liabilities     1,466       1,807  
Total liabilities     358,389       345,610  
 
 
Stockholders' equity:

Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding March 31, 2014 2,750,876; December 31, 2013 2,747,370 shares
2,751 2,747
Surplus 9,750 9,714
Retained earnings 20,498 20,301
Accumulated other comprehensive loss, net of tax benefits     (3 )     (1,178 )
Total stockholders' equity     32,996       31,584  
 
Total liabilities and stockholders' equity     $391,385       $377,194  
 
 
Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)
 
Three Months Ended
March 31,
(unaudited)
2014     2013
 
Interest income on
Loans, including fees $3,106 $3,003
U.S. Government agency securities 216 187
State and municipal securities 330 418
Other     23       22  
Total interest income     3,675       3,630  
 
Interest expense on
Deposits 430 559
Long-term borrowings     158       158  
Total interest expense     588       717  
 
Net interest income 3,087 2,913
 
Provision for credit losses 38 -
                 
Net interest income after provision for credit losses     3,049       2,913  
 
Other income
Service charges on deposit accounts 124 138
Other fees and commissions 171 175
Other non-interest income 4 6
Income on life insurance 55 58
Gains on investment securities     79       2  
Total other income     433       379  
 
Other expenses
Salaries and employee benefits 1,677 1,655
Occupancy 222 202
Other expenses     1,016       828  
Total other expenses     2,915       2,685  
 
Income before income taxes 567 607
 
Income tax expense     94       78  
 
Net income     $473       $529  
 
Net income per share of common stock     $0.17       $0.19  
 
Weighted-average shares of common stock outstanding     2,750,603       2,736,978  
 

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