18:00 08.05.14
GLEN BURNIE, Md. --(BUSINESS WIRE)--
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 87th 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 87th 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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