Glen Burnie Bancorp Releases 3Q 2016 Earnings

Wednesday, October 26, 2016 1:40 PM UTC

GLEN BURNIE, Md., Oct. 26, 2016 -- Glen Burnie Bancorp (NASDAQ:GLBZ), parent company of The Bank of Glen Burnie, today announced results for the third quarter.

The company realized net income of $115,000 or $0.04 basic earnings per share in the quarter ended September 30, 2016 as compared to net income of $8,000 or $0.00 basic earnings per share for the same period in 2015.

Net interest income after provision for credit losses was $2,676,000 as compared to $1,823,000 in 2015. Total assets were $392,152,000 as of September 30, 2016 compared to $390,580,000 at December 31, 2015. Loans, net of allowance, were $257,779,000 as of September 30, 2016 compared to $259,637,000 at December 31, 2015. Deposits were $335,669,000 as of September 30, 2016 compared to $335,191,000 at December 31, 2015.

“As we continue to focus on increasing our net interest income after provision for credit losses and improve our efficiencies; the third quarter had mixed results, mostly due to non-recurring costs, including the severance cost related to the elimination of the COO position,” said John D. Long, President and Chief Executive Officer. “The Company had a solid third quarter as we continued to improve our credit quality and experienced increased loan origination volumes during the quarter. We remain committed to serving the needs of the community and have instituted a new, competitively priced home equity loan program designed to meet the financial needs our community.”

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)
	September			December
		30, 2016			31, 2015
Assets

Cash and due from banks	$	9,003		$	7,493
Interest bearing deposits		825			2,308
Federal funds sold		6,848			2,570
Investment securities		98,532			98,790
Loans, net of allowance		257,779			259,637
Premises and equipment at cost, net of accumulated depreciation		3,291			3,369
Other real estate owned		0			74
Other assets		15,874			16,339
Total assets	$	392,152		$	390,580


Liabilities and Stockholders' Equity


Liabilities:
Deposits	$	335,669		$	335,191
Long-term borrowings		20,000			20,000
Other liabilities		1,522			1,213
Total liabilities		357,191			356,404


Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding September 30, 2016 2,783,111; December 31, 2015 2,773,361 shares		2,783			2,773
Surplus		10,097			9,986
Retained earnings		21,591			21,718
Accumulated other comprehensive loss, net of tax benefits		490			(301	)
Total stockholders' equity		34,961			34,176

Total liabilities and stockholders' equity	$	392,152		$	390,580


Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	(unaudited)						(unaudited)
		2016			2015			2016		2015

Interest income on
Loans, including fees	$	2,795		$	2,894		$	8,380	$	8,701
U.S. Treasury securities		9			19			27		70
U.S. Government agency securities		247			192			765		566
State and municipal securities		236			260			675		836
Other		31			31			91		77
Total interest income		3,318			3,396			9,938		10,250

Interest expense on
Deposits		364			427			1,133		1,336
Long-term borrowings		162			161			481		479
Total interest expense		526			588			1,614		1,815

Net interest income		2,792			2,808			8,324		8,435

Provision for credit losses		116			985			233		1,285

Net interest income after provision for credit losses		2,676			1,823			8,091		7,150

Other income
Service charges on deposit accounts		83			113			247		320
Other fees and commissions		191			234			521		585
Other non-interest income		21			61			44		501
Income on life insurance		54			55			161		164
Gains on investment securities		-			200			1		669
Total other income		349			663			974		2,239

Other expenses
Salaries and employee benefits		1,743			1,552			4,782		4,895
Occupancy		184			190			562		595
Other expenses		1,038			913			2,992		2,853
Total other expenses		2,965			2,655			8,336		8,343

Income before income taxes		60			(169	)		729		1,046

Income tax expense		(55	)		(177	)		23		140

Net income	$	115		$	8		$	706	$	906

Net income per share of common stock	$	0.04		$	0.00		$	0.25	$	0.33

Weighted-average shares of common stock outstanding		2,782,923			2,770,897			2,781,371		2,770,644

Contact: John Wright, Executive Vice President & CFO
Email: [email protected]
Phone: 410-768-8883

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Glen Burnie Bancorp Releases 3Q 2016 Earnings

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