GLEN BURNIE, Md., Oct. 26, 2016 (GLOBE NEWSWIRE) -- 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 | ||||||||||