Glen Burnie Bancorp Announces First Quarter 2017 Results

| Source: Glen Burnie Bancorp Glen Burnie Bancorp

GLEN BURNIE, Md., May 08, 2017 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp (NASDAQ:GLBZ), the bank holding company for The Bank of Glen Burnie, announced today net income of $0.32 million, or $0.11 per basic and diluted common share for the quarter ended March 31, 2017 compared to net income of $0.28 million, or $0.10 per basic and diluted common share for the quarter ended March 31, 2016.  The Bank now has total assets of over $395 million and 8 branch locations in Anne Arundel County Maryland. The Bank of Glen Burnie is the oldest independent commercial bank in Anne Arundel County.

 “We are pleased with the Bank’s performance in the first quarter of 2017,” said John D. Long, President and Chief Executive Officer. “Management sees organic loan growth, attractive low-cost core deposit funding and improved operational efficiencies and cost savings. Our income before taxes of $0.35 million represents a $0.03 million increase over the $0.32 million reported for the first quarter in 2016 and a $0.06 million increase over the $0.29 million recorded for the quarter ended December 31, 2016. We remain strongly committed to serving the needs of the community through the development of new loan and deposit products designed to meet the financial needs our community.”

Specific highlights for the quarter include:

  • Total assets were $395 million at March 31, 2017 compared to $394 million at March 31, 2016 and $388 million at December 31, 2016.
     
  • Net loans were $267 million at March 31, 2017, an increase of 5% from $255 million at March 31, 2016, and an increase of 2% from $263 million at December 31, 2016.
     
  • Total deposits were $341 million at March 31, 2017, an increase of 1% from $339 million at March 31, 2016, and an increase of 2% from $333 million at December 31, 2016.
     
  • Net interest income for the three-month period ended March 31, 2017 totaled $2.8 million, unchanged from the $2.8 million for the same period in 2016.
     
  • Net interest margin for the three-month period ended March 31, 2017 was 3.07%, compared to 3.22% for the same period in 2016. The decline of the net interest margin is primarily driven by declining yields on earning assets, as the balances of lower yielding investment securities have continued to increase within the portfolio.
     
  • The provision for loan losses for the three-month period ended March 31, 2017 was $0.2 million, compared to $0.1 million for the same period of 2016. The increases for the 2017 period were primarily the result of increases in loan originations. As a result, the allowance for loan losses was $2.60 million at March 31, 2017, representing 0.96% of loans, compared to $2.31 million, or 0.90% of loans, at March 31, 2016 and $2.48 million, or 0.94% of total loans, at December 31, 2016.

Glen Burnie Bancorp Information

Glen Burnie Bancorp is a bank holding company headquartered in Glen Burnie, Maryland. Founded in 1949, The Bank of Glen Burnie® is a locally-owned community bank with 8 branch offices serving Anne Arundel County. The Bank is engaged in the commercial and retail banking business including the acceptance of demand and time deposits, and the origination of loans to individuals, associations, partnerships and corporations. The Bank’s real estate financing consists of residential first and second mortgage loans, home equity lines of credit and commercial mortgage loans. The Bank also originates automobile loans through arrangements with local automobile dealers. Additional information is available at www.thebankofglenburnie.com.

Forward-Looking Statements

The statements contained herein that are not 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. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. 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)
  
         
 March   March   
 31, 2017
 December 31, 2016  December
 (unaudited) 31, 2016
 (unaudited)  31, 2015
ASSETS        
Cash and due from banks$6,600  $6,946  $6,124  $7,494 
Interest bearing deposits 6,139   479   6,069   2,308 
Federal funds sold 4,591   3,197   8,425   2,570 
Cash and cash equivalents 17,330   10,622   20,618   12,372 
Investment securities 91,097   94,607   99,476   98,790 
Federal Home Loan Bank stock, at cost 1,198   1,200   1,200   1,203 
Maryland Financial Bank stock 30   30   30   30 
Loans, net of allowance for loan losses 267,105   262,574   254,791   259,637 
Premises and equipment, net 3,320   3,323   3,302   3,369 
Other real estate owned 114   114   201   74 
Cash value of life insurance 9,377   9,328   9,411   9,358 
Other assets 5,944   6,634   5,437   5,747 
Total Assets $395,515  $388,432  $394,466  $390,580 
         
         
LIABILITIES        
Deposits$340,574  $333,237  $339,055  $335,191 
Long-term borrowings 20,000   20,000   20,000   20,000 
Other liabilities 1,010   1,381   744   1,213 
Total Liabilities 361,584   354,618   359,799   356,404 
         
         
STOCKHOLDERS' EQUITY        
Common stock, par value $1, authorized 15,000,000 shares;        
issued and outstanding March 31, 2017 2,790,260;        
December 31, 2016  2,786,855 shares; 2,790   2,787   2,777   2,773 
March 31, 2006 2,776,566 and        
December 31, 2015 2,773,361 shares.        
Additional paid-in capital 10,164   10,130   10,036   9,986 
Retained earnings 21,745   21,707   21,723   21,718 
Accumulated other comprehensive (loss) income (768)  (810)  131   (302)
Total Stockholders' Equity 33,931   33,814   34,667   34,175 
         
Total Liabilities and Stockholders' Equity$395,515  $388,432  $394,466  $390,579 
         
         

 

GLEN BURNIE BANCORP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share amounts)
(Unaudited)
        
     Three Months Ended  
   March 31,  
   2017 2016  
        
Interest income:      
Loans, including fees$2,774 $2,835  
U.S. Treasury and U.S. Government agency securities 278  275  
State and municipal securities 241  213  
Other   31  28  
Total Interest Income 3,324  3,351  
        
Interest expense:      
Deposits  332  392  
Short-term borrowings 1  -  
Long-term borrowings 158  160  
Total Interest Expense 491  552  
        
Net Interest Income 2,833  2,799  
        
Provision for credit losses 195  117  
        
Net interest income after provision for loan losses 2,638  2,682  
        
Noninterest income:     
Service charges on deposit accounts 67  83  
Other fees and commissions 161  159  
Other non-interest income 18  12  
Income on life insurance 49  53  
Gains on investment securities 1  1  
Total noninterest income   296  308  
        
Noninterest expenses:     
Salaries and employee benefits 1,422  1,505  
Occupancy  206  198  
Other expenses  960  970  
Total noninterest expenses 2,588  2,673  
        
Income before income taxes 346  317  
Income tax expense  30  34  
        
Net income  $316 $283  
        
Basic and diluted net income per common share$0.11 $0.10  
        



            











    

        

        
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