Glen Burnie Bancorp Releases 1Q 2013 Earnings
Glen Burnie Bancorp Releases 1Q 2013 Earnings
GLEN BURNIE, Md.--(BUSINESS WIRE)-- Glen Burnie Bancorp (NAS: GLBZ) , parent company of The Bank of Glen Burnie, today announced results for the first quarter.
The company realized net income of $529,000 or $0.19 basic earnings per share in the quarter ended March 31, 2013 as compared to net income of $730,000 or $0.27 basic earnings per share for the same period in 2012.
Net interest income after provision for credit losses in the first quarter was $2,913,000 as compared to $3,208,000 in 2012. Total assets were $388,867,000 as of March 31, 2013 compared to $387,438,000 at December 31, 2012. Deposits were $334,141,000 as of March 31, 2013 compared to $332,289,000 at December 31, 2012.
"We continue to see loan demand; however earnings continue to be impacted by a compressed net interest margin as a result of the current low interest rate environment we now operate in," said Michael G. Livingston, President and Chief Executive Officer.
On April 5, 2013 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 29, 2013 marking the company's 83rd consecutive dividend.
Glen Burnie Bancorp will host its Annual Meeting of Stockholders on Thursday, May 9th at the bank's Glen Burnie Branch in Glen Burnie, Maryland. Registration opens at 2:00 p.m. and the meeting will begin at 2:30 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, 2013 | 31, 2012 | |||||
Assets | ||||||
Cash and due from banks | $7,530 | $9,332 | ||||
Interest bearing deposits | 6,663 | 6,627 | ||||
Federal funds sold | 444 | 2,669 | ||||
Investment securities | 103,298 | 100,490 | ||||
Loans, net of allowance | 252,070 | 249,632 | ||||
Premises and equipment at cost, net of accumulated depreciation | 3,874 | 3,873 | ||||
Other real estate owned | 412 | 478 | ||||
Other assets | 14,576 | 14,337 | ||||
Total assets | $388,867 | $387,438 | ||||
Liabilities and Stockholders' Equity | ||||||
Liabilities: | ||||||
Deposits | $334,141 | $332,289 | ||||
Long-term borrowings | 20,000 | 20,000 | ||||
Other liabilities | 1,292 | 1,561 | ||||
Total liabilities | 355,433 | 353,850 | ||||
Stockholders' equity: | ||||||
Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding March 31, 2013 2,736,978; December 31, 2012 2,736,978 shares | 2,737 | 2,737 | ||||
Surplus | 9,605 | 9,605 | ||||
Retained earnings | 19,038 | 18,783 | ||||
Accumulated other comprehensive gain, net of tax benefits | 2,054 | 2,463 | ||||
Total stockholders' equity | 33,434 | 33,588 | ||||
Total liabilities and stockholders' equity | $388,867 | $387,438 | ||||
Glen Burnie Bancorp and Subsidiaries | ||||||
Condensed Consolidated Statements of Income | ||||||
(dollars in thousands, except per share amounts) | ||||||
Three Months Ended | ||||||
March 31, | ||||||
(unaudited) | ||||||
2013 | 2012 | |||||
Interest income on | ||||||
Loans, including fees | $ 3,003 | $ 3,364 | ||||
U.S. Government agency securities | 187 | 254 | ||||
State and municipal securities | 418 | 417 | ||||
Other | 22 | 21 | ||||
Total interest income | 3,630 | 4,056 | ||||
Interest expense on | ||||||
Deposits | 559 | 688 | ||||
Long-term borrowings | 158 | 160 | ||||
Total interest expense | 717 | 848 | ||||
Net interest income | 2,913 | 3,208 | ||||
Provision for credit losses | - | - | ||||
Net interest income after provision for credit losses | 2,913 | 3,208 | ||||
Other income | ||||||
Service charges on deposit accounts | 138 | 143 | ||||
Other fees and commissions | 175 | 187 | ||||
Other non-interest income | 6 | 5 | ||||
Income on life insurance | 58 | 60 | ||||
Gains on investment securities | 2 | 23 | ||||
Total other income | 379 | 418 | ||||
Other expenses | ||||||
Salaries and employee benefits | 1,655 | 1,732 | ||||
Occupancy | 202 | 197 | ||||
Other expenses | 828 | 757 | ||||
Total other expenses | 2,685 | 2,686 | ||||
Income before income taxes | 607 | 940 | ||||
Income tax expense | 78 | 210 | ||||
Net income | $529 | $730 | ||||
Net income per share of common stock | $0.19 | $0.27 | ||||
Weighted-average shares of common stock outstanding | 2,736,978 | 2,722,419 | ||||
Glen Burnie Bancorp
Yvonne "Rie" Atkinson
410-768-8857 (office)
ratkinson@bogb.net
KEYWORDS: United States North America District of Columbia Maryland
INDUSTRY KEYWORDS:
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