Glen Burnie Bancorp Releases 2Q Earnings

Business Wirevia The Motley Fool
Updated

Glen Burnie Bancorp Releases 2Q Earnings

GLEN BURNIE, Md.--(BUSINESS WIRE)-- Glen Burnie Bancorp (NAS: GLBZ) , parent company of The Bank of Glen Burnie, today announced results for the second quarter.

For the three month period ended June 30, 2013, Glen Burnie Bancorp realized net income of $640,000 or $0.24 basic earnings per share. The company reported net income of $656,000 or $0.24 basic earnings per share for the same three month period in 2012. Net interest income after provisions for credit losses was $3,009,000 for the three month period ended June 30, 2013. The company reported net interest income after provisions for credit losses of $3,098,000 for the same period in 2012.


Net income for the six months ended June 30, 2013 was $1,169,000 or $0.43 basic earnings per share as compared to $1,386,000 or $0.51 basic earnings per share for the same period in 2012. Net interest income after provisions for credit losses for the six months ended June 30, 2013 was $5,922,000 as compared to $6,306,000 for the same period in 2012.

On July 8, 2013, Glen Burnie Bancorp paid its 84th consecutive dividend to shareholders of record at the close of business on June 27, 2013. The company had 2,740,319 common shares outstanding with approximately 410 shareholders of record on June 13, 2013.

"We continue to show a profit in this challenging low rate environment by continuing to make loans and controlling expenses." said Michael G. Livingston, President and CEO.

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie®, currently maintains consolidated assets totaling more than $383 million. Founded in 1949, The Bank of Glen Burnie® is a locally-owned community bank with eight branch offices serving Anne Arundel County. (www.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)

June

December

30, 2013

31, 2012

Assets

Cash and due from banks

$

7,618

$

9,332

Interest bearing deposits

62

6,627

Federal funds sold

312

2,669

Investment securities

100,192

100,490

Loans, net of allowance

254,185

249,632

Premises and equipment at cost, net of accumulated depreciation

3,776

3,873

Other real estate owned

328

478

Other assets

15,712

14,337

Total assets

$

382,185

$

387,438

Liabilities and Stockholders' Equity

Liabilities:

Deposits

$

329,080

$

332,289

Long-term borrowings

20,000

20,000

Other liabilities

1,467

1,561

Total liabilities

350,547

353,850

Stockholders' equity:

Common stock, par value $1, authorized 15,000,000 shares;

issued and outstanding June 30, 2013 2,740,319;

December 31, 2012 2,736,978 shares

2,740

2,737

Surplus

9,640

9,605

Retained earnings

19,404

18,783

Accumulated other comprehensive gain, net of tax benefits

(146

)

2,463

Total stockholders' equity

31,638

33,588

Total liabilities and stockholders' equity

$

382,185

$

387,438

Glen Burnie Bancorp and Subsidiaries

Condensed Consolidated Statements of Income

(dollars in thousands, except per share amounts)

Three Months Ended

Six Months Ended

June 30,

June 30,

(unaudited)

(unaudited)

2013

2012

2013

2012

Interest income on

Loans, including fees

$

3,048

$

3,255

$

6,051

$

6,619

U.S. Government agency securities

215

211

402

465

State and municipal securities

426

438

844

855

Other

19

24

41

45

Total interest income

3,708

3,928

7,338

7,984

Interest expense on

Deposits

539

670

1,098

1,358

Short-term borrowings

-

1

-

1

Long-term borrowings

160

159

318

319

Total interest expense

699

830

1,416

1,678

Net interest income

3,009

3,098

5,922

6,306

Provision for credit losses

-

-

-

-

Net interest income after provision for credit losses

3,009

3,098

5,922

6,306

Other income

Service charges on deposit accounts

132

132

270

275

Other fees and commissions

186

191

361

378

Other non-interest income

4

4

10

9

Income on life insurance

58

62

116

122

Gains on investment securities

122

33

124

56

Total other income

502

422

881

840

Other expenses

Salaries and employee benefits

1,673

1,726

3,328

3,458

Occupancy

195

200

397

397

Other expenses

855

789

1,683

1,546

Total other expenses

2,723

2,715

5,408

5,401

Income before income taxes

788

805

1,395

1,745

Income tax expense

148

149

226

359

Net income

$

640

$

656

$

1,169

$

1,386

Net income per share of common stock

$

0.24

$

0.24

$

0.43

$

0.51

Weighted-average shares of common stock outstanding

2,740,132

2,726,428

2,740,132

2,724,423

anImage
anImage



Glen Burnie Bancorp
Yvonne "Rie" Atkinson
410-768-8857 (office)
ratkinson@bogb.net

KEYWORDS: United States North America District of Columbia Maryland

INDUSTRY KEYWORDS:

The article Glen Burnie Bancorp Releases 2Q Earnings originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Advertisement