GLEN BURNIE, Md., March 06, 2017 (GLOBE NEWSWIRE) -- Glen Burnie Bancorp (NASDAQ:GLBZ), parent company of The Bank of Glen Burnie®, today reported fourth quarter and year-end earnings for 2016.
For the quarter ended December 31, 2016, the company realized net income of $395,000 or $0.15 basic and diluted earnings per share as compared to net income of $447,000 or $0.16 basic and diluted earnings per share for the same period in 2015. Net interest income after provision for credit losses for the fourth quarter of 2016 was $2,199,000 compared to $2,370,000 for the same three-month period in 2015.
Net income for the year ended December 31, 2016 was $1,101,000 or $0.40 basic and diluted earnings per share as compared to net income of $1,353,000 or $0.49 basic and diluted earnings per share in 2015. Net interest income after provision for credit losses for the year ended December 31, 2016 was $10,290,000 as compared to $9,520,000 in 2015. Assets at December 31, 2016 were $388,432,000 as compared to $390,580,000 at December 31, 2015. Net loans were $262,574,000 at December 31, 2016, up from net loans of $ 259,637,000 at December 31, 2015.
John D. Long, President and Chief Executive Officer, stated, “As we continue to focus on increasing our net interest income after provision for credit losses and improve our efficiencies, the fourth quarter 2016 had mixed results in this area. This is mostly due to an added provision for losses totaling $236,000 on one residential loan. Despite this added provision, the Company had a solid fourth quarter as we continued to grow loans, improve our credit quality and experience increased loan origination volumes during the quarter.”
“Our December 31, 2015 net income included net gains from sales of securities of $1,038,000, as compared to only $2,000 from the sales of securities for the year ended December 31, 2016,” continued Mr. Long. “Therefore, on an operating basis, we show improved results. During the year ended December 31, 2016, we made several strategic cost savings moves that negatively affected the results for the year but we anticipate we will improve our operational efficiencies in the years going forward. We believe that we continue to be a sound, conservatively run financial institution, and we remain profitable and well-capitalized. We continue to be actively engaged with the communities we serve, providing loans and banking services to meet their financial needs.”
Glen Burnie Bancorp, parent company to The Bank of Glen Burnie®, currently maintains consolidated assets totaling more than $388 million. Founded in 1949, The Bank of Glen Burnie® is a 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) | ||||||||||||||
| (audited) | (audited) | |||||||||||||
| December | December | |||||||||||||
| 31, 2016 | 31, 2015 | |||||||||||||
| Assets | ||||||||||||||
| Cash and due from banks | $ | 6,946 | $ | 7,493 | ||||||||||
| Interest bearing deposits | 479 | 2,308 | ||||||||||||
| Federal funds sold | 3,197 | 2,570 | ||||||||||||
| Investment securities | 94,607 | 98,790 | ||||||||||||
| Loans, net of allowance | 262,574 | 259,637 | ||||||||||||
| Premises and equipment at cost, net of accumulated depreciation | 3,323 | 3,369 | ||||||||||||
| Other real estate owned | 114 | 74 | ||||||||||||
| Other assets | 17,192 | 16,339 | ||||||||||||
| Total assets | $ | 388,432 | $ | 390,580 | ||||||||||
| Liabilities and Stockholders' Equity | ||||||||||||||
| Liabilities: | ||||||||||||||
| Deposits | $ | 333,237 | $ | 335,191 | ||||||||||
| Long-term borrowings | 20,000 | 20,000 | ||||||||||||
| Other liabilities | 1,381 | 1,213 | ||||||||||||
| Total liabilities | 354,618 | 356,404 | ||||||||||||
| Stockholders' equity: | ||||||||||||||
| Common stock, par value $1, authorized 15,000,000 shares; | ||||||||||||||
| issued and outstanding December 31, 2016 2,786,855; | ||||||||||||||
| December 31, 2015 2,773,361 shares | 2,787 | 2,773 | ||||||||||||
| Surplus | 10,130 | 9,986 | ||||||||||||
| Retained earnings | 21,707 | 21,718 | ||||||||||||
| Accumulated other comprehensive loss, net of tax benefits | (810 | ) | (301 | ) | ||||||||||
| Total stockholders' equity | 33,814 | 34,176 | ||||||||||||
| Total liabilities and stockholders' equity | $ | 388,432 | $ | 390,580 | ||||||||||
| Glen Burnie Bancorp and Subsidiaries | ||||||||||||||
| Condensed Consolidated Statements of Income | ||||||||||||||
| (dollars in thousands, except per share amounts) | ||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||
| December 31, | December 31, | |||||||||||||
| (unaudited) | (audited) | |||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||
| Interest income on | ||||||||||||||
| Loans, including fees | $ | 2,810 | $ | 2,876 | $ | 11,190 | $ | 11,577 | ||||||
| U.S. Treasury securities | 6 | 10 | 33 | 80 | ||||||||||
| U.S. Government agency securities | 261 | 179 | 1,026 | 745 | ||||||||||
| State and municipal securities | 238 | 245 | 913 | 1,081 | ||||||||||
| Other | 28 | 46 | 119 | 123 | ||||||||||
| Total interest income | 3,343 | 3,356 | 13,281 | 13,606 | ||||||||||
| Interest expense on | ||||||||||||||
| Deposits | 348 | 414 | 1,481 | 1,750 | ||||||||||
| Long-term borrowings | 161 | 162 | 642 | 641 | ||||||||||
| Total interest expense | 509 | 576 | 2,123 | 2,391 | ||||||||||
| Net interest income | 2,834 | 2,780 | 11,158 | 11,215 | ||||||||||
| Provision for credit losses | 635 | 410 | 868 | 1,695 | ||||||||||
| Net interest income after provision for credit losses | 2,199 | 2,370 | 10,290 | 9,520 | ||||||||||
| Other income | ||||||||||||||
| Service charges on deposit accounts | 76 | 123 | 323 | 443 | ||||||||||
| Other fees and commissions | 284 | 210 | 805 | 795 | ||||||||||
| Other non-interest income | 241 | 12 | 285 | 513 | ||||||||||
| Income on life insurance | 54 | 55 | 215 | 219 | ||||||||||
| Gains on investment securities | 1 | 369 | 2 | 1,038 | ||||||||||
| Total other income | 656 | 769 | 1,630 | 3,008 | ||||||||||
| Other expenses | ||||||||||||||
| Salaries and employee benefits | 1,430 | 1,596 | 6,212 | 6,491 | ||||||||||
| Occupancy | 183 | 183 | 745 | 778 | ||||||||||
| Other expenses | 953 | 808 | 3,945 | 3,661 | ||||||||||
| Total other expenses | 2,566 | 2,587 | 10,902 | 10,930 | ||||||||||
| Income before income taxes | 289 | 552 | 1,018 | 1,598 | ||||||||||
| Income tax expense | (106 | ) | 105 | (83 | ) | 245 | ||||||||
| Net income | $ | 395 | $ | 447 | $ | 1,101 | $ | 1,353 | ||||||
| Net income per share of common stock | $ | 0.15 | $ | 0.16 | $ | 0.40 | $ | 0.49 | ||||||
| Weighted-average shares of common stock outstanding | 2,786,713 | 2,773,151 | 2,780,477 | 2,768,966 | ||||||||||