EX-99.1 5 ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 
  N E W S R E L E A S E

 

 

FOR IMMEDIATE RELEASE

Contact: Yvonne “Rie” Atkinson

 410-768-8857 (office)

 ratkinson@bogb.net

 

GLEN BURNIE BANCORP RELEASES 1Q 2014 EARNINGS

GLEN BURNIE, MD (May 8, 2014) – Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie, today announced results for the first quarter.

 

The company realized net income of $437,000 or $0.17 basic earnings per share in the quarter ended March 31, 2014 as compared to net income of $529,000 or $0.19 basic earnings per share for the same period in 2013.

 

Net interest income after provision for credit losses in the first quarter was $3,049,000 as compared to $2,913,000 in 2013. Total assets were $391,385,000 as of March 31, 2014 compared to $377,194,000 at December 31, 2013. Deposits were $336,923,000 as of March 31, 2014 compared to $323,803,000 at December 31, 2013. Loans, net of allowance, were $278,548,000 as of March 31, 2014 compared to $270,684,000 at December 31, 2013.

 

“The Bank has continued to experience loan demand which resulted in asset growth and we have also seen for the quarter a very positive trend in deposit growth,” said Michael G. Livingston, President and Chief Executive Officer. “The Bank continues to be profitable in this environment of low interest rates, which allowed us to pay our 87th consecutive dividend.”

 

On April 7, 2014 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 28, 2014 marking the company’s 87th consecutive dividend.

 

Glen Burnie Bancorp will host its Annual Meeting of Stockholders today at the Bank’s Glen Burnie Branch in Glen Burnie, Maryland. Registration opens at 1:30 p.m. and the meeting will begin at 2:00 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, 2014     31, 2013  
Assets                
Cash and due from banks   $ 8,237     $ 9,214  
Interest bearing deposits     6,948       1,636  
Federal funds sold     4,194       103  
Investment securities     73,464       74,314  
Loans, net of allowance     278,548       270,684  
Premises and equipment at cost, net of accumulated depreciation     3,723       3,697  
Other real estate owned     863       1,171  
Other assets     15,408       16,375  
Total assets   $ 391,385     $ 377,194  
                 
Liabilities and Stockholders’ Equity                
                 
Liabilities:                
Deposits   $ 336,923     $ 323,803  
Long-term borrowings     20,000       20,000  
Other liabilities     1,466       1,807  
Total liabilities     358,389       345,610  
                 
Stockholders’ equity:                
Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding March 31, 2014 2,750,876; December 31, 2013 2,747,370 shares     2,751       2,747  
Surplus     9,750       9,714  
Retained earnings     20,498       20,301  
Accumulated other comprehensive loss, net of tax benefits     (3 )     (1,178 )
Total stockholders’ equity     32,996       31,584  
                 
Total liabilities and stockholders’ equity   $ 391,385     $ 377,194  

 

 
 

 

Glen Burnie Bancorp and Subsidiaries

Condensed Consolidated Statements of Income

(dollars in thousands, except per share amounts)

 

                 
    Three Months Ended  
    March 31,  
    (unaudited)  
    2014     2013  
Interest income on            
Loans, including fees   $ 3,106     $ 3,003  
U.S. Government agency securities     216       187  
State and municipal securities     330       418  
Other     23       22  
Total interest income     3,675       3,630  
                 

Interest expense on
Deposits

     430       559  
Long-term borrowings     158       158  
Total interest expense     588       717  
                 
Net interest income     3,087       2,913  
                 
Provision for credit losses     38       -  
                 
Net interest income after provision for credit losses     3,049       2,913  
                 
Other income                
Service charges on deposit accounts     124       138  
Other fees and commissions     171       175  
Other non-interest income     4       6  
Income on life insurance     55       58  
Gains on investment securities     79       2  
Total other income     433       379  
                 
Other expenses                
Salaries and employee benefits     1,677       1,655  
Occupancy     222       202  
Other expenses     1,016       828  
Total other expenses     2,915       2,685  
                 
Income before income taxes     567       607  
                 
Income tax expense     94       78  
                 
Net income   $ 473     $ 529  
                 
Net income per share of common stock   $ 0.17     $ 0.19  
                 
Weighted-average shares of common stock outstanding     2,750,603       2,736,978