UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): August 8, 2014
GLEN BURNIE BANCORP
(Exact name of registrant as specified in its charter)
Maryland | 0-24047 | 52-1782444 |
(State or Other Jurisdiction | (Commission File Number) | (IRS Employer |
of Incorporation) | Identification No.) |
101 Crain Highway, S.E., Glen Burnie, Maryland 21061
(Address of Principal Executive Offices)
Registrant’s telephone number, including area code: (410) 766-3300
Inapplicable
(Former Name or Former Address if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
INFORMATION TO BE INCLUDED IN THE REPORT
Item 2.02. Results of Operations and Financial Condition.
On August 8, 2014, Glen Burnie Bancorp (the “Company”) announced its results of operations for its fiscal quarter ended June 30, 2014. A copy of the Company’s press release announcing such results dated August 8, 2014 is attached hereto as Exhibit 99.1. This Form 8-K and the attached exhibit are furnished to, but not filed with, the Securities and Exchange Commission (“SEC”) and shall not be deemed to be incorporated by reference into any of the Company’s filings with the SEC under the Securities Act of 1933.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits
The following exhibits are filed herewith:
Exhibit No.
99.1 Press Release dated August 8, 2014
GLEN BURNIE BANCORP | |||
(Registrant) | |||
Date: August 11, 2014 | By: |
/s/ Michael G. Livingston
|
|
Michael G. Livingston | |||
Chief Executive Officer |
Exhibit 99.1
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|
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 2Q EARNINGS
GLEN BURNIE, MD (August 8, 2014) – Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie, today announced results for the second quarter.
For the three month period ended June 30, 2014, Glen Burnie Bancorp realized net income of $435,000 or $0.16 basic earnings per share. The company reported net income of $640,000 or $0.24 basic earnings per share for the same three month period in 2013. Net interest income after provisions for credit losses was $2,820,000 for the three month period ended June 30, 2014. The company reported net interest income after provisions for credit losses of $3,009,000 for the same period in 2013.
Net income for the six months ended June 30, 2014 was $908,000 or $0.33 basic earnings per share as compared to $1,169,000 or $0.43 basic earnings per share for the same period in 2013. Net interest income after provisions for credit losses for the six months ended June 30, 2014 was $5,869,000 as compared to $5,922,000 for the same period in 2013.
On July 9, 2014, Glen Burnie Bancorp paid its 88th consecutive dividend to shareholders of record at the close of business on June 27, 2014. The company had 2,754,304 common shares outstanding with approximately 403 shareholders of record on June 12, 2014.
“While loans grew this quarter, we experienced a decline in yields as a result of the lingering effects of the recession. In addition, our loan growth required us to increase funding to the loan loss reserve. We are pleased that the Bank continues to be profitable and recently paid our 88th consecutive quarterly dividend.” 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 $400 million. Founded in 1949, The Bank of Glen Burnie® is a locally-owned community bank with eight branch offices serving Anne Arundel County. (thebankofglenburnie.com)
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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, 2014 | 31, 2013 | ||||
Assets | |||||
Cash and due from banks | $ | 9,499 | $ | 9,214 | |
Interest bearing deposits | 4,651 | 1,636 | |||
Federal funds sold | 2,415 | 103 | |||
Investment securities | 83,760 | 74,314 | |||
Loans, net of allowance | 281,282 | 270,684 | |||
Premises and equipment at cost, net of accumulated depreciation | 3,736 | 3,697 | |||
Other real estate owned | 163 | 1,171 | |||
Other assets | 15,056 | 16,375 | |||
Total assets | $ | 400,562 | $ | 377,194 | |
Liabilities and Stockholders' Equity | |||||
Liabilities: | |||||
Deposits | $ | 345,087 | $ | 323,803 | |
Long-term borrowings | 20,000 | 20,000 | |||
Other liabilities | 1,626 | 1,807 | |||
Total liabilities | 366,713 | 345,610 | |||
Stockholders' equity: | |||||
Common stock, par value $1, authorized 15,000,000 shares; | |||||
issued and outstanding June 30, 2014 2,754,305; | |||||
December 31, 2013 2,747,370 shares | 2,754 | 2,747 | |||
Surplus | 9,786 | 9,714 | |||
Retained earnings | 20,658 | 20,301 | |||
Accumulated other comprehensive loss, net of tax benefits | 651 | (1,178 | ) | ||
Total stockholders' equity | 33,849 | 31,584 | |||
Total liabilities and stockholders' equity | $ | $400,562 | $ | 377,194 |
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) | ||||||||
2014 | 2013 | 2014 | 2013 | ||||||
Interest income on | |||||||||
Loans, including fees | $ | 3,023 | $ 3,048 | $ | 6,129 | $ | 6,051 | ||
U.S. Government agency securities | 175 | 215 | 391 | 402 | |||||
State and municipal securities | 339 | 426 | 669 | 844 | |||||
Other | 23 | 19 | 46 | 41 | |||||
Total interest income | 3,560 | 3,708 | 7,235 | 7,338 | |||||
Interest expense on | |||||||||
Deposits | 468 | 539 | 898 | 1,098 | |||||
Long-term borrowings | 160 | 160 | 318 | 318 | |||||
Total interest expense | 628 | 699 | 1,216 | 1,416 | |||||
Net interest income | 2,932 | 3,009 | 6,019 | 5,922 | |||||
Provision for credit losses | 112 | - | 150 | - | |||||
Net interest income after provision for credit losses | 2,820 | 3,009 | 5,869 | 5,922 | |||||
Other income | |||||||||
Service charges on deposit accounts | 113 | 132 | 237 | 270 | |||||
Other fees and commissions | 190 | 186 | 361 | 361 | |||||
Other non-interest income | 10 | 4 | 14 | 10 | |||||
Income on life insurance | 56 | 58 | 111 | 116 | |||||
Gains on investment securities | 141 | 122 | 220 | 124 | |||||
Total other income | 510 | 502 | 943 | 881 | |||||
Other expenses | |||||||||
Salaries and employee benefits | 1,669 | 1,673 | 3,346 | 3,328 | |||||
Occupancy | 205 | 195 | 427 | 397 | |||||
Other expenses | 958 | 855 | 1,974 | 1,683 | |||||
Total other expenses | 2,832 | 2,723 | 5,747 | 5,408 | |||||
Income before income taxes | 498 | 788 | 1,065 | 1,395 | |||||
Income tax expense | 63 | 148 | 157 | 226 | |||||
Net income | $ | 435 | $ | 640 | $ | 908 | $ | 1,169 | |
Net income per share of common stock | $ | 0.16 | $ | 0.24 | $ | 0.33 | $ | 0.43 | |
Weighted-average shares of common stock outstanding | 2,754,079 | 2,740,132 | 2,753,943 | 2,740,132 |
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