8-K

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 7, 2015

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 7, 2015, Glen Burnie Bancorp (the “Company”) announced its results of operations for its fiscal quarter ended June 30, 2015. A copy of the Company’s press release announcing such results dated August 7, 2015 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 7, 2015

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		GLEN BURNIE BANCORP
		(Registrant)
Date: August 10, 2014	By:	/s/ Michael G. Livingston
		Michael G. Livingston
		Chief Executive Officer

EX-99.1

 Exhibit 99.1

 

GLEN BURNIE BANCORP
RELEASES 2Q 2015 EARNINGS

GLEN BURNIE, MD (August 7, 2015) – Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie, today announced results for the second quarter.

          The company realized net income of $518,000 or $0.19 basic earnings per share in the quarter ended June 30, 2015 as compared to net income of $435,000 or $0.16 basic earnings per share for the same period in 2014.

          Net interest income after provision for credit losses was $2,617,000 as compared to $2,820,000 in 2014. Total assets were $403,571,000 as of June 30, 2015 compared to $394,630,000 at December 31, 2014. Deposits were $348,603,000 as of June 30, 2015 compared to $338,877,000 at December 31, 2014. Loans, net of allowance, were $265,796,000 as of March 31, 2015 compared to $273,986,000 at December 31, 2014.

          “Despite the slowly recovering economy and increasing regulatory burdens, we continue to be profitable,” said Michael G. Livingston, President and Chief Executive Officer. “The low interest rates have negatively impacted core earnings; however, the Bank was able to take security gains as the investment portfolio was repositioned in anticipation of rising rates.”

          On June 12, 2015 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 June 29, 2015 marking the company’s 92nd consecutive dividend.

          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.

Contact: Michael Livingston, President & CEO 

Email: MGLivingston@bogb.net 

Phone: 410-768-8858

 

Glen Burnie	Crownsville	Linthicum	Odenton	Riviera Beach	Severn	Severna Park	New Cut
410-766-3300	410-923-2200	410-487-8500	410-674-2200	410-437-2070	410-551-2100	410-544-0270	410-766-5343

Glen Burnie Bancorp and Subsidiaries

Condensed Consolidated Balance Sheets

(dollars in thousands) 

	(unaudited)			(audited)
	June			December
	30, 2015			31, 2014
Assets
Cash and due from banks	$	8,155		$	7,101
Interest bearing deposits		1,890			2,155
Federal funds sold		334			4,024
Investment securities		107,509			87,993
Loans, net of allowance		265,796			273,986
Premises and equipment at cost, net of accumulated depreciation		3,584			3,671
Other real estate owned		45			45
Other assets		16,258			15,655
Total assets	$	403,571		$	394,630
Liabilities and Stockholders’ Equity
Liabilities:
Deposits	$	348,603		$	338,877
Long-term borrowings		20,000			20,000
Other liabilities		1,430			1,922
Total liabilities		370,033			360,799
Stockholders’ equity:
Common stock, par value $1, authorized 15,000,000 shares;
issued and outstanding June 30, 2015   2,767,798;
December 31, 2014  2,760,964 shares		2,768			2,761
Surplus		9,926			9,854
Retained earnings		21,458			21,113
Accumulated other comprehensive loss, net of tax benefits		(614	)		103
Total stockholders’ equity		33,538			33,831
Total liabilities and stockholders’ equity	$	403,571		$	394,630

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)
	2015		2014		2015		2014
Interest income on
Loans, including fees	$	2,864	$	3,023	$	5,807	$	6,129
U.S. Treasury securities		24		-		51		-
U.S. Government agency securities		191		175		374		391
State and municipal securities		274		339		576		669
Other		21		23		46		46
Total interest income		3,374		3,560		6,854		7,235
Interest expense on
Deposits		447		468		909		898
Long-term borrowings		160		160		318		318
Total interest expense		607		628		1,227		1,216
Net interest income		2,767		2,932		5,627		6,019
Provision for credit losses		150		112		300		150
Net interest income after provision for credit losses		2,617		2,820		5,327		5,869
Other income
Service charges on deposit accounts		102		113		207		237
Other fees and commissions		181		190		351		361
Other non-interest income		430		10		440		14
Income on life insurance		55		56		109		111
Gains on investment securities		270		141		469		220
Total other income		1,038		510		1,576		943
Other expenses
Salaries and employee benefits		1,675		1,669		3,343		3,346
Occupancy		191		205		405		427
Other expenses		1,003		958		1,940		1,974
Total other expenses		2,869		2,832		5,688		5,747
Income before income taxes		786		498		1,215		1,065
Income tax expense		268		63		317		157
Net income	$	518	$	435	$	898	$	908
Net income per share of common stock	$	0.19	$	0.16	$	0.32	$	0.33
Weighted-average shares of common stock outstanding		2,767,521		2,754,079		2,767,331		2,753,943