Exhibit 99.1
 
(LOGO)
 
GLEN BURNIE BANCORP ANNOUNCES
2014 4Q EARNINGS AND END YEAR
EARNINGS
 
GLEN BURNIE, MD (March 6, 2015) – Glen Burnie Bancorp (NASDAQ: GLBZ), parent com- pany of The Bank of Glen Burnie®, today reported fourth quarter and year end earnings for 2014.
 
For the quarter ended December 31, 2014, the company realized net income of $480,000 or $0.17 basic and diluted earnings per share as compared to net income of $650,000 or $0.23 basic and diluted earnings per share for the same period in 2013. Net interest income after pro- visions for credit losses for the fourth quarter of 2014 was $2,229,000 compared to $3,173,000 for the same three-month period in 2013.
 
Net income for the year ended December 31, 2014 was $1,914,000 or $0.69 basic and diluted earnings per share as compared to net income of $2,614,000 or $0.95 basic and diluted earn- ings per share in 2013. Net interest income after provisions for credit losses for the year ended December 31, 2014 was $10,965,000 as compared to $12,360,000 in 2013. Assets as of De- cember 31, 2014 were $394,629,000 as compared to $377,194,000 as of December 31, 2013.
 
2014 Performance Highlights:
 
1.22 % increase in loans, net of allowance
 
33.43 % increase in other income
 
4.65 % increase in total deposits
 
Michael G. Livingston, President and Chief Executive Officer, stated “We continue to operate in an environment of a weak economic recovery and low interest rates, and despite these chal- lenges the bank maintained profitability and was able to sustain dividend levels.”
 
On January 8, 2015, Glen Burnie Bancorp paid its 90th consecutive dividend to shareholders of record at the close of business on December 29, 2014.
 
 
Glen Burnie Bancorp, parent company to The Bank of Glen Burnie®, currently maintains consolidated assets totaling more than $394 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.
 
Contact: Michael G. Livingston, President & CEO
Phone: 410-768-8858
Email: MGLivingston@bogb.net
 
 
 
 
 

 


Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Balance Sheets
(dollars in thousands)

   
(audited)
   
(audited)
 
   
December
   
December
 
     31, 2014      31, 2013  
Assets
               
                 
Cash and due from banks
  $ 7,101     $ 9,215  
Interest bearing deposits
    2,155       1,636  
Federal funds sold
    4,024       103  
Investment securities
    87,993       74,314  
Loans, net of allowance
    273,986       270,684  
Premises and equipment at cost, net of accumulated depreciation
    3,671       3,697  
Other real estate owned
    45       1,171  
Other assets
    15,654       16,374  
          Total assets
  $ 394,629     $ 377,194  
                 
Liabilities and Stockholders’ Equity
               
                 
          Liabilities:
               
Deposits
  $ 338,877     $ 323,803  
Long-term borrowings
    20,000       20,000  
Other liabilities
    1,922       1,807  
          Total liabilities
    360,799       345,610  
                 
          Stockholders’ equity:
               
Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding December 31, 2014 2,760,964; December 31, 2013  2,747,370 shares
    2,761       2,747  
Surplus
    9,854       9,714  
Retained earnings
    21,112       20,301  
Accumulated other comprehensive loss, net of tax benefits
    103       (1,178 )
          Total stockholders’ equity
    33,830       31,584  
                 
          Total liabilities and stockholders’ equity
  $ 394,629     $ 377,194  

 
 

 

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)
 
   
2014
   
2013
   
2014
   
2013
 
                         
Interest income on
                       
   Loans, including fees
  $ 12,318     $ 3,371     $ 12,318     $ 12,673  
   U.S. Treasury securities
    28       -       28       -  
   U.S. Government agency securities
    723       228       723       871  
   State and municipal securities
    1,357       384       1,357       1,657  
   Other
    94       21       94       81  
          Total interest income
    14,520       4,004       14,520       15,282  
                                 
Interest expense on
                               
   Deposits
    1,893       405       1,893       2,014  
   Short-term borrowings
    -       4       -       7  
   Long-term borrowings
    641       162       641       641  
          Total interest expense
    2,534       571       2,534       2,662  
                                 
          Net interest income
    11,986       3,433       11,986       12,620  
                                 
Provision for credit losses
    1,021       260       1,021       260  
 
                               
          Net interest income after provision for credit losses
    10,965       3,173       10,965       12,360  
                                 
Other income
                               
   Service charges on deposit accounts
    464       163       464       596  
   Other fees and commissions
    807       214       807       826  
   Other non-interest income
    19       1       19       -  
   Income on life insurance
    224       59       224       234  
   Gains on investment securities
    1,156       71       1,156       345  
          Total other income
    2,670       508       2,670       2,001  
                                 
Other expenses
                               
   Salaries and employee benefits
    6,632       1,705       6,632       6,753  
   Occupancy
    807       197       807       786  
   Impairment of securities and stocks
    -       -       -       15  
   Other expenses
    3,973       965       3,973       3,559  
          Total other expenses
    11,412       2,867       11,412       11,113  
                                 
Income before income taxes
    2,223       814       2,223       3,248  
                                 
Income tax expense
    309       164       309       634  
                                 
Net income
  $ 1,914     $ 650     $ 1,914     $ 2,614  
                                 
Net income per share of common stock
  $ 0.69     $ 0.23     $ 0.69     $ 0.95  
                                 
Weighted-average shares of common stock outstanding
    2,760,662       2,747,098       2,755,671       2,742,003  

 

 


The following information was filed by Glen Burnie Bancorp (GLBZ) on Friday, March 6, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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