Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - GLEN BURNIE BANCORP | v301665_8k.htm |
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NEWS RELEASE |
| FOR IMMEDIATE RELEASE |
| Contact: | Yvonne “Rie” Atkinson |
| 410-768-8857 (office) | |
| ratkinson@bogb.net |
Glen Burnie Bancorp Announces 2011 4Q and Year End Earnings
GLEN BURNIE, MD (February 9, 2012) – Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen BurnieÒ, today reported fourth quarter and year end earnings for 2010.
For the quarter ended December 31, 2011, the company realized net earnings of $756,000 or $0.28 per basic and diluted earnings per share as compared to net earnings of $655,000 or $0.24 basic and diluted earnings per share for the same period in 2010. Net interest income after provisions for credit losses for the fourth quarter of 2011 was $2,984,000 compared to $3,394,000 for the same three-month period in 2010.
Net income for the year ended December 31, 2011 was $2,993,093 or $1.10 per basic and diluted earnings per share as compared to net income of $2,064,785 or $0.76 per basic and diluted earnings per share in 2010. Net interest income after provisions for credit losses for the year ended December 31, 2011 was $12,786,385 as compared to $11,830,012 in 2010. Assets as of December 31, 2011 were $365,260,263 as compared to $347,067,276 as of December 31, 2010.
2011 Performance Highlights:
| · | 44.96% increase in net income | |
| · | 8.08% increase in net interest income after provisions for credit losses | |
| · | 18.52% increase in stockholder’s equity |
Michael G. Livingston, President and Chief Executive Officer, stated “We are pleased to announce our results for the quarter and year end.” Mr. Livingston added “The effort put forth by our team of employees yielded positive results, which included increased stockholder’s equity.”
Glen Burnie Bancorp declared four regular dividends in 2011, totaling forty cents ($0.40) per common share.
The Bank of Glen Burnie has been recommended by BAUER FINANCIAL Reports, Inc., the nation’s leading independent bank research firm, as Excellent or Superior rated for the past 45 consecutive quarters. This distinction denotes the highest levels of strength, safety and performance measured by Bauer and is based on factors such as capitalization, liquidity, loan delinquency rate and historical performance.
Glen Burnie Bancorp, parent company to The Bank of Glen BurnieÒ, currently maintains consolidated assets totaling more than $361 million. Founded in 1949, The Bank of Glen BurnieÒ is a community bank with eight branch offices serving Anne Arundel County. www.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) December | (audited) December | |||||||
| 31, 2011 | 31, 2010 | |||||||
| Assets | ||||||||
| Cash and due from banks | $ | 6,877 | $ | 6,492 | ||||
| Interest bearing deposits | 2,423 | 1,568 | ||||||
| Federal funds sold | 654 | 940 | ||||||
| Investment securities | 102,867 | 87,268 | ||||||
| Common Stock in the Glen Burnie Statutory Trust I | - | - | ||||||
| Loans, net of allowance | 232,734 | 229,851 | ||||||
| Premises and equipment at cost, net of accumulated depreciation | 4,108 | 4,124 | ||||||
| Other real estate owned | 1,111 | 215 | ||||||
| Other assets | 14,486 | 16,609 | ||||||
| Total assets | $ | 365,260 | $ | 347,067 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Liabilities: | ||||||||
| Deposits | $ | 311,945 | $ | 294,445 | ||||
| Short-term borrowings | 255 | 4,274 | ||||||
| Long-term borrowings | 20,000 | 20,000 | ||||||
| Junior subordinated debentures owed to unconsolidated subsidiary trust | - | - | ||||||
| Other liabilities | 1,849 | 2,015 | ||||||
| Total liabilities | 334,049 | 320,734 | ||||||
| Stockholders' equity: | ||||||||
| Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding December 31, 2011 2,717,909; December 31, 2010 2,702,091 shares | 2,718 | 2,702 | ||||||
| Surplus | 9,438 | 9,335 | ||||||
| Retained earnings | 17,209 | 15,301 | ||||||
| Accumulated other comprehensive loss, net of tax benefits | 1,846 | (1,005 | ) | |||||
| Total stockholders' equity | 31,211 | 26,333 | ||||||
| Total liabilities and stockholders' equity | $ | 365,260 | $ | 347,067 | ||||
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) | (unaudited) | (audited) | |||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Interest income on | ||||||||||||||||
| Loans, including fees | $ | 3,410 | $ | 3,555 | $ | 13,898 | $ | 14,646 | ||||||||
| U.S. Government agency securities | 328 | 421 | 1,488 | 1,916 | ||||||||||||
| State and municipal securities | 415 | 378 | 1,606 | 1,401 | ||||||||||||
| Other | 21 | 33 | 140 | 216 | ||||||||||||
| Total interest income | 4,174 | 4,387 | 17,132 | 18,179 | ||||||||||||
| Interest expense on | ||||||||||||||||
| Deposits | 740 | 830 | 3,038 | 3,697 | ||||||||||||
| Junior subordinated debentures | 0 | 0 | 0 | 648 | ||||||||||||
| Long-term borrowings | 162 | 162 | 641 | 953 | ||||||||||||
| Short-term borrowings | 0 | 1 | 4 | 1 | ||||||||||||
| Total interest expense | 902 | 993 | 3,683 | 5,299 | ||||||||||||
| Net interest income | 3,272 | 3,394 | 13,449 | 12,880 | ||||||||||||
| Provision for credit losses | 288 | 0 | 663 | 1,050 | ||||||||||||
| Net interest income after provision for credit losses | 2,984 | 3,394 | 12,786 | 11,830 | ||||||||||||
| Other income | ||||||||||||||||
| Service charges on deposit accounts | 158 | 168 | 627 | 648 | ||||||||||||
| Other fees and commissions | 231 | 251 | 862 | 869 | ||||||||||||
| Other non-interest income | (22 | ) | (135 | ) | (47 | ) | (45 | ) | ||||||||
| Income on life insurance | 60 | 50 | 240 | 251 | ||||||||||||
| Gains on investment securities | 62 | (1 | ) | 408 | 175 | |||||||||||
| Total other income | 489 | 333 | 2,090 | 1,898 | ||||||||||||
| Other expenses | ||||||||||||||||
| Salaries and employee benefits | 1,639 | 1,672 | 6,575 | 6,681 | ||||||||||||
| Impairment of securities | 0 | 196 | 22 | 262 | ||||||||||||
| Occupancy | 207 | 203 | 847 | 830 | ||||||||||||
| Other expenses | 796 | 775 | 3,672 | 3,405 | ||||||||||||
| Total other expenses | 2,642 | 2,846 | 11,116 | 11,178 | ||||||||||||
| (Loss) income before income taxes | 831 | 881 | 3,760 | 2,550 | ||||||||||||
| Income tax benefit | 75 | 226 | 767 | 485 | ||||||||||||
| Net (loss) income | $ | 756 | $ | 655 | $ | 2,993 | $ | 2,065 | ||||||||
| Net (loss) income per share of common stock | $ | 0.28 | $ | 0.24 | $ | 1.10 | $ | 0.77 | ||||||||
| Weighted-average shares of common stock outstanding | 2,717,906 | 2,697,619 | 2,710,455 | 2,690,218 | ||||||||||||