UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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)February 12, 2004
Globe Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Louisiana | 0001136645 | 72-1498296 |
(State or other jurisdiction | (Commission | (IRS Employer |
of incorporation) | File Number) | Identification No.) |
4051 Veterans Blvd., Suite 100 | |
Metairie, LA | 70002 |
(Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code(504) 887-0057
____________________________________________________________
(Former name or former address, if changed since last report)
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
Item 12. Results of Operations and Financial Condition.
On February 12, 2004, Globe Bancorp, Inc. issued a press release announcing its financial results for the forth quarter and year ended December 31, 2003. The Press Release is attached as Exhibit 99.1 to this report and is incorporated herein by reference.
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 hereunto duly authorized.
GLOBE BANCORP, INC.
Registrant
Date: February 12, 2004 By: /s/ Thomas J. Exnicios
Thomas J. Exnicios &nb sp; President, Chief Executive Officer
and Chief Financial Officer
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Exhibit No. 99.1
PRESS RELEASE
Contact information:
Globe Bancorp, Inc.
Thomas J. Exnicios, (504) 887-0057
Globe Bancorp, Inc. Announces 2003 Fourth Quarter Earnings and Annual Earnings
METAIRIE, LA. --(BUSINESS WIRE)--February 12, 2004--Thomas J. Exnicios, President and Chief Executive Officer of Globe Bancorp, Inc. (OTC BB: GLBP), the holding company for Globe Homestead Savings Bank, announced earnings for the quarter and year ended December 31, 2003.
Globe Bancorp, Inc. reported fourth quarter net income of $43,000, ($0.17 per common share), down 6.70% from $47,000, ($0.18 per common share), in the comparable 2002 fourth quarter. Net income for the year ended December 31, 2003 was $158,000 ($0.62 per common share), down 21.10% from $200,000 ($0.73 per common share), for the 2002 comparable period. The decrease in both periods was due primarily to increased noninterest expenses.
Total assets decreased $1.6 million or 4.81% to $31.9 million at December 31, 2003 compared to $33.6 million at December 31, 2002. Such decrease was primarily due to decreases in cash and cash equivalents of $2.1 million and securities of $1.3 million, offset by an increase in loans receivable of $1.8 million. Total liabilities decreased $1.6 million or 5.8% to $26.4 million at December 31, 2003 compared to $28.0 million at December 31, 2002. Such decrease was primarily to decreases of $1.2 million in deposits and $0.4 million in Federal Home Loan Bank advances. Total stockholders' equity remained stable at December 31, 2003 compared to December 31, 2002..
Globe Bancorp, Inc. was formed on March 12, 2001 as a Louisiana corporation. We are the holding company for Globe Homestead Savings Bank. Our offices are located at 4051 Veterans Boulevard., Suite 100, Metairie, Louisiana 70002, and our telephone number is (504) 887-0057.
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Consolidated Balance Sheets | ||
December 31, (Unaudited) | 2003 | 2002 |
ASSETS: | ||
Cash and Cash Equivalents | $1,649,524 | $3,724,506 |
Investment Securities: | ||
Available for sale | 3,135,448 | 3,100,700 |
Held to maturity | 1,433,816 | 2,809,338 |
Net Loans | 24,985,908 | 23,201,585 |
Premises and Equipment, Net | 119,911 | 111,596 |
Other Assets | 616,409 | 606,210 |
Total Assets | $31,941,016 | $33,553,935 |
LIABILITIES: | ||
Deposits | $22,437,642 | $23,675,900 |
Federal Home Loan Bank Advances | 3,736,533 | 4,105,380 |
Other Liabilities | 216,344 | 225,614 |
Total Liabilities | 26,390,519 | 28,006,894 |
STOCKHOLDERS' EQUITY: | ||
Common Stock - 304,175 shares issued | 3,042 | 3,042 |
Additional paid-in capital | 2,738,142 | 2,725,844 |
Treasury stock - 27,175 shares, at cost | (468,216) | (408,984) |
Retained Earnings | 3,492,919 | 3,422,821 |
Unearned ESOP Shares | (194,672) | (210,895) |
Accumulated Other Comprehensive Income | (20,718) | 15,213 |
Total Stockholders' Equity | 5,550,497 | 5,547,041 |
Total Liabilities and Stockholders' Equity | $31,941,016 | $33,553,935 |
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Consolidated Statements of Income
(Unaudited)
For the Three Months Ended | For the Years Ended | |||
December 31, 2003 | December 31, 2002 | December 31, 2003 | December 31, 2002 | |
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
Interest income | $415,711 | $490,324 | $ 1,740,157 | $ 1,978,156 |
Interest expense | 174,198 | 262,277 | 812,972 | 1,093,191 |
Net interest income | 241,513 | 228,047 | 927,185 | 884,965 |
Provision for (recovery of) loan losses | - | - | - | (1,024) |
Net interest income after provision | ||||
for loan losses | 241,513 | 228,047 | 927,185 | 885,989 |
Non-interest income | 988 | 527 | 6,204 | 33,727 |
Non-interest expense | 178,613 | 155,937 | 701,560 | 621,097 |
Income before income taxes | 63,888 | 72,637 | 231,829 | 298,619 |
Income tax expense | 20,441 | 26,069 | 73,858 | 98,411 |
Net income | $ 43,447 | $ 46,568 | $ 157,971 | $ 200,208 |
Selected performance and other data: | ||||
Earnings per share | $0.17 | $0.18 | $0.62 | $0.73 |
Return on average assets | 0.54% | 0.55% | 0.48% | 0.60% |
Return on average equity | 3.12% | 3.30% | 2.83% | 3.45% |
Average shares outstanding | 254,318 | 254,829 | 255,512 | 274,805 |
Dividends per share | $0.175 | $0.15 | $0.35 | $0.30 |
As of December 31, 2003 | As of December 31, 2002 | As of December 31, 2003 | As of December 31, 2002 | |
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
Non-Performing Assets | $ - | $ - | $ - | $ - |
Book value per share | $20.27 | $20.03 | $20.27 | $20.03 |
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