Glen Burnie Bancorp Releases 3Q Earnings

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Glen Burnie Bancorp Releases 3Q Earnings

GLEN BURNIE, Md.--(BUSINESS WIRE)-- Glen Burnie Bancorp (NAS: GLBZ) , parent company of The Bank of Glen Burnie, today announced results for the third quarter.

The company realized a net income of $670,000 or $0.24 basic earnings per share in the quarter ended September 30, 2012 compared to net income of $770,000 or $0.29 basic earnings per share for the same three month period in 2011. For the nine months ending September 30, 2012, net income was $2,056,000 or $0.75 basic earnings per share as compared to net income of $2,237,000 or $0.83 basic earnings per share for the same period in 2011.


The bank achieved the following additional highlights:

  • 6.67% increase in year to date equity
  • 3.92% increase in year to date deposits
  • 3.84% increase in year to date total assets

Total interest income for the quarter ending September 30, 2012 was $4,005,000 as compared to $4,349,000 for the same period in 2011. Total interest income was $11,989,000 for the nine months ending September 30, 2012 as compared to $12,958,000 for the same period in 2011. For the three month period ending September 30, 2012, net interest income after provision for credit losses was $3,045,000 as compared to $3,284,000 for the same period in 2011. For the nine months ending September 30, 2012 net interest income after provision for credit losses was $9,351,000 as compared to $9,802,000 for the same period in 2011.

"The Bank continues to be profitable and pay a dividend in this extremely competitive market," commented Michael G. Livingston, President and Chief Executive Officer.

On October 10, 2012, Glen Burnie Bancorp paid its 81st consecutive dividend to shareholders of record at the close of business on September 28, 2012.

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 49 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 Burnie, currently maintains consolidated assets totaling more than $379 million. Founded in 1949, The Bank of Glen Burnie® is a locally-owned 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.

Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Balance Sheets
(dollars in thousands)
  
(unaudited)(audited)
SeptemberDecember
30, 2012 31, 2011
Assets
 
Cash and due from banks$8,242$6,877
Interest bearing deposits4,5782,423
Federal funds sold306654
Investment securities95,461102,867
Loans, net of allowance251,628232,734
Premises and equipment at cost, net of accumulated depreciation3,9424,108
Other real estate owned8651,111
Other assets 14,270 14,486
Total assets $379,292 $365,260
 
 
Liabilities and Stockholders' Equity
 
 
Liabilities:
Deposits$324,181$311,945
Short-term borrowings-255
Long-term borrowings20,00020,000
Other liabilities 1,818 1,849
Total liabilities 345,999 334,049
 
 
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares;
issued and outstanding September 30, 2012 2,730,212;
December 31, 2011 2,717,909 shares2,7302,718
Surplus9,5369,438
Retained earnings18,44817,209
Accumulated other comprehensive gain, net of tax benefits 2,579 1,846
Total stockholders' equity 33,293 31,211
 
Total liabilities and stockholders' equity $379,292 $365,260
 
Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)
    
Three Months EndedNine Months Ended

September 30,

September 30,
(unaudited)(unaudited)
 2012  2011  2012  2011 
 
Interest income on
Loans, including fees$3,313$3,492$9,932$10,488
U.S. Government agency securities2404077051,160
State and municipal securities4284081,2831,191
Other  24  42  69  119 
Total interest income  4,005  4,349  11,989  12,958 
 
Interest expense on
Deposits6477542,0052,298
Short-term borrowings1-24
Long-term borrowings  162  161  481  479 
Total interest expense  810  915  2,488  2,781 
 
Net interest income3,1953,4349,50110,177
 
Provision for credit losses150150150375
        
Net interest income after provision for credit losses  3,045  3,284  9,351  9,802 
 
Other income
Service charges on deposit accounts141151416469
Other fees and commissions225235603631
Other non-interest income5(30)14(25)
Income on life insurance6360185180
Gains on investment securities  62  85  118  346 
Total other income  496  501  1,336  1,601 
 
Other expenses
Salaries and employee benefits1,6601,6585,1184,936
Impairment of securities---92
Occupancy193211590640
Other expenses  855  907  2,401  2,806 
Total other expenses  2,708  2,776  8,109  8,474 
 
Income before income taxes8331,0092,5782,929
 
Income tax benefit  163  239  522  692 
 
Net income $670 $770 $2,056 $2,237 
 
Net income per share of common stock $0.24 $0.29 $0.75 $0.83 
 
Weighted-average shares of common stock outstanding  2,729,928  2,712,882  2,726,258  2,707,944 



Glen Burnie Bancorp
Yvonne "Rie" Atkinson
410-768-8857 (office)
ratkinson@bogb.net

KEYWORDS:   United States  North America  Maryland

INDUSTRY KEYWORDS:

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