Glen Burnie Bancorp Announces 2012 4Q and Year End Earnings

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Glen Burnie Bancorp Announces 2012 4Q and Year End Earnings

GLEN BURNIE, Md.--(BUSINESS WIRE)-- Glen Burnie Bancorp (NAS: GLBZ) , parent company of The Bank of Glen Burnie®, today reported fourth quarter and year end earnings for 2012.

For the quarter ended December 31, 2012, the company realized net earnings of $609,000 or $0.23 per basic and diluted earnings per share as compared to net earnings of $756,000 or $0.28 basic and diluted earnings per share for the same period in 2011. Net interest income after provisions for credit losses for the fourth quarter of 2012 was $2,961,000 compared to $2,984,000 for the same three-month period in 2011.


Net income for the year ended December 31, 2012 was $2,665,080 or $0.98 per basic and diluted earnings per share as compared to net income of $2,993,093 or $1.10 per basic and diluted earnings per share in 2011. Net interest income after provisions for credit losses for the year ended December 31, 2012 was $12,312,134 as compared to $12,786,385 in 2011. Assets as of December 31, 2012 were $387,438,269 as compared to $365,260,263 as of December 31, 2011.

2012 Performance Highlights:

  • 7.26% increase in loans, net of allowance
  • 6.52% increase in deposits
  • 6.07% increase in total assets
  • 7.61% increase in stockholder's equity

Michael G. Livingston, President and Chief Executive Officer, stated "The bank is proud to report positive results for year end December 31, 2012. The Bank continues to see signs of the economy stabilizing with an increase in assets, driven by improving loan demand and loan growth." Mr. Livingston added "We appreciate the confidence our customers have shown in our bank which has resulted in deposit growth for year end December 31, 2012. With the loan and deposit growth the bank maintained profitability and paid dividends for the year."

Glen Burnie Bancorp declared four regular dividends in 2012, totaling forty cents ($0.40) per common share. On December 28, 2012, Glen Burnie Bancorp paid its 82nd consecutive dividend to shareholders of record at the close of business on December 20, 2012.

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie®, currently maintains consolidated assets totaling more than $387 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.

    
Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Balance Sheets
(dollars in thousands)
 
    
(unaudited)(unaudited)
DecemberDecember
31, 2012  31, 2011
Assets
 
Cash and due from banks$9,332$6,877
Interest bearing deposits6,6272,423
Federal funds sold2,669654
Investment securities100,490102,867
Loans, net of allowance249,632232,734
Premises and equipment at cost, net of accumulated depreciation3,8734,108
Other real estate owned4781,111
Other assets   14,337   14,486 
Total assets  $387,438  $365,260 
 
 
Liabilities and Stockholders' Equity
 
 
Liabilities:
Deposits$332,289$311,945
Short-term borrowings-255
Long-term borrowings20,00020,000
Other liabilities   1,562   1,849 
Total liabilities   353,851   334,049 
 
 
Stockholders' equity:

Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding December 31, 2012 2,736,978; December 31, 2011 2,717,909 shares

2,7372,718
Surplus9,6059,438
Retained earnings18,78317,209
Accumulated other comprehensive gain, net of tax benefits   2,462   1,846 
Total stockholders' equity   33,587   31,211 
 
Total liabilities and stockholders' equity  $387,438  $365,260 
 
 
Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)
 
 
Three Months EndedTwelve Months Ended
December 31,December 31,
(unaudited)(unaudited)
2012  20112012  2011
 
Interest income on
Loans, including fees$3,191$3,410$13,123$13,898
U.S. Government agency securities1893288941,489
State and municipal securities4234151,7061,606
Other   25   21  94   139 
Total interest income   3,828   4,174  15,817   17,132 
 
Interest expense on
Deposits6067402,6113,038
Short-term borrowings--24
Long-term borrowings   161   162  642   641 
Total interest expense   767   902  3,255   3,683 
 
Net interest income3,0613,27212,56213,449
 
Provision for credit losses100288250663
                 
Net interest income after provision for credit losses   2,961   2,984  12,312   12,786 
 
Other income
Service charges on deposit accounts159158575627
Other fees and commissions214231817862
Other non-interest income6(22)20(47)
Income on life insurance6259247240
Gains on investment securities   45   63  163   408 
Total other income   486   489  1,822   2,090 
 
Other expenses
Salaries and employee benefits1,6941,6396,8126,575
Impairment of securities---22
Occupancy214207804847
Other expenses   778   796  3,179   3,672 
Total other expenses   2,686   2,642  10,795   11,116 
 
Income before income taxes7618313,3393,760
 
Income tax expense   152   75  674   767 
 
Net income  $609  $756 $2,665  $2,993 
 
Net income per share of common stock  $0.23  $0.28 $0.98  $1.10 
 
Weighted-average shares of common stock outstanding   2,733,533   2,717,906  2,728,072   2,710,455 
 



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

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