Glen Burnie Bancorp Releases 1Q 2013 Earnings

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Glen Burnie Bancorp Releases 1Q 2013 Earnings

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

The company realized net income of $529,000 or $0.19 basic earnings per share in the quarter ended March 31, 2013 as compared to net income of $730,000 or $0.27 basic earnings per share for the same period in 2012.


Net interest income after provision for credit losses in the first quarter was $2,913,000 as compared to $3,208,000 in 2012. Total assets were $388,867,000 as of March 31, 2013 compared to $387,438,000 at December 31, 2012. Deposits were $334,141,000 as of March 31, 2013 compared to $332,289,000 at December 31, 2012.

"We continue to see loan demand; however earnings continue to be impacted by a compressed net interest margin as a result of the current low interest rate environment we now operate in," said Michael G. Livingston, President and Chief Executive Officer.

On April 5, 2013 Glen Burnie Bancorp paid a regular dividend of ten cents ($0.10) per share of common stock to shareholders of record at the close of business on March 29, 2013 marking the company's 83rd consecutive dividend.

Glen Burnie Bancorp will host its Annual Meeting of Stockholders on Thursday, May 9th at the bank's Glen Burnie Branch in Glen Burnie, Maryland. Registration opens at 2:00 p.m. and the meeting will begin at 2:30 p.m.

Glen Burnie Bancorp is the parent company of The Bank of Glen Burnie®. Founded in 1949, The Bank of Glen Burnie® is a locally-owned community bank with eight branch offices serving Anne Arundel County. (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)
MarchDecember
31, 2013  31, 2012
Assets
 
Cash and due from banks$7,530$9,332
Interest bearing deposits6,6636,627
Federal funds sold4442,669
Investment securities103,298100,490
Loans, net of allowance252,070249,632
Premises and equipment at cost, net of accumulated depreciation3,8743,873
Other real estate owned412478
Other assets  14,576  14,337
Total assets  $388,867  $387,438
 
 
Liabilities and Stockholders' Equity
 
 
Liabilities:
Deposits$334,141$332,289
Long-term borrowings20,00020,000
Other liabilities  1,292  1,561
Total liabilities  355,433  353,850
 
 
Stockholders' equity:

Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding March 31, 2013 2,736,978; December 31, 2012 2,736,978 shares

2,7372,737
Surplus9,6059,605
Retained earnings19,03818,783
Accumulated other comprehensive gain, net of tax benefits  2,054  2,463
Total stockholders' equity  33,434  33,588
 
Total liabilities and stockholders' equity  $388,867  $387,438
 
 
Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)
 
 
Three Months Ended
March 31,
(unaudited)
2013  2012
 
Interest income on
Loans, including fees$ 3,003$ 3,364
U.S. Government agency securities187254
State and municipal securities418417
Other  22  21
Total interest income  3,630  4,056
 
Interest expense on
Deposits559688
Long-term borrowings  158  160
Total interest expense  717  848
 
Net interest income2,9133,208
 
Provision for credit losses--
       
Net interest income after provision for credit losses  2,913  3,208
 
Other income
Service charges on deposit accounts138143
Other fees and commissions175187
Other non-interest income65
Income on life insurance5860
Gains on investment securities  2  23
Total other income  379  418
 
Other expenses
Salaries and employee benefits1,6551,732
Occupancy202197
Other expenses  828  757
Total other expenses  2,685  2,686
 
Income before income taxes607940
 
Income tax expense  78  210
 
Net income  $529  $730
 
Net income per share of common stock  $0.19  $0.27
 
Weighted-average shares of common stock outstanding  2,736,978  2,722,419
 



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

KEYWORDS:   United States  North America  District of Columbia  Maryland

INDUSTRY KEYWORDS:

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