Glen Burnie Bancorp Releases 2Q Earnings

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Glen Burnie Bancorp Releases 2Q Earnings

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

For the three month period ended June 30, 2013, Glen Burnie Bancorp realized net income of $640,000 or $0.24 basic earnings per share. The company reported net income of $656,000 or $0.24 basic earnings per share for the same three month period in 2012. Net interest income after provisions for credit losses was $3,009,000 for the three month period ended June 30, 2013. The company reported net interest income after provisions for credit losses of $3,098,000 for the same period in 2012.


Net income for the six months ended June 30, 2013 was $1,169,000 or $0.43 basic earnings per share as compared to $1,386,000 or $0.51 basic earnings per share for the same period in 2012. Net interest income after provisions for credit losses for the six months ended June 30, 2013 was $5,922,000 as compared to $6,306,000 for the same period in 2012.

On July 8, 2013, Glen Burnie Bancorp paid its 84th consecutive dividend to shareholders of record at the close of business on June 27, 2013. The company had 2,740,319 common shares outstanding with approximately 410 shareholders of record on June 13, 2013.

"We continue to show a profit in this challenging low rate environment by continuing to make loans and controlling expenses." said Michael G. Livingston, President and CEO.

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie®, currently maintains consolidated assets totaling more than $383 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)
JuneDecember
30, 2013 31, 2012
Assets
 
Cash and due from banks$7,618$9,332
Interest bearing deposits626,627
Federal funds sold3122,669
Investment securities100,192100,490
Loans, net of allowance254,185249,632
Premises and equipment at cost, net of accumulated depreciation3,7763,873
Other real estate owned328478
Other assets  15,712   14,337
Total assets $382,185  $387,438
 
 
Liabilities and Stockholders' Equity
 
 
Liabilities:
Deposits$329,080$332,289
Long-term borrowings20,00020,000
Other liabilities  1,467   1,561
Total liabilities  350,547   353,850
 
 
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares;
issued and outstanding June 30, 2013 2,740,319;
December 31, 2012 2,736,978 shares2,7402,737
Surplus9,6409,605
Retained earnings19,40418,783
Accumulated other comprehensive gain, net of tax benefits  (146)  2,463
Total stockholders' equity  31,638   33,588
 
Total liabilities and stockholders' equity $382,185  $387,438
   
Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)
 
Three Months EndedSix Months Ended
June 30,June 30,
(unaudited)(unaudited)
2013 20122013 2012
 
Interest income on
Loans, including fees$3,048$3,255$6,051$6,619
U.S. Government agency securities215211402465
State and municipal securities426438844855
Other  19  24 41  45
Total interest income  3,708  3,928 7,338  7,984
 
Interest expense on
Deposits5396701,0981,358
Short-term borrowings-1-1
Long-term borrowings  160  159 318  319
Total interest expense  699  830 1,416  1,678
 
Net interest income3,0093,0985,9226,306
 
Provision for credit losses----
        
Net interest income after provision for credit losses  3,009  3,098 5,922  6,306
 
Other income
Service charges on deposit accounts132132270275
Other fees and commissions186191361378
Other non-interest income44109
Income on life insurance5862116122
Gains on investment securities  122  33 124  56
Total other income  502  422 881  840
 
Other expenses
Salaries and employee benefits1,6731,7263,3283,458
Occupancy195200397397
Other expenses  855  789 1,683  1,546
Total other expenses  2,723  2,715 5,408  5,401
 
Income before income taxes7888051,3951,745
 
Income tax expense  148  149 226  359
 
Net income $640 $

656

$1,169 $1,386
 
Net income per share of common stock $0.24 $0.24$0.43 $0.51
 
Weighted-average shares of common stock outstanding  2,740,132  2,726,428 2,740,132  2,724,423
 

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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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