Glen Burnie Bancorp Releases 3Q Earnings

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)

September

December

30, 2012

31, 2011

Assets

Cash and due from banks

$8,242

$6,877

Interest bearing deposits

4,578

2,423

Federal funds sold

306

654

Investment securities

95,461

102,867

Loans, net of allowance

251,628

232,734

Premises and equipment at cost, net of accumulated depreciation

3,942

4,108

Other real estate owned

865

1,111

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 borrowings

20,000

20,000

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 shares

2,730

2,718

Surplus

9,536

9,438

Retained earnings

18,448

17,209

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 Ended

Nine 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 securities

240

407

705

1,160

State and municipal securities

428

408

1,283

1,191

Other

24

42

69

119

Total interest income

4,005

4,349

11,989

12,958

Interest expense on

Deposits

647

754

2,005

2,298

Short-term borrowings

1

-

2

4

Long-term borrowings

162

161

481

479

Total interest expense

810

915

2,488

2,781

Net interest income

3,195

3,434

9,501

10,177

Provision for credit losses

150

150

150

375

Net interest income after provision for credit losses

3,045

3,284

9,351

9,802

Other income

Service charges on deposit accounts

141

151

416

469

Other fees and commissions

225

235

603

631

Other non-interest income

5

(30

)

14

(25

)

Income on life insurance

63

60

185

180

Gains on investment securities

62

85

118

346

Total other income

496

501

1,336

1,601

Other expenses

Salaries and employee benefits

1,660

1,658

5,118

4,936

Impairment of securities

-

-

-

92

Occupancy

193

211

590

640

Other expenses

855

907

2,401

2,806

Total other expenses

2,708

2,776

8,109

8,474

Income before income taxes

833

1,009

2,578

2,929

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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