Glen Burnie Bancorp Announces 2012 4Q and Year End Earnings

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)

December

December

31, 2012

31, 2011

Assets

Cash and due from banks

$

9,332

$

6,877

Interest bearing deposits

6,627

2,423

Federal funds sold

2,669

654

Investment securities

100,490

102,867

Loans, net of allowance

249,632

232,734

Premises and equipment at cost, net of accumulated depreciation

3,873

4,108

Other real estate owned

478

1,111

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 borrowings

20,000

20,000

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

2,737

2,718

Surplus

9,605

9,438

Retained earnings

18,783

17,209

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 Ended

Twelve Months Ended

December 31,

December 31,

(unaudited)

(unaudited)

2012

2011

2012

2011

Interest income on

Loans, including fees

$

3,191

$

3,410

$

13,123

$

13,898

U.S. Government agency securities

189

328

894

1,489

State and municipal securities

423

415

1,706

1,606

Other

25

21

94

139

Total interest income

3,828

4,174

15,817

17,132

Interest expense on

Deposits

606

740

2,611

3,038

Short-term borrowings

-

-

2

4

Long-term borrowings

161

162

642

641

Total interest expense

767

902

3,255

3,683

Net interest income

3,061

3,272

12,562

13,449

Provision for credit losses

100

288

250

663

Net interest income after provision for credit losses

2,961

2,984

12,312

12,786

Other income

Service charges on deposit accounts

159

158

575

627

Other fees and commissions

214

231

817

862

Other non-interest income

6

(22

)

20

(47

)

Income on life insurance

62

59

247

240

Gains on investment securities

45

63

163

408

Total other income

486

489

1,822

2,090

Other expenses

Salaries and employee benefits

1,694

1,639

6,812

6,575

Impairment of securities

-

-

-

22

Occupancy

214

207

804

847

Other expenses

778

796

3,179

3,672

Total other expenses

2,686

2,642

10,795

11,116

Income before income taxes

761

831

3,339

3,760

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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