Glen Burnie Bancorp Releases 1Q 2013 Earnings

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)

March

December

31, 2013

31, 2012

Assets

Cash and due from banks

$7,530

$9,332

Interest bearing deposits

6,663

6,627

Federal funds sold

444

2,669

Investment securities

103,298

100,490

Loans, net of allowance

252,070

249,632

Premises and equipment at cost, net of accumulated depreciation

3,874

3,873

Other real estate owned

412

478

Other assets

14,576

14,337

Total assets

$388,867

$387,438

Liabilities and Stockholders' Equity

Liabilities:

Deposits

$334,141

$332,289

Long-term borrowings

20,000

20,000

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

2,737

2,737

Surplus

9,605

9,605

Retained earnings

19,038

18,783

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 securities

187

254

State and municipal securities

418

417

Other

22

21

Total interest income

3,630

4,056

Interest expense on

Deposits

559

688

Long-term borrowings

158

160

Total interest expense

717

848

Net interest income

2,913

3,208

Provision for credit losses

-

-

Net interest income after provision for credit losses

2,913

3,208

Other income

Service charges on deposit accounts

138

143

Other fees and commissions

175

187

Other non-interest income

6

5

Income on life insurance

58

60

Gains on investment securities

2

23

Total other income

379

418

Other expenses

Salaries and employee benefits

1,655

1,732

Occupancy

202

197

Other expenses

828

757

Total other expenses

2,685

2,686

Income before income taxes

607

940

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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