EX-99.1 6 v147262_ex99-1.htm
EXHIBIT 99.1
 
NEWS RELEASE
 


FOR IMMEDIATE RELEASE
Contact:  
Yvonne “Rie” Atkinson
 
  410-768-8857 (office)
 
  ratkinson@bogb.net

GLEN BURNIE BANCORP RELEASES 1Q 2009 EARNINGS

GLEN BURNIE, MD (April 28, 2009) – Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie, today announced results for the first quarter.

The company realized net income of $455,000 or $0.16 basic earnings per share in the quarter ended March 31, 2009 as compared to net income of $536,000 or $0.18 basic earnings per share for the same period in 2008.

Net interest income after provisions for credit losses in the first quarter was $2,715,000 as compared to $2,810,000 in 2008.  Total assets were $346,100,000 as of March 31, 2009 compared to $332,502,000 at December 31, 2008.   Deposits were $287,433,000 as of March 31, 2009 compared to $269,768,000 at December 31, 2008.

“We are approaching the bank’s 60th anniversary of being a community bank offering traditional banking products.   It has been the discipline and commitment to stay the course with traditional banking which has allowed us to continue to be profitable, pay dividends, and service our customer’s borrowing needs and not need TARP funds.” said Michael G. Livingston, President and Chief Executive Officer.

On April 8, 2009 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 26, 2009 marking the company’s 67th consecutive dividend.

The Bank of Glen Burnie earned the 5-Star Superior Rating from BAUER FINANCIAL Reports, Inc. for the 34th consecutive quarter in April 2009.  This distinction denotes the highest level of strength, safety and performance measured by Bauer and is based on factors such as capitalization, liquidity, loan delinquency rate and historical performance.  Bauer is the nation’s leading independent bank research firm.

Glen Burnie Bancorp will host its Annual Meeting of Stockholders on Thursday, May 14th at Michael’s Eighth Avenue in Glen Burnie, Maryland.  Registration opens at 1:30 p.m. and the meeting will begin at 2 p.m.

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie®, currently maintains consolidated assets totaling more than $345 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)

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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)
       
   
March
   
December
 
   
31, 2009
   
31, 2008
 
Assets
               
                 
Cash and due from banks
  $ 8,277     $ 6,960  
Interest bearing deposits
    8,779       7,884  
Federal funds sold
    4,602       6,394  
Investment securities
    68,300       57,949  
Common Stock in the Glen Burnie Statutory Trust I
    155       155  
Loans, net of allowance
    237,748       235,133  
Premises and equipment at cost, net of accumulated depreciation
    3,326       3,099  
Other real estate owned
    550       550  
Other assets
    14,363       14,378  
Total assets
  $ 346,100     $ 332,502  
                 
Liabilities and Stockholders' Equity
               
                 
Liabilities:
               
Deposits
  $ 287,433     $ 269,768  
Short-term borrowings
    180       630  
Long-term borrowings
    27,062       27,072  
Junior subordinated debentures owed to unconsolidated subsidiary trust
    5,155       5,155  
Other liabilities
    1,365       1,969  
Total liabilities
    321,195       304,594  
                 
Stockholders' equity:
               
Common stock, par value $1, authorized 15,000,000 shares;
issued and outstanding March 31, 2009   2,675,051;
December 31, 2008   2,967,727 shares
    2,675       2,968  
Surplus
    9,137       11,568  
Retained earnings
    14,315       14,129  
Accumulated other comprehensive loss, net of tax
    (1,222 )     (757 )
                 
Total stockholders' equity
    24,905       27,908  
                 
Total liabilities and stockholders' equity
  $ 346,100     $ 332,502  

 
 

 

Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)

   
Three Months Ended
 
   
March 31,
 
   
(unaudited)
 
   
2009
   
2008
 
             
Interest income on
           
Loans, including fees
  $ 3,766     $ 3,373  
U.S. Treasury and U.S. Government agency securities
    373       564  
State and municipal securities
    330       347  
Other
    64       129  
Total interest income
    4,533       4,413  
                 
Interest expense on
               
Deposits
    1,269       1,222  
Junior subordinated debentures
    137       137  
Long-term borrowings
    262       188  
Short-term borrowings
    -       1  
Total interest expense
    1,668       1,548  
                 
Net interest income
    2,865       2,865  
                 
Provision for credit losses
    150       55  
                 
Net interest income after provision for credit losses
    2,715       2,810  
                 
Other income (loss)
               
Service charges on deposit accounts
    170       191  
Other fees and commissions
    179       199  
Other non-interest income (loss)
    (1 )     3  
Income on life insurance
    68       68  
(Losses) gains on investment securities
    (2 )     7  
Total other income
    414       468  
                 
Other expenses
               
Salaries and employee benefits
    1,532       1,589  
Impairment of securities
    30       -  
Occupancy
    232       229  
Other expenses
    825       835  
Total other expenses
    2,619       2,653  
                 
Income before income taxes
    510       625  
                 
Income tax expense
    55       89  
                 
Net income
  $ 455     $ 536  
                 
Net income per share of common stock
  $ 0.16     $ 0.18  
                 
Weighted-average shares of common stock outstanding
    2,932,076       2,996,496