EX-99.1 5 v155761_ex99-1.htm
EXHIBIT 99.1

 
NEWS RELEAS E
   
 
   
 
FOR IMMEDIATE RELEASE

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

GLEN BURNIE BANCORP RELEASES 2Q EARNINGS

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

For the three month period ended June 30, 2009, Glen Burnie Bancorp realized net income of $490,000 or $0.18 basic earnings per share.  The company reported net income of $604,000 or $0.20 basic earnings per share for the same three month period in 2008.  Net interest income after provisions for credit losses was $2,825,000 for the three month period ended June 30, 2009.  The company reported net interest income after provisions for credit losses of $2,841,000 for the same period in 2008.

Net income for the six months ended June 30, 2009 was $945,000 or $0.34 basic earnings per share as compared to $1,140,000 or $0.38 basic earnings per share for the same period in 2008.  Net interest income after provisions for credit losses for the six months ended June 30, 2009 was $5,540,000 as compared to $5,651,000 for the same period in 2008.

Total assets stood at $355,950,000 as of June 30, 2009 compared to $319,374,000 as of June 30, 2008.  Deposits were $296,540,000 on June 30, 2009 as compared to $259,421,000 on June 30, 2008.

On July 8, 2009 Glen Burnie Bancorp paid its 68th consecutive dividend to shareholders of record at the close of business on June 26, 2009.  The company had 2,673,426 common shares outstanding with approximately 440 shareholders of record on June 30, 2009.

“The Bank is pleased with the sustained growth and profitability for the second quarter which allowed us to maintain the level of dividends paid to our stockholders,” said Michael G. Livingston, President and CEO.

The Bank of Glen Burnie has been awarded a 5-Star Superior Rating from BAUER FINANCIAL Reports, Inc., the nation’s leading independent bank research firm, for the past 35 consecutive quarters. 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.

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie, currently maintains consolidated assets totaling more than $355 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)
       
   
June
   
December
 
     30, 2009     31, 2008  
Assets
               
                 
Cash and due from banks
  $ 7,972     $ 6,960  
Interest bearing deposits
    2,673       7,884  
Federal funds sold
    1,310       6,394  
Investment securities
    84,819       57,949  
Common Stock in the Glen Burnie Statutory Trust I
    155       155  
Loans, net of allowance
    240,087       235,133  
Premises and equipment at cost, net of accumulated depreciation
    3,428       3,099  
Other real estate owned
    550       550  
Other assets
    14,956       14,378  
Total assets
  $ 355,950     $ 332,502  
                 
Liabilities and Stockholders’ Equity
               
                 
Liabilities:
               
Deposits
  $ 296,540     $ 269,768  
Short-term borrowings
    227       630  
Long-term borrowings
    27,053       27,072  
Junior subordinated debentures owed to unconsolidated subsidiary trust
    5,155       5,155  
Other liabilities
    1,844       1,969  
Total liabilities
    330,819       304,594  
                 
Stockholders’ equity:
               
Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding June 30, 2009   2,673,426; December 31, 2008   2,967,727 shares
    2,673       2,968  
Surplus
    9,116       11,568  
Retained earnings
    14,536       14,129  
Accumulated other comprehensive loss, net of tax
    (1,194 )     (757 )
                 
Total stockholders’ equity
    25,131       27,908  
                 
Total liabilities and stockholders’ equity
  $ 355,950     $ 332,502  

 

 

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

   
Three Months Ended
   
Six Months Ended
 
   
June 30,
   
June 30,
 
   
(unaudited)
   
unaudited)
 
   
2009
   
2008
   
2009
   
2008
 
                         
Interest income on
                       
Loans, including fees
  $ 3,811     $ 3,489     $ 7,577     $ 6,862  
U.S. Treasury and U.S. Government agency securities
    497       553       870       1,117  
State and municipal securities
    329       373       659       720  
Other
    52       77       116       206  
Total interest income
    4,689       4,492       9,222       8,905  
                                 
Interest expense on
                               
Deposits
    1,254       1,159       2,523       2,381  
Junior subordinated debentures
    136       136       273       273  
Long-term borrowings
    265       188       527       376  
Short-term borrowings
    -       16       -       17  
Total interest expense
    1,655       1,499       3,323       3,047  
                                 
Net interest income
    3,034       2,993       5,899       5,858  
                                 
Provision for credit losses
    209       152       359       207  
                                 
Net interest income after provision for credit losses
    2,825       2,841       5,540       5,651  
                                 
Other income
                               
Service charges on deposit accounts
    169       182       339       373  
Other fees and commissions
    203       216       382       415  
Other non-interest income
    1       -       -       3  
Income on life insurance
    69       68       137       136  
Gains on investment securities
    51       48       49       55  
Total other income
    493       514       907       982  
                                 
Other expenses
                               
Salaries and employee benefits
    1,585       1,587       3,117       3,176  
Impairment of securities
    -       -       30       -  
Occupancy
    220       227       452       456  
Other expenses
    943       798       1,768       1,633  
Total other expenses
    2,748       2,612       5,367       5,265  
                                 
Income before income taxes
    570       743       1,080       1,368  
                                 
Income tax expense
    80       139       135       228  
                                 
Net income
  $ 490     $ 604     $ 945     $ 1,140  
                                 
Net income per share of common stock
  $ 0.18     $ 0.20     $ 0.34     $ 0.38  
                                 
Weighted-average shares of common stock outstanding
    2,668,613       2,989,343       2,792,955       2,992,761