EX-99.1 5 v184430_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 2010 EARNINGS
 
GLEN BURNIE, MD (May 13, 2010) – 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 $399,000 or $0.15 basic earnings per share in the quarter ended March 31, 2010 as compared to net income of $455,000 or $0.16 basic earnings per share for the same period in 2009.

Net interest income after provisions for credit losses in the first quarter was $2,794,000 as compared to $2,715,000 in 2009.  Total assets were $362,750,000 as of March 31, 2010 compared to $353,397,000 at December 31, 2009.   Deposits were $303,397,000 as of March 31, 2010 compared to $294,358,000 at December 31, 2009.

“Given the extraordinary financial times we find ourselves in, The Bank of Glen Burnie has continued to perform with a profit and pay regular dividends.” said Michael G. Livingston, President and Chief Executive Officer.

On April 7, 2010 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, 2010 marking the company’s 71st consecutive dividend.

The Bank of Glen Burnie earned the 5-Star Superior Rating from BAUER FINANCIAL Reports, Inc. for the 38th  consecutive quarter in March 2010.  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 13th  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 $360 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.

[continued]

 
 

 

Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Balance Sheets
(dollars in thousands)

   
(unaudited)
   
(audited)
 
   
March
   
December
 
   
31, 2010
   
31, 2009
 
Assets
               
                 
Cash and due from banks
  $ 7,398     $ 6,994  
Interest bearing deposits
    10,190       3,748  
Federal funds sold
    3,705       692  
Investment securities
    85,716       84,463  
Common Stock in the Glen Burnie Statutory Trust I
    155       155  
Loans, net of allowance
    234,338       235,883  
Premises and equipment at cost, net of accumulated depreciation
    4,084       4,121  
Other real estate owned
    322       25  
Other assets
    16,842       17,316  
Total assets
  $ 362,750     $ 353,397  
                 
Liabilities and Stockholders' Equity
               
                 
Liabilities:
               
Deposits
  $ 303,397     $ 294,358  
Short-term borrowings
    84       81  
Long-term borrowings
    27,024       27,034  
Junior subordinated debentures owed to unconsolidated
               
subsidiary trust
    5,155       5,155  
Other liabilities
    1,415       1,620  
Total liabilities
    337,075       328,248  
                 
Stockholders' equity:
               
Common stock, par value $1, authorized 15,000,000 shares;
               
issued and outstanding March 31, 2010   2,687,190;
               
December 31, 2009   2,683,015 shares
    2,687       2,683  
Surplus
    9,228       9,191  
Retained earnings
    14,442       14,311  
Accumulated other comprehensive loss, net of tax benefits
    (682 )     (1,036 )
                 
Total stockholders' equity
    25,675       25,149  
                 
Total liabilities and stockholders' equity
  $ 362,750     $ 353,397  

 
 

 

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

   
Three Months Ended
 
   
March 31,
 
   
(unaudited)
 
   
2010
   
2009
 
Interest income on
           
Loans, including fees
  $ 3,709     $ 3,766  
U.S. Government agency securities
    480       373  
State and municipal securities
    321       330  
Other
    62       64  
Total interest income
    4,572       4,533  
                 
Interest expense on
               
Deposits
    997       1,269  
Junior subordinated debentures
    220       137  
Long-term borrowings
    261       262  
Short-term borrowings
    -       -  
Total interest expense
    1,478       1,668  
                 
Net interest income
    3,094       2,865  
                 
Provision for credit losses
    300       150  
                 
Net interest income after provision for credit losses
    2,794       2,715  
                 
Other income
               
Service charges on deposit accounts
    161       170  
Other fees and commissions
    187       179  
Other non-interest income
    3       (1 )
Income on life insurance
    67       68  
Gains on investment securities
    -       (2 )
Total other income
    418       414  
                 
Other expenses
               
Salaries and employee benefits
    1,695       1,532  
Impairment of securities
    -       30  
Occupancy
    223       232  
Other expenses
    843       825  
Total other expenses
    2,761       2,619  
                 
(Loss) income before income taxes
    451       510  
                 
Income tax benefit
    52       55  
                 
Net (loss) income
  $ 399     $ 455  
                 
Net (loss) income per share of common stock
  $ 0.15     $ 0.16  
                 
Weighted-average shares of common stock outstanding
    2,683,244       2,918,679