EX-99.1 5 v192425_ex99-1.htm
EXHIBIT 99.1
 
   
FOR IMMEDIATE RELEASE

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

GLEN BURNIE BANCORP RELEASES 2Q EARNINGS

GLEN BURNIE, MD (August 4, 2010) – 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, 2010, Glen Burnie Bancorp realized net income of $322,000 or $0.12 basic earnings per share.  The company reported net income of $490,000 or $0.18 basic earnings per share for the same three month period in 2009.  Net interest income after provisions for credit losses was $2,731,000 for the three month period ended June 30, 2010.  The company reported net interest income after provisions for credit losses of $2,825,000 for the same period in 2009.

Net income for the six months ended June 30, 2010 was $721,000 or $0.27 basic earnings per share as compared to $945,000 or $0.34 basic earnings per share for the same period in 2009.  Net interest income after provisions for credit losses for the six months ended June 30, 2010 was $5,525,000 as compared to $5,540,000 for the same period in 2009.

Total assets stood at $364,318,000 as of June 30, 2010 compared to $355,950,000 as of June 30, 2009.  Deposits were $303,250,000 on June 30, 2010 as compared to $296,540,000 on June 30, 2009.

On July 8, 2010, Glen Burnie Bancorp paid its 72nd consecutive dividend to shareholders of record at the close of business on June 25, 2010.  The company had 2,687,190 common shares outstanding with approximately 450 shareholders of record on June 10, 2010.

“The Bank of Glen Burnie continued to operate at a profit, and pay dividends, during this time of economic stress.” 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 39 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 $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)

#   #   #   #
 
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)
 
   
June
   
December
 
   
30, 2010
   
31, 2009
 
Assets
               
                 
Cash and due from banks
  $ 7,125     $ 6,994  
Interest bearing deposits
    6,664       3,748  
Federal funds sold
    4,239       692  
Investment securities
    96,352       84,463  
Common Stock in the Glen Burnie Statutory Trust I
    155       155  
Loans, net of allowance
    228,879       235,883  
Premises and equipment at cost, net of accumulated depreciation
    4,040       4,121  
Other real estate owned
    537       25  
Other assets
    16,327       17,316  
Total assets
  $ 364,318     $ 353,397  
                 
Liabilities and Stockholders' Equity
               
                 
Liabilities:
               
Deposits
  $ 303,250     $ 294,358  
Short-term borrowings
    341       81  
Long-term borrowings
    27,014       27,034  
Junior subordinated debentures owed to unconsolidated subsidiary trust
    5,155       5,155  
Other liabilities
    1,930       1,620  
Total liabilities
    337,690       328,248  
                 
Stockholders' equity:
               
Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding June 30, 2010   2,691,915;  December 31, 2009 2,683,015 shares
    2,692       2,683  
Surplus
    9,264       9,191  
Retained earnings
    14,495       14,311  
Accumulated other comprehensive income (loss), net of taxes (benefits)
    177       (1,036 )
                 
Total stockholders' equity
    26,628       25,149  
                 
Total liabilities and stockholders' equity
  $ 364,318     $ 353,397  

 
 

 

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)
 
   
2010
   
2009
   
2010
   
2009
 
                         
Interest income on
                       
Loans, including fees
  $ 3,686     $ 3,811     $ 7,395     $ 7,577  
U.S. Government agency securities
    533       497       1,013       870  
State and municipal securities
    339       329       660       659  
Other
    54       52       116       116  
Total interest income
    4,612       4,689       9,184       9,222  
                                 
Interest expense on
                               
Deposits
    947       1,254       1,944       2,523  
Junior subordinated debentures
    220       136       440       273  
Long-term borrowings
    264       265       525       527  
Short-term borrowings
    -       -       -       -  
Total interest expense
    1,431       1,655       2,909       3,323  
                                 
Net interest income
    3,181       3,034       6,275       5,899  
                                 
Provision for credit losses
    450       209       750       359  
                                 
Net interest income after provision for credit losses
    2,731       2,825       5,525       5,540  
                                 
Other income
                               
Service charges on deposit accounts
    157       169       318       339  
Other fees and commissions
    205       203       392       382  
Other non-interest income
    -       1       3       -  
Income on life insurance
    67       69       134       137  
Gains on investment securities
    -       51       -       49  
Total other income
    429       493       847       907  
                                 
Other expenses
                               
Salaries and employee benefits
    1,654       1,585       3,349       3,117  
Impairment of securities
    66       -       66       30  
Occupancy
    197       220       420       452  
Other expenses
    925       943       1,768       1,768  
Total other expenses
    2,842       2,748       5,603       5,367  
                                 
Income before income (benefit) taxes
    318       570       769       1,080  
                                 
Income tax (benefit ) expense
    (4 )     80       48       135  
                                 
Net income
  $ 322     $ 490     $ 721     $ 945  
                                 
Net income per share of common stock
  $ 0.12     $ 0.18     $ 0.27     $ 0.34  
                                 
Weighted-average shares of common stock outstanding
    2,687,501       2,668,613       2,685,384       2,792,955