Glen Burnie Bancorp Announces 2012 4Q and Year End Earnings

  Glen Burnie Bancorp Announces 2012 4Q and Year End Earnings

Business Wire

GLEN BURNIE, Md. -- February 15, 2013

Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen
Burnie^®, today reported fourth quarter and year end earnings for 2012.

For the quarter ended December 31, 2012, the company realized net earnings of
$609,000 or $0.23 per basic and diluted earnings per share as compared to net
earnings of $756,000 or $0.28 basic and diluted earnings per share for the
same period in 2011. Net interest income after provisions for credit losses
for the fourth quarter of 2012 was $2,961,000 compared to $2,984,000 for the
same three-month period in 2011.

Net income for the year ended December 31, 2012 was $2,665,080 or $0.98 per
basic and diluted earnings per share as compared to net income of $2,993,093
or $1.10 per basic and diluted earnings per share in 2011. Net interest income
after provisions for credit losses for the year ended December 31, 2012 was
$12,312,134 as compared to $12,786,385 in 2011. Assets as of December 31, 2012
were $387,438,269 as compared to $365,260,263 as of December 31, 2011.

2012 Performance Highlights:

  *7.26% increase in loans, net of allowance
  *6.52% increase in deposits
  *6.07% increase in total assets
  *7.61% increase in stockholder’s equity

Michael G. Livingston, President and Chief Executive Officer, stated “The bank
is proud to report positive results for year end December 31, 2012. The Bank
continues to see signs of the economy stabilizing with an increase in assets,
driven by improving loan demand and loan growth.” Mr. Livingston added “We
appreciate the confidence our customers have shown in our bank which has
resulted in deposit growth for year end December 31, 2012. With the loan and
deposit growth the bank maintained profitability and paid dividends for the
year.”

Glen Burnie Bancorp declared four regular dividends in 2012, totaling forty
cents ($0.40) per common share. On December 28, 2012, Glen Burnie Bancorp paid
its 82^nd consecutive dividend to shareholders of record at the close of
business on December 20, 2012.

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie^®, currently
maintains consolidated assets totaling more than $387 million. Founded in
1949, The Bank of Glen Burnie^® is a 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)     (unaudited)
                     December        December
                     31, 2012      31, 2011
Assets
                                                                                   
Cash and due         $ 9,332         $ 6,877
from banks
Interest bearing       6,627           2,423
deposits
Federal funds          2,669           654
sold
Investment             100,490         102,867
securities
Loans, net of          249,632         232,734
allowance
Premises and
equipment at
cost, net of           3,873           4,108
accumulated
depreciation
Other real             478             1,111
estate owned
Other assets        14,337       14,486    
Total assets       $ 387,438     $ 365,260   
                                                                                   
                                                                                   
Liabilities and
Stockholders'
Equity
                                                                                   
                                                                                   
Liabilities:
Deposits             $ 332,289       $ 311,945
Short-term             -               255
borrowings
Long-term              20,000          20,000
borrowings
Other               1,562        1,849     
liabilities
Total               353,851      334,049   
liabilities
                                                                                   
                                                                                   
Stockholders'
equity:
Common stock,
par value $1,
authorized
15,000,000
shares; issued
and outstanding        2,737           2,718
December 31,
2012 2,736,978;
December 31,
2011 2,717,909
shares
Surplus                9,605           9,438
Retained               18,783          17,209
earnings
Accumulated
other
comprehensive       2,462        1,846     
gain, net of tax
benefits
Total
stockholders'       33,587       31,211    
equity
                                                                                   
Total
liabilities and    $ 387,438     $ 365,260   
stockholders'
equity
                                                                                   
                                                                                   
Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)

                                                                                   
                     Three Months Ended                Twelve Months Ended
                     December 31,                      December 31,
                     (unaudited)                       (unaudited)
                     2012          2011              2012          2011
                                                                                   
Interest income
on
Loans, including     $ 3,191         $ 3,410           $ 13,123        $ 13,898
fees
U.S. Government
agency                 189             328               894             1,489
securities
State and
municipal              423             415               1,706           1,606
securities
Other               25           21              94           139       
Total interest      3,828        4,174           15,817       17,132    
income
                                                                                   
Interest expense
on
Deposits               606             740               2,611           3,038
Short-term             -               -                 2               4
borrowings
Long-term           161          162             642          641       
borrowings
Total interest      767          902             3,255        3,683     
expense
                                                                                   
Net interest           3,061           3,272             12,562          13,449
income
                                                                                   
Provision for          100             288               250             663
credit losses
                                                                   
Net interest
income after        2,961        2,984           12,312       12,786    
provision for
credit losses
                                                                                   
Other income
Service charges
on deposit             159             158               575             627
accounts
Other fees and         214             231               817             862
commissions
Other
non-interest           6               (22       )       20              (47       )
income
Income on life         62              59                247             240
insurance
Gains on
investment          45           63              163          408       
securities
Total other         486          489             1,822        2,090     
income
                                                                                   
Other expenses
Salaries and
employee               1,694           1,639             6,812           6,575
benefits
Impairment of          -               -                 -               22
securities
Occupancy              214             207               804             847
Other expenses      778          796             3,179        3,672     
Total other         2,686        2,642           10,795       11,116    
expenses
                                                                                   
Income before          761             831               3,339           3,760
income taxes
                                                                                   
Income tax          152          75              674          767       
expense
                                                                                   
Net income         $ 609         $ 756            $ 2,665       $ 2,993     
                                                                                   
Net income per
share of common    $ 0.23        $ 0.28           $ 0.98        $ 1.10      
stock
                                                                                   
Weighted-average
shares of common    2,733,533    2,717,906       2,728,072    2,710,455 
stock
outstanding
                                                                                   

Contact:

Glen Burnie Bancorp
Yvonne “Rie” Atkinson
410-768-8857 (office)
ratkinson@bogb.net
 
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