Glen Burnie Bancorp Releases 2Q Earnings

  Glen Burnie Bancorp Releases 2Q Earnings

Business Wire

GLEN BURNIE, Md. -- August 9, 2013

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, 2013, Glen Burnie Bancorp realized
net income of $640,000 or $0.24 basic earnings per share. The company reported
net income of $656,000 or $0.24 basic earnings per share for the same three
month period in 2012. Net interest income after provisions for credit losses
was $3,009,000 for the three month period ended June 30, 2013. The company
reported net interest income after provisions for credit losses of $3,098,000
for the same period in 2012.

Net income for the six months ended June 30, 2013 was $1,169,000 or $0.43
basic earnings per share as compared to $1,386,000 or $0.51 basic earnings per
share for the same period in 2012. Net interest income after provisions for
credit losses for the six months ended June 30, 2013 was $5,922,000 as
compared to $6,306,000 for the same period in 2012.

On July 8, 2013, Glen Burnie Bancorp paid its 84^th consecutive dividend to
shareholders of record at the close of business on June 27, 2013. The company
had 2,740,319 common shares outstanding with approximately 410 shareholders of
record on June 13, 2013.

“We continue to show a profit inthis challenging low rate environment by
continuing to make loans and controlling expenses.” said Michael G.
Livingston, President and CEO.

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie^®, currently
maintains consolidated assets totaling more than $383 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, 2013     31, 2012
Assets
                                                                     
Cash and due from banks                                $ 7,618       $ 9,332
Interest bearing deposits                                62            6,627
Federal funds sold                                       312           2,669
Investment securities                                    100,192       100,490
Loans, net of allowance                                  254,185       249,632
Premises and equipment at cost, net of accumulated       3,776         3,873
depreciation
Other real estate owned                                  328           478
Other assets                                           15,712     14,337
Total assets                                          $ 382,185   $ 387,438
                                                                     
                                                                     
Liabilities and Stockholders' Equity
                                                                     
                                                                     
Liabilities:
Deposits                                               $ 329,080     $ 332,289
Long-term borrowings                                     20,000        20,000
Other liabilities                                      1,467      1,561
Total liabilities                                      350,547    353,850
                                                                     
                                                                     
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000
shares;
issued and outstanding June 30, 2013 2,740,319;
December 31, 2012 2,736,978 shares                       2,740         2,737
Surplus                                                  9,640         9,605
Retained earnings                                        19,404        18,783
Accumulated other comprehensive gain, net of tax       (146    )   2,463
benefits
Total stockholders' equity                             31,638     33,588
                                                                     
Total liabilities and stockholders' equity            $ 382,185   $ 387,438

                                                               
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)
                         2013         2012          2013         2012
                                                                   
Interest income on
Loans, including fees    $ 3,048       $ 3,255       $ 6,051       $ 6,619
U.S. Government agency     215           211           402           465
securities
State and municipal        426           438           844           855
securities
Other                    19          24           41          45
Total interest income    3,708       3,928        7,338       7,984
                                                                   
Interest expense on
Deposits                   539           670           1,098         1,358
Short-term borrowings      -             1             -             1
Long-term borrowings     160         159          318         319
Total interest expense   699         830          1,416       1,678
                                                                   
Net interest income        3,009         3,098         5,922         6,306
                                                                   
Provision for credit       -             -             -             -
losses
                                                            
Net interest income
after provision for      3,009       3,098        5,922       6,306
credit losses
                                                                   
Other income
Service charges on         132           132           270           275
deposit accounts
Other fees and             186           191           361           378
commissions
Other non-interest         4             4             10            9
income
Income on life             58            62            116           122
insurance
Gains on investment      122         33           124         56
securities
Total other income       502         422          881         840
                                                                   
Other expenses
Salaries and employee      1,673         1,726         3,328         3,458
benefits
Occupancy                  195           200           397           397
Other expenses           855         789          1,683       1,546
Total other expenses     2,723       2,715        5,408       5,401
                                                                   
Income before income       788           805           1,395         1,745
taxes
                                                                   
Income tax expense       148         149          226         359
                                                                   
Net income              $ 640        $ 656         $ 1,169      $ 1,386
                                                                   
Net income per share    $ 0.24       $ 0.24        $ 0.43       $ 0.51
of common stock
                                                                   
Weighted-average
shares of common stock   2,740,132   2,726,428    2,740,132   2,724,423
outstanding
                                                                     

Contact:

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