Glen Burnie Bancorp Releases 3Q Earnings

  Glen Burnie Bancorp Releases 3Q Earnings

Business Wire

GLEN BURNIE, Md. -- November 7, 2013

Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie,
today announced results for the third quarter.

The company realized a net income of $795,000 or $0.29 basic earnings per
share in the quarter ended September 30, 2013 compared to net income of
$670,000 or $0.24 basic earnings per share for the same three month period in
2012. For the nine months ending September 30, 2013, net income was $1,964,000
or $0.72 basic earnings per share as compared to net income of $2,056,000 or
$0.75 basic earnings per share for the same period in 2012.

Total interest income for the quarter ending September 30, 2013 was $3,940,000
as compared to $4,005,000 for the same period in 2012. Total interest income
was $11,278,000 for the nine months ending September 30, 2013 as compared to
$11,989,000 for the same period in 2012. For the three month period ending
September 30, 2013, net interest income after provision for credit losses was
$3,265,000 as compared to $3,045,000 for the same period in 2012. For the nine
months ending September 30, 2013 net interest income after provision for
credit losses was $9,187,000 as compared to $9,351,000 for the same period in
2012.

“The Bank has stayed true to the traditional banking model and as a result we
have had consistent earnings and dividends,” commented Michael G. Livingston,
President and Chief Executive Officer.

On October 8, 2013, Glen Burnie Bancorp paid its 85^th consecutive dividend to
shareholders of record at the close of business on September 27, 2013.

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie, currently
maintains consolidated assets totaling more than $379 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)
                                                     September       December
                                                     30, 2013      31, 2012
Assets
                                                                     
Cash and due from banks                              $8,568          $9,332
Interest bearing deposits                            42              6,627
Federal funds sold                                   65              2,669
Investment securities                                88,282          100,490
Loans, net of allowance                              261,492         249,632
Premises and equipment at cost, net of               3,739           3,873
accumulated depreciation
Other real estate owned                              1,013           478
Other assets                                       16,207        14,337
Total assets                                       $379,408      $387,438
                                                                     
                                                                     
Liabilities and Stockholders' Equity
                                                                     
                                                                     
Liabilities:
Deposits                                             $323,025        $332,289
Short-term borrowings                                3,100           -
Long-term borrowings                                 20,000          20,000
Other liabilities                                  1,914         1,561
Total liabilities                                  348,039       353,850
                                                                     
                                                                     
Stockholders' equity:
Common stock, par value $1, authorized
15,000,000 shares;
issued and outstanding September 30, 2013
2,743,835;
December 31, 2012 2,736,978 shares                   2,744           2,737
Surplus                                              9,677           9,605
Retained earnings                                    19,925          18,783
Accumulated other comprehensive gain, net of tax   (977)         2,463
benefits
Total stockholders' equity                         31,369        33,588
                                                                     
Total liabilities and stockholders' equity         $379,408      $387,438
                                                                     

                                                            
Glen Burnie Bancorp
and Subsidiaries
Condensed Consolidated Statements of
Income
(dollars in thousands, except per
share amounts)
                                                                     
                           Three Months Ended          Nine Months Ended
                           September 30,               September 30,
                           (unaudited)                 (unaudited)
                           2013        2012          2013        2012
                                                                     
Interest income on
Loans, including fees      $ 3,251       $ 3,313       $9,302        $9,932
U.S. Government agency     241           240           643           705
securities
State and municipal        429           428           1,273         1,283
securities
Other                    19          24            60          69
Total interest income    3,940       4,005         11,278      11,989
                                                                     
Interest expense on
Deposits                   511           647           1,609         2,005
Short-term borrowings      3             1             3             2
Long-term borrowings     161         162           479         481
Total interest expense   675         810           2,091       2,488
                                                                     
Net interest income        3,265         3,195         9,187         9,501
                                                                     
Provision for credit       -             150           -             150
losses
                                                           
Net interest income
after provision for      3,265       3,045         9,187       9,351
credit losses
                                                                     
Other income
Service charges on         163           141           433           416
deposit accounts
Other fees and             251           225           612           603
commissions
Other non-interest         (11)          5             (1)           14
income
Income on life             59            63            175           185
insurance
Gains on investment      150         62            274         118
securities
Total other income       612         496           1,493       1,336
                                                                     
Other expenses
Salaries and employee      1,720         1,660         5,048         5,118
benefits
Occupancy                  192           193           589           590
Impairment of              15            -             15            -
securities and stocks
Other expenses           911         855           2,594       2,401
Total other expenses     2,838       2,708         8,246       8,109
                                                                     
Income before income       1,039         833           2,434         2,578
taxes
                                                                     
Income tax expense       244         163           470         522
                                                                     
Net income               $795        $670          $1,964      $2,056
                                                                     
Net income per share     $0.29       $0.24         $0.72       $0.75
of common stock
                                                                     
Weighted-average
shares of common stock   2,743,679   2,729,928     2,741,388   2,726,258
outstanding
                                                                     

Contact:

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