Glen Burnie Bancorp Announces 2013 4Q and Year End Earnings

  Glen Burnie Bancorp Announces 2013 4Q and Year End Earnings

Business Wire

GLEN BURNIE, Md. -- February 18, 2014

Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen
Burnie^®, today reported fourth quarter and year end earnings for 2013.

For the quarter ended December 31, 2013, the company realized net income of
$650,000 or $0.23 basic and diluted earnings per share as compared to net
income of $609,000 or $0.23 basic and diluted earnings per share for the same
period in 2012. Net interest income after provisions for credit losses for the
fourth quarter of 2013 was $3,173,000 compared to $2,961,000 for the same
three-month period in 2012.

Net income for the year ended December 31, 2013 was $2,614,000 or $0.95 basic
and diluted earnings per share as compared to net income of $2,665,000 or
$0.98 basic and diluted earnings per share in 2012. Net interest income after
provisions for credit losses for the year ended December 31, 2013 was
$12,360,000 as compared to $12,312,000 in 2012. Assets as of December 31, 2013
were $377,194,000 as compared to $387,438,000 as of December 31, 2012.

2013 Performance Highlights:

  *8.43 % increase in loans, net of allowance
  *9.82 % increase in other income

Michael G. Livingston, President and Chief Executive Officer, stated, “The
Bancorp earnings for the year are a result of our commitment to traditional
banking, and serving the needs of our community.” Mr. Livingston added, “Our
shareholders have been rewarded with consistent earnings over the past several
years by staying with the community banking model.”

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie^®, currently
maintains consolidated assets totaling more than $377 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)
                                                                  
                                                       (audited)     (audited)
                                                       December      December
                                                       31, 2013     31, 2012
Assets
                                                                     
Cash and due from banks                                $ 9,215       $ 9,332
Interest bearing deposits                                1,636         6,627
Federal funds sold                                       103           2,669
Investment securities                                    74,314        100,490
Loans, net of allowance                                  270,684       249,632
Premises and equipment at cost, net of accumulated       3,697         3,873
depreciation
Other real estate owned                                  1,171         478
Other assets                                           16,374     14,337
Total assets                                          $ 377,194   $ 387,438
                                                                     
                                                                     
Liabilities and Stockholders' Equity
                                                                     
                                                                     
Liabilities:
Deposits                                               $ 323,803     $ 332,289
Long-term borrowings                                     20,000        20,000
Other liabilities                                      1,807      1,562
Total liabilities                                      345,610    353,851
                                                                     
                                                                     
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000
shares; issued and outstanding December 31, 2013         2,747         2,737
2,747,370; December 31, 2012 2,736,978 shares
Surplus                                                  9,714         9,605
Retained earnings                                        20,301        18,783
Accumulated other comprehensive (loss) gain, net of    (1,178  )   2,462
tax benefits
Total stockholders' equity                             31,584     33,587
                                                                     
Total liabilities and stockholders' equity            $ 377,194   $ 387,438
                                                                       


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)                 (audited)
                         2013         2012          2013         2012
                                                                   
Interest income on
Loans, including fees    $ 3,371       $ 3,191       $ 12,673      $ 13,123
U.S. Government agency     228           189           871           894
securities
State and municipal        384           423           1,657         1,706
securities
Other                    21          25           81          94
Total interest income    4,004       3,828        15,282      15,817
                                                                   
Interest expense on
Deposits                   405           606           2,014         2,611
Short-term borrowings      4             -             7             2
Long-term borrowings     162         161          641         642
Total interest expense   571         767          2,662       3,255
                                                                   
Net interest income        3,433         3,061         12,620        12,562
                                                                   
Provision for credit       260           100           260           250
losses
                                                            
Net interest income
after provision for      3,173       2,961        12,360      12,312
credit losses
                                                                   
Other income
Service charges on         163           159           596           575
deposit accounts
Other fees and             214           214           826           817
commissions
Other non-interest         1             6             -             20
income
Income on life             59            62            234           247
insurance
Gains on investment      71          45           345         163
securities
Total other income       508         486          2,001       1,822
                                                                   
Other expenses
Salaries and employee      1,705         1,694         6,753         6,812
benefits
Impairment of              -             -             15            -
securities
Occupancy                  197           214           786           804
Other expenses           965         778          3,559       3,179
Total other expenses     2,867       2,686        11,113      10,795
                                                                   
Income before income       814           761           3,248         3,339
taxes
                                                                   
Income tax expense       164         152          634         674
                                                                   
Net income              $ 650        $ 609         $ 2,614      $ 2,665
                                                                   
Net income per share    $ 0.23       $ 0.23        $ 0.95       $ 0.98
of common stock
                                                                   
Weighted-average
shares of common stock   2,747,098   2,733,533    2,742,003   2,728,072
outstanding
                                                                     

Contact:

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