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Glen Burnie Bancorp Releases 1Q 2010 Earnings

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

The company realized net income of $399,000 or $0.15 basic earnings per share in the quarter ended March 31, 2010 as compared to net income of $455,000 or $0.16 basic earnings per share for the same period in 2009.

Net interest income after provisions for credit losses in the first quarter was $2,794,000 as compared to $2,715,000 in 2009. Total assets were $362,750,000 as of March 31, 2010 compared to $353,397,000 at December 31, 2009. Deposits were $303,397,000 as of March 31, 2010 compared to $294,358,000 at December 31, 2009.

“Given the extraordinary financial times we find ourselves in, The Bank of Glen Burnie has continued to perform with a profit and pay regular dividends.” said Michael G. Livingston, President and Chief Executive Officer.

On April 7, 2010 Glen Burnie Bancorp paid a regular dividend of ten cents ($0.10) per share of common stock to shareholders of record at the close of business on March 26, 2010 marking the company’s 71 st consecutive dividend.

The Bank of Glen Burnie earned the 5-Star Superior Rating from BAUER FINANCIAL Reports, Inc. for the 38 th consecutive quarter in March 2010. 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. Bauer is the nation’s leading independent bank research firm.

Glen Burnie Bancorp will host its Annual Meeting of Stockholders on Thursday, May 13 th at Michael’s Eighth Avenue in Glen Burnie, Maryland. Registration opens at 1:30 p.m. and the meeting will begin at 2 p.m.

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)
March December
31, 2010 31, 2009
Assets
 
Cash and due from banks $ 7,398 $ 6,994
Interest bearing deposits 10,190 3,748
Federal funds sold 3,705 692
Investment securities 85,716 84,463
Common Stock in the Glen Burnie Statutory Trust I 155 155
Loans, net of allowance 234,338 235,883
Premises and equipment at cost, net of accumulated depreciation 4,084 4,121
Other real estate owned 322 25
Other assets     16,842       17,316  
Total assets   $ 362,750     $ 353,397  
 
 
Liabilities and Stockholders' Equity
 
 
Liabilities:
Deposits $ 303,397 $ 294,358
Short-term borrowings 84 81
Long-term borrowings 27,024 27,034

Junior subordinated debentures owed to unconsolidated subsidiary trust

5,155 5,155
Other liabilities     1,415       1,620  
Total liabilities     337,075       328,248  
 
 
Stockholders' equity:

Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding March 31, 2010 - 2,687,190; December 31, 2009 - 2,683,015 shares

2,687 2,683
Surplus 9,228 9,191
Retained earnings 14,442 14,311
Accumulated other comprehensive loss, net of tax benefits (682 ) (1,036 )
         
Total stockholders' equity     25,675       25,149  
 
Total liabilities and stockholders' equity   $ 362,750     $ 353,397  
 
 
Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)
 
Three Months Ended
March 31,
(unaudited)
2010 2009
 
Interest income on
Loans, including fees $ 3,709 $ 3,766
U.S. Government agency securities 480 373
State and municipal securities 321 330
Other     62       64  
Total interest income     4,572       4,533  
 
Interest expense on
Deposits 997 1,269
Junior subordinated debentures 220 137
Long-term borrowings 261 262
Short-term borrowings     -       -  
Total interest expense     1,478       1,668  
 
Net interest income 3,094 2,865
 
Provision for credit losses 300 150
         
Net interest income after provision for credit losses     2,794       2,715  
 
Other income
Service charges on deposit accounts 161 170
Other fees and commissions 187 179
Other non-interest income 3 (1 )
Income on life insurance 67 68
Gains on investment securities     -       (2 )
Total other income     418       414  
 
Other expenses
Salaries and employee benefits 1,695 1,532
Impairment of securities - 30
Occupancy 223 232
Other expenses     843       825  
Total other expenses     2,761       2,619  
 
(Loss) income before income taxes 451 510
 
Income tax benefit     52       55  
 
Net (loss) income   $ 399     $ 455  
 
Net (loss) income per share of common stock   $ 0.15     $ 0.16  
 
Weighted-average shares of common stock outstanding     2,683,244       2,918,679  




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