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Glen Burnie Bancorp Releases 2Q Earnings

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, 2010, Glen Burnie Bancorp realized net income of $322,000 or $0.12 basic earnings per share. The company reported net income of $490,000 or $0.18 basic earnings per share for the same three month period in 2009. Net interest income after provisions for credit losses was $2,731,000 for the three month period ended June 30, 2010. The company reported net interest income after provisions for credit losses of $2,825,000 for the same period in 2009.

Net income for the six months ended June 30, 2010 was $721,000 or $0.27 basic earnings per share as compared to $945,000 or $0.34 basic earnings per share for the same period in 2009. Net interest income after provisions for credit losses for the six months ended June 30, 2010 was $5,525,000 as compared to $5,540,000 for the same period in 2009.

Total assets stood at $364,318,000 as of June 30, 2010 compared to $355,950,000 as of June 30, 2009. Deposits were $303,250,000 on June 30, 2010 as compared to $296,540,000 on June 30, 2009.

On July 8, 2010, Glen Burnie Bancorp paid its 72 nd consecutive dividend to shareholders of record at the close of business on June 25, 2010. The company had 2,687,190 common shares outstanding with approximately 450 shareholders of record on June 10, 2010.

“The Bank of Glen Burnie continued to operate at a profit, and pay dividends, during this time of economic stress.” said Michael G. Livingston, President and CEO.

The Bank of Glen Burnie has been awarded a 5-Star Superior Rating from BAUER FINANCIAL Reports, Inc., the nation’s leading independent bank research firm, for the past 39 consecutive quarters. 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.

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