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Glen Burnie Bancorp Releases 1Q 2011 Earnings

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

Highlights
  • 77.7% increase in net income
  • 2.3% increase in assets
  • 3.8% increase in deposits
  • 11.7% increase in net interest income after provision for credit losses

The company realized net income of $709,000 or $0.26 basic earnings per share in the quarter ended March 31, 2011 as compared to net income of $399,000 or $0.15 basic earnings per share for the same period in 2010.

Net interest income after provisions for credit losses in the first quarter was $3,122,000 as compared to $2,794,000 in 2010. Total assets were $355,038,000 as of March 31, 2011 compared to $347,067,000 at December 31, 2010. Deposits were $305,661,000 as of March 31, 2011 compared to $294,444,000 at December 31, 2010.

“We continue to stay with the traditional banking model as a community bank which resulted in increased income and increased deposits for the first quarter this year as compared to a year ago. The financials for the first quarter are a continuance of excellence from last year where the bank was voted Best Bank in the Maryland Gazette Reader’s Choice and Business of the Year by the Northern Anne Arundel County Chamber of Commerce,” said Michael G. Livingston, President and Chief Executive Officer.

On April 6, 2011 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 24, 2011 marking the company’s 75 th consecutive dividend.

Glen Burnie Bancorp will host its Annual Meeting of Stockholders on Thursday, May 12 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 $355 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, 2011   31, 2010
Assets
 
Cash and due from banks $6,358 $6,492
Interest bearing deposits 6,120 1,568
Federal funds sold 760 940
Investment securities 90,697 87,268
Loans, net of allowance 229,329 229,851
Premises and equipment at cost, net of accumulated depreciation 4,057 4,124
Other real estate owned 1,522 215
Other assets   16,195     16,609  
Total assets   $355,038     $347,067  
 
 
Liabilities and Stockholders' Equity
 
 
Liabilities:
Deposits $305,661 $294,444
Short-term borrowings 156 4,274
Long-term borrowings 20,000 20,000
Other liabilities   1,747     2,017  
Total liabilities   327,564     320,735  
 
 
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares;
issued and outstanding March 31, 2011 2,707,865;
December 31, 2010 2,702,091 shares 2,708 2,702
Surplus 9,368 9,335
Retained earnings 15,739 15,300
Accumulated other comprehensive loss, net of tax benefits (341 ) (1,005 )
         
Total stockholders' equity   27,474     26,332  
 
Total liabilities and stockholders' equity   $355,038     $347,067  
 
 
Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)
 
Three Months Ended
March 31,
(unaudited)
2011   2010
 
Interest income on
Loans, including fees $3,510 $3,709
U.S. Government agency securities 341 480
State and municipal securities 384 321
Other   51     62  
Total interest income   4,286     4,572  
 
Interest expense on
Deposits 778 997
Junior subordinated debentures 0 220
Long-term borrowings 158 261
Short-term borrowings   3     -  
Total interest expense   939     1,478  
 
Net interest income 3,347 3,094
 
Provision for credit losses 225 300
         
Net interest income after provision for credit losses   3,122     2,794  
 
Other income
Service charges on deposit accounts 165 161
Other fees and commissions 194 187
Other non-interest income 3 3
Income on life insurance 61 67
Gains on investment securities   188     -  
Total other income   611     418  
 
Other expenses
Salaries and employee benefits 1,642 1,695
Impairment of securities 22 0
Occupancy 229 223
Other expenses   918     843  
Total other expenses   2,811     2,761  
 
(Loss) income before income taxes 922 451
 
Income tax (benefit)   213     52  
 
Net (loss) income   $709     $399  
 
Net (loss) income per share of common stock   $0.26     $0.15  
 
Weighted-average shares of common stock outstanding   2,702,604     2,683,244  

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