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Glen Burnie Bancorp Releases 2Q Earnings

Stocks in this article: GLBZ

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, 2011, Glen Burnie Bancorp realized net income of $758,000 or $0.28 basic earnings per share. The company reported net income of $322,000 or $0.12 basic earnings per share for the same three month period in 2010. Net interest income after provisions for credit losses was $3,396,000 for the three month period ended June 30, 2011. The company reported net interest income after provisions for credit losses of $2,731,000 for the same period in 2010.

Net income for the six months ended June 30, 2011 was $1,467,000 or $0.54 basic earnings per share as compared to $721,000 or $0.27 basic earnings per share for the same period in 2010. Net interest income after provisions for credit losses for the six months ended June 30, 2011 was $6,518,000 as compared to $5,525,000 for the same period in 2010.

Total assets stood at $357,841,000 as of June 30, 2011 compared to $364,318,000 as of June 30, 2010. Deposits were $306,735,000 on June 30, 2011 as compared to $303,250,000 on June 30, 2010.

On July 7, 2011, Glen Burnie Bancorp paid its 76 th consecutive dividend to shareholders of record at the close of business on June 24, 2011. The company had 2,707,865 common shares outstanding with approximately 450 shareholders of record on June 20, 2011.

“Our commitment to basic banking principles has continued to produce positive results as reflected by our reported earnings. Focusing on traditional banking, serving our customers and community has produced positive and consistent results for our shareholders,” said Michael G. Livingston, President and CEO.

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)
June December
30, 2011   31, 2010
Assets
 
Cash and due from banks $ 7,056 $ 6,492
Interest bearing deposits 2,625 1,568
Federal funds sold 710 940
Investment securities 96,386 87,268
Loans, net of allowance 230,156 229,851
Premises and equipment at cost, net of accumulated depreciation 4,118 4,124
Other real estate owned 1,435 215
Other assets     15,355     16,609  
Total assets   $ 357,841   $ 347,067  
 
 
Liabilities and Stockholders' Equity
 
 
Liabilities:
Deposits $ 306,735 $ 294,444
Short-term borrowings 185 4,274
Long-term borrowings 20,000 20,000
Other liabilities     1,844     2,017  
Total liabilities     328,764     320,735  
 
 
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares;
issued and outstanding June 30, 2011 2,712,656;
December 31, 2010 2,702,091 shares 2,713 2,702
Surplus 9,404 9,335
Retained earnings 16,226 15,300
Accumulated other comprehensive gain (loss), net of taxes (benefits) 734 (1,005 )
         
Total stockholders' equity     29,077     26,332  
 
Total liabilities and stockholders' equity   $ 357,841   $ 347,067  
 
 
Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)
 
 
    Three Months Ended     Six Months Ended
June 30, June 30,
(unaudited) (unaudited)
2011     2010 2011     2010
       
Interest income on
Loans, including fees $3,486 $3,686 $6,996 $7,395
U.S. Government agency securities 412 533 753 1,013
State and municipal securities 399 339 783 660
Other     26     54   77     116
Total interest income     4,323     4,612   8,609     9,184
 
Interest expense on
Deposits 766 947 1,544 1,944
Junior subordinated debentures - 220 - 440
Long-term borrowings 160 264 318 525
Short-term borrowings     1     -   4     -
Total interest expense     927     1,431   1,866     2,909
 
Net interest income 3,396 3,181 6,743 6,275
 
Provision for credit losses - 450 225 750
                       
Net interest income after provision for credit losses     3,396     2,731   6,518     5,525
 
Other income
Service charges on deposit accounts 153 157 318 318
Other fees and commissions 202 205 396 392
Other non-interest income 2 - 5 3
Income on life insurance 59 67 120 134
Gains on investment securities     73     -   261     -
Total other income     489     429   1,100     847
 
Other expenses
Salaries and employee benefits 1,636 1,654 3,278 3,349
Impairment of securities 70 66 92 66
Occupancy 200 197 429 420
Other expenses     981     925   1,899     1,768
Total other expenses     2,887     2,842   5,698     5,603
 
Income before income (benefit) taxes 998 318 1,920 769
 
Income tax (benefit ) expense     240     (4 ) 453     48
 
Net income     $758     $322   $1,467     $721
 
Net income per share of common stock     $0.28     $0.12   $0.54     $0.27
 
Weighted-average shares of common stock outstanding     2,708,233     2,687,501   2,705,434     2,685,384
 




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