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Glen Burnie Bancorp Releases 1Q 2012 Earnings

Stocks in this article: GLBZ

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

Highlights

  • 2.96% increase in net income
  • 2.48% increase in assets
  • 2.89% increase in deposits
  • 2.75% increase in net interest income after provision for credit losses

The company realized net income of $730,000 or $0.27 basic earnings per share in the quarter ended March 31, 2012 as compared to net income of $709,000 or $0.26 basic earnings per share for the same period in 2011.

Net interest income after provisions for credit losses in the first quarter was $3,208,000 as compared to $3,122,000 in 2011. Total assets were $374,313,000 as of March 31, 2012 compared to $365,260,000 at December 31, 2011. Deposits were $320,964,000 as of March 31, 2012 compared to $311,945,000 at December 31, 2011.

“The continued positive performance of the bank mirrors the steady improvement of the local economy of the communities we serve.” said Michael G. Livingston, President and Chief Executive Officer.

On April 3, 2012 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 23, 2012 marking the company’s 79 th consecutive dividend.

Glen Burnie Bancorp will host its Annual Meeting of Stockholders on Thursday, May 10 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 $372 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, 2012   31, 2011
Assets
 
Cash and due from banks $5,935 $6,877
Interest bearing deposits 4,564 2,423
Federal funds sold 1,745 654
Investment securities, at fair value 104,265 102,867
Loans, net of allowance 238,563 232,734
Premises and equipment at cost, net of accumulated depreciation 4,050 4,108
Other real estate owned 929 1,111
Other assets   14,262   14,486
Total assets   $374,313   $365,260
 
 
Liabilities and Stockholders' Equity
 
 
Liabilities:
Deposits $320,964 $311,945
Short-term borrowings - 255
Long-term borrowings 20,000 20,000
Other liabilities   1,353   1,849
Total liabilities   342,317   334,049
 
 
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares;
issued and outstanding: March 31, 2012: 2,722,629;
December 31, 2011: 2,717,909 shares 2,723 2,718
Surplus 9,470 9,438
Retained earnings 17,668 17,209
Accumulated other comprehensive gain, net of tax benefits 2,135 1,846
         
Total stockholders' equity   31,996   31,211
 
Total liabilities and stockholders' equity   $374,313   $365,260
 
 
Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)
 
Three Months Ended
March 31,
(unaudited)
2012   2011
 
Interest income on
Loans, including fees $3,364 $3,510
U.S. Government agency securities 254 341
State and municipal securities 417 384
Other   21   51
Total interest income   4,056   4,286
 
Interest expense on
Deposits 688 778
Short-term borrowings - 3
Long-term borrowings   160   158
Total interest expense   848   939
 
Net interest income 3,208 3,347
 
Provision for credit losses - 225
         
Net interest income after provision for credit losses   3,208   3,122
 
Other income
Service charges on deposit accounts 143 165
Other fees and commissions 187 194
Other non-interest income 5 3
Income on life insurance 60 61
Gains on investment securities   23   188
Total other income   418   611
 
Other expenses
Salaries and employee benefits 1,732 1,642
Impairment of securities - 22
Occupancy 197 229
Other expenses   757   918
Total other expenses   2,686   2,811
 
Income before income taxes 940 922
 
Income tax expense   210   213
 
Net income   $730   $709
 
Net income per share of common stock   $0.27   $0.26
 
Weighted-average shares of common stock outstanding   2,722,419   2,702,604




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