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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, 2012, Glen Burnie Bancorp realized net income of $656,000 or $0.24 basic earnings per share. The company reported net income of $758,000 or $0.28 basic earnings per share for the same three month period in 2011. Net interest income after provisions for credit losses was $3,098,000 for the three month period ended June 30, 2012. The company reported net interest income after provisions for credit losses of $3,396,000 for the same period in 2011.

Net income for the six months ended June 30, 2012 was $1,386,000 or $0.51 basic earnings per share as compared to $1,467,000 or $0.54 basic earnings per share for the same period in 2011. Net interest income after provisions for credit losses for the six months ended June 30, 2012 was $6,306,000 as compared to $6,518,000 for the same period in 2011.

Total assets stood at $378,939,000 as of June 30, 2012 compared to $357,841,000 as of June 30, 2011. Deposits were $321,798,000 on June 30, 2012 as compared to $306,735,000 on June 30, 2011.

On July 9, 2012, Glen Burnie Bancorp paid its 80 th consecutive dividend to shareholders of record at the close of business on June 29, 2012. The company had 2,726,516 common shares outstanding with approximately 415 shareholders of record on June 14, 2012.

“Given the pressure on net interest margins in the current economy and the ongoing changes in the regulatory environment, our 2 nd quarter earnings reflect our continued focus on asset quality, profitability and consistent dividends,” 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 $378 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, 2012   31, 2011
Assets
 
Cash and due from banks $7,059 $6,877
Interest bearing deposits 166 2,423
Federal funds sold 258 654
Investment securities 102,510 102,867
Loans, net of allowance 249,353 232,734
Premises and equipment at cost, net of accumulated depreciation 3,985 4,108
Other real estate owned 699 1,111
Other assets   14,909   14,486
Total assets   $378,939   $365,260
 
 
Liabilities and Stockholders' Equity
 
 
Liabilities:
Deposits $321,798 $311,945
Short-term borrowings 3,000 255
Long-term borrowings 20,000 20,000
Other liabilities   1,824   1,849
Total liabilities   346,622   334,049
 
 
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares;
issued and outstanding June 30, 2012 2,726,515;
December 31, 2011 2,717,909 shares 2,726 2,718
Surplus 9,503 9,438
Retained earnings 18,051 17,209
Accumulated other comprehensive gain, net of tax benefits   2,037   1,846
Total stockholders' equity   32,317   31,211
 
Total liabilities and stockholders' equity   $378,939   $365,260
 
       
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)
2012   2011 2012   2011
 
Interest income on
Loans, including fees $3,255 $3,486 $6,619 $6,996
U.S. Government agency securities 211 412 465 753
State and municipal securities 438 399 855 783
Other   24   26 45   77
Total interest income   3,928   4,323 7,984   8,609
 
Interest expense on
Deposits 670 766 1,358 1,544
Short-term borrowings 1 1 1 4
Long-term borrowings   159   160 319   318
Total interest expense   830   927 1,678   1,866
 
Net interest income 3,098 3,396 6,306 6,743
 
Provision for credit losses - - - 225
               
Net interest income after provision for credit losses   3,098   3,396 6,306   6,518
 
Other income
Service charges on deposit accounts 132 153 275 318
Other fees and commissions 191 202 378 396
Other non-interest income 4 2 9 5
Income on life insurance 62 59 122 120
Gains on investment securities   33   73 56   261
Total other income   422   489 840   1,100
 
Other expenses
Salaries and employee benefits 1,726 1,636 3,458 3,278
Impairment of securities - 70 - 92
Occupancy 200 200 397 429
Other expenses   789   981 1,546   1,899
Total other expenses   2,715   2,887 5,401   5,698
 
(Loss) income before income taxes 805 998 1,745 1,920
 
Income tax benefit   149   240 359   453
 
Net (loss) income   $656   $758 $1,386   $1,467
 
Net (loss) income per share of common stock   $0.24   $0.28 $0.51   $0.54
 
Weighted-average shares of common stock outstanding   2,726,428   2,708,233 2,724,423   2,705,434
 




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