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Glen Burnie Bancorp Announces 2012 4Q And Year End Earnings

Glen Burnie Bancorp declared four regular dividends in 2012, totaling forty cents ($0.40) per common share. On December 28, 2012, Glen Burnie Bancorp paid its 82 nd consecutive dividend to shareholders of record at the close of business on December 20, 2012.

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie ®, currently maintains consolidated assets totaling more than $387 million. Founded in 1949, The Bank of Glen Burnie ® is a 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) (unaudited)
December December
31, 2012     31, 2011
Assets
 
Cash and due from banks $ 9,332 $ 6,877
Interest bearing deposits 6,627 2,423
Federal funds sold 2,669 654
Investment securities 100,490 102,867
Loans, net of allowance 249,632 232,734
Premises and equipment at cost, net of accumulated depreciation 3,873 4,108
Other real estate owned 478 1,111
Other assets       14,337       14,486  
Total assets     $ 387,438     $ 365,260  
 
 
Liabilities and Stockholders' Equity
 
 
Liabilities:
Deposits $ 332,289 $ 311,945
Short-term borrowings - 255
Long-term borrowings 20,000 20,000
Other liabilities       1,562       1,849  
Total liabilities       353,851       334,049  
 
 
Stockholders' equity:

Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding December 31, 2012 2,736,978; December 31, 2011 2,717,909 shares

2,737 2,718
Surplus 9,605 9,438
Retained earnings 18,783 17,209
Accumulated other comprehensive gain, net of tax benefits       2,462       1,846  
Total stockholders' equity       33,587       31,211  
 
Total liabilities and stockholders' equity     $ 387,438     $ 365,260  
 
 
Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)
 
 
Three Months Ended Twelve Months Ended
December 31, December 31,
(unaudited) (unaudited)
2012     2011 2012     2011
 
Interest income on
Loans, including fees $ 3,191 $ 3,410 $ 13,123 $ 13,898
U.S. Government agency securities 189 328 894 1,489
State and municipal securities 423 415 1,706 1,606
Other       25       21     94       139  
Total interest income       3,828       4,174     15,817       17,132  
 
Interest expense on
Deposits 606 740 2,611 3,038
Short-term borrowings - - 2 4
Long-term borrowings       161       162     642       641  
Total interest expense       767       902     3,255       3,683  
 
Net interest income 3,061 3,272 12,562 13,449
 
Provision for credit losses 100 288 250 663
                                 
Net interest income after provision for credit losses       2,961       2,984     12,312       12,786  
 
Other income
Service charges on deposit accounts 159 158 575 627
Other fees and commissions 214 231 817 862
Other non-interest income 6 (22 ) 20 (47 )
Income on life insurance 62 59 247 240
Gains on investment securities       45       63     163       408  
Total other income       486       489     1,822       2,090  
 
Other expenses
Salaries and employee benefits 1,694 1,639 6,812 6,575
Impairment of securities - - - 22
Occupancy 214 207 804 847
Other expenses       778       796     3,179       3,672  
Total other expenses       2,686       2,642     10,795       11,116  
 
Income before income taxes 761 831 3,339 3,760
 
Income tax expense       152       75     674       767  
 
Net income     $ 609     $ 756   $ 2,665     $ 2,993  
 
Net income per share of common stock     $ 0.23     $ 0.28   $ 0.98     $ 1.10  
 
Weighted-average shares of common stock outstanding       2,733,533       2,717,906     2,728,072       2,710,455  
 




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