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Glen Burnie Bancorp Releases 3Q Earnings

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

The company realized a net income of $795,000 or $0.29 basic earnings per share in the quarter ended September 30, 2013 compared to net income of $670,000 or $0.24 basic earnings per share for the same three month period in 2012. For the nine months ending September 30, 2013, net income was $1,964,000 or $0.72 basic earnings per share as compared to net income of $2,056,000 or $0.75 basic earnings per share for the same period in 2012.

Total interest income for the quarter ending September 30, 2013 was $3,940,000 as compared to $4,005,000 for the same period in 2012. Total interest income was $11,278,000 for the nine months ending September 30, 2013 as compared to $11,989,000 for the same period in 2012. For the three month period ending September 30, 2013, net interest income after provision for credit losses was $3,265,000 as compared to $3,045,000 for the same period in 2012. For the nine months ending September 30, 2013 net interest income after provision for credit losses was $9,187,000 as compared to $9,351,000 for the same period in 2012.

“The Bank has stayed true to the traditional banking model and as a result we have had consistent earnings and dividends,” commented Michael G. Livingston, President and Chief Executive Officer.

On October 8, 2013, Glen Burnie Bancorp paid its 85 th consecutive dividend to shareholders of record at the close of business on September 27, 2013.

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie, currently maintains consolidated assets totaling more than $379 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)
September December
30, 2013     31, 2012
Assets
 
Cash and due from banks $8,568 $9,332
Interest bearing deposits 42 6,627
Federal funds sold 65 2,669
Investment securities 88,282 100,490
Loans, net of allowance 261,492 249,632
Premises and equipment at cost, net of accumulated depreciation 3,739 3,873
Other real estate owned 1,013 478
Other assets     16,207     14,337
Total assets     $379,408     $387,438
 
 
Liabilities and Stockholders' Equity
 
 
Liabilities:
Deposits $323,025 $332,289
Short-term borrowings 3,100 -
Long-term borrowings 20,000 20,000
Other liabilities     1,914     1,561
Total liabilities     348,039     353,850
 
 
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares;
issued and outstanding September 30, 2013 2,743,835;
December 31, 2012 2,736,978 shares 2,744 2,737
Surplus 9,677 9,605
Retained earnings 19,925 18,783
Accumulated other comprehensive gain, net of tax benefits     (977)     2,463
Total stockholders' equity     31,369     33,588
 
Total liabilities and stockholders' equity     $379,408     $387,438
 
               
Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)
 
Three Months Ended Nine Months Ended
September 30, September 30,
(unaudited) (unaudited)
2013     2012 2013     2012
 
Interest income on
Loans, including fees $ 3,251 $ 3,313 $9,302 $9,932
U.S. Government agency securities 241 240 643 705
State and municipal securities 429 428 1,273 1,283
Other     19     24 60     69
Total interest income     3,940     4,005 11,278     11,989
 
Interest expense on
Deposits 511 647 1,609 2,005
Short-term borrowings 3 1 3 2
Long-term borrowings     161     162 479     481
Total interest expense     675     810 2,091     2,488
 
Net interest income 3,265 3,195 9,187 9,501
 
Provision for credit losses - 150 - 150
                     
Net interest income after provision for credit losses     3,265     3,045 9,187     9,351
 
Other income
Service charges on deposit accounts 163 141 433 416
Other fees and commissions 251 225 612 603
Other non-interest income (11) 5 (1) 14
Income on life insurance 59 63 175 185
Gains on investment securities     150     62 274     118
Total other income     612     496 1,493     1,336
 
Other expenses
Salaries and employee benefits 1,720 1,660 5,048 5,118
Occupancy 192 193 589 590
Impairment of securities and stocks 15 - 15 -
Other expenses     911     855 2,594     2,401
Total other expenses     2,838     2,708 8,246     8,109
 
Income before income taxes 1,039 833 2,434 2,578
 
Income tax expense     244     163 470     522
 
Net income     $795     $670 $1,964     $2,056
 
Net income per share of common stock     $0.29     $0.24 $0.72     $0.75
 
Weighted-average shares of common stock outstanding     2,743,679     2,729,928 2,741,388     2,726,258
 




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