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, 2010, Glen Burnie Bancorp realized net income of $322,000 or $0.12 basic earnings per share. The company reported net income of $490,000 or $0.18 basic earnings per share for the same three month period in 2009. Net interest income after provisions for credit losses was $2,731,000 for the three month period ended June 30, 2010. The company reported net interest income after provisions for credit losses of $2,825,000 for the same period in 2009.

Net income for the six months ended June 30, 2010 was $721,000 or $0.27 basic earnings per share as compared to $945,000 or $0.34 basic earnings per share for the same period in 2009. Net interest income after provisions for credit losses for the six months ended June 30, 2010 was $5,525,000 as compared to $5,540,000 for the same period in 2009.

Total assets stood at $364,318,000 as of June 30, 2010 compared to $355,950,000 as of June 30, 2009. Deposits were $303,250,000 on June 30, 2010 as compared to $296,540,000 on June 30, 2009.

On July 8, 2010, Glen Burnie Bancorp paid its 72 nd consecutive dividend to shareholders of record at the close of business on June 25, 2010. The company had 2,687,190 common shares outstanding with approximately 450 shareholders of record on June 10, 2010.

“The Bank of Glen Burnie continued to operate at a profit, and pay dividends, during this time of economic stress.” said Michael G. Livingston, President and CEO.

The Bank of Glen Burnie has been awarded a 5-Star Superior Rating from BAUER FINANCIAL Reports, Inc., the nation’s leading independent bank research firm, for the past 39 consecutive quarters. This distinction denotes the highest level of strength, safety and performance measured by Bauer and is based on factors such as capitalization, liquidity, loan delinquency rate and historical performance.

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie, currently maintains consolidated assets totaling more than $360 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, 2010     31, 2009
Assets
 
Cash and due from banks $7,125 $6,994
Interest bearing deposits 6,664 3,748
Federal funds sold 4,239 692
Investment securities 96,352 84,463
Common Stock in the Glen Burnie Statutory Trust I 155 155
Loans, net of allowance 228,879 235,883
Premises and equipment at cost, net of accumulated depreciation 4,040 4,121
Other real estate owned 537 25
Other assets     16,327       17,316  
Total assets     $364,318       $353,397  
 
 
Liabilities and Stockholders' Equity
 
 
Liabilities:
Deposits $303,250 $294,358
Short-term borrowings 341 81
Long-term borrowings 27,014 27,034

Junior subordinated debentures owed to unconsolidated subsidiary trust
5,155 5,155
Other liabilities     1,930       1,620  
Total liabilities     337,690       328,248  
 
 
Stockholders' equity:

Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding June 30, 2010 2,691,915; December 31, 2009 2,683,015 shares
2,692 2,683
Surplus 9,264 9,191
Retained earnings 14,495 14,311
Accumulated other comprehensive income (loss), net of taxes (benefits) 177 (1,036 )
                 
Total stockholders' equity     26,628       25,149  
 
Total liabilities and stockholders' equity     $364,318       $353,397  
 
 
 
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)
2010     2009 2010     2009
 
Interest income on
Loans, including fees $3,686 $3,811 $7,395 $7,577
U.S. Government agency securities 533 497 1,013 870
State and municipal securities 339 329 660 659
Other     54       52   116     116
Total interest income     4,612       4,689   9,184     9,222
 
Interest expense on
Deposits 947 1,254 1,944 2,523
Junior subordinated debentures 220 136 440 273
Long-term borrowings 264 265 525 527
Short-term borrowings     -       -   -     -
Total interest expense     1,431       1,655   2,909     3,323
 
Net interest income 3,181 3,034 6,275 5,899
 
Provision for credit losses 450 209 750 359
                         
Net interest income after provision for credit losses     2,731       2,825   5,525     5,540
 
Other income
Service charges on deposit accounts 157 169 318 339
Other fees and commissions 205 203 392 382
Other non-interest income - 1 3 -
Income on life insurance 67 69 134 137
Gains on investment securities     -       51   -     49
Total other income     429       493   847     907
 
Other expenses
Salaries and employee benefits 1,654 1,585 3,349 3,117
Impairment of securities 66 - 66 30
Occupancy 197 220 420 452
Other expenses     925       943   1,768     1,768
Total other expenses     2,842       2,748   5,603     5,367
 
Income before income (benefit) taxes 318 570 769 1,080
 
Income tax (benefit ) expense     (4 )     80   48     135
 
Net income     $322       $490   $721     $945
 
Net income per share of common stock     $0.12       $0.18   $0.27     $0.34
 
Weighted-average shares of common stock outstanding     2,687,501       2,668,613   2,685,384     2,792,955
 

Copyright Business Wire 2010

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