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 $770,000 or $0.29 basic earnings per share in the quarter ended September 30, 2011 compared to net income of $689,000 or $0.25 basic earnings per share for the same three month period in 2010. For the nine months ending September 30, 2011, net income was $2,237,000 or $0.83 basic earnings per share as compared to net income of $1,410,000 or $0.52 basic earnings per share for the same period in 2010.

The bank achieved the following additional highlights:
  • 58.65% increase in year to date net income
  • 15.46% increase in year to date equity
  • 5.18% increase in year to date deposits
  • 4.37% increase in year to date total assets

Total interest income for the quarter ending September 30, 2011 was $4,349,000 as compared to $4,608,000 for the same period in 2010. Total interest income was $12,958,000 for the nine months ending September 30, 2011 as compared to $13,792,000 for the same period in 2010. For the three month period ending September 30, 2011, net interest income after provision for credit losses was $3,284,000 as compared to $2,911,000 for the same period in 2010. For the nine months ending September 30, 2011 net interest income after provision for credit losses was $9,802,000 as compared to $8,436,000 for the same period in 2010.

“We are pleased with the results being released that show the Bancorp with asset growth, equity growth, deposit growth and increased earnings. This has allowed the Bancorp to be consistent with dividends; which is important in the uncertain economy that surrounds us today,” commented Michael G. Livingston, President and Chief Executive Officer. “Glen Burnie Bancorp and The Bank of Glen Burnie are committed to excellence in satisfying the needs of their shareholders, customers and employees.”

On October 6, 2011, Glen Burnie Bancorp paid its 77 th consecutive dividend to shareholders of record at the close of business on September 27, 2011.

The Bank of Glen Burnie has been recommended by BAUER FINANCIAL Reports, Inc., the nation’s leading independent bank research firm, as Excellent or Superior rated for the past 45 consecutive quarters. This distinction denotes the highest levels 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)
September December
30, 2011 31, 2010
Assets
 
Cash and due from banks $7,908 $6,492
Interest bearing deposits 8,921 1,568
Federal funds sold 759 940
Investment securities 98,038 87,268
Loans, net of allowance 226,702 229,851
Premises and equipment at cost, net of accumulated depreciation 4,169 4,124
Other real estate owned 1,197 215
Other assets   14,546   16,609  
Total assets   $362,240   $347,067  
 
 
Liabilities and Stockholders' Equity
 
 
Liabilities:
Deposits $309,701 $294,444
Short-term borrowings 219 4,274
Long-term borrowings 20,000 20,000
Other liabilities   1,916   2,017  
Total liabilities   331,836   320,735  
 
 
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares;
issued and outstanding September 30, 2011 2,717,907;
December 31, 2010 2,702,091 shares 2,718 2,702
Surplus 9,438 9,335
Retained earnings 16,725 15,300
Accumulated other comprehensive gain (loss), net of taxes (benefits) 1,523 (1,005 )
         
Total stockholders' equity   30,404   26,332  
 
Total liabilities and stockholders' equity   $362,240   $347,067  
 
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)
2011   2010 2011   2010
 
Interest income on
Loans, including fees $3,492 $3,696 $10,488 $11,091
U.S. Government agency securities 407 482 1,160 1,495
State and municipal securities 408 363 1,191 1,023
Other   42     67 119     183
Total interest income   4,349     4,608 12,958     13,792
 
Interest expense on
Deposits 754 923 2,298 2,867
Junior subordinated debentures - 208 - 648
Long-term borrowings 161 266 479 791
Short-term borrowings   -     - 4     -
Total interest expense   915     1,397 2,781     4,306
 
Net interest income 3,434 3,211 10,177 9,486
 
Provision for credit losses 150 300 375 1,050
               
Net interest income after provision for credit losses   3,284     2,911 9,802     8,436
 
Other income
Service charges on deposit accounts 151 162 469 480
Other fees and commissions 235 226 631 618
Other non-interest income (30 ) 87 (25 ) 90
Income on life insurance 60 67 180 201
Gains on investment securities   85     176 346     176
Total other income   501     718 1,601     1,565
 
Other expenses
Salaries and employee benefits 1,658 1,660 4,936 5,009
Impairment of securities - - 92 66
Occupancy 211 207 640 627
Other expenses   907     862 2,806     2,630
Total other expenses   2,776     2,729 8,474     8,332
 
Income before income (benefit) taxes 1,009 900 2,929 1,669
 
Income tax (benefit ) expense   239     211 692     259
 
Net income   $770     $689 $2,237     $1,410
 
Net income per share of common stock   $0.29     $0.25 $0.83     $0.52
 
Weighted-average shares of common stock outstanding   2,712,882     2,692,329 2,707,944     2,687,724
 

Copyright Business Wire 2010

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