Glen Burnie Bancorp Announces 2011 4Q And Year End Earnings

Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie ®, today reported fourth quarter and year end earnings for 2011.

For the quarter ended December 31, 2011, the company realized net earnings of $756,000 or $0.28 per basic and diluted earnings per share as compared to net earnings of $655,000 or $0.24 basic and diluted earnings per share for the same period in 2010. Net interest income after provisions for credit losses for the fourth quarter of 2011 was $2,984,000 compared to $3,394,000 for the same three-month period in 2010.

Net income for the year ended December 31, 2011 was $2,993,093 or $1.10 per basic and diluted earnings per share as compared to net income of $2,064,785 or $0.76 per basic and diluted earnings per share in 2010. Net interest income after provisions for credit losses for the year ended December 31, 2011 was $12,786,385 as compared to $11,830,012 in 2010. Assets as of December 31, 2011 were $365,260,263 as compared to $347,067,276 as of December 31, 2010.

2011 Performance Highlights:
  • 44.96% increase in net income
  • 8.08% increase in net interest income after provisions for credit losses
  • 18.52% increase in stockholder’s equity

Michael G. Livingston, President and Chief Executive Officer, stated, “We are pleased to announce our results for the quarter and year end.” Mr. Livingston added, “The effort put forth by our team of employees yielded positive results, which included increased stockholder’s equity.”

Glen Burnie Bancorp declared four regular dividends in 2011, totaling forty cents ($0.40) per common share.

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 $361 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) (audited)
December December
31, 2011   31, 2010
Assets
 
Cash and due from banks $6,877 $6,492
Interest bearing deposits 2,423 1,568
Federal funds sold 654 940
Investment securities 102,867 87,268
Common Stock in the Glen Burnie Statutory Trust I - -
Loans, net of allowance 232,734 229,851
Premises and equipment at cost, net of accumulated depreciation 4,108 4,124
Other real estate owned 1,111 215
Other assets   14,486   16,609  
Total assets   $365,260   $347,067  
 
 
Liabilities and Stockholders' Equity
 
 
Liabilities:
Deposits $311,945 $294,445
Short-term borrowings 255 4,274
Long-term borrowings 20,000 20,000

Junior subordinated debentures owed to unconsolidated subsidiary trust
- -
Other liabilities   1,849   2,015  
Total liabilities   334,049   320,734  
 
 
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares;
issued and outstanding December 31, 2011 2,717,909;
December 31, 2010 2,702,091 shares 2,718 2,702
Surplus 9,438 9,335
Retained earnings 17,209 15,301
Accumulated other comprehensive loss, net of tax benefits 1,846 (1,005 )
         
Total stockholders' equity   31,211   26,333  
 
Total liabilities and stockholders' equity   $365,260   $347,067  
 
Glen Burnie Bancorp and Subsidiaries        
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)
 
Three Months Ended Twelve Months Ended
(unaudited) (audited) (unaudited) (audited)
December December December December
31, 2011   31, 2010 31, 2011   31, 2010
 
Interest income on
Loans, including fees $3,410 $3,555 $13,898 $14,646
U.S. Government agency securities 328 421 1,488 1,916
State and municipal securities 415 378 1,606 1,401
Other   21     33   140     216  
Total interest income   4,174     4,387   17,132     18,179  
 
Interest expense on
Deposits 740 830 3,038 3,697
Junior subordinated debentures 0 0 0 648
Long-term borrowings 162 162 641 953
Short-term borrowings   0     1   4     1  
Total interest expense   902     993   3,683     5,299  
 
Net interest income 3,272 3,394 13,449 12,880
 
Provision for credit losses 288 0 663 1,050
               
Net interest income after provision for credit losses   2,984     3,394   12,786     11,830  
 
Other income
Service charges on deposit accounts 158 168 627 648
Other fees and commissions 231 251 862 869
Other non-interest income (22 ) (135 ) (47 ) (45 )
Income on life insurance 60 50 240 251
Gains on investment securities   62     (1 ) 408     175  
Total other income   489     333   2,090     1,898  
 
Other expenses
Salaries and employee benefits 1,639 1,672 6,575 6,681
Impairment of securities 0 196 22 262
Occupancy 207 203 847 830
Other expenses   796     775   3,672     3,405  
Total other expenses   2,642     2,846   11,116     11,178  
 
(Loss) income before income taxes 831 881 3,760 2,550
 
Income tax benefit   75     226   767     485  
 
Net (loss) income   $756     $655   $2,993     $2,065  
 
Net (loss) income per share of common stock   $0.28     $0.24   $1.10     $0.77  
 
Weighted-average shares of common stock outstanding   2,717,906     2,697,619   2,710,455     2,690,218  
 

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