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 $670,000 or $0.24 basic earnings per share in the quarter ended September 30, 2012 compared to net income of $770,000 or $0.29 basic earnings per share for the same three month period in 2011. For the nine months ending September 30, 2012, net income was $2,056,000 or $0.75 basic earnings per share as compared to net income of $2,237,000 or $0.83 basic earnings per share for the same period in 2011.

The bank achieved the following additional highlights:
  • 6.67% increase in year to date equity
  • 3.92% increase in year to date deposits
  • 3.84% increase in year to date total assets

Total interest income for the quarter ending September 30, 2012 was $4,005,000 as compared to $4,349,000 for the same period in 2011. Total interest income was $11,989,000 for the nine months ending September 30, 2012 as compared to $12,958,000 for the same period in 2011. For the three month period ending September 30, 2012, net interest income after provision for credit losses was $3,045,000 as compared to $3,284,000 for the same period in 2011. For the nine months ending September 30, 2012 net interest income after provision for credit losses was $9,351,000 as compared to $9,802,000 for the same period in 2011.

“The Bank continues to be profitable and pay a dividend in this extremely competitive market,” commented Michael G. Livingston, President and Chief Executive Officer.

On October 10, 2012, Glen Burnie Bancorp paid its 81 st consecutive dividend to shareholders of record at the close of business on September 28, 2012.

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 49 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 $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, 2012   31, 2011
Assets
 
Cash and due from banks $8,242 $6,877
Interest bearing deposits 4,578 2,423
Federal funds sold 306 654
Investment securities 95,461 102,867
Loans, net of allowance 251,628 232,734
Premises and equipment at cost, net of accumulated depreciation 3,942 4,108
Other real estate owned 865 1,111
Other assets   14,270   14,486
Total assets   $379,292   $365,260
 
 
Liabilities and Stockholders' Equity
 
 
Liabilities:
Deposits $324,181 $311,945
Short-term borrowings - 255
Long-term borrowings 20,000 20,000
Other liabilities   1,818   1,849
Total liabilities   345,999   334,049
 
 
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares;
issued and outstanding September 30, 2012 2,730,212;
December 31, 2011 2,717,909 shares 2,730 2,718
Surplus 9,536 9,438
Retained earnings 18,448 17,209
Accumulated other comprehensive gain, net of tax benefits   2,579   1,846
Total stockholders' equity   33,293   31,211
 
Total liabilities and stockholders' equity   $379,292   $365,260
 
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)
  2012     2011     2012     2011  
 
Interest income on
Loans, including fees $ 3,313 $ 3,492 $ 9,932 $ 10,488
U.S. Government agency securities 240 407 705 1,160
State and municipal securities 428 408 1,283 1,191
Other     24     42     69     119  
Total interest income     4,005     4,349     11,989     12,958  
 
Interest expense on
Deposits 647 754 2,005 2,298
Short-term borrowings 1 - 2 4
Long-term borrowings     162     161     481     479  
Total interest expense     810     915     2,488     2,781  
 
Net interest income 3,195 3,434 9,501 10,177
 
Provision for credit losses 150 150 150 375
               
Net interest income after provision for credit losses     3,045     3,284     9,351     9,802  
 
Other income
Service charges on deposit accounts 141 151 416 469
Other fees and commissions 225 235 603 631
Other non-interest income 5 (30 ) 14 (25 )
Income on life insurance 63 60 185 180
Gains on investment securities     62     85     118     346  
Total other income     496     501     1,336     1,601  
 
Other expenses
Salaries and employee benefits 1,660 1,658 5,118 4,936
Impairment of securities - - - 92
Occupancy 193 211 590 640
Other expenses     855     907     2,401     2,806  
Total other expenses     2,708     2,776     8,109     8,474  
 
Income before income taxes 833 1,009 2,578 2,929
 
Income tax benefit     163     239     522     692  
 
Net income   $ 670   $ 770   $ 2,056   $ 2,237  
 
Net income per share of common stock   $ 0.24   $ 0.29   $ 0.75   $ 0.83  
 
Weighted-average shares of common stock outstanding     2,729,928     2,712,882     2,726,258     2,707,944  

Copyright Business Wire 2010

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