EXHIBIT 99.1
FOR IMMEDIATE RELEASE
Contact: Yvonne “Rie” Atkinson
410-768-8857 (office)
ratkinson@bogb.net
GLEN BURNIE BANCORP RELEASES 1Q 2011 EARNINGS
GLEN BURNIE, MD (May 11, 2011) – Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie, today announced results for the first quarter.
Highlights
| | · | 77.7% increase in net income |
| | · | 3.8% increase in deposits |
| | · | 11.7% increase in net interest income after provision for credit losses |
The company realized net income of $709,000 or $0.26 basic earnings per share in the quarter ended March 31, 2011 as compared to net income of $399,000 or $0.15 basic earnings per share for the same period in 2010.
Net interest income after provisions for credit losses in the first quarter was $3,122,000 as compared to $2,794,000 in 2010. Total assets were $355,038,000 as of March 31, 2011 compared to $347,067,000 at December 31, 2010. Deposits were $305,661,000 as of March 31, 2011 compared to $294,444,000 at December 31, 2010.
“We continue to stay with the traditional banking model as a community bank which resulted in increased income and increased deposits for the first quarter this year as compared to a year ago. The financials for the first quarter are a continuance of excellence from last year where the bank was voted Best Bank in the Maryland Gazette Reader’s Choice and Business of the Year by the Northern Anne Arundel County Chamber of Commerce” said Michael G. Livingston, President and Chief Executive Officer.
On April 6, 2011 Glen Burnie Bancorp paid a regular dividend of ten cents ($0.10) per share of common stock to shareholders of record at the close of business on March 24, 2011 marking the company’s 75th consecutive dividend.
Glen Burnie Bancorp will host its Annual Meeting of Stockholders on Thursday, May 12th at Michael’s Eighth Avenue in Glen Burnie, Maryland. Registration opens at 1:30 p.m. and the meeting will begin at 2 p.m.
Glen Burnie Bancorp, parent company to The Bank of Glen Burnie®, currently maintains consolidated assets totaling more than $355 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)
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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 Statements of Income
(dollars in thousands, except per share amounts)
| | | Three Months Ended | |
| | | March 31, | |
| | | (unaudited) | |
| | | 2011 | | | 2010 | |
| | | | | | | |
| Interest income on | | | | | | |
| Loans, including fees | | $ | 3,510 | | | $ | 3,709 | |
| U.S. Government agency securities | | | 341 | | | | 480 | |
| State and municipal securities | | | 384 | | | | 321 | |
| Other | | | 51 | | | | 62 | |
| Total interest income | | | 4,286 | | | | 4,572 | |
| | | | | | | | | |
| Interest expense on | | | | | | | | |
| Deposits | | | 778 | | | | 997 | |
| Junior subordinated debentures | | | 0 | | | | 220 | |
| Long-term borrowings | | | 158 | | | | 261 | |
| Short-term borrowings | | | 3 | | | | - | |
| Total interest expense | | | 939 | | | | 1,478 | |
| | | | | | | | | |
| Net interest income | | | 3,347 | | | | 3,094 | |
| | | | | | | | | |
| Provision for credit losses | | | 225 | | | | 300 | |
| | | | | | | | | |
| Net interest income after provision for credit losses | | | 3,122 | | | | 2,794 | |
| | | | | | | | | |
| Other income | | | | | | | | |
| Service charges on deposit accounts | | | 165 | | | | 161 | |
| Other fees and commissions | | | 194 | | | | 187 | |
| Other non-interest income | | | 3 | | | | 3 | |
| Income on life insurance | | | 61 | | | | 67 | |
| Gains on investment securities | | | 188 | | | | - | |
| Total other income | | | 611 | | | | 418 | |
| | | | | | | | | |
| Other expenses | | | | | | | | |
| Salaries and employee benefits | | | 1,642 | | | | 1,695 | |
| Impairment of securities | | | 22 | | | | 0 | |
| Occupancy | | | 229 | | | | 223 | |
| Other expenses | | | 918 | | | | 843 | |
| Total other expenses | | | 2,811 | | | | 2,761 | |
| | | | | | | | | |
| (Loss) income before income taxes | | | 922 | | | | 451 | |
| | | | | | | | | |
| Income tax (benefit) | | | 213 | | | | 52 | |
| | | | | | | | | |
| Net (loss) income | | $ | 709 | | | $ | 399 | |
| | | | | | | | | |
| Net (loss) income per share of common stock | | $ | 0.26 | | | $ | 0.15 | |
| | | | | | | | | |
| Weighted-average shares of common stock outstanding | | | 2,702,604 | | | | 2,683,244 | |
