Glen Burnie Bancorp (GLBZ) 10-Q 2013 Q1 Quarterly report

N E W S R E L E A S E

FOR IMMEDIATE RELEASE

Contact:	Yvonne “Rie” Atkinson
	410-768-8857 (office)
	ratkinson@bogb.net

GLEN BURNIE BANCORP RELEASES 1Q 2013 EARNINGS

GLEN BURNIE, MD (May 9, 2013) – Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie, today announced results for the first quarter.

The company realized net income of $529,000 or $0.19 basic earnings per share in the quarter ended March 31, 2013 as compared to net income of $730,000 or $0.27 basic earnings per share for the same period in 2012.

Net interest income after provision for credit losses in the first quarter was $2,913,000 as compared to $3,208,000 in 2012. Total assets were $388,867,000 as of March 31, 2013 compared to $387,438,000 at December 31, 2012. Deposits were $334,141,000 as of March 31, 2013 compared to $332,289,000 at December 31, 2012.

“We continue to see loan demand; however earnings continue to be impacted by a compressed net interest margin as a result of the current low interest rate environment we now operate in.” said Michael G. Livingston, President and Chief Executive Officer.

On April 5, 2013 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 29, 2013 marking the company’s 83^rd consecutive dividend.

Glen Burnie Bancorp will host its Annual Meeting of Stockholders on Thursday, May 9^th at the bank’s Glen Burnie Branch in Glen Burnie, Maryland. Registration opens at 2:00 p.m. and the meeting will begin at 2:30 p.m.

Glen Burnie Bancorp is the parent company of The Bank of Glen Burnie^®. Founded in 1949, The Bank of Glen Burnie^®is a locally-owned community bank with eight branch offices serving Anne Arundel County. (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 Balance Sheets
(dollars in thousands)
	(unaudited)		(audited)
	March		December
	31, 2013		31, 2012
Assets
Cash and due from banks	$	7,530	$	9,332
Interest bearing deposits		6,663		6,627
Federal funds sold		444		2,669
Investment securities		103,298		100,490
Loans, net of allowance		252,070		249,632
Premises and equipment at cost, net of accumulated depreciation		3,874		3,873
Other real estate owned		412		478
Other assets		14,576		14,337
Total assets	$	388,867	$	387,438
Liabilities and Stockholders' Equity
Liabilities:
Deposits	$	334,141	$	332,289
Long-term borrowings		20,000		20,000
Other liabilities		1,292		1,561
Total liabilities		355,433		353,850
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares;
issued and outstanding March 31, 2013   2,736,978;
December 31, 2012   2,736,978 shares		2,737		2,737
Surplus		9,605		9,605
Retained earnings		19,038		18,783
Accumulated other comprehensive gain, net of tax benefits		2,054		2,463
Total stockholders' equity		33,434		33,588
Total liabilities and stockholders' equity	$	388,867	$	387,438

Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)
	Three Months Ended
	March 31,
	(unaudited)
	2013		2012
Interest income on
Loans, including fees	$	3,003	$	3,364
U.S. Government agency securities		187		254
State and municipal securities		418		417
Other		22		21
Total interest income		3,630		4,056
Interest expense on
Deposits		559		688
Long-term borrowings		158		160
Total interest expense		717		848
Net interest income		2,913		3,208
Provision for credit losses		-		-
Net interest income after provision for credit losses		2,913		3,208
Other income
Service charges on deposit accounts		138		143
Other fees and commissions		175		187
Other non-interest income		6		5
Income on life insurance		58		60
Gains on investment securities		2		23
Total other income		379		418
Other expenses
Salaries and employee benefits		1,655		1,732
Occupancy		202		197
Other expenses		828		757
Total other expenses		2,685		2,686
Income before income taxes		607		940
Income tax expense		78		210
Net income	$	529	$	730
Net income per share of common stock	$	0.19	$	0.27
Weighted-average shares of common stock outstanding		2,736,978		2,722,419