Glen Burnie Bancorp (GLBZ) 10-Q 2013 Q3 Quarterly report

Exhibit 99.1

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 3Q EARNINGS

GLEN BURNIE, MD (November 7, 2013) – 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 $795,000 or $0.29 basic earnings per share in the quarter ended September 30, 2013 compared to net income of $670,000 or $0.24 basic earnings per share for the same three month period in 2012. For the nine months ending September 30, 2013, net income was $1,964,000 or $0.72 basic earnings per share as compared to net income of $2,056,000 or $0.75 basic earnings per share for the same period in 2012.

Total interest income for the quarter ending September 30, 2013 was $3,940,000 as compared to $4,005,000 for the same period in 2012. Total interest income was $11,278,000 for the nine months ending September 30, 2013 as compared to $11,989,000 for the same period in 2012. For the three month period ending September 30, 2013, net interest income after provision for credit losses was $3,265,000 as compared to $3,045,000 for the same period in 2012. For the nine months ending September 30, 2013 net interest income after provision for credit losses was $9,187,000 as compared to $9,351,000 for the same period in 2012.

“The Bank has stayed true to the traditional banking model and as a result we have had consistent earnings and dividends,” commented Michael G. Livingston, President and Chief Executive Officer.

On October 8, 2013, Glen Burnie Bancorp paid its 85^th consecutive dividend to shareholders of record at the close of business on September 27, 2013.

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)

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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)
	September			December
	30, 2013			31, 2012
Assets
Cash and due from banks	$	8,568		$	9,332
Interest bearing deposits		42			6,627
Federal funds sold		65			2,669
Investment securities		88,282			100,490
Loans, net of allowance		261,492			249,632
Premises and equipment at cost, net of accumulated depreciation		3,739			3,873
Other real estate owned		1,013			478
Other assets		16,207			14,337
Total assets	$	379,408		$	387,438
Liabilities and Stockholders' Equity
Liabilities:
Deposits	$	323,025		$	332,289
Short-term borrowings		3,100			—
Long-term borrowings		20,000			20,000
Other liabilities		1,914			1,561
Total liabilities		348,039			353,850
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares;
issued and outstanding September 30, 2013   2,743,835;
December 31, 2012   2,736,978 shares		2,744			2,737
Surplus		9,677			9,605
Retained earnings		19,925			18,783
Accumulated other comprehensive gain, net of tax benefits		(977	)		2,463
Total stockholders' equity		31,369			33,588
Total liabilities and stockholders' equity	$	379,408		$	387,438

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)
	2013			2012		2013			2012
Interest income on
Loans, including fees	$	3,251		$	3,313	$	9,302		$	9,932
U.S. Government agency securities		241			240		643			705
State and municipal securities		429			428		1,273			1,283
Other		19			24		60			69
Total interest income		3,940			4,005		11,278			11,989
Interest expense on
Deposits		511			647		1,609			2,005
Short-term borrowings		3			1		3			2
Long-term borrowings		161			162		479			481
Total interest expense		675			810		2,091			2,488
Net interest income		3,265			3,195		9,187			9,501
Provision for credit losses		—			150		—			150
Net interest income after provision for credit losses		3,265			3,045		9,187			9,351
Other income
Service charges on deposit accounts		163			141		433			416
Other fees and commissions		251			225		612			603
Other non-interest income		(11	)		5		(1	)		14
Income on life insurance		59			63		175			185
Gains on investment securities		150			62		274			118
Total other income		612			496		1,493			1,336
Other expenses
Salaries and employee benefits		1,720			1,660		5,048			5,118
Occupancy		192			193		589			590
Impairment of securities and stocks		15			—		15			—
Other expenses		911			855		2,594			2,401
Total other expenses		2,838			2,708		8,246			8,109
Income before income taxes		1,039			833		2,434			2,578
Income tax expense		244			163		470			522
Net income	$	795		$	670	$	1,964		$	2,056
Net income per share of common stock	$	0.29		$	0.24	$	0.72		$	0.75
Weighted-average shares of common stock outstanding		2,743,679			2,729,928		2,741,388			2,726,258