Glen Burnie Bancorp (GLBZ) 8-K Results of Operations and Financial Condition

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 1Q 2014 EARNINGS

GLEN BURNIE, MD (May 8, 2014) – 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 $437,000 or $0.17 basic earnings per share in the quarter ended March 31, 2014 as compared to net income of $529,000 or $0.19 basic earnings per share for the same period in 2013.

Net interest income after provision for credit losses in the first quarter was $3,049,000 as compared to $2,913,000 in 2013.  Total assets were $391,385,000 as of March 31, 2014 compared to $377,194,000 at December 31, 2013.   Deposits were $336,923,000 as of March 31, 2014 compared to $323,803,000 at December 31, 2013.  Loans, net of allowance, were $278,548,000 as of March 31, 2014 compared to $270,684,000 at December 31, 2013.

“The Bank has continued to experience loan demand which resulted in asset growth and we have also seen for the quarter a very positive trend in deposit growth,”  said Michael G. Livingston, President and Chief Executive Officer.  “The Bank continues to be profitable in this environment of low interest rates, which allowed us to pay our 87th consecutive dividend.”

On April 7, 2014 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 28, 2014 marking the company’s 87th consecutive dividend.

Glen Burnie Bancorp will host its Annual Meeting of Stockholders today at the Bank’s Glen Burnie Branch in Glen Burnie, Maryland.  Registration opens at 1:30 p.m. and the meeting will begin at 2:00 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)

#   #   #   #

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, 2014			31, 2013
Assets
Cash and due from banks	$	8,237		$	9,214
Interest bearing deposits		6,948			1,636
Federal funds sold		4,194			103
Investment securities		73,464			74,314
Loans, net of allowance		278,548			270,684
Premises and equipment at cost, net of accumulated depreciation		3,723			3,697
Other real estate owned		863			1,171
Other assets		15,408			16,375
Total assets	$	391,385		$	377,194
Liabilities and Stockholders’ Equity
Liabilities:
Deposits	$	336,923		$	323,803
Long-term borrowings		20,000			20,000
Other liabilities		1,466			1,807
Total liabilities		358,389			345,610
Stockholders’ equity:
Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding March 31, 2014 2,750,876; December 31, 2013  2,747,370 shares		2,751			2,747
Surplus		9,750			9,714
Retained earnings		20,498			20,301
Accumulated other comprehensive loss, net of tax benefits		(3	)		(1,178	)
Total stockholders’ equity		32,996			31,584
Total liabilities and stockholders’ equity	$	391,385		$	377,194

Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)

	Three Months Ended
	March 31,
	(unaudited)
	2014		2013
Interest income on
Loans, including fees	$	3,106	$	3,003
U.S. Government agency securities		216		187
State and municipal securities		330		418
Other		23		22
Total interest income		3,675		3,630
Interest expense on
Deposits		430		559
Long-term borrowings		158		158
Total interest expense		588		717
Net interest income		3,087		2,913
Provision for credit losses		38		-
Net interest income after provision for credit losses		3,049		2,913
Other income
Service charges on deposit accounts		124		138
Other fees and commissions		171		175
Other non-interest income		4		6
Income on life insurance		55		58
Gains on investment securities		79		2
Total other income		433		379
Other expenses
Salaries and employee benefits		1,677		1,655
Occupancy		222		202
Other expenses		1,016		828
Total other expenses		2,915		2,685
Income before income taxes		567		607
Income tax expense		94		78
Net income	$	473	$	529
Net income per share of common stock	$	0.17	$	0.19
Weighted-average shares of common stock outstanding		2,750,603		2,736,978