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

Exhibit 99.1

GLEN BURNIE BANCORP ANNOUNCES
2014 4Q EARNINGS AND END YEAR
EARNINGS

GLEN BURNIE, MD (March 6, 2015) – Glen Burnie Bancorp (NASDAQ: GLBZ), parent com- pany of The Bank of Glen Burnie®, today reported fourth quarter and year end earnings for 2014.

For the quarter ended December 31, 2014, the company realized net income of $480,000 or $0.17 basic and diluted earnings per share as compared to net income of $650,000 or $0.23 basic and diluted earnings per share for the same period in 2013. Net interest income after pro- visions for credit losses for the fourth quarter of 2014 was $2,229,000 compared to $3,173,000 for the same three-month period in 2013.

Net income for the year ended December 31, 2014 was $1,914,000 or $0.69 basic and diluted earnings per share as compared to net income of $2,614,000 or $0.95 basic and diluted earn- ings per share in 2013. Net interest income after provisions for credit losses for the year ended December 31, 2014 was $10,965,000 as compared to $12,360,000 in 2013. Assets as of De- cember 31, 2014 were $394,629,000 as compared to $377,194,000 as of December 31, 2013.

2014 Performance Highlights:

● 1.22 % increase in loans, net of allowance

● 33.43 % increase in other income

● 4.65 % increase in total deposits

Michael G. Livingston, President and Chief Executive Officer, stated “We continue to operate in an environment of a weak economic recovery and low interest rates, and despite these chal- lenges the bank maintained profitability and was able to sustain dividend levels.”

On January 8, 2015, Glen Burnie Bancorp paid its 90th consecutive dividend to shareholders of record at the close of business on December 29, 2014.

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie®, currently maintains consolidated assets totaling more than $394 million.  Founded in 1949, The Bank of Glen Burnie® is a 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.

Contact: Michael G. Livingston, President & CEO

Phone: 410-768-8858

Email: MGLivingston@bogb.net

Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Balance Sheets
(dollars in thousands)

	(audited)		(audited)
	December		December
	31, 2014		31, 2013
Assets
Cash and due from banks	$	7,101	$	9,215
Interest bearing deposits		2,155		1,636
Federal funds sold		4,024		103
Investment securities		87,993		74,314
Loans, net of allowance		273,986		270,684
Premises and equipment at cost, net of accumulated depreciation		3,671		3,697
Other real estate owned		45		1,171
Other assets		15,654		16,374
Total assets	$	394,629	$	377,194
Liabilities and Stockholders’ Equity
Liabilities:
Deposits	$	338,877	$	323,803
Long-term borrowings		20,000		20,000
Other liabilities		1,922		1,807
Total liabilities		360,799		345,610
Stockholders’ equity:
Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding December 31, 2014 2,760,964; December 31, 2013  2,747,370 shares		2,761		2,747
Surplus		9,854		9,714
Retained earnings		21,112		20,301
Accumulated other comprehensive loss, net of tax benefits		103		(1,178	)
Total stockholders’ equity		33,830		31,584
Total liabilities and stockholders’ equity	$	394,629	$	377,194

Glen Burnie Bancorp and Subsidiaries

Condensed Consolidated Statements of Income

(dollars in thousands, except per share amounts)

	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	(unaudited)				(audited)
	2014		2013		2014		2013
Interest income on
Loans, including fees	$	12,318	$	3,371	$	12,318	$	12,673
U.S. Treasury securities		28		-		28		-
U.S. Government agency securities		723		228		723		871
State and municipal securities		1,357		384		1,357		1,657
Other		94		21		94		81
Total interest income		14,520		4,004		14,520		15,282
Interest expense on
Deposits		1,893		405		1,893		2,014
Short-term borrowings		-		4		-		7
Long-term borrowings		641		162		641		641
Total interest expense		2,534		571		2,534		2,662
Net interest income		11,986		3,433		11,986		12,620
Provision for credit losses		1,021		260		1,021		260
Net interest income after provision for credit losses		10,965		3,173		10,965		12,360
Other income
Service charges on deposit accounts		464		163		464		596
Other fees and commissions		807		214		807		826
Other non-interest income		19		1		19		-
Income on life insurance		224		59		224		234
Gains on investment securities		1,156		71		1,156		345
Total other income		2,670		508		2,670		2,001
Other expenses
Salaries and employee benefits		6,632		1,705		6,632		6,753
Occupancy		807		197		807		786
Impairment of securities and stocks		-		-		-		15
Other expenses		3,973		965		3,973		3,559
Total other expenses		11,412		2,867		11,412		11,113
Income before income taxes		2,223		814		2,223		3,248
Income tax expense		309		164		309		634
Net income	$	1,914	$	650	$	1,914	$	2,614
Net income per share of common stock	$	0.69	$	0.23	$	0.69	$	0.95
Weighted-average shares of common stock outstanding		2,760,662		2,747,098		2,755,671		2,742,003