Glen Burnie Bancorp (GLBZ) 8-K 2015 4Q Earnings and Year End Earnings

Exhibit 99.1

GLEN BURNIE BANCORP ANNOUNCES

2015 4Q EARNINGS AND YEAR END EARNINGS

GLEN BURNIE, MD (February 25, 2016)– Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie®, today reported fourth quarter and year-end earnings for 2015.

For the quarter ended December 31, 2015, the company realized net income of $447,000 or

$0.16 basic and diluted earnings per share as compared to net income of $480,000 or $0.17 basic and diluted earnings per share for the same period in 2014. Net interest income after pro- visions for credit losses for the fourth quarter of 2015 was $2,370,000 compared to $2,229,000 for the same three-month period in 2014.

Net income for the year ended December 31, 2015 was $1,353,000 or $0.49 basic and diluted earnings per share as compared to net income of $1,914,000 or $0.69 basic and diluted earnings per share in 2014. Net interest income after provisions for credit losses for the year ended December 31, 2015 was $9,520,000 as compared to $10,695,000 in 2014. Assets as of December 31, 2015 were $390,580,000 as compared to $394,630,000 as of December 31, 2014.

Michael G. Livingston, President and Chief Executive Officer, stated “The Bank and, as a result, the Company, along with the rest of the financial services industry, have been impacted by the downward pressure on net interest margins caused by the lower interest rates due to steps taken by the Federal Reserve in managing the recovery. We believe we are a sound, conservatively run financial institution, and we have remained profitable and well capitalized through this difficult time without governmental assistance. We have continued to be actively engaged with the communities we serve, providing loans to meet their needs.”

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie®, currently maintains consolidated assets totaling more than $390 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)

	(unaudited)			(audited)
	December			December
	31, 2015			31, 2014
Assets
Cash and due from banks	$	7,493		$	7,101
Interest bearing deposits		2,308			2,155
Federal funds sold		2,570			4,024
Investment securities		98,790			87,993
Loans, net of allowance		259,637			273,986
Premises and equipment at cost, net of accumulated depreciation		3,369			3,671
Other real estate owned		74			45
Other assets		16,339			15,654
Total assets	$	390,580		$	394,629
Liabilities and Stockholders' Equity
Liabilities:
Deposits	$	335,191		$	338,877
Long-term borrowings		20,000			20,000
Other liabilities		1,213			1,922
Total liabilities		356,404			360,799
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding December 31, 2015   2,773,361; December 31, 2014  2,760,964 shares		2,773			2,761
Surplus		9,986			9,854
Retained earnings		21,718			21,112
Accumulated other comprehensive loss, net of tax benefits		(301	)		103
Total stockholders' equity		34,176			33,830
Total liabilities and stockholders' equity	$	390,580		$	394,629

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)				(unaudited)
	2015		2014		2015		2014
Interest income on
Loans, including fees	$	2,876	$	3,081	$	11,577	$	12,318
U.S. Treasury securities		10		28		80		28
U.S. Government agency securities		179		161		745		723
State and municipal securities		245		331		1,081		1,357
Other		46		26		123		94
Total interest income		3,356		3,627		13,606		14,520
Interest expense on
Deposits		414		490		1,750		1,893
Long-term borrowings		162		162		641		641
Total interest expense		576		652		2,391		2,534
Net interest income		2,780		2,975		11,215		11,986
Provision for credit losses		410		746		1,695		1,021
Net interest income after provision for credit losses		2,370		2,229		9,520		10,965
Other income
Service charges on deposit accounts		123		115		443		464
Other fees and commissions		210		205		795		807
Other non-interest income		12		10		513		19
Income on life insurance		55		57		219		224
Gains on investment securities		369		575		1,038		1,156
Total other income		769		962		3,008		2,670
Other expenses
Salaries and employee benefits		1,596		1,629		6,491		6,632
Occupancy		183		189		778		807
Other expenses		808		852		3,661		3,973
Total other expenses		2,587		2,670		10,930		11,412
Income before income taxes		552		521		1,598		2,223
Income tax expense		105		41		245		309
Net income	$	447	$	480	$	1,353	$	1,914
Net income per share of common stock	$	0.16	$	0.17	$	0.49	$	0.69
Weighted-average shares of common stock outstanding		2,773,151		2,760,662		2,768,966		2,755,671