Exhibit 99
FOR IMMEDIATE RELEASE CONTACT: Alison Tavik
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410-768-88578857 (office)
410-608-5581 (cell)
adtavik@bogb.net
GLEN BURNIE BANCORP RELEASES 2Q EARNINGS
Highlights
o 4.47% increase in net interest income
o 5.37% increase in other income
o 4.17% increase in year to date net income
o 2.93% increase in year to date deposits
o 3.92% increase in year to date net loans
GLEN BURNIE, MD (July 29, 2004) - Glen Burnie Bancorp (NASDAQ: GLBZ), parent
company of The Bank of Glen Burnie, today announced results for the second
quarter.
"Deposits are growing, we continue to see growth in our loan portfolio and the
net interest margin is strong," said President & Chief Executive Officer F.
William Kuethe, Jr. "Overall, we are pleased with our pre-tax quarterly income
position for the quarter."
For the three month period ending June 30, 2004, net interest income increased
to $2,922,000 (+4.47%). The company reported net interest income of $2,797,000
for the same period in 2003. Year to date net interest income rose to $5,865,000
(+7.32%) as compared to $5,465,000 in 2003. Deposits year to date have increased
to $264,446,000 (+2.93%) and net loans increased to $179,591,000 (+2.92%) since
December 31, 2003.
The company realized net income of $706,000 (-3.68%) or $.35 (-2.77%) basic
earnings per share in the quarter ended June 30, 2004. The company reported net
income of $733,000 or $.36 basic earnings per share for the same three-month
period in 2003. Year to date net income for the six months ended June 30, 2004
was $1,447,000 (+4.17%) or $.71 (+2.90%) basic earnings per share as compared to
$1,389,000 or $.69 basic earnings per share for the same period in 2003.
Other income rose to $530,000 (+5.37%) with gains on investments for the period
ending June 30, 2004 increasing to $39,000 (+160%) from $15,000 in 2003. The six
month year to date total for other income increased to $1,223,000 (+15%) in 2004
as compared to $1,063,000 for the same period in 2003. Gains on investments rose
from $107,000 in 2003 to $269,000 (+151%) in 2004.
The July 1, 2004 issue of American Banker ranked The Bank of Glen Burnie 42nd in
the country for largest portfolios of loans to individuals (as of March 31,
2004). The ranking listed the top 150 community banks nationwide with assets
under $1 Billion.
"We are really pleased to be placed in the top third of this ranking," said The
Bank of Glen Burnie's Chief Operating Officer Michael G. Livingston. "I think it
demonstrates our commitment to meeting the lending needs of our community."
On July 9, 2004 Glen Burnie Bancorp paid its 47th consecutive dividend to
shareholders of record at the close of business on June 24, 2004. Glen Burnie
Bancorp was recently ranked 96th among the top 200 publicly traded community
banks. The ranking appeared in the July issue of USBanker magazine. The ranking
was based on a 3-year average return on equity (ROE) of 12.40%.
Glen Burnie Bancorp, parent company to The Bank of Glen Burnie,
(www.thebankofglenburnie.com) maintains assets totaling approximately $300
million. The Bank of Glen Burnie is a locally-owned community bank with seven
branches serving Anne Arundel County.
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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 Sheet
(dollars in thousands, except per share amounts)
(unaudited)
June December
30, 2004 31, 2003
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Assets
Cash and due from banks $11,037 $11,120
Interest bearing deposits 54 57
Federal funds sold 1,876 1,718
Investment securities 102,472 103,181
Common Stock in the Glen Burnie Statutory Trust I 155 155
Loans, net of allowance 179,591 172,819
Premises and equipment at cost, net of accumulated depreciation 3,994 4,220
Other real estate owned 168 172
Other assets 8,968 8,810
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Total assets $308,315 $302,252
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Liabilities and Stockholders' Equity
Liabilities:
Deposits $264,446 $256,908
Short-term borrowings 6,465 6,602
Long-term borrowings 7,213 7,227
Guaranteed preferred beneficial interests in Glen Burnie
Bancorp junior subordinated debentures 5,155 5,155
Other liabilities 1,356 2,413
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Total liabilities $284,635 $278,305
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Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares; issued and
outstanding June 30, 2004 2,032,803;
December 31, 2003 1,689,281 shares $2,033 $1,689
Surplus 11,013 10,862
Retained earnings 10,776 10,115
Accumulated other comprehensive income (loss), net of tax (142) 1,281
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Total stockholders' equity $23,680 $23,947
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Total liabilities and stockholders' equity $308,315 $302,252
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Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)
Three Months Ended June 30, Six Months Ended June 30,
---------------- ---------------- -------------- ----------------
2004 2003 2004 2003
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Interest income on
Loans, including fees $2,709 $2,830 $5,450 $5,649
U.S. Treasury and U.S. Government agency securities 535 526 1,090 1,013
State and municipal securities 451 435 916 810
Other 112 118 232 249
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Total interest income 3,807 3,909 7,688 7,721
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Interest expense on
Deposits 639 864 1,308 1,763
Junior subordinated debentures 137 137 273 273
Long-term borrowings 107 110 215 218
Short-term borrowings 2 1 27 2
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Total interest expense 885 1,112 1,823 2,256
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Net interest income 2,922 2,797 5,865 5,465
Provision for credit losses 60 0 200 0
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Net interest income after provision for credit losses 2,862 2,797 5,665 5,465
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Other income
Service charges on deposit accounts 258 249 516 507
Other fees and commissions 181 168 332 311
Other non-interest income 1 3 4 5
Income on life insurance 51 68 102 133
Gains on investment securities 39 15 269 107
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Total other income 530 503 1,223 1,063
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Other expenses
Salaries and employee benefits 1,517 1,483 3,031 2,948
Occupancy 165 164 339 376
Other expenses 827 798 1,723 1,596
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Total other expenses 2,509 2,445 5,093 4,920
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Income before income taxes 883 855 1,795 1,608
Income tax expense (benefit) 177 122 348 219
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Net income $706 $733 $1,447 $1,389
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Net income per share of common stock $0.35 $0.36 $0.71 $0.69
================================================================= ================ ================ ============== ================
Weighted-average shares of common stock outstanding 2,030,640 2,017,537 2,029,043 2,016,073
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