Business & Finance
Business and Finance
Business and Finance 
Thu, May 13, 2010
GLEN BURNIE, Md.--([ BUSINESS WIRE ])--Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie, today announced results for the first quarter.
"Given the extraordinary financial times we find ourselves in, The Bank of Glen Burnie has continued to perform with a profit and pay regular dividends."
The company realized net income of $399,000 or $0.15 basic earnings per share in the quarter ended March 31, 2010 as compared to net income of $455,000 or $0.16 basic earnings per share for the same period in 2009.
Net interest income after provisions for credit losses in the first quarter was $2,794,000 as compared to $2,715,000 in 2009. Total assets were $362,750,000 as of March 31, 2010 compared to $353,397,000 at December 31, 2009. Deposits were $303,397,000 as of March 31, 2010 compared to $294,358,000 at December 31, 2009.
aGiven the extraordinary financial times we find ourselves in, The Bank of Glen Burnie has continued to perform with a profit and pay regular dividends.a said Michael G. Livingston, President and Chief Executive Officer.
On April 7, 2010 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 26, 2010 marking the companya™s 71st consecutive dividend.
The Bank of Glen Burnie earned the 5-Star Superior Rating from BAUER FINANCIAL Reports, Inc. for the 38th consecutive quarter in March 2010. This distinction denotes the highest level of strength, safety and performance measured by Bauer and is based on factors such as capitalization, liquidity, loan delinquency rate and historical performance. Bauer is the nationa™s leading independent bank research firm.
Glen Burnie Bancorp will host its Annual Meeting of Stockholders on Thursday, May 13th at Michaela™s Eighth Avenue in Glen Burnie, Maryland. Registration opens at 1:30 p.m. and the meeting will begin at 2 p.m.
Glen Burnie Bancorp, parent company to The Bank of Glen Burnie®, currently maintains consolidated assets totaling more than $360 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 ])
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 companya™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 companya™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, 2010 | 31, 2009 | |||||||
| Assets | ||||||||
| Cash and due from banks | $ | 7,398 | $ | 6,994 | ||||
| Interest bearing deposits | 10,190 | 3,748 | ||||||
| Federal funds sold | 3,705 | 692 | ||||||
| Investment securities | 85,716 | 84,463 | ||||||
| Common Stock in the Glen Burnie Statutory Trust I | 155 | 155 | ||||||
| Loans, net of allowance | 234,338 | 235,883 | ||||||
| Premises and equipment at cost, net of accumulated depreciation | 4,084 | 4,121 | ||||||
| Other real estate owned | 322 | 25 | ||||||
| Other assets | 16,842 | 17,316 | ||||||
| Total assets | $ | 362,750 | $ | 353,397 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Liabilities: | ||||||||
| Deposits | $ | 303,397 | $ | 294,358 | ||||
| Short-term borrowings | 84 | 81 | ||||||
| Long-term borrowings | 27,024 | 27,034 | ||||||
Junior subordinated debentures owed to unconsolidated subsidiary trust | 5,155 | 5,155 | ||||||
| Other liabilities | 1,415 | 1,620 | ||||||
| Total liabilities | 337,075 | 328,248 | ||||||
| Stockholders' equity: | ||||||||
Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding March 31, 2010 - 2,687,190; December 31, 2009 - 2,683,015 shares | 2,687 | 2,683 | ||||||
| Surplus | 9,228 | 9,191 | ||||||
| Retained earnings | 14,442 | 14,311 | ||||||
| Accumulated other comprehensive loss, net of tax benefits | (682 | ) | (1,036 | ) | ||||
| Total stockholders' equity | 25,675 | 25,149 | ||||||
| Total liabilities and stockholders' equity | $ | 362,750 | $ | 353,397 | ||||
| Glen Burnie Bancorp and Subsidiaries | ||||||||
| Condensed Consolidated Statements of Income | ||||||||
| (dollars in thousands, except per share amounts) | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| (unaudited) | ||||||||
| 2010 | 2009 | |||||||
| Interest income on | ||||||||
| Loans, including fees | $ | 3,709 | $ | 3,766 | ||||
| U.S. Government agency securities | 480 | 373 | ||||||
| State and municipal securities | 321 | 330 | ||||||
| Other | 62 | 64 | ||||||
| Total interest income | 4,572 | 4,533 | ||||||
| Interest expense on | ||||||||
| Deposits | 997 | 1,269 | ||||||
| Junior subordinated debentures | 220 | 137 | ||||||
| Long-term borrowings | 261 | 262 | ||||||
| Short-term borrowings | - | - | ||||||
| Total interest expense | 1,478 | 1,668 | ||||||
| Net interest income | 3,094 | 2,865 | ||||||
| Provision for credit losses | 300 | 150 | ||||||
| Net interest income after provision for credit losses | 2,794 | 2,715 | ||||||
| Other income | ||||||||
| Service charges on deposit accounts | 161 | 170 | ||||||
| Other fees and commissions | 187 | 179 | ||||||
| Other non-interest income | 3 | (1 | ) | |||||
| Income on life insurance | 67 | 68 | ||||||
| Gains on investment securities | - | (2 | ) | |||||
| Total other income | 418 | 414 | ||||||
| Other expenses | ||||||||
| Salaries and employee benefits | 1,695 | 1,532 | ||||||
| Impairment of securities | - | 30 | ||||||
| Occupancy | 223 | 232 | ||||||
| Other expenses | 843 | 825 | ||||||
| Total other expenses | 2,761 | 2,619 | ||||||
| (Loss) income before income taxes | 451 | 510 | ||||||
| Income tax benefit | 52 | 55 | ||||||
| Net (loss) income | $ | 399 | $ | 455 | ||||
| Net (loss) income per share of common stock | $ | 0.15 | $ | 0.16 | ||||
| Weighted-average shares of common stock outstanding | 2,683,244 | 2,918,679 | ||||||