Glen Burnie Bancorp Announces 2012 4Q and Year End Earnings

GLEN BURNIE, Md.--(BUSINESS WIRE)--

Glen Burnie Bancorp GLBZ, parent company of The Bank of Glen Burnie^®, today reported fourth quarter and year end earnings for 2012.

For the quarter ended December 31, 2012, the company realized net earnings of $609,000 or $0.23 per basic and diluted earnings per share as compared to net earnings of $756,000 or $0.28 basic and diluted earnings per share for the same period in 2011. Net interest income after provisions for credit losses for the fourth quarter of 2012 was $2,961,000 compared to $2,984,000 for the same three-month period in 2011.

Net income for the year ended December 31, 2012 was $2,665,080 or $0.98 per basic and diluted earnings per share as compared to net income of $2,993,093 or $1.10 per basic and diluted earnings per share in 2011. Net interest income after provisions for credit losses for the year ended December 31, 2012 was $12,312,134 as compared to $12,786,385 in 2011. Assets as of December 31, 2012 were $387,438,269 as compared to $365,260,263 as of December 31, 2011.

2012 Performance Highlights:

• 7.26% increase in loans, net of allowance
• 6.52% increase in deposits
• 6.07% increase in total assets
• 7.61% increase in stockholder's equity

Michael G. Livingston, President and Chief Executive Officer, stated “The bank is proud to report positive results for year end December 31, 2012. The Bank continues to see signs of the economy stabilizing with an increase in assets, driven by improving loan demand and loan growth.” Mr. Livingston added “We appreciate the confidence our customers have shown in our bank which has resulted in deposit growth for year end December 31, 2012. With the loan and deposit growth the bank maintained profitability and paid dividends for the year.”

Glen Burnie Bancorp declared four regular dividends in 2012, totaling forty cents ($0.40) per common share. On December 28, 2012, Glen Burnie Bancorp paid its 82^nd consecutive dividend to shareholders of record at the close of business on December 20, 2012.

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie^®, currently maintains consolidated assets totaling more than $387 million. Founded in 1949, The Bank of Glen Burnie^® is a 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 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)				(unaudited)
			December				December
			31, 2012				31, 2011
Assets
Cash and due from banks			$	9,332			$	6,877
Interest bearing deposits				6,627				2,423
Federal funds sold				2,669				654
Investment securities				100,490				102,867
Loans, net of allowance				249,632				232,734
Premises and equipment at cost, net of accumulated depreciation				3,873				4,108
Other real estate owned				478				1,111
Other assets				14,337				14,486
Total assets			$	387,438			$	365,260
Liabilities and Stockholders' Equity
Liabilities:
Deposits			$	332,289			$	311,945
Short-term borrowings				-				255
Long-term borrowings				20,000				20,000
Other liabilities				1,562				1,849
Total liabilities				353,851				334,049
Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding December 31, 2012 2,736,978; December 31, 2011 2,717,909 shares				2,737				2,718
Surplus				9,605				9,438
Retained earnings				18,783				17,209
Accumulated other comprehensive gain, net of tax benefits				2,462				1,846
Total stockholders' equity				33,587				31,211
Total liabilities and stockholders' equity			$	387,438			$	365,260
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)
			2012				2011					2012				2011
Interest income on
Loans, including fees			$	3,191			$	3,410				$	13,123			$	13,898
U.S. Government agency securities				189				328					894				1,489
State and municipal securities				423				415					1,706				1,606
Other				25				21					94				139
Total interest income				3,828				4,174					15,817				17,132
Interest expense on
Deposits				606				740					2,611				3,038
Short-term borrowings				-				-					2				4
Long-term borrowings				161				162					642				641
Total interest expense				767				902					3,255				3,683
Net interest income				3,061				3,272					12,562				13,449
Provision for credit losses				100				288					250				663
Net interest income after provision for credit losses				2,961				2,984					12,312				12,786
Other income
Service charges on deposit accounts				159				158					575				627
Other fees and commissions				214				231					817				862
Other non-interest income				6				(22	)				20				(47	)
Income on life insurance				62				59					247				240
Gains on investment securities				45				63					163				408
Total other income				486				489					1,822				2,090
Other expenses
Salaries and employee benefits				1,694				1,639					6,812				6,575
Impairment of securities				-				-					-				22
Occupancy				214				207					804				847
Other expenses				778				796					3,179				3,672
Total other expenses				2,686				2,642					10,795				11,116
Income before income taxes				761				831					3,339				3,760
Income tax expense				152				75					674				767
Net income			$	609			$	756				$	2,665			$	2,993
Net income per share of common stock			$	0.23			$	0.28				$	0.98			$	1.10
Weighted-average shares of common stock outstanding				2,733,533				2,717,906					2,728,072				2,710,455