EX-99.1 5 ex99-1.htm EXHIBIT 99.1

 

 

Exhibit 99.1 

  

N E W S R E L E A S E

 

 

 

FOR IMMEDIATE RELEASE

 

Contact: Yvonne “Rie” Atkinson

410-768-8857 (office)

ratkinson@bogb.net

 

GLEN BURNIE BANCORP RELEASES 2Q EARNINGS

 

GLEN BURNIE, MD (August 9, 2013) – Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie, today announced results for the second quarter.

 

For the three month period ended June 30, 2013, Glen Burnie Bancorp realized net income of $640,000 or $0.24 basic earnings per share. The company reported net income of $656,000 or $0.24 basic earnings per share for the same three month period in 2012. Net interest income after provisions for credit losses was $3,009,000 for the three month period ended June 30, 2013. The company reported net interest income after provisions for credit losses of $3,098,000 for the same period in 2012.

 

Net income for the six months ended June 30, 2013 was $1,169,000 or $0.43 basic earnings per share as compared to $1,386,000 or $0.51 basic earnings per share for the same period in 2012. Net interest income after provisions for credit losses for the six months ended June 30, 2013 was $5,922,000 as compared to $6,306,000 for the same period in 2012.

 

On July 8, 2013, Glen Burnie Bancorp paid its 84th consecutive dividend to shareholders of record at the close of business on June 27, 2013. The company had 2,740,319 common shares outstanding with approximately 410 shareholders of record on June 13, 2013.

 

“We continue to show a profit in this challenging low rate environment by continuing to make loans and controlling expenses.” said Michael G. Livingston, President and CEO.

 

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie®, currently maintains consolidated assets totaling more than $383 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)

 

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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.