EX-99.1 2 ex99-1.htm EXHIBIT 99.1

 
Exhibit 99.1
 
(GLEN BURNIE LOGO)
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 Announces 2013 4Q and Year End Earnings
 
GLEN BURNIE, MD (February 18, 2014) – Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie®, today reported fourth quarter and year end earnings for 2013.
 
For the quarter ended December 31, 2013, the company realized net income of $650,000 or $0.23 basic and diluted earnings per share as compared to net income of $609,000 or $0.23 basic and diluted earnings per share for the same period in 2012.  Net interest income after provisions for credit losses for the fourth quarter of 2013 was $3,173,000 compared to $2,961,000 for the same three-month period in 2012.
 
Net income for the year ended December 31, 2013 was $2,614,000 or $0.95 basic and diluted earnings per share as compared to net income of $2,665,000 or $0.98 basic and diluted earnings per share in 2012. Net interest income after provisions for credit losses for the year ended December 31, 2013 was $12,360,000 as compared to $12,312,000 in 2012.  Assets as of December 31, 2013 were $377,194,000 as compared to $387,438,000 as of December 31, 2012.
 
2013 Performance Highlights:
 ●  
8.43 % increase in loans, net of allowance
 ●  
9.82 % increase in other income
 
Michael G. Livingston, President and Chief Executive Officer, stated “The Bancorp earnings for the year are a result of our commitment to traditional banking, and serving the needs of our community.”  Mr. Livingston added “Our shareholders have been rewarded with consistent earnings over the past several years by staying with the community banking model.”
 
Glen Burnie Bancorp, parent company to The Bank of Glen Burnie®, currently maintains consolidated assets totaling more than $377 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.
 
 
 

 

 
Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Balance Sheets
(dollars in thousands)
                 
   
(audited)
   
(audited)
 
   
December
   
December
 
    31, 2013     31, 2012  
Assets
               
                 
Cash and due from banks
  $ 9,215     $ 9,332  
Interest bearing deposits
    1,636       6,627  
Federal funds sold
    103       2,669  
Investment securities
    74,314       100,490  
Loans, net of allowance
    270,684       249,632  
Premises and equipment at cost, net of accumulated depreciation
    3,697       3,873  
Other real estate owned
    1,171       478  
Other assets
    16,374       14,337  
Total assets
  $ 377,194     $ 387,438  
                 
Liabilities and Stockholders Equity
               
                 
Liabilities:
               
Deposits
  $ 323,803     $ 332,289  
Long-term borrowings
    20,000       20,000  
Other liabilities
    1,807       1,562  
Total liabilities
    345,610       353,851  
                 
Stockholders equity:
               
Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding December 31, 2013   2,747,370; December 31, 2012   2,736,978 shares
    2,747       2,737  
Surplus
    9,714       9,605  
Retained earnings
    20,301       18,783  
Accumulated other comprehensive (loss) gain, net of tax benefits
    (1,178 )     2,462  
          Total stockholders equity
    31,584       33,587  
                 
          Total liabilities and stockholders equity
  $ 377,194     $ 387,438  
 
 
 

 

 
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)
     
(audited)
 
   
2013
   
2012
     
2013
   
2012
 
                           
Interest income on
                         
Loans, including fees
  $ 3,371     $ 3,191       $ 12,673     $ 13,123  
U.S. Government agency securities
    228       189         871       894  
State and municipal securities
    384       423         1,657       1,706  
Other
    21       25         81       94  
Total interest income
    4,004       3,828         15,282       15,817  
                                   
Interest expense on
                                 
Deposits
    405       606         2,014       2,611  
Short-term borrowings
    4       -         7       2  
Long-term borrowings
    162       161         641       642  
Total interest expense
    571       767         2,662       3,255  
                                   
Net interest income
    3,433       3,061         12,620       12,562  
                                   
Provision for credit losses
    260       100         260       250  
                                   
Net interest income after provision for credit losses
    3,173       2,961         12,360       12,312  
                                   
Other income
                                 
Service charges on deposit accounts
    163       159         596       575  
Other fees and commissions
    214       214         826       817  
Other non-interest income
    1       6         -       20  
Income on life insurance
    59       62         234       247  
Gains on investment securities
    71       45         345       163  
Total other income
    508       486         2,001       1,822  
                                   
Other expenses
                                 
Salaries and employee benefits
    1,705       1,694         6,753       6,812  
Impairment of securities
    -       -         15       -  
Occupancy
    197       214         786       804  
Other expenses
    965       778         3,559       3,179  
Total other expenses
    2,867       2,686         11,113       10,795  
                                   
Income before income taxes
    814       761         3,248       3,339  
                                   
Income tax expense
    164       152         634       674  
                                   
Net income
  $ 650     $ 609       $ 2,614     $ 2,665  
                                   
Net income per share of common stock
  $ 0.23     $ 0.23       $ 0.95     $ 0.98  
                                   
Weighted-average shares of common stock outstanding
    2,747,098       2,733,533         2,742,003       2,728,072