EX-99.1 5 v07873_ex99-1.txt EXHIBIT 99 [LOGO] GLEN BURNIE BANCORP N E W S R E L E A S E -------------------------------------------------------------------------------- FOR IMMEDIATE RELEASE CONTACT: ALISON TAVIK 410-768-8857 (office) 410-608-5581 (cell) adtavik@bogb.net GLEN BURNIE BANCORP RELEASES 3Q EARNINGS Net interest income up 11.52% HIGHLIGHTS o 11.52% increase in net interest income o 2.27% increase in year to date deposits o 6.20% increase in year to date net loans GLEN BURNIE, MD (October 26, 2004) - Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie, today announced results for the third quarter. For the three month period ending September 30, 2004, net interest income increased by 11.52% to $3,137,000 as compared to $2,813,000 for the same period in 2003. Year to date net interest income rose to $9,002,000 (+8.75%) as compared to $8,278,000 in 2003. Total interest income increased to $4,065,000 (+5.20%) in the quarter ended September 30, 2004 as compared to $3,864,000 for the same period in 2003. Deposits year to date increased to $262,746,000 (+2.27%) and net loans increased to $183,532,000 (+6.20%) since December 31, 2003. "Net interest income is up, our net interest margin is strong and we are continuing to experience growth in the loan portfolio," said Michael G. Livingston, Executive Vice President & Chief Operating Officer. "A portion of earnings was allocated to loan loss reserves in the third quarter to manage loan growth and maintain adequate reserves." The company realized net income of $769,000 (-9.10%) or $.38 (-10.53%) basic earnings per share in the quarter ended September 30, 2004. The company reported net income of $839,000 or $.42 basic earnings per share for the same three-month period in 2003. Year to date net income for the nine months ended June 30, 2004 was $2,216,000 (-0.01%) or $1.09 (-0.92%) basic earnings per share as compared to $2,228,000 or $1.10 basic earnings per share for the same period in 2003. (more) -------------------------------------------------------------------------------- GLEN BURNIE BANCORP - PAGE 2 OCTOBER 26, 2004 -------------------------------------------------------------------------------- For the quarter ended September 30, 2004, total stockholders' equity increased to $25,602,000 (+6.91%) and total liabilities and stockholders' equity rose to $303,444,000 (+0.39%). "Glen Burnie Bancorp paid its 48th consecutive dividend to shareholders in the third quarter," said President & Chief Executive Officer F. William Kuethe, Jr. "Providing stockholder value continues to be our primary focus." On October 7, 2004, Glen Burnie Bancorp paid a dividend of 12 cents ($.12) per share of common stock to shareholders of record at the close of business on September 24, 2004. Earlier this year USBanker magazine ranked the company 96th among the top 200 publicly traded community banks in the nation. 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. # # # # 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) September December 30, 2004 31, 2003 --------------------------- Assets Cash and due from banks $10,284 $11,120 Interest bearing deposits 81 57 Federal funds sold 1,129 1,718 Investment securities 95,186 103,181 Common Stock in the Glen Burnie Statutory Trust I 155 155 Loans, net of allowance 183,532 172,819 Premises and equipment at cost, net of accumulated depreciation 3,970 4,220 Other real estate owned 166 172 Other assets 8,941 8,810 ------------------------------------------------------------------------------------------------ Total assets $303,444 $302,252 ================================================================================================ Liabilities and Stockholders' Equity Liabilities: Deposits $262,746 $256,908 Short-term borrowings 400 6,602 Long-term borrowings 7,207 7,227 Guaranteed preferred beneficial interests in Glen Burnie Bancorp junior subordinated debentures 5,155 5,155 Other liabilities 2,334 2,413 ------------------------------------------------------------------------------------------------ Total liabilities $277,842 $278,305 ------------------------------------------------------------------------------------------------ Stockholders' equity: Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding September 30, 2004 2,035,324; December 31, 2003 1,689,281 shares $2,035 $1,689 Surplus 11,065 10,862 Retained earnings 11,298 10,115 Accumulated other comprehensive income, net of tax 1,204 1,281 ------------------------------------------------------------------------------------------------ Total stockholders' equity $25,602 $23,947 ------------------------------------------------------------------------------------------------ Total liabilities and stockholders' equity $303,444 $302,252 ================================================================================================
GLEN BURNIE BANCORP AND SUBSIDIARIES Condensed Consolidated Statements of Income (dollars in thousands, except per share amounts)
Three Months Ended Nine Months Ended September 30, September 30, --------------------------- ------------------------- 2004 2003 2004 2003 --------------------------- ------------------------- Interest income on Loans, including fees $2,922 $2,852 $8,372 $8,501 U.S. Treasury and U.S. Government agency securities 593 427 1,683 1,440 State and municipal securities 441 470 1,357 1,280 Other 109 115 341 364 ------------------------------------------------------------------------------------------------ ------------------------- Total interest income 4,065 3,864 11,753 11,585 ------------------------------------------------------------------------------------------------ ------------------------- Interest expense on Deposits 655 804 1,963 2,567 Junior subordinated debentures 137 137 410 410 Long-term borrowings 108 109 323 327 Short-term borrowings 28 1 55 3 ------------------------------------------------------------------------------------------------ ------------------------- Total interest expense 928 1,051 2,751 3,307 ------------------------------------------------------------------------------------------------ ------------------------- Net interest income 3,137 2,813 9,002 8,278 Provision for credit losses 140 10 340 10 ------------------------------------------------------------------------------------------------ ------------------------- Net interest income after provision for credit losses 2,997 2,803 8,662 8,268 ------------------------------------------------------------------------------------------------ ------------------------- Other income Service charges on deposit accounts 264 255 780 762 Other fees and commissions 189 183 521 494 Other non-interest income 1 3 5 8 Income on life insurance 53 176 155 309 Gains on investment securities 41 63 310 170 ------------------------------------------------------------------------------------------------ ------------------------- Total other income 548 680 1,771 1,743 ------------------------------------------------------------------------------------------------ ------------------------- Other expenses Salaries and employee benefits 1,604 1,487 4,635 4,435 Occupancy 157 159 496 535 Other expenses 811 804 2,534 2,400 ------------------------------------------------------------------------------------------------ ------------------------- Total other expenses 2,572 2,450 7,665 7,370 ------------------------------------------------------------------------------------------------ ------------------------- Income before income taxes 973 1,033 2,768 2,641 Income tax expense (benefit) 204 194 552 413 ------------------------------------------------------------------------------------------------ ------------------------- Net income $769 $839 $2,216 $2,228 ================================================================================================ ========================= Net income per share of common stock $0.38 $0.42 $1.09 $1.10 ================================================================================================ ========================= Weighted-average shares of common stock outstanding 2,032,801 2,021,670 2,030,300 2,017,946 ================================================================================================ =========================