EX-99.1 5 v083314_ex99-1.htm Unassociated Document
EXHIBIT 99.1
 
bancorp
 
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 8, 2007) - 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 ending June 30, 2007, Glen Burnie Bancorp realized net income of $691,000 or $.28 basic earnings per share. The company reported net income of $713,000 or $.29 basic earnings per share for the same three-month period in 2006. Net interest income after provisions for credit losses was $2,938,000 for the three month period ending June 30, 2007. The company reported net interest income after provisions for credit losses of $2,967,000 for the same period in 2006.

Net income for six months ended June 30, 2007 was $1,297,000 or $.52 basic earnings per share as compared to $1,339,000 or $.54 basic earnings per share for the same period in 2006. Net interest income after provisions for credit losses for the six months ended June 30, 2007 was $5,800,000 as compared to $5,935,000 for the same period in 2006.

Total assets stood at $309,488,000 as of June 30, 2007 compared to $331,600,000 as of June 30, 2006. Deposits were $263,957,000 on June 30, 2007 as compared to $291,845,000 on June 30, 2006.

On July 6, 2007 Glen Burnie Bancorp paid its 59th consecutive dividend to shareholders of record at the close of business on June 26, 2007. The company had 2,487,561 common shares outstanding with approximately 475 shareholders of record on June 14, 2007.

Mr. Livingston states, “The quarter’s financial results showed positive trends with an improvement of net interest margin and continued excellent credit quality.” He added, “The Bank of Glen Burnie has never entered the sub-prime mortgage market, and, as such, The Bank of Glen Burnie has not been adversely affected by recent trends in that market.”
 
The Bank of Glen Burnie has been awarded a 5-Star Superior Rating from BAUER FINANCIAL Reports, Inc., the nation’s leading independent bank research firm, for the past 21 consecutive quarters. 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.

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie®, (www.thebankofglenburnie.com) maintains consolidated assets totaling more than $315 million. The Bank of Glen Burnie is a locally-owned community bank with eight 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 Sheets
(dollars in thousands)
 
   
(unaudited)
      
   
June
  
December
  
   
30, 2007
  
31, 2006
  
Assets
          
           
Cash and due from banks
  
$
11,369
  
$
9,006
  
Interest bearing deposits
    
44
   
342
 
Federal funds sold
    
2,710
   
3,972
 
Investment securities
    
84,527
   
96,494
 
Common Stock in the Glen Burnie Statutory Trust I
    
155
   
155
 
Loans, net of allowance
    
195,496
   
193,337
 
Premises and equipment at cost, net of accumulated depreciation
    
3,259
   
3,406
 
Other real estate owned
    
50
   
50
 
Other assets
    
11,878
   
10,984
 
Total assets
  
$
309,488
  
$
317,746
  
               
Liabilities and Stockholders' Equity
              
               
Liabilities:
              
Deposits
  
$
263,957
  
$
274,833
  
Short-term borrowings
    
3,769
    
545
 
Long-term borrowings
    
7,124
    
7,140
 
Junior subordinated debentures owed to unconsolidated
              
subsidiary trust
    
5,155
    
5,155
 
Other liabilities
    
1,478
    
1,872
 
Total liabilities
    
281,483
    
289,545
 
               
Stockholders' equity:
              
Common stock, par value $1, authorized 15,000,000 shares;
              
issued and outstanding March 31, 2007 2,487,401;
             
December 31, 2006 2,484,633 shares
    
2,490
    
2,485
 
Surplus
    
11,808
    
11,720
 
Retained earnings
    
15,012
    
14,312
 
Accumulated other comprehensive loss, net of tax
   
(1,305
)
  
(316
)
               
Total stockholders' equity
    
28,005
    
28,201
 
               
Total liabilities and stockholders' equity
  
$
309,488
  
$
317,746
  

 

Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)
  
   
Three Months Ended
June 30,
(unaudited)
  
Six Months Ended
June 30,
(unaudited)
  
   
2007
  
2006
  
2007
  
2006
  
Interest income on
                  
Loans, including fees
  
$
3,251
  
$
2,873
    
6,422
  
$
5,809
  
U.S. Treasury and U.S. Government agency securities
    
691
    
882
   
1,393
    
1,544
  
State and municipal securities
    
388
    
430
   
776
    
772
  
Other
    
135
    
262
   
283
    
496
  
Total interest income
    
4,465
    
4,447
   
8,874
    
8,621
  
                           
Interest expense on
                          
Deposits
    
1,234
    
1,232
   
2,505
    
2,194
 
Junior subordinated debentures
    
136
    
136
   
273
    
273
 
Long-term borrowings
    
106
    
108
   
211
    
213
 
Short-term borrowings
    
31
    
4
   
35
    
6
 
Total interest expense
    
1,507
    
1,480
   
3,024
    
2,686
 
                           
Net interest income
    
2,958
    
2,967
   
5,850
    
5,935
 
                           
Provision for credit losses
    
20
    
-
    
50
    
-
 
 
                        
Net interest income after provision for credit losses
    
2,938
    
2,967
   
5,800
    
5,935
 
                           
Other income
                          
Service charges on deposit accounts
    
206
    
214
   
399
    
411
 
Other fees and commissions
    
234
    
253
   
441
    
484
 
Other non-interest income
    
6
    
3
   
9
    
8
 
Income on life insurance
    
65
    
60
   
132
    
105
 
Gains on investment securities
    
4
    
-
   
5
    
-
 
Total other income
    
515
    
530
   
986
    
1,008
 
                           
Other expenses
                          
Salaries and employee benefits
    
1,569
    
1,653
   
3,168
    
3,298
 
Occupancy
    
217
    
210
   
449
    
417
 
Other expenses
    
794
    
790
   
1,581
    
1,636
 
Total other expenses
    
2,580
    
2,653
   
5,198
    
5,351
 
                           
Income before income taxes
    
873
    
844
   
1,588
    
1,592
 
                           
Income tax expense
   
182
    
131
   
291
    
253
 
                           
Net income
  
$
691
  
$
713
  
$
1,297
  
$
1,339
  
                           
Net income per share of common stock
  
$
0.28
  
$
0.29
  
$
0.52
  
$
0.54
  
                           
Weighted-average shares of common stock outstanding
    
2,487,639
    
2,470,931
   
2,486,278
    
2,469,184