EX-99.1 5 v111611_ex99-1.htm
Exhibit 99.1

Glen Burnie
N E W S  R E L E A S E
 
 
FOR IMMEDIATE RELEASE

Yvonne “Rie” Atkinson
 
 
ratkinson@bogb.net

GLEN BURNIE BANCORP RELEASES 1Q 2008 EARNINGS

GLEN BURNIE, MD (April 24, 2008) - Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie, today announced results for the first quarter.

The company realized net income of $536,000 or $0.18 basic earnings per share in the quarter ended March 31, 2008 as compared to net income of $606,000 or $0.20 basic earnings per share for the same period in 2007.

Net interest income after provisions for credit losses in the first quarter was $2,810,000 as compared to $2,862,000 in 2007. Total assets were $314,715,000 as of March 31, 2008 compared to $307,274,000 at December 31, 2007. Deposits were $261,012,000 as of March 31, 2008 compared to $252,917,000 at December 31, 2007.

“We continue to have stable earnings and pay solid dividends despite the current challenging financial market.” said Michael G. Livingston, President and Chief Executive Officer.

On April 10, 2008 Glen Burnie Bancorp paid a regular dividend of ten cents ($0.10) per share of common stock to shareholders of record at the close of business on March 13, 2008 marking the company’s 62nd consecutive dividend.

The Bank of Glen Burnie earned the 5-Star Superior Rating from BAUER FINANCIAL Reports, Inc. for the 24th consecutive quarter in April, 2008. 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. Bauer is the nation’s leading independent bank research firm.

Glen Burnie Bancorp will host its Annual Meeting of Stockholders on Thursday, May 8th at Michael’s Eighth Avenue in Glen Burnie, Maryland. Registration opens at 1:30 p.m. and the meeting will begin at 2 p.m.

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie®, currently maintains consolidated assets totaling more than $314 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)

# # # #
 
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.


Condensed Consolidated Balance Sheets
(dollars in thousands)

   
(unaudited)
March
31, 2008
  
December
31, 2007
  
Assets
              
               
Cash and due from banks
  
$
11,326
  
$
8,221
  
Interest bearing deposits
    
1,011
   
5,847
 
Federal funds sold
    
52
   
727
 
Investment securities
    
83,664
   
77,866
 
Common Stock in the Glen Burnie Statutory Trust I
    
155
   
155
 
Loans, net of allowance
    
203,997
   
199,753
 
Premises and equipment at cost, net of accumulated depreciation
    
3,185
   
3,088
 
Other real estate owned
    
50
   
50
 
Other assets
    
11,275
   
11,567
 
Total assets
  
$
314,715
  
$
307,274
  
               
Liabilities and Stockholders' Equity
              
               
Liabilities:
              
Deposits
  
$
261,012
  
$
252,917
  
Short-term borrowings
    
143
   
503
 
Long-term borrowings
    
17,099
   
17,107
 
Junior subordinated debentures owed to unconsolidated subsidiary trust
    
5,155
   
5,155
 
Other liabilities
    
1,348
   
1,856
 
Total liabilities
    
284,757
   
277,538
 
               
               
Stockholders' equity:
              
Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding March 31, 2008 2,991,268; December 31, 2007 2,498,465 shares
      
2,991
     
2,499
 
Surplus
    
11,848
   
11,921
 
Retained earnings
    
15,306
   
15,750
 
Accumulated other comprehensive loss, net of tax
   
(187
)
  
(434
)
                       
Total stockholders' equity
    
29,958
   
29,736
 
               
Total liabilities and stockholders' equity
  
$
314,715
  
$
307,274
  
 

Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Statements of Income
(dollars in thousands, except per share amounts)

   
Three Months Ended 
March 31, 
(unaudited)
  
   
2008
  
2007
  
           
Interest income on
              
Loans, including fees
  
$
3,373
  
$
3,171
  
U.S. Treasury and U.S. Government agency securities
    
564
   
702
 
State and municipal securities
    
347
   
388
 
Other
    
129
   
148
 
Total interest income
    
4,413
   
4,409
 
               
Interest expense on
              
Deposits
    
1,222
   
1,271
 
Junior subordinated debentures
    
137
   
137
 
Long-term borrowings
    
188
   
105
 
Short-term borrowings
    
1
   
4
 
Total interest expense
    
1,548
   
1,517
 
               
Net interest income
    
2,865
   
2,892
 
               
Provision for credit losses
    
55
   
30
 
 
                      
Net interest income after provision for credit losses
    
2,810
   
2,862
 
               
Other income
              
Service charges on deposit accounts
    
191
   
193
 
Other fees and commissions
    
199
   
207
 
Other non-interest income
    
3
   
3
 
Income on life insurance
    
68
   
67
 
Gains on investment securities
    
7
   
1
 
Total other income
    
468
   
471
 
               
Other expenses
              
Salaries and employee benefits
    
1,589
   
1,599
 
Occupancy
    
229
   
232
 
Other expenses
    
835
   
787
 
Total other expenses
    
2,653
   
2,618
 
               
Income before income taxes
    
625
   
715
 
               
Income tax expense
   
89
   
109
 
               
Net income
  
$
536
  
$
606
  
               
Net income per share of common stock
  
$
0.18
  
$
0.20
  
               
Weighted-average shares of common stock outstanding
    
2,996,496
   
2,984,587