Attached files
| file | filename |
|---|---|
| 8-K - 8-K - GLEN BURNIE BANCORP | v335257_8k.htm |
Exhibit 99.1
 |
NEWS RELEASE | |
| FOR IMMEDIATE RELEASE |
| Contact: Yvonne “Rie” Atkinson | |
| 410-768-8857 (office) | |
| ratkinson@bogb.net | |
Glen Burnie Bancorp Announces 2012 4Q and Year End Earnings
GLEN BURNIE, MD (February 15, 2013) – Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen BurnieÒ, today reported fourth quarter and year end earnings for 2012.
For the quarter ended December 31, 2012, the company realized net earnings of $609,000 or $0.23 per basic and diluted earnings per share as compared to net earnings of $756,000 or $0.28 basic and diluted earnings per share for the same period in 2011. Net interest income after provisions for credit losses for the fourth quarter of 2012 was $2,961,000 compared to $2,984,000 for the same three-month period in 2011.
Net income for the year ended December 31, 2012 was $2,665,080 or $0.98 per basic and diluted earnings per share as compared to net income of $2,993,093 or $1.10 per basic and diluted earnings per share in 2011. Net interest income after provisions for credit losses for the year ended December 31, 2012 was $12,312,134 as compared to $12,786,385 in 2011. Assets as of December 31, 2012 were $387,438,269 as compared to $365,260,263 as of December 31, 2011.
2012 Performance Highlights:
| · | 7.26% increase in loans, net of allowance |
| · | 6.52% increase in deposits |
| · | 6.07% increase in total assets |
| · | 7.61% increase in stockholder’s equity |
Michael G. Livingston,
President and Chief Executive Officer, stated “The bank is proud to report positive results for year end December 31, 2012.
The Bank continues to see signs of the economy stabilizing with an increase in assets, driven by improving loan demand and loan
growth.” Mr. Livingston added “We appreciate the confidence our customers have shown in our bank which has resulted
in deposit growth for year end December 31, 2012. With the loan and deposit growth the bank maintained profitability and paid dividends
for the year.”
Glen Burnie Bancorp declared four regular dividends in 2012, totaling forty cents ($0.40) per common share. On December 28, 2012, Glen Burnie Bancorp paid its 82nd consecutive dividend to shareholders of record at the close of business on December 20, 2012.
Glen Burnie Bancorp, parent company to The Bank of Glen BurnieÒ, currently maintains consolidated assets totaling more than $387 million. Founded in 1949, The Bank of Glen BurnieÒ is a 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.
Glen Burnie Bancorp and Subsidiaries
Condensed Consolidated Balance Sheets
(dollars in thousands)
| (unaudited) | (unaudited) | |||||||
| December | December | |||||||
| 31, 2012 | 31, 2011 | |||||||
| Assets | ||||||||
| Cash and due from banks | $ | 9,332 | $ | 6,877 | ||||
| Interest bearing deposits | 6,627 | 2,423 | ||||||
| Federal funds sold | 2,669 | 654 | ||||||
| Investment securities | 100,490 | 102,867 | ||||||
| Loans, net of allowance | 249,632 | 232,734 | ||||||
| Premises and equipment at cost, net of accumulated depreciation | 3,873 | 4,108 | ||||||
| Other real estate owned | 478 | 1,111 | ||||||
| Other assets | 14,337 | 14,486 | ||||||
| Total assets | $ | 387,438 | $ | 365,260 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Liabilities: | ||||||||
| Deposits | $ | 332,289 | $ | 311,945 | ||||
| Short-term borrowings | - | 255 | ||||||
| Long-term borrowings | 20,000 | 20,000 | ||||||
| Other liabilities | 1,562 | 1,849 | ||||||
| Total liabilities | 353,851 | 334,049 | ||||||
| Stockholders' equity: | ||||||||
| Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding December 31, 2012 2,736,978; December 31, 2011 2,717,909 shares | 2,737 | 2,718 | ||||||
| Surplus | 9,605 | 9,438 | ||||||
| Retained earnings | 18,783 | 17,209 | ||||||
| Accumulated other comprehensive gain, net of tax benefits | 2,462 | 1,846 | ||||||
| Total stockholders' equity | 33,587 | 31,211 | ||||||
| Total liabilities and stockholders' equity | $ | 387,438 | $ | 365,260 | ||||
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) | (unaudited) | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Interest income on | ||||||||||||||||
| Loans, including fees | $ | 3,191 | $ | 3,410 | $ | 13,123 | $ | 13,898 | ||||||||
| U.S. Government agency securities | 189 | 328 | 894 | 1,489 | ||||||||||||
| State and municipal securities | 423 | 415 | 1,706 | 1,606 | ||||||||||||
| Other | 25 | 21 | 94 | 139 | ||||||||||||
| Total interest income | 3,828 | 4,174 | 15,817 | 17,132 | ||||||||||||
| Interest expense on | ||||||||||||||||
| Deposits | 606 | 740 | 2,611 | 3,038 | ||||||||||||
| Short-term borrowings | - | - | 2 | 4 | ||||||||||||
| Long-term borrowings | 161 | 162 | 642 | 641 | ||||||||||||
| Total interest expense | 767 | 902 | 3,255 | 3,683 | ||||||||||||
| Net interest income | 3,061 | 3,272 | 12,562 | 13,449 | ||||||||||||
| Provision for credit losses | 100 | 288 | 250 | 663 | ||||||||||||
| Net interest income after provision for credit losses | 2,961 | 2,984 | 12,312 | 12,786 | ||||||||||||
| Other income | ||||||||||||||||
| Service charges on deposit accounts | 159 | 158 | 575 | 627 | ||||||||||||
| Other fees and commissions | 214 | 231 | 817 | 862 | ||||||||||||
| Other non-interest income | 6 | (22 | ) | 20 | (47 | ) | ||||||||||
| Income on life insurance | 62 | 59 | 247 | 240 | ||||||||||||
| Gains on investment securities | 45 | 63 | 163 | 408 | ||||||||||||
| Total other income | 486 | 489 | 1,822 | 2,090 | ||||||||||||
| Other expenses | ||||||||||||||||
| Salaries and employee benefits | 1,694 | 1,639 | 6,812 | 6,575 | ||||||||||||
| Impairment of securities | - | - | - | 22 | ||||||||||||
| Occupancy | 214 | 207 | 804 | 847 | ||||||||||||
| Other expenses | 778 | 796 | 3,179 | 3,672 | ||||||||||||
| Total other expenses | 2,686 | 2,642 | 10,795 | 11,116 | ||||||||||||
| Income before income taxes | 761 | 831 | 3,339 | 3,760 | ||||||||||||
| Income tax expense | 152 | 75 | 674 | 767 | ||||||||||||
| Net income | $ | 609 | $ | 756 | $ | 2,665 | $ | 2,993 | ||||||||
| Net income per share of common stock | $ | 0.23 | $ | 0.28 | $ | 0.98 | $ | 1.10 | ||||||||
| Weighted-average shares of common stock outstanding | 2,733,533 | 2,717,906 | 2,728,072 | 2,710,455 | ||||||||||||