GLEN BURNIE, Md.--(BUSINESS WIRE)--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 ended June 30, 2011, Glen Burnie Bancorp realized net income of $758,000 or $0.28 basic earnings per share. The company reported net income of $322,000 or $0.12 basic earnings per share for the same three month period in 2010. Net interest income after provisions for credit losses was $3,396,000 for the three month period ended June 30, 2011. The company reported net interest income after provisions for credit losses of $2,731,000 for the same period in 2010.
Net income for the six months ended June 30, 2011 was $1,467,000 or $0.54 basic earnings per share as compared to $721,000 or $0.27 basic earnings per share for the same period in 2010. Net interest income after provisions for credit losses for the six months ended June 30, 2011 was $6,518,000 as compared to $5,525,000 for the same period in 2010.
Total assets stood at $357,841,000 as of June 30, 2011 compared to $364,318,000 as of June 30, 2010. Deposits were $306,735,000 on June 30, 2011 as compared to $303,250,000 on June 30, 2010.
On July 7, 2011, Glen Burnie Bancorp paid its 76th consecutive dividend to shareholders of record at the close of business on June 24, 2011. The company had 2,707,865 common shares outstanding with approximately 450 shareholders of record on June 20, 2011.
“Our commitment to basic banking principles has continued to produce positive results as reflected by our reported earnings. Focusing on traditional banking, serving our customers and community has produced positive and consistent results for our shareholders,” said Michael G. Livingston, President and CEO.
Glen Burnie Bancorp, parent company to The Bank of Glen Burnie®, currently maintains consolidated assets totaling more than $355 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.
| Glen Burnie Bancorp and Subsidiaries | |||||||
| Condensed Consolidated Balance Sheets | |||||||
| (dollars in thousands) | |||||||
| (unaudited) | (audited) | ||||||
| June | December | ||||||
| 30, 2011 | 31, 2010 | ||||||
| Assets | |||||||
| Cash and due from banks | $ | 7,056 | $ | 6,492 | |||
| Interest bearing deposits | 2,625 | 1,568 | |||||
| Federal funds sold | 710 | 940 | |||||
| Investment securities | 96,386 | 87,268 | |||||
| Loans, net of allowance | 230,156 | 229,851 | |||||
| Premises and equipment at cost, net of accumulated depreciation | 4,118 | 4,124 | |||||
| Other real estate owned | 1,435 | 215 | |||||
| Other assets | 15,355 | 16,609 | |||||
| Total assets | $ | 357,841 | $ | 347,067 | |||
| Liabilities and Stockholders' Equity | |||||||
| Liabilities: | |||||||
| Deposits | $ | 306,735 | $ | 294,444 | |||
| Short-term borrowings | 185 | 4,274 | |||||
| Long-term borrowings | 20,000 | 20,000 | |||||
| Other liabilities | 1,844 | 2,017 | |||||
| Total liabilities | 328,764 | 320,735 | |||||
| Stockholders' equity: | |||||||
| Common stock, par value $1, authorized 15,000,000 shares; | |||||||
| issued and outstanding June 30, 2011 2,712,656; | |||||||
| December 31, 2010 2,702,091 shares | 2,713 | 2,702 | |||||
| Surplus | 9,404 | 9,335 | |||||
| Retained earnings | 16,226 | 15,300 | |||||
| Accumulated other comprehensive gain (loss), net of taxes (benefits) | 734 | (1,005 | ) | ||||
| Total stockholders' equity | 29,077 | 26,332 | |||||
| Total liabilities and stockholders' equity | $ | 357,841 | $ | 347,067 | |||
| Glen Burnie Bancorp and Subsidiaries | |||||||||||||
| Condensed Consolidated Statements of Income | |||||||||||||
| (dollars in thousands, except per share amounts) | |||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||
| June 30, | June 30, | ||||||||||||
| (unaudited) | (unaudited) | ||||||||||||
| 2011 | 2010 | 2011 | 2010 | ||||||||||
| Interest income on | |||||||||||||
| Loans, including fees | $3,486 | $3,686 | $6,996 | $7,395 | |||||||||
| U.S. Government agency securities | 412 | 533 | 753 | 1,013 | |||||||||
| State and municipal securities | 399 | 339 | 783 | 660 | |||||||||
| Other | 26 | 54 | 77 | 116 | |||||||||
| Total interest income | 4,323 | 4,612 | 8,609 | 9,184 | |||||||||
| Interest expense on | |||||||||||||
| Deposits | 766 | 947 | 1,544 | 1,944 | |||||||||
| Junior subordinated debentures | - | 220 | - | 440 | |||||||||
| Long-term borrowings | 160 | 264 | 318 | 525 | |||||||||
| Short-term borrowings | 1 | - | 4 | - | |||||||||
| Total interest expense | 927 | 1,431 | 1,866 | 2,909 | |||||||||
| Net interest income | 3,396 | 3,181 | 6,743 | 6,275 | |||||||||
| Provision for credit losses | - | 450 | 225 | 750 | |||||||||
| Net interest income after provision for credit losses | 3,396 | 2,731 | 6,518 | 5,525 | |||||||||
| Other income | |||||||||||||
| Service charges on deposit accounts | 153 | 157 | 318 | 318 | |||||||||
| Other fees and commissions | 202 | 205 | 396 | 392 | |||||||||
| Other non-interest income | 2 | - | 5 | 3 | |||||||||
| Income on life insurance | 59 | 67 | 120 | 134 | |||||||||
| Gains on investment securities | 73 | - | 261 | - | |||||||||
| Total other income | 489 | 429 | 1,100 | 847 | |||||||||
| Other expenses | |||||||||||||
| Salaries and employee benefits | 1,636 | 1,654 | 3,278 | 3,349 | |||||||||
| Impairment of securities | 70 | 66 | 92 | 66 | |||||||||
| Occupancy | 200 | 197 | 429 | 420 | |||||||||
| Other expenses | 981 | 925 | 1,899 | 1,768 | |||||||||
| Total other expenses | 2,887 | 2,842 | 5,698 | 5,603 | |||||||||
| Income before income (benefit) taxes | 998 | 318 | 1,920 | 769 | |||||||||
| Income tax (benefit ) expense | 240 | (4 | ) | 453 | 48 | ||||||||
| Net income | $758 | $322 | $1,467 | $721 | |||||||||
| Net income per share of common stock | $0.28 | $0.12 | $0.54 | $0.27 | |||||||||
| Weighted-average shares of common stock outstanding | 2,708,233 | 2,687,501 | 2,705,434 | 2,685,384 | |||||||||