Glen Burnie Bancorp Announces 2013 1Q Earnings

GLEN BURNIE, MD (May 9, 2013) – 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 $529,000 or $0.19 basic earnings per share in the quarter ended March 31, 2013 as compared to net income of $730,000 or $0.27 basic earnings per share for the same period in 2012.

Net interest income after provision for credit losses in the first quarter was $2,913,000 as compared to $3,208,000 in 2012. Total assets were $388,867,000 as of March 31, 2013 compared to $387,438,000 at December 31, 2012. Deposits were $334,141,000 as of March 31, 2013 compared to $332,289,000 at December 31, 2012.

"We continue to see loan demand; however earnings continue to be impacted by a compressed net interest margin as a result of the current low interest rate environment we now operate in.” said Michael G. Livingston, President and Chief Executive Officer. 

On April 5, 2013 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 29, 2013 marking the company’s 83rd consecutive dividend.

Glen Burnie Bancorp will host its Annual Meeting of Stockholders on Thursday, May 9th at the bank’s Glen Burnie Branch in Glen Burnie, Maryland.  Registration opens at 2:00 p.m. and the meeting will begin at 2:30 p.m.

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie, currently maintains consolidated assets totaling more than $379 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)
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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.