Glen Burnie Bancorp Releases 3Q Earnings

• Press Release
• Source: Glen Burnie Bancorp
• On 10:30 am EDT, Thursday October 29, 2009

GLEN BURNIE, Md.--(BUSINESS WIRE)--Glen Burnie Bancorp (NASDAQ: GLBZ - News), parent company of The Bank of Glen Burnie, today announced results for the third quarter.

Related Quotes

Symbol	Price	Change
GLBZ	8.55	0.00

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The company realized a net income of $527,000 or $0.20 basic earnings per share in the quarter ended September 30, 2009 compared to net losses of $2,118,000 or $0.71 basic loss per share for the same three month period in 2008. For the nine months ending September 30, 2009, net income was $1,472,000 or $0.53 basic earnings per share as compared to net losses of $978,000 or $0.33 basic loss per share for the same period in 2008. The loss in 2008 was due to the government intervention into Fannie Mae and Freddie Mac.

The bank achieved the following additional highlights:

• 1.70% increase in year to date loans
• 8.77% increase in year to date deposits
• 8.76% Tier 1 leveraged ratio, FDIC required level of 4.0%

Total interest income for the quarter ending September 30, 2009 was $4,749,000 as compared to $4,667,000 for the same period in 2008. Total interest income was $13,971,000 for the nine months ending September 30, 2009 as compared to $13,572,000 for the same period in 2008. For the three month period ending September 30, 2009, net interest income after provision for credit losses was $2,763,000 as compared to $2,882,000 for the same period in 2008. For the nine months ending September 30, 2009 net interest income after provision for credit losses was $8,303,000 as compared to $8,533,000 for the same period in 2008.

“As the bank celebrates its 60^th anniversary it continues to perform well despite the difficult economic conditions. The positive results we are reporting today are the direct result of staying with our traditional community banking roots.” commented Michael G. Livingston, President and Chief Executive Officer.

Today, The Bank of Glen Burnie will hold its Grand Opening of its relocated South Crain branch one half mile south to New Cut Road.

On October 6, 2009, Glen Burnie Bancorp paid its 69^th consecutive dividend to shareholders of record at the close of business on September 25, 2009.

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 36 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, currently maintains consolidated assets totaling more than $350 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
Yvonne “Rie” Atkinson, 410-768-8857 (office)
ratkinson@bogb.net