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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): July 31, 2003
GLEN BURNIE BANCORP
(Exact name of registrant as specified in its charter)
Maryland 0-24047 52-1782444
(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
101 Crain Highway, S.E., Glen Burnie, Maryland 21061
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (410) 766-3300
Inapplicable
(Former Name or Former Address if Changed Since Last Report)
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INFORMATION TO BE INCLUDED IN THE REPORT
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
The following exhibits are filed herewith:
Exhibit No.
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99.1 Press Release dated July 31, 2003
Item 12. Results of Operation and Financial Condition.
Reference is made to the press release issued by the Registrant on
July 31, 2003, the text of which is attached hereto as Exhibit 99.1.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
GLEN BURNIE BANCORP
(Registrant)
Date: August 14, 2003 By: /s/ F. William Kuethe, Jr.
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F. William Kuethe, Jr.
President and Chief Executive Officer
3
Exhibit 99.1
FOR IMMEDIATE RELEASE CONTACT: Alison Tavik
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410-768-8857 * adtavik@bogb.net
Glen Burnie Bancorp Releases 2Q Earnings
Bancorp Reports $733,000 for Second Quarter
Highlights:
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o Net income up 24.8%
o Core earnings up 25.7%
GLEN BURNIE, MD. July 31, 2003 -- Glen Burnie Bancorp GLBZ, parent company of
The Bank of Glen Burnie, today released results for the second quarter.
The company realized net income of $733,000 or $0.44 basic earnings per share in
the quarter ended June 30, 2003. The company reported net income of $587,000 or
$0.35 basic earnings per share in the quarter ended June 30 for the same
three-month period in 2002. Year to date net income for the six months ended
June 30, 2003 was $1,389,000 or $0.83 basic earnings per share compared to
$1,575,000 or $0.94 basic earnings per share for the six months ended June 30,
2002 which included a one-time, after-tax gain of $470,000 resulting from an
amendment to the Bank's post retirement benefit program.
"We are very pleased with operating results so far this year, particularly in
light of a difficult economy," said President & CEO F. William Kuethe, Jr.
"Looking at our core banking business of net interest, fee and investment income
(without the 2002 one-time gain), net income for the six months ending June 30,
2003 was $1,389,000, compared to $1,105,000 in 2002. This represents a 25.7%
growth in these core earnings," Kuethe added.
On June 16, 2003, the company announced a regular quarterly dividend of 12 cents
($0.12) per share of common stock for the quarter ending June 30, 2003 that was
paid on July 9, 2003 to shareholders of record at the close of business on June
26, 2003. It was Glen Burnie Bancorp's 43rd consecutive dividend.
Glen Burnie Bancorp, parent company to The Bank of Glen Burnie,
(www.thebankofglenburnie.com) maintains assets totaling more than $290 million.
The Bank of Glen Burnie is a locally-owned community bank with seven branch
offices serving Anne Arundel County.
Glen Burnie Bancorp, parent company to The Bank of Glen Burnie,
(www.thebankofglenburnie.com) maintains assets totaling more than $290 million.
The Bank of Glen Burnie is a locally-owned community bank with seven branches
serving Anne Arundel County.
# # # #
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 Sheet
(dollars in thousands, except per share amounts)
(unaudited)
June 30, Dec. 31,
2003 2002
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Assets
Cash and due from banks $12,349 $11,297
Interest bearing deposits 67 41
Federal funds sold 2,577 4,404
Investment securities 106,376 91,860
Common Stock in the Glen Burnie Statutory
Trust I 155 155
Loans, net of allowance 161,846 158,287
Premises and equipment at cost, net of
accumulated depreciation 4,160 4,143
Other real estate owned 175 413
Other assets 9,105 8,806
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Total assets $296,810 $279,406
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Liabilities and Stockholders' Equity
Liabilities:
Deposits $256,302 $241,420
Short-term borrowings 1,813 837
Long-term borrowings 7,239 7,251
Guaranteed preferred beneficial interests in
Glen Burnie
Bancorp junior subordinated debentures 5,155 5,155
Other liabilities 2,784 2,953
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Total liabilities $273,293 $257,616
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Stockholders' equity:
Common stock, par value $1, authorized
15,000,000 shares;
issued and outstanding June 30, 2003
1,682,773;
December 31, 2002 1,677,173 shares $1,683 $1,677
Surplus 10,736 10,638
Retained earnings 8,933 7,947
Accumulated other comprehensive income (loss),
net of tax 2,165 1,528
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Total stockholders' equity $23,517 $21,790
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Total liabilities and stockholders'
equity $296,810 $279,406
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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,
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2003 2002 2003 2002
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Interest income on
Loans, including fees $2,830 $3,091 $5,649 $6,206
U.S. Treasury and U.S.
Government agency
securities 526 674 1,013 1,279
State and municipal
securities 435 281 810 539
Other 118 132 249 275
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Total interest
income 3,909 4,178 7,721 8,299
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Interest expense on
Deposits 864 1,039 1,763 2,163
Junior subordinated
debentures 137 137 273 273
Long-term borrowings 110 107 218 213
Short-term borrowings 1 1 2 3
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Total interest
expense 1,112 1,284 2,256 2,652
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Net interest
income 2,797 2,894 5,465 5,647
Provision for credit
losses 0 0 0 0
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Net interest
income after
provision for
credit losses 2,797 2,894 5,465 5,647
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Other income
Service charges on
deposit accounts 249 251 507 500
Other fees and
commissions 236 148 444 286
Other non-interest
income 3 1 5 768
Gains on investment
securities 15 2 107 6
------------------------- -------- -------- -------- --------
Total other
income 503 402 1,063 1,560
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Other expenses
Salaries and employee
benefits 1,483 1,494 2,948 2,918
Occupancy 164 146 376 292
Other expenses 798 894 1,596 1,794
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Total other
expenses 2,445 2,534 4,920 5,004
------------------------- -------- -------- -------- --------
Income before income
taxes 855 762 1,608 2,203
Income tax expense
(benefit) 122 175 219 628
------------------------- -------- -------- -------- --------
Net income $733 $587 $1,389 $1,575
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Net income per share of
common stock $0.44 $0.35 $0.83 $0.94
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Weighted-average shares
of common stock
outstanding 1,680,270 1,664,052 1,678,807 1,664,911
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