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): October 29, 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 October 29, 2003
Item 12. Results of Operation and Financial Condition.
Reference is made to the press release issued by the Registrant on October
29, 2003, the text of which is attached hereto as Exhibit 99.1.
2
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: October 30, 2003 By: /s/ F. William Kuethe, Jr.
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F. William Kuethe, Jr.
President and Chief Executive Officer
3
Exhibit 99.1
[Graphic Omitted] N E W S R E L E A S E
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October 29, 2003
FOR IMMEDIATE RELEASE
Contact: Alison Tavik
410-768-8857 (office)
410-608-5581 (cell)
adtavik@bogb.net
GLEN BURNIE BANCORP RELEASES 3Q EARNINGS
Bancorp reports $839,000 net income for third quarter
Highlights
o 6.7% growth in loan portfolio in 2003
o Year-to-date deposits up nearly $15 million
o $1.4 million increase in total stockholder's equity
o 6.7% growth in total assets
GLEN BURNIE, MD (October 29, 2003) - Glen Burnie Bancorp (NASDAQ: GLBZ), parent
company of The Bank of Glen Burnie, today released results for the third
quarter.
The company realized net income of $839,000 or $0.50 basic earnings per share in
the quarter ended September 30, 2003. In 2002, the company reported net income
of $691,000 or $0.41 basic earnings per share for the same three-month period.
Year-to-date net income for the nine months ended September 30, 2003 is
$2,228,000 or $1.33 basic earnings per share compared to net income of $
2,266,000 or $1.36 basic earnings per share for the same period in 2002 which
included a one-time, after-tax gain of $470,000 resulting from an amendment to
the Bank's post retirement benefit program.
"The Bank's overall performance is very satisfactory," said President & CEO F.
William Kuethe, Jr. "Loans have increased by $10.5 million so far this year and
deposits have grown by almost $15 million. Our net income for the third quarter
is up 21.4% from $691,000 in 2002 to $839,000."
(more)
Page 2
Glen Burnie Bancorp - 3Q Earnings
October 29, 2003
Glen Burnie Bancorp experienced a 6.7% growth in assets from $279 million as of
December 31, 2002 to $298 million for the period ended September 30, 2003.
During the same time period, total stockholders' equity grew 6.7% from
$21,790,000 to $23,267,000. Expenses declined from $2,494,000 for the third
quarter in 2002 to $2,450,000 for the same period in 2003 while net income per
share of common stock increased by 21.9% from $0.41 to $0.50.
Stockholders recently voted to adjust the stockholder vote necessary to amend
the company's Articles of Incorporation and Bylaws from 80% of outstanding
shares to 66 2/3% of outstanding shares. "I'm very pleased that stockholders
voted in favor of this action," Kuethe said. "This brings us in line with other
publicly-traded companies and improves our ability to proactively compete in
today's quickened business environment."
Glen Burnie Bancorp paid its 44th consecutive quarterly dividend on October 7,
2003. Stockholders of record at the close of business on September 12, 2003
received 12 cents ($0.12) per share of common stock for the quarter ending
September 30, 2003. As of that date, Glen Burnie Bancorp had 1,684,843 common
shares outstanding and there were approximately 500 shareholders of record.
Glen Burnie Bancorp, parent company to The Bank of Glen Burnie,
(www.thebankofglenburnie.com) serves Anne Arundel County with seven branch
offices and maintains assets totaling more than $298 million. Founded in 1949,
The Bank of Glen Burnie is Anne Arundel County's oldest independent commercial
bank.
# # # #
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)
September December
30, 2003 31, 2002
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Assets
Cash and due from banks $12,008 $11,297
Interest bearing deposits 0 41
Federal funds sold 4,143 4,404
Investment securities 100,066 91,860
Common Stock in the Glen Burnie Statutory Trust I 155 155
Loans, net of allowance 168,857 158,287
Premises and equipment at cost, net of accumulated depreciation 4,164 4,143
Other real estate owned 174 413
Other assets 8,644 8,806
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Total assets $298,211 $279,406
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Liabilities and Stockholders' Equity
Liabilities:
Deposits $256,417 $241,420
Short-term borrowings 3,693 837
Long-term borrowings 7,233 7,251
Guaranteed preferred beneficial interests in Glen Burnie
Bancorp junior subordinated debentures 5,155 5,155
Other liabilities 2,446 2,953
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Total liabilities $274,944 $257,616
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Stockholders' equity:
Common stock, par value $1, authorized 15,000,000 shares; issued and outstanding
September 30, 2003 1,686,773;
December 31, 2002 1,677,173 shares $1,687 $1,677
Surplus 10,798 10,638
Retained earnings 9,570 7,947
Accumulated other comprehensive income (loss), net of tax 1,212 1,528
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Total stockholders' equity $23,267 $21,790
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Total liabilities and stockholders' equity $298,211 $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 Nine Months Ended
September 30, September 30,
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2003 2002 2003 2002
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Interest income on
Loans, including fees $2,852 $3,092 $8,501 $9,298
U.S. Treasury and U.S. Government agency securities 427 720 1,440 1,999
State and municipal securities 470 316 1,280 855
Other 115 122 364 397
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Total interest income 3,864 4,250 11,585 12,549
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Interest expense on
Deposits 804 1,055 2,567 3,218
Junior subordinated debentures 137 137 410 410
Long-term borrowings 109 108 327 321
Short-term borrowings 1 2 3 5
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Total interest expense 1,051 1,302 3,307 3,954
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Net interest income 2,813 2,948 8,278 8,595
Provision for credit losses 10 0 10 0
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Net interest income after provision for credit losses 2,803 2,948 8,268 8,595
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Other income
Service charges on deposit accounts 255 261 762 761
Other fees and commissions 359 158 803 444
Other non-interest income 3 3 8 771
Gains on investment securities 63 42 170 48
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Total other income 680 464 1,743 2,024
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Other expenses
Salaries and employee benefits 1,487 1,464 4,435 4,382
Occupancy 159 142 535 434
Other expenses 804 888 2,400 2,682
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Total other expenses 2,450 2,494 7,370 7,498
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Income before income taxes 1,033 918 2,641 3,121
Income tax expense (benefit) 194 227 413 855
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Net income $839 $691 $2,228 $2,266
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Net income per share of common stock $0.50 $0.41 $1.33 $1.36
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Weighted-average shares of common stock outstanding 1,684,386 1,670,221 1,680,692 1,666,681
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