GLB Bancorp, Inc. Reports First Quarter Financial Results for March 31, 2001

Apr 23, 2001, 01:00 ET from GLB Bancorp, Inc.

    MENTOR, Ohio, April 23 /PRNewswire Interactive News Release/ --
 GLB Bancorp, Inc. (Nasdaq: GLBK) showed net income of $262,412 for the first
 quarter of 2001 compared to $262,370 for the same quarter in 2000. Interest
 income for the first quarter of 2001 came to $2,531,253 compared to $2,130,202
 for the same quarter in 2000, an increase of $401,051 or 18.8%.
     Assets as of March 31, 2001 totaled approximately $148 million compared to
 $120 million at March 31, 2000, an increase of approximately $28 million or
 23.4%. The increase in assets was due to net loans increasing to approximately
 $107 million at March 31, 2001 compared to $92 million at March 31, 2000, an
 increase of approximately $15 million or 16.3%.  The growth in loans was
 funded by an increase in deposits of approximately $19 million, or 22.5%.  The
 increase in assets is also due to an action plan that was implemented by
 management to obtain lower yielding borrowings of eight million dollars in
 anticipation of existing borrowings that will mature and be paid off during
 the year.
     Book value per share at March 31, 2001 was $12.62 compared to $12.09 at
 March 31, 2000.  Basic and diluted earnings per share for the first quarter of
 2001 were $0.12 compared to $0.12 for the first quarter 2000.  Average shares
 outstanding for the quarter ended March 31, 2001 were 2,133,906.
     GLB Bancorp, Inc., an Ohio corporation is a one-bank holding company that
 owns all of the outstanding common stock of Great Lakes Bank.  With its Main
 Office in the city of Mentor, Ohio, the Bank is the only commercial bank
 headquartered in Lake County, Ohio, the Company's primary service area.  One
 new full service branch is planned to be opened in Concord, Ohio by midsummer
 giving GLB Bancorp, Inc. twelve full service branches serving Lake County.
     Except for the historical information contained herein, the matters
 discussed in this press release may be deemed to be forward-looking statements
 that involve risks and uncertainties.  Actual strategies and results in future
 periods may differ materially from those currently expected.  The Company
 disclaims however, any intent or obligation to update these forward-looking
 statements.
 
 
     Consolidated Financial Highlights:
     (actual dollars)
                                2001         2000         2000         2000
                              (1st QTR)    (4th QTR)    (3rd QTR)    (2nd QTR)
     Earnings:
 
     Interest Income          2,531,253    2,398,100    2,355,401    2,237,419
     Interest Expense         1,043,610      902,885      847,908      805,202
     Net Interest Income      1,487,643    1,495,215    1,507,493    1,432,217
     Provision for Loan
      Losses                     97,500      112,500      150,000       60,000
     Non-Interest Income        239,517      230,487      219,430      225,694
     Non-Interest Expenses    1,227,294    1,163,398    1,167,226    1,104,432
     Net Income                 262,412      290,115      265,449      320,643
     Earnings per share           $0.12        $0.14        $0.12        $0.15
       (basis and diluted)
 
     Balance Sheet
      Balances:
 
     Loans                  107,038,719  105,954,789  101,764,532   96,310,895
     Savings                101,492,637   90,303,850   88,760,814   87,820,660
     Assets                 147,911,673  130,515,853  126,392,116  125,232,008
 
     Allowance for Loan
      Losses                    989,762      892,851      787,599      696,068
 
 
     Consolidated Financial Highlights:
     (actual dollars)
                                             2000         1999         1999
                                           (1st QTR)    (4th QTR)    (3rd QTR)
     Earnings:
 
     Interest Income                       2,130,202    2,092,507    1,974,617
     Interest Expense                        797,153      788,434      764,109
     Net Interest Income                   1,333,049    1,304,073    1,210,508
     Provision for Loan Losses                45,000       43,000       39,000
     Non-Interest Income                     188,899      193,026      178,472
     Non-Interest Expenses                 1,072,335    1,019,982      996,966
     Net Income                              262,370      271,106      219,084
     Earnings per share                        $0.12        $0.13        $0.10
       (basis and diluted)
 
     Balance Sheet Balances:
 
     Loans                                91,546,882   87,412,502   82,633,152
     Savings                              82,861,253   82,144,663   79,475,421
     Assets                              119,899,105  119,073,676  116,227,695
 
     Allowance for Loan Losses               640,341      625,371      583,559
 
 
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SOURCE GLB Bancorp, Inc.
    MENTOR, Ohio, April 23 /PRNewswire Interactive News Release/ --
 GLB Bancorp, Inc. (Nasdaq: GLBK) showed net income of $262,412 for the first
 quarter of 2001 compared to $262,370 for the same quarter in 2000. Interest
 income for the first quarter of 2001 came to $2,531,253 compared to $2,130,202
 for the same quarter in 2000, an increase of $401,051 or 18.8%.
     Assets as of March 31, 2001 totaled approximately $148 million compared to
 $120 million at March 31, 2000, an increase of approximately $28 million or
 23.4%. The increase in assets was due to net loans increasing to approximately
 $107 million at March 31, 2001 compared to $92 million at March 31, 2000, an
 increase of approximately $15 million or 16.3%.  The growth in loans was
 funded by an increase in deposits of approximately $19 million, or 22.5%.  The
 increase in assets is also due to an action plan that was implemented by
 management to obtain lower yielding borrowings of eight million dollars in
 anticipation of existing borrowings that will mature and be paid off during
 the year.
     Book value per share at March 31, 2001 was $12.62 compared to $12.09 at
 March 31, 2000.  Basic and diluted earnings per share for the first quarter of
 2001 were $0.12 compared to $0.12 for the first quarter 2000.  Average shares
 outstanding for the quarter ended March 31, 2001 were 2,133,906.
     GLB Bancorp, Inc., an Ohio corporation is a one-bank holding company that
 owns all of the outstanding common stock of Great Lakes Bank.  With its Main
 Office in the city of Mentor, Ohio, the Bank is the only commercial bank
 headquartered in Lake County, Ohio, the Company's primary service area.  One
 new full service branch is planned to be opened in Concord, Ohio by midsummer
 giving GLB Bancorp, Inc. twelve full service branches serving Lake County.
     Except for the historical information contained herein, the matters
 discussed in this press release may be deemed to be forward-looking statements
 that involve risks and uncertainties.  Actual strategies and results in future
 periods may differ materially from those currently expected.  The Company
 disclaims however, any intent or obligation to update these forward-looking
 statements.
 
 
     Consolidated Financial Highlights:
     (actual dollars)
                                2001         2000         2000         2000
                              (1st QTR)    (4th QTR)    (3rd QTR)    (2nd QTR)
     Earnings:
 
     Interest Income          2,531,253    2,398,100    2,355,401    2,237,419
     Interest Expense         1,043,610      902,885      847,908      805,202
     Net Interest Income      1,487,643    1,495,215    1,507,493    1,432,217
     Provision for Loan
      Losses                     97,500      112,500      150,000       60,000
     Non-Interest Income        239,517      230,487      219,430      225,694
     Non-Interest Expenses    1,227,294    1,163,398    1,167,226    1,104,432
     Net Income                 262,412      290,115      265,449      320,643
     Earnings per share           $0.12        $0.14        $0.12        $0.15
       (basis and diluted)
 
     Balance Sheet
      Balances:
 
     Loans                  107,038,719  105,954,789  101,764,532   96,310,895
     Savings                101,492,637   90,303,850   88,760,814   87,820,660
     Assets                 147,911,673  130,515,853  126,392,116  125,232,008
 
     Allowance for Loan
      Losses                    989,762      892,851      787,599      696,068
 
 
     Consolidated Financial Highlights:
     (actual dollars)
                                             2000         1999         1999
                                           (1st QTR)    (4th QTR)    (3rd QTR)
     Earnings:
 
     Interest Income                       2,130,202    2,092,507    1,974,617
     Interest Expense                        797,153      788,434      764,109
     Net Interest Income                   1,333,049    1,304,073    1,210,508
     Provision for Loan Losses                45,000       43,000       39,000
     Non-Interest Income                     188,899      193,026      178,472
     Non-Interest Expenses                 1,072,335    1,019,982      996,966
     Net Income                              262,370      271,106      219,084
     Earnings per share                        $0.12        $0.13        $0.10
       (basis and diluted)
 
     Balance Sheet Balances:
 
     Loans                                91,546,882   87,412,502   82,633,152
     Savings                              82,861,253   82,144,663   79,475,421
     Assets                              119,899,105  119,073,676  116,227,695
 
     Allowance for Loan Losses               640,341      625,371      583,559
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X66737537
 
 SOURCE  GLB Bancorp, Inc.