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Glen Burnie Bancorp Announces 2010 4Q And Year End Earnings

Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie ®, today reported fourth quarter and year end earnings for 2010.

For the quarter ended December 31, 2010, the company realized net earnings of $655,000 or $0.24 per basic and diluted earnings per share as compared to a net loss of $210,000 or $0.08 basic and diluted loss per share for the same period in 2009. Included in the 2009 results are higher provisions for loan loss reserve while the 2010 results include improved net interest income. Net interest income after provisions for credit losses for the fourth quarter of 2010 was $3,394,000 compared to $1,356,000 for the same three-month period in 2009.

Net income for the year ended December 31, 2010 was $2,064,785 or $0.76 per basic and diluted earnings per share as compared to net income of $1,262,462 or $0.46 per basic and diluted earnings per share in 2009. Net interest income after provisions for credit losses for the year ended December 31, 2010 was $11,830,012 as compared to $9,658,811 in 2009. Assets as of December 31, 2010 were $347,067,276 as compared to $353,396,697 as of December 31, 2009.

2010 Performance Highlights:
  • 63.5% increase in net income
  • 22.5% increase in net interest income after provisions for credit losses
  • 26.0% decrease in long term borrowings

Michael G. Livingston, President and Chief Executive Officer, stated “The Bank is pleased with the financial results being reported. The reduction of debt and the payoff of junior subordinated debentures had a positive effect on the 4 th quarter and year end numbers.” Mr. Livingston added “We have stayed committed to the traditional banking model and we thank the community for their support.”

Glen Burnie Bancorp declared four regular dividends in 2010, totaling forty cents ($0.40) per common share.

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