Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie, today announced results for the third quarter.
The company realized a net income of $770,000 or $0.29 basic earnings per share in the quarter ended September 30, 2011 compared to net income of $689,000 or $0.25 basic earnings per share for the same three month period in 2010. For the nine months ending September 30, 2011, net income was $2,237,000 or $0.83 basic earnings per share as compared to net income of $1,410,000 or $0.52 basic earnings per share for the same period in 2010.
The bank achieved the following additional highlights:
- 58.65% increase in year to date net income
- 15.46% increase in year to date equity
- 5.18% increase in year to date deposits
- 4.37% increase in year to date total assets
Total interest income for the quarter ending September 30, 2011 was $4,349,000 as compared to $4,608,000 for the same period in 2010. Total interest income was $12,958,000 for the nine months ending September 30, 2011 as compared to $13,792,000 for the same period in 2010. For the three month period ending September 30, 2011, net interest income after provision for credit losses was $3,284,000 as compared to $2,911,000 for the same period in 2010. For the nine months ending September 30, 2011 net interest income after provision for credit losses was $9,802,000 as compared to $8,436,000 for the same period in 2010.“We are pleased with the results being released that show the Bancorp with asset growth, equity growth, deposit growth and increased earnings. This has allowed the Bancorp to be consistent with dividends; which is important in the uncertain economy that surrounds us today,” commented Michael G. Livingston, President and Chief Executive Officer. “Glen Burnie Bancorp and The Bank of Glen Burnie are committed to excellence in satisfying the needs of their shareholders, customers and employees.”
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