This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Glen Burnie Bancorp Releases 3Q Earnings

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.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
SYM TRADE IT LAST %CHG

Markets

DOW 18,266.82 -18.92 -0.10%
S&P 500 2,129.89 -0.93 -0.04%
NASDAQ 5,100.4770 +9.6830 0.19%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs