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
TheStreet Open House

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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,069.49 -1.73 -0.01%
S&P 500 1,976.91 -0.89 -0.04%
NASDAQ 4,498.6730 -7.1790 -0.16%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs