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Glen Burnie Bancorp Announces 2011 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 2011.

For the quarter ended December 31, 2011, the company realized net earnings of $756,000 or $0.28 per basic and diluted earnings per share as compared to net earnings of $655,000 or $0.24 basic and diluted earnings per share for the same period in 2010. Net interest income after provisions for credit losses for the fourth quarter of 2011 was $2,984,000 compared to $3,394,000 for the same three-month period in 2010.

Net income for the year ended December 31, 2011 was $2,993,093 or $1.10 per basic and diluted earnings per share as compared to net income of $2,064,785 or $0.76 per basic and diluted earnings per share in 2010. Net interest income after provisions for credit losses for the year ended December 31, 2011 was $12,786,385 as compared to $11,830,012 in 2010. Assets as of December 31, 2011 were $365,260,263 as compared to $347,067,276 as of December 31, 2010.

2011 Performance Highlights:
  • 44.96% increase in net income
  • 8.08% increase in net interest income after provisions for credit losses
  • 18.52% increase in stockholder’s equity

Michael G. Livingston, President and Chief Executive Officer, stated, “We are pleased to announce our results for the quarter and year end.” Mr. Livingston added, “The effort put forth by our team of employees yielded positive results, which included increased stockholder’s equity.”

Glen Burnie Bancorp declared four regular dividends in 2011, totaling forty cents ($0.40) per common share.

The Bank of Glen Burnie has been recommended by BAUER FINANCIAL Reports, Inc., the nation’s leading independent bank research firm, as Excellent or Superior rated for the past 45 consecutive quarters. This distinction denotes the highest levels of strength, safety and performance measured by Bauer and is based on factors such as capitalization, liquidity, loan delinquency rate and historical performance.

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