Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie ®, today reported fourth quarter and year end earnings for 2012.
For the quarter ended December 31, 2012, the company realized net earnings of $609,000 or $0.23 per basic and diluted earnings per share as compared to net earnings of $756,000 or $0.28 basic and diluted earnings per share for the same period in 2011. Net interest income after provisions for credit losses for the fourth quarter of 2012 was $2,961,000 compared to $2,984,000 for the same three-month period in 2011.
Net income for the year ended December 31, 2012 was $2,665,080 or $0.98 per basic and diluted earnings per share as compared to net income of $2,993,093 or $1.10 per basic and diluted earnings per share in 2011. Net interest income after provisions for credit losses for the year ended December 31, 2012 was $12,312,134 as compared to $12,786,385 in 2011. Assets as of December 31, 2012 were $387,438,269 as compared to $365,260,263 as of December 31, 2011.
2012 Performance Highlights:
- 7.26% increase in loans, net of allowance
- 6.52% increase in deposits
- 6.07% increase in total assets
- 7.61% increase in stockholder’s equity
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