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 $689,000 or $0.25 basic earnings per share in the quarter ended September 30, 2010 compared to net income of $527,000 or $0.20 basic earnings per share for the same three month period in 2009. For the nine months ending September 30, 2010, net income was $1,410,000 or $0.52 basic earnings per share as compared to net income of $1,472,000 or $0.53 basic earnings per share for the same period in 2009.
The bank achieved the following additional highlights:
- $7 million decrease in long-term borrowings
- $5 million payoff of Junior Subordinated Debentures
- 1.40% increase in year to date deposits
- 7.30% Tier 1 leveraged ratio, FDIC required level of 4.0%
Total interest income for the quarter ending September 30, 2010 was $4,608,000 as compared to $4,749,000 for the same period in 2009. Total interest income was $13,792,000 for the nine months ending September 30, 2010 as compared to $13,971,000 for the same period in 2009. For the three month period ending September 30, 2010, net interest income after provision for credit losses was $2,911,000 as compared to $2,763,000 for the same period in 2009. For the nine months ending September 30, 2010 net interest income after provision for credit losses was $8,436,000 as compared to $8,303,000 for the same period in 2009.
“The results for the third quarter, ending September 30, 2010, continue to reflect the benefits of our long-held approach to community banking. Our increase in income, as compared to the third quarter of last year, as well as our reduction of debt, are calming signs in this struggling economy,” commented Michael G. Livingston, President and Chief Executive Officer. “While the decrease in debt reduced the asset size of the Bancorp, it also reduced our interest expense, which has a positive effect on earnings.”
