Glen Burnie Bancorp Announces 2012 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 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

Michael G. Livingston, President and Chief Executive Officer, stated “The bank is proud to report positive results for year end December 31, 2012. The Bank continues to see signs of the economy stabilizing with an increase in assets, driven by improving loan demand and loan growth.” Mr. Livingston added “We appreciate the confidence our customers have shown in our bank which has resulted in deposit growth for year end December 31, 2012. With the loan and deposit growth the bank maintained profitability and paid dividends for the year.”

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