Glen Burnie Bancorp, parent company of The Bank of Glen Burnie, reported fourth quarter and year end earnings for 2013.
In a release on February 18, the company noted that for the quarter ended December 31, 2013, it realized net income of $650,000 or $0.23 basic and diluted earnings per share as compared to net income of $609,000 or $0.23 basic and diluted earnings per share for the same period in 2012. Net interest income after provisions for credit losses for the fourth quarter of 2013 was $3,173,000 compared to $2,961,000 for the same three-month period in 2012.
Net income for the year ended December 31, 2013 was $2,614,000 or $0.95 basic and diluted earnings per share as compared to net income of $2,665,000 or $0.98 basic and diluted earnings per share in 2012. Net interest income after provisions for credit losses for the year ended December 31, 2013 was $12,360,000 as compared to $12,312,000 in 2012. Assets as of December 31, 2013 were $377,194,000 as compared to $387,438,000 as of December 31, 2012.
2013 Performance Highlights:
-8.43 percent increase in loans, net of allowance
-9.82 percent increase in other income
Michael G. Livingston, President and Chief Executive Officer, stated, "The Bancorp earnings for the year are a result of our commitment to traditional banking, and serving the needs of our community." Livingston added, "Our shareholders have been rewarded with consistent earnings over the past several years by staying with the community banking model."
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