Glen Burnie Bancorp Announces 2006 4Q and Year End Earnings.GLEN BURNIE, Md. -- Glen Burnie Bancorp (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : GLBZ), parent company of The Bank of Glen Burnie[R], today reported fourth quarter and year end earnings for 2006. In the quarter ended December 31, 2006, the company realized net income of $609,000 or $0.25 per basic and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of as compared to $671,000 or $0.27 basic and diluted earnings per share for the same period in 2005. Net interest income after provisions for credit losses for the fourth quarter of 2006 was $2,871,000 compared to $2,994,000 for the same three-month period in 2005. Net income for the year ended December 31, 2006 was $2,720,045 or $1.10 per basic and diluted earnings per share as compared to net income of $2,774,741 or $1.13 per basic and diluted earnings per share in 2005. All per share amounts reflect a stock dividend of one share for every five that was paid in January 2006. Glen Burnie Bancorp's net interest income after provisions for credit losses for the year ended December 31, 2006 decreased 2.14% to $11,759,431 as compared to $12,016,103 in 2005. Assets for the same period grew 3.65 % to $317,745,601 in 2006 compared to $306,560,991 in 2005. 2006 Performance Highlights: * 4.31% net interest margin * 1.64% growth in loans, less allowance for credit losses * 3.61% growth in deposits * 5.91% increase in stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. * 0.60% average delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. rate "We were pleased with our asset and deposit growth." said Michael G. Livingston, Executive Vice President and COO (Cell Of Origin) See mobile positioning. . "We were also able to maintain earnings that allowed the company to issue its 57th consecutive dividend which was paid in January." Glen Burnie Bancorp declared four regular dividends and one bonus dividend in 2006, totaling 54 cents per common share. "The Bank of Glen Burnie was founded in 1949 to serve the community and has stayed true to that mission," said F. William Kuethe, Jr., President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We continue to be a community bank in Anne Arundel County." The Bank of Glen Burnie[R] has been awarded the 5-Star Superior Rating from BAUER FINANCIAL Reports, Inc., the nation's leading independent bank research firm, for 19 consecutive quarters. This distinction denotes the highest level of strength, safety and performance attainable at·tain v. at·tained, at·tain·ing, at·tains v.tr. 1. To gain as an objective; achieve: attain a diploma by hard work. 2. . The 5-Star Superior Rating is based on factors such as capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. , liquidity, loan delinquency rate and historical performance. Glen Burnie Bancorp, parent company to The Bank of Glen Burnie[R], www.thebankofglenburnie.com, currently maintains consolidated assets totaling more than $317 million. Founded in 1949, The Bank of Glen Burnie[R] is a locally-owned community bank with eight branch offices serving Anne Arundel County. Certain information contained in this news release, which does not relate to historical financial information, may be deemed to constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements are subject to certain risks and uncertainties, which could cause the company's actual results in the future to differ materially from its historical results and those presently anticipated or projected. For a more complete discussion of these and other risk factors, please see the company's reports filed with the Securities and Exchange Commission. [TABLE OMITTED] [TABLE OMITTED] |
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