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Article Excerpt
Business Editors
GLEN BURNIE, Md.--(BUSINESS WIRE)--March 21, 2002
Glen Burnie Bancorp (NASDAQ:GLBZ):
Highlights:
-- Total interest income increased for the third consecutive year in 2001 to $17,207,004 as compared to $16,702,715 for the same period in 2000. -- Core deposits grew 11.3% to $229,306,718 in 2001 from $205,968,337 in 2000. -- The loan portfolio grew to $164,569,252 in 2001 as compared to $162,373,731 in 2000. -- Expenses declined from $10,746,049 in 2000 to $10,332,093 in 2001. -- Year-end delinquencies as a percentage of outstanding loans declined in 2001 to 1.17%. -- The 2001 average annual delinquency rate was .99%.
Glen Burnie Bancorp (NASDAQ:GLBZ), parent company of The Bank of Glen Burnie, today reported an increase in total interest income to $17,207,004 for the year ended December 31, 2001 as compared to $16,702,715 for the same period in 2000. Assets grew by 10.1% from $239,211,180 in 2000 to $263,361,726 in 2001. Net income for 2001 was $1,725,236 as compared to $2,274,866 in 2000. Net interest income after provisions for credit loses increased for the third consecutive year to $10,823,730 in 2001 from $10,801,098 2000.
"Our performance...
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