Glen Burnie Bancorp reports Q4 loss over insurance costs

February 25, 2010|By Eileen Ambrose | eileen.ambrose@baltsun.com

Glen Burnie Bancorp Thursday reported a fourth quarter loss, largely due to higher federal insurance premiums and setting aside more money for loan losses.

The bank holding company lost $210,000, or 8 cents per share, for the fourth quarter, compared with a profit of $1.38 million, or 47 cents per share, a year earlier.

The company said in the fourth quarter of last year it increased the amount set aside for loan losses by about $1.05 million. It also saw a $308,000 increase in its federal insurance premiums, part of the Federal Deposit Insurance Corp.'s effort to replenish its reserves.

The company's income for all of 2009 tripled to $1.26 million, or 46 cents per share, compared with $403,962, or 14 cents per share, in 2008.

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