Glen Burnie Bancorp of Maryland said its 2009 net income rose 212% to $1.26 million.
Net interest income rose 5.4%, to $3.1 million, and assets rose by $20.9 million, to $353 million.
Glen Burnie increased its loan-loss provision by 113% from the previous year, to $2.4 million.
Glen Burnie posted a fourth-quarter net loss of $210,000, compared with net income of $1.4 million a year earlier. The quarterly results included a $1 million increase in its loan-loss provision — a 149% increase from a year earlier — and a $1.1 million tax benefit. That tax benefit arose from a $2.8 million charge in the third quarter of 2008 on investments in three series of preferred stock issued by Fannie Mae and Freddie Mac.
