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GLEN BURNIE BANCORP RELEASES 3Q EARNINGS
GLEN BURNIE, MD (November 7, 2014) – Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie, today announced results for the third quarter.
The Company realized a net income of $526,000 or $0.19 basic earnings per share in the quarter ended September 30, 2014 compared to net income of $795,000 or $0.29 basic earnings per share for the same three month period in 2013. For the nine months ending September 30, 2014, net income was $1,434,000 or $0.52 basic earnings per share as compared to net income of $1,964,000 or $0.72 basic earnings per share for the same period in 2013.
Total interest income for the quarter ending September 30, 2014 was $3,658,000 as compared to $3,940,000 for the same period in 2013. Total interest income was $10,893,000 for the nine months ending September 30, 2014 as compared to $11,278,000 for the same period in 2013. For the three month period ending September 30, 2014, net interest income after provision for credit losses was $2,867,000 as compared to $3,265,000 for the same period in 2013. For the nine months ending September 30, 2014 net interest income after provision for credit losses was $8,736,000 as compared to $9,187,000 for the same period in 2013.
“The Bank has continued to maintain profitability but faces challenges in maintaining net interest margins in a low interest rate environment,” commented Michael G. Livingston, President and Chief Executive Officer. “We are pleased that our financial results enabled the company to maintain the dividend levels for the third quarter.”
On October 9, 2014, Glen Burnie Bancorp paid its 89th consecutive dividend to shareholders of record at the close of business on September 29, 2014.
Glen Burnie Bancorp, parent company to The Bank of Glen Burnie, currently maintains consolidated assets totaling more than $400 million. Founded in 1949, The Bank of Glen Burnie® 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 within the meaning of the Private Securities Litigation Reform Act 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.