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GLEN BURNIE BANCORP RELEASES 1Q 2014 EARNINGS
GLEN BURNIE, MD (May 8, 2014) – Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie, today announced results for the first quarter.
The company realized net income of $437,000 or $0.17 basic earnings per share in the quarter ended March 31, 2014 as compared to net income of $529,000 or $0.19 basic earnings per share for the same period in 2013.
Net interest income after provision for credit losses in the first quarter was $3,049,000 as compared to $2,913,000 in 2013. Total assets were $391,385,000 as of March 31, 2014 compared to $377,194,000 at December 31, 2013. Deposits were $336,923,000 as of March 31, 2014 compared to $323,803,000 at December 31, 2013. Loans, net of allowance, were $278,548,000 as of March 31, 2014 compared to $270,684,000 at December 31, 2013.
The Bank has continued to experience loan demand which resulted in asset growth and we have also seen for the quarter a very positive trend in deposit growth,” said Michael G. Livingston, President and Chief Executive Officer. “The Bank continues to be profitable in this environment of low interest rates, which allowed us to pay our 87th consecutive dividend.”
On April 7, 2014 Glen Burnie Bancorp paid a regular dividend of ten cents ($0.10) per share of common stock to shareholders of record at the close of business on March 28, 2014 marking the company’s 87th consecutive dividend.
Glen Burnie Bancorp will host its Annual Meeting of Stockholders today at the Bank’s Glen Burnie Branch in Glen Burnie, Maryland. Registration opens at 1:30 p.m. and the meeting will begin at 2:00 p.m.
Glen Burnie Bancorp is the parent company of The Bank of Glen Burnie®. 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.