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GLEN BURNIE BANCORP RELEASES 2Q EARNINGS
GLEN BURNIE, MD (August 8, 2014) – Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie, today announced results for the second quarter.
For the three month period ended June 30, 2014, Glen Burnie Bancorp realized net income of $435,000 or $0.16 basic earnings per share. The company reported net income of $640,000 or $0.24 basic earnings per share for the same three month period in 2013. Net interest income after provisions for credit losses was $2,820,000 for the three month period ended June 30, 2014. The company reported net interest income after provisions for credit losses of $3,009,000 for the same period in 2013.
Net income for the six months ended June 30, 2014 was $908,000 or $0.33 basic earnings per share as compared to $1,169,000 or $0.43 basic earnings per share for the same period in 2013. Net interest income after provisions for credit losses for the six months ended June 30, 2014 was $5,869,000 as compared to $5,922,000 for the same period in 2013.
On July 9, 2014, Glen Burnie Bancorp paid its 88th consecutive dividend to shareholders of record at the close of business on June 27, 2014. The company had 2,754,304 common shares outstanding with approximately 403 shareholders of record on June 12, 2014.
“While loans grew this quarter, we experienced a decline in yields as a result of the lingering effects of the recession. In addition, our loan growth required us to increase funding to the loan loss reserve. We are pleased that the Bank continues to be profitable and recently paid our 88th consecutive quarterly dividend.” said Michael G. Livingston, President and CEO.
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.