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GLEN BURNIE BANCORP RELEASES 2Q 2015 EARNINGS
GLEN BURNIE, MD (August 7, 2015) – Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie, today announced results for the second quarter.
The company realized net income of $518,000 or $0.19 basic earnings per share in the quarter ended June 30, 2015 as compared to net income of $435,000 or $0.16 basic earnings per share for the same period in 2014.
Net interest income after provision for credit losses was $2,617,000 as compared to $2,820,000 in 2014. Total assets were $403,571,000 as of June 30, 2015 compared to $394,630,000 at December 31, 2014. Deposits were $348,603,000 as of June 30, 2015 compared to $338,877,000 at December 31, 2014. Loans, net of allowance, were $265,796,000 as of March 31, 2015 compared to $273,986,000 at December 31, 2014.
“Despite the slowly recovering economy and increasing regulatory burdens, we continue to be profitable,” said Michael G. Livingston, President and Chief Executive Officer. “The low interest rates have negatively impacted core earnings; however, the Bank was able to take security gains as the investment portfolio was repositioned in anticipation of rising rates.”
On June 12, 2015 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 June 29, 2015 marking the company’s 92nd consecutive dividend.
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 (thebankofglenburnie.com).