You are here
GLEN BURNIE BANCORP RELEASES 1Q 2015 EARNINGS
GLEN BURNIE, MD (May 11, 2015) – 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 $380,000 or $0.14 basic earnings per share in the quarter ended March 31, 2015 as compared to net income of $473,000 or $0.17 basic earnings per share for the same period in 2014.
Net interest income after provision for credit losses in the first quarter was $2,710,000 as compared to $3,049,000 in 2014. Total assets were $402,077,000 as of March 31, 2015 compared to $394,630,000 at December 31, 2014. Deposits were $346,571,000 as of March 31, 2015 compared to $338,877,000 at December 31, 2014. Loans, net of allowance, were $268,233,000 as of March 31, 2015 compared to $273,986,000 at December 31, 2014.
“The first quarter financials continue to reflect the low interest rate environment and slow recovering economy,” said Michael G. Livingston, President and Chief Executive Officer. “To improve the Bank’s financial performance we have added SBA solutions to our business loan products. Also, we plan to expand our mortgage products and are teaming with an experienced third party vendor to meet the needs of our customers and the community. We will continue to update technology to increase delivery channels to our customers and increase efficiency of our internal processes. We also have hired TMH Agency to expand and improve marketing and strengthen the branding of our Bank.”
On April 8, 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 March 27, 2015 marking the company’s 91st consecutive dividend.
Glen Burnie Bancorp will host its Annual Meeting of Stockholders May 14, 2015 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. (thebankofglenburnie.com)
# # #
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.
Contact: Michael G. Livingston, President & CEO