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GLEN BURNIE BANCORP RELEASES 1Q 2016 EARNINGS
GLEN BURNIE, MD (May 4, 2016) – 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 $283,000 or $0.10 basic earnings per share in the quarter ended March 31, 2016 as compared to net income of $380,000 or $0.14 basic earnings per share for the same period in 2015.
Net interest income after provision for credit losses in the first quarter was $2,682,000 as compared to $2,710,000 in 2015. Total assets were $394,466,000 as of March 31, 2016 compared to $390,580,000 at December 31, 2015. Deposits were $339,055,000 as of March 31, 2016 compared to $335,191,000 at December 31, 2015. Loans, net of allowance, were $254,791,000 as of March 31, 2016 compared to $259,637,000 at December 31, 2015.
“Management is focused on increasing earning assets as well as fee income and believe that we are experiencing an increase in business activity,” said John D. Long, President and Chief Executive Officer. “We are pleased that we remain profitable and are paying our regular quarterly dividend.”
Glen Burnie Bancorp will host its Annual Meeting of Stockholders May 12, 2016 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.
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Certain information contained in this news release, which does not relate to historical financial information, may be deemed to constitute forward-looking statements within themeaning 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.