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GLEN BURNIE BANCORP RELEASES 2Q 2016 EARNINGS
GLEN BURNIE, MD (July 25, 2016) – 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 $308,000 or $0.11 basic earnings per share in the quarter ended June 30, 2016 as compared to net income of $518,000 or $0.19 basic earnings per share for the same period in 2015.
Net interest income after provision for credit losses was $2,733,000 as compared to $2,617,000 in 2015. Total assets were $395,794,000 as of June 30, 2016 compared to $390,580,000 at December 31, 2015. Loans, net of allowance, were $253,490,000 as of June 30, 2016 compared to $259,637,000 at December 31, 2015. Deposits were $339,295,000 as of June 30, 2016 compared to $335,191,000 at December 31, 2015.
“Despite net interest income after provision for credit losses being better in the current year and lowering total operating expenses, net income declined in the current year because non-interest income, mostly non-recurring (including gains on investment securities and non-recurring gains on the redemption of insurance policies), was much greater in the 2015 comparable period,” said John D. Long, President and Chief Executive Officer. “The Company had a solid second quarter as we look to future measures to improve our efficiency and competitive position in our lucrative and growing Northern Anne Arundel County marketplace.”
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.