Loan Payment Locations Contact Us
Over 60 Years of being
"Your Own Local Bank"

Internet Banking Log On

You are here

EarningsPrint

GLEN BURNIE BANCORP ANNOUNCES 2015 4Q EARNINGS AND YEAR END EARNINGS

GLEN BURNIE, MD (February 25, 2016) – Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie®, today reported fourth quarter and year-end earnings for 2015.
For the quarter ended December 31, 2015, the company realized net income of $447,000 or $0.16 basic and diluted earnings per share as compared to net income of $480,000 or $0.17 basic and diluted earnings per share for the same period in 2014. Net interest income after pro- visions for credit losses for the fourth quarter of 2015 was $2,370,000 compared to $2,229,000 for the same three-month period in 2014.

Net income for the year ended December 31, 2015 was $1,353,000 or $0.49 basic and diluted earnings per share as compared to net income of $1,914,000 or $0.69 basic and diluted earnings per share in 2014. Net interest income after provisions for credit losses for the year ended December 31, 2015 was $9,520,000 as compared to $10,695,000 in 2014. Assets as of December 31, 2015 were $390,580,000 as compared to $394,630,000 as of December 31, 2014.

Michael G. Livingston, President and Chief Executive Officer, stated “The Bank and, as a result, the Company, along with the rest of the financial services industry, have been impacted by the downward pressure on net interest margins caused by the lower interest rates due to steps taken by the Federal Reserve in managing the recovery. We believe we are a sound, conservatively run financial institution, and we have remained profitable and well capitalized through this difficult time without governmental assistance.  We have continued to be actively engaged with the communities we serve, providing loans to meet their needs.”

Glen Burnie Bancorp, parent company to The Bank of Glen Burnie®, currently maintains consolidated assets totaling more than $390 million.  Founded in 1949, The Bank of Glen Burnie® is a community bank with eight branch offices serving Anne Arundel County. www.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.