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GLEN BURNIE BANCORP RELEASES 3Q 2015 EARNINGS
GLEN BURNIE, MD (November 10, 2015) – Glen Burnie Bancorp (NASDAQ: GLBZ), parent company of The Bank of Glen Burnie®, today announced results for the third quarter.
The company realized net income of $8,000 or $0.00 basic earnings per share in the quarter ended September 30, 2015 as compared to net income of $526,000 or $0.19 basic earnings per share for the same period in 2014.
Net interest income after provision for credit losses was $1,823,000 as compared to
$2,867,000 in 2014. Total assets were $395,752,000 as of September 30, 2015 compared to $394,630,000 at December 31, 2014. Deposits were $340,307,000 as of September 30, 2015 compared to $338,877,000 at December 31, 2014. Loans, net of allowance, were
$265,305,000 as of September 30, 2015 compared to $273,986,000 at December 31, 2014.
“The earnings for the third quarter were impacted by a weakness in asset quality of several borrowing relationships that involved real estate investment properties,” stated Michael Livingston, President and CEO. “The Bank proactively made substantial funding to the allowance for loan loss reserves to recognize the deterioration of collateral values in these investment real estate projects. The Bank remained profitable and paid a third quarter dividend while operating in a low interest rate environment and in a slow recovering economy.”
“As a community bank we are committed to meet the needs of the businesses and customers in our neighborhoods. We continue to pursue commercial loans, including SBA guaranteed loans, and continue to seek ways to more efficiently deliver our services, such as through our new online mortgage applications. Please visit our website, www.thebankofglenburnie.com to discover the benefits of Craft Banking with The Bank of Glen Burnie.”
On October 9, 2015 Glen Burnie Bancorp paid a regular dividend of seven cents ($0.07) per share of common stock to shareholders of record at the close of business on September 28, 2015 marking the company’s 93rd 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).