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GLEN BURNIE BANCORP RELEASES 3Q 2016 EARNINGS
GLEN BURNIE, MD (October 26, 2016) - 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 $115,000 or $0.04 basic earnings per share in the quarter ended September 30, 2016 as compared to net income of $8,000 or $0.00 basic earnings per share for the same period in 2015.
Net interest income after provision for credit losses was $2,676,000 as compared to $1,823,000 in 2015. Total assets were $392,152,000 as of September 30, 2016 compared to $390,580,000 at December 31, 2015. Loans, net of allowance, were $257,779,000 as of September 30, 2016 compared to $259,637,000 at December 31, 2015. Deposits were $335,669,000 as of September 30, 2016 compared to $335, 191,000 at December 31, 2015.
"As we continue to focus on increasing our net interest income after provision for credit losses and improve our efficiencies; the third quarter had mixed results, mostly due to non recurring costs, including the severance cost related to the elimination of the COO position," said John D. Long, President and Chief Executive Officer. "The Company had a solid third quarter as we continued to improve our credit quality and experienced increased loan origination volumes during the quarter. We remain committed to serving the needs of the community and have instituted a new, competitively priced home equity loan program designed to meet the financial needs our community."
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 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.